N-CSRS 1 d703091.txt TIFF INVESTMENT PROGRAM, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-08234 ----------------------------------------- TIFF Investment Program, Inc. ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Four Tower Bridge, 200 Barr Harbor Drive, Suite 100 West Conshohocken, PA 19428 ------------------------------------------------------------------------------- (Address of chief executive offices) (Zip code) Richard J. Flannery President and Chief Executive Officer TIFF Investment Program, Inc. Four Tower Bridge, 200 Barr Harbor Drive, Suite 100, West Conshohocken, PA 19428 WITH A COPY TO: Bruce G. Leto Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 610.684.8000 ------------------------ Date of fiscal year end: 12/31/08 ------------------- Date of reporting period: 1/1/08 - 06/30/08 ------------------- ITEM 1. REPORTS TO STOCKHOLDERS. (Semi-Annual Report for the period 1/1/08 through 06/30/08 is filed herewith) SEMI-ANNUAL REPORT [LOGO] JUNE 30, 2008 (UNAUDITED) A Report of the TIFF INVESTMENT PROGRAM ABOUT TIFF The Investment Fund for Foundations (TIFF) was founded in 1991 by a nationwide network of foundations. Its mission is to seek to improve the investment returns of eligible organizations by making available to them a series of multi-manager investment vehicles plus resources aimed at enhancing fiduciaries' knowledge of investing. TIFF MUTUAL FUNDS TIFF Investment Program, Inc. (TIP) comprises a family of no-load mutual funds available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations meeting specified accreditation requirements. TIP consists of four mutual funds at present: TIFF Multi-Asset Fund (MAF), TIFF International Equity Fund (IEF), TIFF US Equity Fund (USEF), and TIFF Short-Term Fund (STF). TIFF Advisory Services, Inc. (TAS) serves as the investment advisor to the funds. MAF, IEF, and USEF operate primarily on a multi-manager basis. With respect to such funds, TAS has responsibility for the time-intensive task of selecting money managers and other vendors, and for MAF, TAS has responsibility for the all important task of asset allocation. With respect to STF, TAS is responsible for the day-to-day management of the fund's assets. FINANCIAL STATEMENTS TIP is pleased to provide this Semi-Annual Report for the period ended June 30, 2008. Discussion of the performance of the mutual funds described herein has been provided to members via the TIFF Marketable Investments quarterly reports. FOR FURTHER INFORMATION As always, we would welcome the opportunity to discuss any aspect of TIFF's services as well as answer any questions about these financial reports. For further information about TIFF, please call us at 610-684-8200 or visit www.tiff.org. August 22, 2008 CONTENTS TIFF Multi-Asset Fund o Fund Expenses ......................................................... 2 o Financial Highlights .................................................. 3 TIFF International Equity Fund o Fund Expenses ......................................................... 4 o Financial Highlights .................................................. 5 TIFF US Equity Fund o Fund Expenses ......................................................... 6 o Financial Highlights .................................................. 7 TIFF Short-Term Fund o Fund Expenses ......................................................... 8 o Financial Highlights .................................................. 9 Schedules of Investments ................................................ 11 Statements of Assets and Liabilities .................................... 38 Statements of Operations ................................................ 39 Statements of Changes in Net Assets ..................................... 40 Statements of Cash Flows ................................................ 42 Notes to Financial Statements ........................................... 43 Additional Information .................................................. 54 Approval of the Advisory Agreements and Money Manager Agreements ........ 55 Directors and Principal Officers ........................................ 59 ------------------------------------------------------------------------------- Copyright (C) 2008 -- All rights reserved -- This report may not be reproduced or distributed without written permission from TIFF. ------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND -- FUND EXPENSES (UNAUDITED) JUNE 30, 2008 As a shareholder of a fund, you incur two types of costs: (1) transactions costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2008 to June 30, 2008. Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions costs were included, your costs would have been higher.
INCLUDING INTEREST AND EXCLUDING INTEREST AND DIVIDEND EXPENSE * DIVIDEND EXPENSE ** -------------------------------------------------------------------------------------------------------------------- EXPENSES EXPENSES BEGINNING ENDING PAID DURING BEGINNING ENDING PAID DURING ACCOUNT ACCOUNT THE PERIOD ACCOUNT ACCOUNT THE PERIOD VALUE VALUE 1/1/08- VALUE VALUE 1/1/08- 1/1/08 6/30/08 6/30/08 1/1/08 6/30/08 6/30/08 -------------------------------------------------------------------------------------------------------------------- 1) Actual $1,000 $ 966.10 $2.68 $1,000 $ 966.10 $2.19 2) Hypothetical $1,000 $1,022.13 $2.77 $1,000 $1,022.63 $2.26 -------------------------------------------------------------------------------------------------------------------- * Expenses are equal to the fund's annualized expense ratio of 0.55% (calculated over a six-month period, which may differ from the fund's actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Excluding interest and dividend expense, annualized expenses incurred by the fund were 0.45%. THE EXPENSE RATIO DOES NOT INCLUDE THE FEES AND EXPENSES ASSOCIATED WITH INVESTMENTS MADE IN COMMINGLED INVESTMENT VEHICLES; SUCH FEES AND EXPENSES ARE REFLECTED IN THE FUND'S TOTAL RETURN. ** Interest expense is interest on reverse repurchase agreements (see Note 7); dividend expense is dividends paid on securities sold short.
----------------------------------------------------------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
Six Months Ended Year Year Year Year Year 6/30/08 Ended Ended Ended Ended Ended (unaudited) 12/31/07 12/31/06 12/31/05 12/31/04 12/31/03 For a share outstanding throughout each period Net asset value, beginning of period $ 16.65 $ 16.29 $ 14.92 $ 14.24 $ 13.19 $ 10.61 ------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.17(a) 0.44(a) 0.36(a) 0.26(a) 0.20(a) 0.21 Net realized and unrealized gain (loss) on investments and foreign currencies (0.74) 1.73 2.03 1.38 1.67 2.57 ------------------------------------------------------------------------------- Total from investment operations (0.57) 2.17 2.39 1.64 1.87 2.78 ------------------------------------------------------------------------------- LESS DISTRIBUTIONS FROM Net investment income (0.16) (0.80) (0.49) (0.45) (0.28) (0.22) Net realized gains -- (1.03) (0.56) (0.53) (0.57) -- ------------------------------------------------------------------------------- Total distributions (0.16) (1.83) (1.05) (0.98) (0.85) (0.22) ------------------------------------------------------------------------------- Entry/exit fee per share (a) 0.02 0.02 0.03 0.02 0.03 0.02 ------------------------------------------------------------------------------- Net asset value, end of period $ 15.94 $ 16.65 $ 16.29 $ 14.92 $ 14.24 $ 13.19 =============================================================================== TOTAL RETURN (b) (3.39%)(c) 13.53% 16.53% 11.73% 14.57% 26.65% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in 000s) $2,567,736 $2,218,641 $1,599,583 $1,058,133 $705,800 $422,094 Ratio of expenses to average net assets (d) 0.55%(e) 0.70% 0.67% 0.86% 0.77% 0.75% Ratio of expenses to average net assets, excluding interest and dividend expense (d) 0.45%(e) 0.60% 0.53% 0.71% 0.72% 0.72% Ratio of net investment income to average net assets 2.07%(e) 2.54% 2.26% 1.75% 1.45% 1.57% Portfolio turnover 52.91%(c) 70.85% 61.82% 72.70% 103.35% 116.53% ----------------------------------------------------------------------------------------------------------------------------------- (a) Calculation based on average shares outstanding. (b) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member. (c) Not annualized. (d) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the fund's total return. (e) Annualized. See accompanying Notes to Financial Statements.
------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND -- FUND EXPENSES (UNAUDITED)JUNE 30, 2008 As a shareholder of a fund, you incur two types of costs: (1) transactions costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2008 to June 30, 2008. Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions costs were included, your costs would have been higher. BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE THE PERIOD * 1/1/08 6/30/08 1/1/08-6/30/08 ----------------------------------------------------------------------------- 1) Actual $1,000 $ 896.70 $3.02 2) Hypothetical $1,000 $1,021.68 $3.22 ----------------------------------------------------------------------------- * Expenses are equal to the fund's annualized expense ratio of 0.64% (calculated over a six-month period, which may differ from the fund's actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). THE EXPENSE RATIO DOES NOT INCLUDE THE FEES AND EXPENSES ASSOCIATED WITH INVESTMENTS MADE IN COMMINGLED INVESTMENT VEHICLES; SUCH FEES AND EXPENSES ARE REFLECTED IN THE FUND'S TOTAL RETURN. ----------------------------------------------------------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
Six Months Ended Year Year Year Year Year 6/30/08 Ended Ended Ended Ended Ended (unaudited) 12/31/07 12/31/06 12/31/05 12/31/04 12/31/03 For a share outstanding throughout each period Net asset value, beginning of period $ 17.65 $ 17.18 $ 14.76 $ 13.30 $ 11.16 $ 8.02 ------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.26 0.56 0.39 0.27 0.15 0.16 Net realized and unrealized gain (loss) on investments and foreign currencies (2.08) 2.37 3.77 1.67 2.31 3.13 ------------------------------------------------------------------------- Total from investment operations (1.82) 2.93 4.16 1.94 2.46 3.29 ------------------------------------------------------------------------- LESS DISTRIBUTIONS FROM Net investment income (0.26) (0.98) (0.70) (0.50) (0.34) (0.15) Net realized gains -- (1.53) (1.06) -- -- -- ------------------------------------------------------------------------- Total distributions (0.26) (2.51) (1.76) (0.50) (0.34) (0.15) ------------------------------------------------------------------------- Entry/exit fee per share (a) --(b) 0.05 0.02 0.02 0.02 --(b) ------------------------------------------------------------------------- Net asset value, end of period $ 15.57 $ 17.65 $ 17.18 $ 14.76 $ 13.30 $ 11.16 ========================================================================= TOTAL RETURN (c) (10.33%)(d) 17.43% 28.74% 14.94% 22.51% 41.33% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in 000s) $352,511 $400,168 $295,808 $241,536 $195,207 $168,607 Ratio of expenses to average net assets (e) 0.64%(f) 0.77% 0.67% 0.90% 1.19% 1.17% Ratio of expenses to average net assets before expense waivers (e) 0.64%(f) 0.77% 0.67% 0.92% 1.21% 1.17% Ratio of net investment income to average net assets 3.05%(f) 1.91% 2.10% 1.83% 1.18% 1.41% Portfolio turnover 9.72%(d) 15.95% 15.60% 13.93% 55.17% 48.98% ----------------------------------------------------------------------------------------------------------------------------------- (a) Calculation based on average shares outstanding. (b) Rounds to less than $0.01. (c) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member. For certain periods, total return would have been lower had certain expenses not been waived. (d) Not annualized. (e) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the fund's total return. (f) Annualized. See accompanying Notes to Financial Statements.
------------------------------------------------------------------------------- TIFF US EQUITY FUND -- FUND EXPENSES (UNAUDITED)JUNE 30, 2008 As a shareholder of a fund, you incur two types of costs: (1) transactions costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2008 to June 30, 2008. Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions costs were included, your costs would have been higher. BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE THE PERIOD * 1/1/08 6/30/08 1/1/08-6/30/08 -------------------------------------------------------------------------------- 1) Actual $1,000 $ 868.00 $2.69 2) Hypothetical $1,000 $1,021.98 $2.92 -------------------------------------------------------------------------------- * Expenses are equal to the fund's annualized expense ratio of 0.58% (calculated over a six-month period, which may differ from the fund's actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one half year period). THE EXPENSE RATIO DOES NOT INCLUDE THE FEES AND EXPENSES ASSOCIATED WITH INVESTMENTS MADE IN COMMINGLED INVESTMENT VEHICLES; SUCH FEES AND EXPENSES ARE REFLECTED IN THE FUND'S TOTAL RETURN. ----------------------------------------------------------------------------------------------------------------------------------- TIFF US EQUITY FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
Six Months Ended Year Year Year Year Year 6/30/08 Ended Ended Ended Ended Ended (unaudited) 12/31/07 12/31/06 12/31/05 12/31/04 12/31/03 For a share outstanding throughout each period Net asset value, beginning of period $ 13.39 $ 14.90 $ 14.07 $ 14.49 $ 12.95 $ 9.59 ------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.02 0.11 0.10 0.07(a) 0.07 0.02 Net realized and unrealized gain (loss) on investmentss (1.79) 0.33 2.35 0.88 1.57 3.36 ------------------------------------------------------------------------- Total from investment operations (1.77) 0.44 2.45 0.95 1.64 3.38 ------------------------------------------------------------------------- LESS DISTRIBUTIONS FROM Net investment income (0.03) (0.14) (0.10) (0.17) (0.11) (0.02) Net realized gains -- (1.82) (1.53) (1.21) -- -- ------------------------------------------------------------------------- Total distributions (0.03) (1.96) (1.63) (1.38) (0.11) (0.02) ------------------------------------------------------------------------- Entry/exit fee per share (b) --(c) 0.01 0.01 0.01 0.01 --(c) ------------------------------------------------------------------------- Net asset value, end of period $ 11.59 $ 13.39 $ 14.90 $ 14.07 $ 14.49 $ 12.95 ========================================================================= TOTAL RETURN }D{ (13.20%)(e) 2.84% 17.68% 6.71% 12.75% 35.24% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in 000s) $190,671 $227,588 $216,369 $199,339 $229,770 $232,498 Ratio of expenses to average net assets (f) 0.58%(g) 0.73% 0.74% 0.72% 0.73% 0.85% Ratio of expenses to average net assets before expense waivers (f) 0.58%(g) 0.73% 0.74% 0.73% 0.74% 0.85% Ratio of net investment income to average net assets 0.48%(g) 0.56% 0.63% 0.48%(a) 0.48% 0.19% Portfolio turnover 14.74%(e) 37.54% 34.50% 32.85% 57.49% 60.32% ---------------------------------------------------------------------------------------------------------------------------------- (a) Investment income per share reflects a special dividend which amounted to $0.04 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.21%. (b) Calculation based on average shares outstanding. (c) Rounds to less than $0.01. (d) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member. For certain periods, total return would have been lower had certain expenses not been waived. (e) Not annualized. (f) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the fund's total return. (g) Annualized. See accompanying Notes to Financial Statements.
------------------------------------------------------------------------------- TIFF SHORT-TERM FUND -- FUND EXPENSES (UNAUDITED)JUNE 30, 2008 As a shareholder of a fund, you incur two types of costs: (1) transactions costs and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2008 to June 30, 2008. Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE THE PERIOD * 1/1/08 6/30/08 1/1/08-6/30/08 ----------------------------------------------------------------------------- 1) Actual $1,000 $1,012.80 $1.00 2) Hypothetical $1,000 $1,023.87 $1.01 ----------------------------------------------------------------------------- * Expenses are equal to the fund's annualized expense ratio of 0.20% (calculated over a six-month period, which may differ from the fund's actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). ----------------------------------------------------------------------------------------------------------------------------------- TIFF SHORT-TERM FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
Six Months Ended Year Year Year Year Year 6/30/08 Ended Ended Ended Ended Ended (unaudited) 12/31/07 12/31/06 12/31/05 12/31/04 12/31/03 For a share outstanding throughout each period Net asset value, beginning of period $ 9.78 $ 9.74 $ 9.76 $ 9.79 $ 9.83 $ 9.97 ----------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.11 0.44 0.47 0.31 0.12 0.16 Net realized and unrealized gain (loss) on investments 0.01 0.04 (0.02) (0.03) (0.03) (0.07) ----------------------------------------------------------------------- Total from investment operations 0.12 0.48 0.45 0.28 0.09 0.09 ----------------------------------------------------------------------- LESS DISTRIBUTIONS FROM Net investment income (0.11) (0.44) (0.47) (0.31) (0.13) (0.23) ----------------------------------------------------------------------- Net asset value, end of period $ 9.79 $ 9.78 $ 9.74 $ 9.76 $ 9.79 $ 9.83 ======================================================================= TOTAL RETURN (a) 1.28%(b) 5.03% 4.72% 2.93% 0.92% 0.88% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in 000s) $143,067 $159,546 $99,244 $116,943 $91,073 $128,660 Ratio of expenses to average net assets 0.20%(c) 0.21% 0.19% 0.21% 0.31% 0.35% Ratio of expenses to average net assets before expense waivers 0.20%(c) 0.21% 0.19% 0.21% 0.36% 0.39% Ratio of net investment income to average net assets 2.30%(c) 4.53% 4.64% 3.12% 1.19% 1.76% Portfolio turnover --(d) --(d) --(d) --(d) --(d) 288.22% ---------------------------------------------------------------------------------------------------------------------------------- (a) Total return assumes dividend reinvestment. For certain periods, total return would have been lower had certain expenses not been waived. (b) Not annualized. (c) Annualized. (d) Due to a change in investment policies the fund no longer purchases or sells securities with greater than one year to maturity; therefore under SEC rules for the calculation of portfolio turnover, the transactions entered into by the fund do not constitute portfolio turnover. See accompanying Notes to Financial Statements.
------------------------------------------------------------------------------- TIFF INVESTMENT PROGRAM [LOGO] FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS JUNE 30, 2008 (UNAUDITED) TIFF MULTI-ASSET FUND/SCHEDULE OF INVESTMENTS (UNAUDITED)* JUNE 30, 2008
NUMBER OF SHARES VALUE INVESTMENTS -- 105.2% OF NET ASSETS COMMON STOCKS -- 32.9% US COMMON STOCKS -- 15.8% AEROSPACE AND DEFENSE -- 0.2% AAR Corp. (a) 100,000 $ 1,353,000 Boeing Co. 8,100 532,331 L-3 Communications Holdings, Inc. 5,300 481,611 Lockheed Martin Corp. 7,400 730,084 Northrop Grumman Corp. 13,784 922,150 Raytheon Co. 22,000 1,238,160 -------------- 5,257,336 -------------- AIRLINES -- 0.0% AMR Corp. (a) 88,800 454,656 Northwest Airlines Corp. (a) 77,300 514,818 US Airways Group, Inc. (a) 50,300 125,750 -------------- 1,095,224 -------------- AUTOMOBILES -- 0.0% Fleetwood Enterprises, Inc. (a) 232,900 610,198 -------------- BEVERAGES -- 0.0% Constellation Brands, Inc., Class A (a) 12,400 246,264 Molson Coors Brewing Co., Class B 4,100 222,753 PepsiCo, Inc. 8,200 521,438 -------------- 990,455 -------------- BIOTECHNOLOGY -- 0.0% Amgen, Inc. (a) 13,400 631,944 Biogen Idec, Inc. (a) 6,100 340,929 Gilead Sciences, Inc. (a) 4,100 217,095 -------------- 1,189,968 -------------- BUILDING PRODUCTS -- 0.1% Armstrong World Industries, Inc. 72,500 2,118,450 -------------- CAPITAL MARKETS -- 0.1% Ameriprise Financial, Inc. 11,600 471,772 Charles Schwab Corp. (The) 29,300 601,822 Franklin Resources, Inc. 5,100 467,415 Goldman Sachs Group, Inc. 4,400 769,560 Merrill Lynch & Co., Inc. 24,299 770,521 TD Ameritrade Holding Corp. (a) 12,600 227,934 -------------- 3,309,024 -------------- CHEMICALS -- 0.2% Dow Chemical Co. (The) 12,300 429,393 Nalco Holding Co. 116,500 2,463,975 Scotts Miracle-Gro Co. (The), Class A 53,200 934,724 Valspar Corp. 124,000 2,344,840 -------------- 6,172,932 -------------- COMMERCIAL BANKS -- 0.1% Fifth Third Bancorp 12,200 124,196 Preferred Bank/Los Angeles CA 91,765 475,343 Regions Financial Corp. 37,800 412,398 South Financial Group, Inc. (The) 132,000 517,440 Wachovia Corp. 131,500 2,042,195 -------------- 3,571,572 -------------- COMMERCIAL SERVICES & SUPPLIES -- 0.2% Pitney Bowes, Inc. 47,800 1,629,980 Viad Corp. 52,000 1,341,080 Watson, Wyatt Worldwide, Inc., Class A 41,100 2,173,779 -------------- 5,144,839 -------------- COMMUNICATIONS EQUIPMENT -- 0.1% Cisco Systems, Inc. (a) 18,300 425,658 EMS Technologies, Inc. (a) 57,592 1,257,809 Juniper Networks, Inc. (a) 8,100 179,658 QUALCOMM, Inc. 5,200 230,724 -------------- 2,093,849 -------------- COMPUTERS & PERIPHERALS -- 0.3% Dell, Inc. (a) 15,800 345,704 Hewlett-Packard Co. 88,500 3,912,585 International Business Machines Corp. (IBM) 4,600 545,238 QLogic Corp. (a) 100,000 1,459,000 Sun Microsystems, Inc. (a) 130,288 1,417,533 -------------- 7,680,060 -------------- CONSTRUCTION & ENGINEERING -- 0.1% KBR, Inc. 70,000 2,443,700 -------------- CONSUMER FINANCE -- 0.0% American Express Co. 20,800 783,536 Capital One Financial Corp. 11,800 448,518 -------------- 1,232,054 -------------- DISTRIBUTORS -- 0.1% Genuine Parts Co. 66,800 2,650,624 -------------- DIVERSIFIED CONSUMER SERVICES -- 0.1% DeVry, Inc. 15,400 825,748 ITT Educational Services, Inc. (a) 20,000 1,652,600 -------------- 2,478,348 -------------- DIVERSIFIED FINANCIAL SERVICES -- 0.4% Bank of America Corp. 138,900 3,315,543 Citigroup, Inc. 223,400 3,744,184 J.G. Wentworth Inc. (a) (b) 30,400 364,800 JPMorgan Chase & Co. 21,514 738,145 Moody's Corp. 39,800 1,370,712 -------------- 9,533,384 -------------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.3% AT&T, Inc. 25,837 870,449 Cincinnati Bell, Inc. (a) 250,700 997,786 FairPoint Communications, Inc. 2,195 15,826 General Communications, Inc., Class A (a) 292,615 2,010,265 Level 3 Communications, Inc. (a) 226,900 669,355 Verizon Communications, Inc. 126,500 4,478,100 -------------- 9,041,781 -------------- ELECTRIC UTILITIES -- 0.0% Edison International 9,600 493,248 FirstEnergy Corp. 8,200 675,106 -------------- 1,168,354 -------------- ELECTRICAL EQUIPMENT -- 0.2% Baldor Electric Co. 60,800 2,126,784 Rockwell Automation, Inc. 5,600 244,888 Superior Essex, Inc. (a) 64,914 2,897,112 -------------- 5,268,784 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.2% Checkpoint Systems, Inc. (a) 163,129 3,406,134 Rogers Corp. (a) 40,000 1,503,600 -------------- 4,909,734 -------------- ENERGY EQUIPMENT & SERVICES -- 0.6% Baker Hughes, Inc. 53,600 4,681,424 Cal Dive International, Inc. (a) 178,000 2,543,620 Halliburton Co. 82,900 4,399,503 Parker Drilling Co. (a) 142,500 1,426,425 Transocean, Inc. (a) 14,045 2,140,318 W-H Energy Services, Inc. (a) 15,000 1,436,100 -------------- 16,627,390 -------------- FOOD & STAPLES RETAILING -- 0.4% Costco Wholesale Corp. 108,800 7,631,232 Kroger Co. (The) 88,800 2,563,656 Safeway, Inc. 7,100 202,705 Sysco Corp. 18,900 519,939 -------------- 10,917,532 -------------- FOOD PRODUCTS -- 0.3% Archer-Daniels-Midland Co. 8,300 280,125 ConAgra Foods, Inc. 141,800 2,733,904 General Mills, Inc. 10,500 638,085 H.J. Heinz Co. 65,000 3,110,250 -------------- 6,762,364 -------------- GAS UTILITIES -- 0.1% Equitable Resources, Inc. 27,700 1,912,962 -------------- HEALTH CARE EQUIPMENT & SUPPLIES -- 0.3% Accuray, Inc. (a) 115,494 841,951 Cooper Companies, Inc. (The) 76,500 2,841,975 Kinetic Concepts, Inc. (a) 75,000 2,993,250 -------------- 6,677,176 -------------- HEALTH CARE PROVIDERS & SERVICES -- 0.5% AmerisourceBergen Corp. 9,100 363,909 Brookdale Senior Living, Inc. 60,000 1,221,600 Cardinal Health, Inc. 10,800 557,064 CIGNA Corp. 5,400 191,106 Express Scripts, Inc. (a) 7,900 495,488 Health Management Associates, Inc., Class A (a) 42,400 276,024 LifePoint Hospitals, Inc. (a) 84,000 2,377,200 Lincare Holdings, Inc. (a) 90,000 2,556,000 McKesson Corp. 10,000 559,100 Medco Health Solutions, Inc. (a) 6,700 316,240 Sunrise Senior Living, Inc. (a) 140,400 3,156,192 UnitedHealth Group, Inc. 17,500 459,375 -------------- 12,529,298 -------------- HOTELS, RESTAURANTS & LEISURE -- 0.1% California Pizza Kitchen, Inc. (a) 100,000 1,119,000 MGM Mirage (a) 19,000 643,910 Ruby Tuesday, Inc. 144,800 781,920 Yum! Brands, Inc. 15,600 547,404 -------------- 3,092,234 -------------- HOUSEHOLD DURABLES -- 0.3% American Greetings Corp., Class A 88,500 1,092,090 California Coastal Communities, Inc. (a) 91,800 350,676 Centex Corp. 44,200 590,954 KB Home 59,000 998,870 Lennar Corp., Class A 132,000 1,628,880 Pulte Homes, Inc. 70,500 678,915 Toll Brothers, Inc. (a) 104,900 1,964,777 -------------- 7,305,162 -------------- HOUSEHOLD PRODUCTS -- 0.0% Kimberly-Clark Corp. 7,900 472,262 Procter & Gamble Co. 10,800 656,748 -------------- 1,129,010 -------------- INDUSTRIAL CONGLOMERATES -- 0.2% 3M Co. 29,900 2,080,741 General Electric Co. 155,800 4,158,302 -------------- 6,239,043 -------------- INSURANCE -- 0.6% Aflac, Inc. 4,500 282,600 Allstate Corp. (The) 12,000 547,080 Berkshire Hathaway, Inc., Class B (a) 1,201 4,818,412 Brown & Brown, Inc. 125,000 2,173,750 Chubb Corp. 11,200 548,912 Hilb, Rogal & Hobbs Co. 80,000 3,476,800 MBIA, Inc. 91,000 399,490 Mercury General Corp. 17,700 826,944 MetLife, Inc. 9,500 501,315 Progressive Corp. (The) 19,000 355,680 Travelers Companies, Inc. (The) 14,500 629,300 -------------- 14,560,283 -------------- INTERNET & CATALOG RETAIL -- 0.3% Amazon.com, Inc. (a) 25,100 1,840,583 Blue Nile, Inc. (a) 34,000 1,445,680 Liberty Media Holding Corp., Interactive, Series A (Tracking Stock) (a) (c) 47,750 704,790 Priceline.com, Inc. (a) 27,500 3,175,150 -------------- 7,166,203 -------------- INTERNET SOFTWARE & SERVICES -- 0.1% eBay, Inc. (a) 62,300 1,702,659 -------------- IT SERVICES -- 0.2% Automatic Data Processing, Inc. 14,500 607,550 CACI International, Inc., Class A (a) 41,200 1,885,724 DST Systems, Inc. (a) 15,900 875,295 Forrester Research, Inc. (a) 8,800 271,744 Gartner Group, Inc., Class A (a) 128,093 2,654,087 -------------- 6,294,400 -------------- MACHINERY -- 0.1% Caterpillar, Inc. 7,100 524,122 Cummins, Inc. 7,900 517,608 Parker-Hannifin Corp. 7,300 520,636 -------------- 1,562,366 -------------- MEDIA -- 1.1% Cablevision Systems Corp. (a) 308,500 6,972,100 CBS Corp., Class A 18,100 352,588 CBS Corp., Class B 111,300 2,169,237 Clear Channel Communications, Inc. 106,000 3,731,200 Cox Radio, Inc. (a) 100,000 1,180,000 DIRECTV Group, Inc. (The) (a) 23,900 619,249 Discovery Holding Co., Class A (a) 54,000 1,185,840 John Wiley & Sons, Inc., Class A 10,000 450,300 Liberty Global, Inc., Class A (a) 101,267 3,182,822 Liberty Global, Inc., Class C (a) 88,567 2,688,894 Liberty Media Corp., Entertainment, Series A (Tracking Stock) (a) (c) 38,200 925,586 Liberty Media Holding Corp., Capital, Series A (Tracking Stock) (a) (c) 9,550 137,520 Live Nation, Inc. (a) 221,000 2,338,180 News Corp., Class A 12,300 184,992 Primedia, Inc. 75,216 350,507 Sun-Times Media Group, Inc. (a) 41,415 20,293 Time Warner, Inc. 69,338 1,026,202 Viacom, Inc., Class B (a) 10,200 311,508 Walt Disney Co. (The) 18,000 561,600 -------------- 28,388,618 -------------- METALS & MINING -- 0.5% Alcoa, Inc. 135,600 4,830,072 Freeport-McMoRan Copper & Gold, Inc. 38,000 4,453,220 Haynes International, Inc. (a) 42,500 2,445,875 Nucor Corp. 8,000 597,360 United States Steel Corp. 1,200 221,736 -------------- 12,548,263 -------------- MULTI-UTILITIES -- 0.0% Public Service Enterprise Group, Inc. 14,400 661,392 -------------- MULTILINE RETAIL -- 0.1% Macy's, Inc. 12,500 242,750 Saks, Inc. (a) 163,600 1,796,328 -------------- 2,039,078 -------------- OFFICE ELECTRONICS -- 0.2% Xerox Corp. 166,800 2,261,808 Zebra Technologies Corp., Class A (a) 75,000 2,448,000 -------------- 4,709,808 -------------- OIL, GAS & CONSUMABLE FUELS -- 3.1% Berry Petroleum Co., Class A 20,000 1,177,600 Chevron Corp. 77,100 7,642,923 ConocoPhillips 53,968 5,094,040 Consol Energy, Inc. 79,700 8,955,889 Denbury Resources, Inc. (a) 93,200 3,401,800 Devon Energy Corp. 19,400 2,331,104 EOG Resources, Inc. 80,400 10,548,480 Exxon Mobil Corp. 84,260 7,425,834 Forest Oil Corp. (a) 30,000 2,235,000 Marathon Oil Corp. 101,713 5,275,853 Murphy Oil Corp. 6,700 656,935 Newfield Exploration Co. (a) 48,800 3,184,200 Noble Energy, Inc. 29,000 2,916,240 Occidental Petroleum Corp. 9,100 817,726 Peabody Energy Corp. 52,800 4,649,040 Stone Energy Corp. (a) 32,506 2,142,470 Valero Energy Corp. 113,300 4,665,694 XTO Energy, Inc. 93,457 6,402,739 -------------- 79,523,567 -------------- PAPER & FOREST PRODUCTS -- 0.1% Weyerhaeuser Co. 25,300 1,293,842 -------------- PHARMACEUTICALS -- 0.5% Bristol-Myers Squibb Co. 10,500 215,565 Forest Laboratories, Inc. (a) 6,700 232,758 Johnson & Johnson 10,700 688,438 Merck & Co., Inc. 59,800 2,253,862 Pfizer, Inc. 220,300 3,848,641 Salix Pharmaceuticals Ltd. (a) 95,000 667,850 Schering-Plough Corp. 8,700 171,303 Wyeth 94,600 4,537,016 -------------- 12,615,433 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS) -- 1.3% Apartment Investment & Management Co. 15,798 538,080 AvalonBay Communities, Inc. 29,400 2,621,304 Digital Realty Trust, Inc. 49,600 2,029,136 General Growth Properties, Inc. 224,300 7,857,229 Gramercy Capital Corp. 83,687 969,932 Kilroy Realty Corp. 23,500 1,105,205 Maguire Properties, Inc. 59,600 725,332 Potlatch Corp. 27,600 1,245,312 PS Business Parks, Inc. 18,900 975,240 Public Storage 21,300 1,720,827 Rayonier Inc. 42,500 1,804,550 Simon Property Group, Inc. 54,900 4,934,961 SL Green Realty Corp. 44,200 3,656,224 Vornado Realty Trust 26,100 2,296,800 -------------- 32,480,132 -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% CB Richard Ellis Group Inc., Class A (a) 43,500 835,200 Tejon Ranch Co. (a) 14,500 522,870 -------------- 1,358,070 -------------- ROAD & RAIL -- 0.3% Avis Budget Group, Inc. (a) 271,200 2,269,944 CSX Corp. 10,600 665,786 Kansas City Southern (a) 78,000 3,431,220 Norfolk Southern Corp. 8,300 520,161 -------------- 6,887,111 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2% Analog Devices, Inc. 6,300 200,151 Cabot Microelectronics Corp. (a) 71,000 2,353,650 LSI Corp. (a) 198,372 1,218,004 Texas Instruments, Inc. 23,400 658,944 -------------- 4,430,749 -------------- SOFTWARE -- 0.6% Adobe Systems, Inc. (a) 13,400 527,826 Jack Henry & Associates, Inc. 100,000 2,164,000 Manhattan Associates, Inc. (a) 39,200 930,216 Microsoft Corp. 259,700 7,144,347 Oracle Corp. (a) 127,400 2,675,400 Parametric Technology Corp. (a) 140,276 2,338,401 Symantec Corp. (a) 29,300 566,955 -------------- 16,347,145 -------------- SPECIALTY RETAIL -- 0.4% Aaron Rents, Inc. 114,000 2,545,620 Best Buy Co., Inc. 8,900 352,440 Blockbuster, Inc., Class B (a) 97,000 195,940 Circuit City Stores, Inc. 6,400 18,496 Gap, Inc. (The) 24,200 403,414 PetSmart, Inc. 120,500 2,403,975 Sally Beauty Holdings, Inc. (a) 228,000 1,472,880 Sherwin-Williams Co. (The) 1,000 45,930 Zale Corp. (a) 135,000 2,550,150 -------------- 9,988,845 -------------- TEXTILES, APPAREL & LUXURY GOODS -- 0.1% Coach, Inc. (a) 15,400 444,752 Hanes Brands, Inc. (a) 25,100 681,214 Nike, Inc., Class B 5,400 321,894 -------------- 1,447,860 -------------- THRIFTS & MORTGAGE FINANCE -- 0.1% Countrywide Financial Corp. 27,800 118,150 Downey Financial Corp. 66,362 183,823 Hudson City Bancorp, Inc. 17,300 288,564 MGIC Investment Corp. 34,800 212,628 Washington Mutual, Inc. 133,700 659,141 -------------- 1,462,306 -------------- TOBACCO -- 0.1% Altria Group, Inc. 31,200 641,472 Philip Morris International, Inc. 31,200 1,540,968 -------------- 2,182,440 -------------- WIRELESS TELECOMMUNICATION SERVICES -- 0.2% American Tower Corp., Class A (a) 55,100 2,327,975 NII Holdings, Inc., Class B (a) 39,400 1,871,106 Sprint Nextel Corp. 35,200 334,400 -------------- 4,533,481 -------------- Total US Common Stocks (Cost $387,968,144) 405,336,892 -------------- FOREIGN COMMON STOCKS -- 17.1% AUSTRALIA -- 0.7% Alumina Ltd. 708,908 3,206,621 Amcor Ltd. 312,105 1,509,462 Australia and New Zealand Banking Group Ltd. 29,557 529,168 Caltex Australia Ltd. 14,108 176,859 Foster's Group Ltd. 308,892 1,499,413 Iluka Resources Ltd. 15,367 69,316 National Australia Bank Ltd. 71,056 1,800,129 Santos Ltd. 44,042 907,432 Telstra Corp. Ltd. 766,345 3,112,463 Tishman Speyer Office Fund 1,151,089 1,497,824 Valad Property Group 650,600 416,842 Westfield Group 151,000 2,352,590 -------------- 17,078,119 -------------- AUSTRIA -- 0.0% BWIN Interactive Entertainment AG (a) 1,820 50,637 Oesterreichische Post AG 3,951 150,118 -------------- 200,755 -------------- BELGIUM -- 0.1% Fortis - XLON Shares 98,332 1,562,098 Fortis - XPLU Shares 6,735 106,894 Fortis, Strip VVPR (a) (b) 39,332 619 InBev NV 3,323 229,690 -------------- 1,899,301 -------------- BERMUDA -- 0.0% Lazard Ltd., Class A 34,000 1,161,100 -------------- BRAZIL -- 0.8% All America Latina Logistica SA (UNIT) (b) 53,100 683,334 Cia Vale do Rio Doce - SPADR 323,300 9,647,272 Companhia de Concessoes Rodoviarias 60,800 1,201,891 Petroleo Brasileiro SA - ADR 124,200 8,797,086 -------------- 20,329,584 -------------- CANADA -- 2.7% AbitibiBowater, Inc. (a) 44,015 412,222 Ace Aviation Holdings, Inc., Class A (a) 45,300 713,019 Aeroplane Income Fund Registered, Class D (b) (d) (e) 20,305 343,494 Barrick Gold Corp. 45,416 2,066,428 BCE, Inc. 28,272 985,652 Bell Aliant Regional Communications Income Fund (b) (d) (e) 1,558 44,431 Boardwalk Real Estate Investment Trust 77,000 2,880,798 Bombardier, Inc., Class B (a) 844,200 6,134,669 BPO Properties Ltd. (b) (k) 16,700 843,434 Brookfield Properties Corp. (k) 44,100 784,539 Cameco Corp. 97,500 4,179,825 Canadian Natural Resources Ltd. 98,100 9,701,289 Catalyst Paper Corp. (a) 233,614 254,302 EnCana Corp. 91,900 8,414,028 Fraser Papers, Inc. (a) 66,980 126,117 Imperial Oil Ltd. 56,700 3,122,754 Jazz Air Income Fund (b) (d) (e) 8,875 49,262 Nexen, Inc. 11,100 441,225 Nortel Networks Corp. (a) 14,900 122,478 Onex Corp. 16,800 494,757 Penn West Energy Trust 35,000 1,184,400 Petro-Canada - NYSE Shares 9,700 540,775 Petro-Canada - TSE Shares 56,942 3,189,132 Rogers Communications, Inc., Class B - NYSE Shares 5,500 212,630 Rogers Communications, Inc., Class B - TSE Shares 149,400 5,796,081 Suncor Energy, Inc. 100,168 5,815,383 Talisman Energy, Inc. 223,700 4,953,561 Teck Cominco Ltd., Class B 37,200 1,793,786 Ultra Petroleum Corp. (a) 29,800 2,926,360 -------------- 68,526,832 -------------- CAYMAN ISLANDS -- 0.0% Seagate Technology 19,200 367,296 -------------- CHINA -- 0.1% Asustek Computer, Inc. - GDR Registered 45,015 609,953 E-House China Holdings Ltd. - ADS (a) 68,400 777,024 Tsingtao Brewery Co. Ltd., Class H 324,000 661,165 -------------- 2,048,142 -------------- DENMARK -- 0.2% Bang & Olufsen A/S, Class B 2,000 80,705 Coloplast A/S, Class B 6,500 566,287 Danske Bank A/S 4,374 125,478 GN Store Nord A/S (GN Great Nordic) (a) 84,389 402,647 Novo Nordisk A/S, Class B 3,225 212,481 Vestas Wind Systems A/S (a) 13,923 1,816,636 William Demant Holding (a) 11,200 736,267 -------------- 3,940,502 -------------- FINLAND -- 0.2% Metso Oyj 22,208 1,004,748 Nokia Oyj 9,800 240,062 Sampo Oyj, Class A 41,520 1,043,578 Tietoenator Oyj 12,545 260,774 UPM-Kymmene Oyj 69,968 1,137,454 Wartsila Oyj Corp. 2,467 154,417 -------------- 3,841,034 -------------- FRANCE -- 0.9% Alcatel Lucent - SPADR (a) 96,567 583,265 Atos Origin SA 4,567 251,326 AXA SA 23,648 697,014 BNP Paribas 9,491 850,321 Carrefour SA 48,420 2,730,371 Compagnie de Saint-Gobain 3,299 205,902 France Telecom SA 37,825 1,110,355 Lagardere S.C.A 2,054 116,737 Legrand SA 19,153 480,607 Neopost SA 6,304 665,765 Renault SA 14,307 1,170,516 SA des Ciments Vicat 1,846 145,242 Sanofi-Aventis 9,177 610,505 SCOR SE 18,102 412,514 Societe BIC SA 2,757 144,035 Societe Generale, Class A 24,062 2,071,470 Suez SA, Strip VVPR (a) (b) 10,248 161 Thales SA 11,937 679,119 Total SA 65,309 5,567,648 Total SA - SPADR 64,600 5,508,442 -------------- 24,001,315 -------------- GERMANY -- 0.5% BASF SE 20,068 1,382,037 Bayer AG 1,830 153,709 Bayerische Motoren Werke AG 9,229 442,896 Continental AG 1,570 160,845 Daimler AG Registered 15,938 983,816 Deutsche Bank AG Registered 2,142 184,546 Deutsche Post AG 14,119 368,329 Deutsche Telekom AG 92,308 1,509,232 E.ON AG 8,001 1,611,221 Franconofurt AG 11,370 70,781 Fresenius Medical Care AG & Co. 27,073 1,490,773 RWE AG 26,928 3,396,956 Siemens AG Registered 2,356 260,892 Vivacon AG 67,800 644,326 -------------- 12,660,357 -------------- HONG KONG -- 0.7% Asia Satellite Telecommunications Holdings Ltd. 31,000 47,542 China Mobile Ltd. 93,500 1,251,278 Esprit Holdings Ltd. 7,300 75,982 First Pacific Co. 2,038,000 1,284,550 Genting International plc (a) 175,430 74,867 Henderson Land Development Co. 207,000 1,287,854 Hong Kong & Shanghai Hotels Ltd. (The) 864,585 1,309,933 Hong Kong Aircraft Engineering Co. Ltd. 38,000 584,703 Hong Kong Electric Holdings Ltd. 229,200 1,369,750 i-CABLE Communications Ltd. 1,071,000 157,937 Midland Holdings Ltd. 154,000 95,332 New World Development Ltd. 2,450,317 4,977,369 Next Media Ltd. 838,000 321,018 Polytec Asset Holdings Ltd. 3,147,500 828,568 Silver Grant International Ltd. 372,000 58,140 SmarTone Telecommunications Holdings Ltd. 556,500 573,709 Sun Hung Kai Properties Ltd. 104,300 1,412,048 Television Broadcasts Ltd. 235,000 1,354,704 Wheelock & Co. Ltd. 323,000 864,562 -------------- 17,929,846 -------------- INDONESIA -- 0.1% Bank Pan Indonesia Tbk PT (a) 14,902,207 1,359,872 Citra Marga Nusaphala Persada Tbk PT 215,000 31,061 Gudang Garam Tbk PT 230,000 161,113 Indofood Sukses Makmur Tbk PT 2,340,000 611,387 Matahari Putra Prima Tbk PT 4,034,800 232,709 Semen Gresik (Persero) Tbk PT 2,357,500 1,025,764 -------------- 3,421,908 -------------- IRELAND -- 0.1% Anglo Irish Bank Corp. plc 11,428 107,779 Bank of Ireland 23,386 202,747 CRH plc 2,968 85,801 DCC plc 5,857 145,655 Fyffes plc 80,014 76,841 Independent News & Media plc 189,170 463,775 Paddy Power plc 5,590 176,260 Total Produce plc 78,556 69,261 -------------- 1,328,119 -------------- ITALY -- 0.4% Banco Popolare Societa Cooperativa 19,284 340,119 Eni SpA - SPADR 25,700 1,907,711 Fiat SpA 54,686 892,956 Finmeccanica SpA 5,920 154,626 Luxottica Group SpA - SPADR 32,900 767,557 Luxottica Group SpA 11,412 266,770 Natuzzi SpA - SPADR (a) 4,400 14,036 Saipem SpA 36,555 1,712,360 Seat Pagine Gaille SpA (a) 2,060,835 213,724 UniCredit SpA 696,378 4,242,558 -------------- 10,512,417 -------------- JAPAN -- 1.6% Ajinomoto Co., Inc. 23,000 217,252 Alfresa Holdings Corp. 3,800 271,629 Astellas Pharma, Inc. 45,800 1,945,564 Bank of Yokohama Ltd. (The) 31,000 213,820 Bridgestone Corp. 19,000 289,172 Canon, Inc. 53,900 2,762,916 Chiba Bank Ltd. (The) 19,000 133,480 Dai Nippon Printing Co. Ltd. 21,000 309,425 Denso Corp. 9,100 311,482 East Japan Railway Co. 82 667,433 FamilyMart Co. Ltd. 10,100 412,490 FUJIFILM Holdings Corp. 3,800 130,116 Fujitsu Frontech Ltd. 4,600 43,573 Fukuoka Financial Group, Inc. 60,000 271,328 Hitachi Chemical Co. Ltd. 8,100 167,842 Isetan Mitsukoshi Holdings Ltd. (a) 15,400 164,635 JS Group Corp. 18,400 293,074 Kao Corp. 58,000 1,519,276 Kawasaki Heavy Industries Ltd. 122,000 324,370 KDDI Corp. 71 439,563 Kinden Corp. 21,000 212,059 Kirin Holdings Co. Ltd. 7,000 109,009 Kyowa Hakko Kogyo Co. Ltd. 16,000 163,724 Marui Group Co. Ltd. 26,200 203,924 Matsushita Electric Works Ltd. 43,114 439,006 Millea Holdings, Inc. 54,100 2,105,731 Mitsubishi Corp. 17,500 575,820 Mitsubishi Tanabe Pharma Corp. 23,000 301,050 Mitsubishi UFJ Financial Group, Inc. 83,400 734,161 Mizuho Financial Group, Inc. 75 347,308 Namco Bandai Holdings, Inc. 24,350 276,085 NEC Corp. 71,000 372,858 Nintendo Co. Ltd. 600 337,681 Nippon Meat Packers, Inc. 26,000 351,792 Nippon Oil Corp. 47,000 316,307 Nippon Suisan Kaisha Ltd. 44,900 229,103 Nippon Telegraph & Telephone Corp. 594 2,895,301 Nitto Denko Corp. 45,100 1,727,819 Noritake Co. Ltd. 10,000 41,382 NTT Data Corp. 44 171,644 NTT DoCoMo, Inc. 198 290,372 Obayashi Corp. 16,000 72,349 OMRON Corp. 6,800 146,796 Onward Holdings Co. Ltd. 17,000 178,739 Ricoh Co. Ltd. 15,000 271,503 Ryosan Co. Ltd. 3,000 64,256 Secom Co. Ltd. 10,400 506,362 Sekisui House Ltd. 27,000 251,530 Seven & I Holdings Co. Ltd. 100,880 2,884,131 Shimizu Corp. 29,000 137,095 Shiseido Co. Ltd. 9,000 206,283 Sompo Japan Insurance, Inc. 26,000 243,837 Sony Corp. 10,400 446,838 Sumitomo Electric Industries Ltd. 22,200 282,739 Sumitomo Forestry Co. Ltd. 26,000 213,964 Sumitomo Metal Industries Ltd. 466,000 2,045,079 Sumitomo Mitsui Financial Group, Inc. 79 592,672 Taiyo Nippon Sanso Corp. 39,000 325,706 Takeda Pharmaceutical Co. Ltd. 52,300 2,652,277 TDK Corp. 4,500 269,810 Tokyo Electric Power Co., Inc. (The) 8,400 215,848 Tokyo Electron Ltd. 4,300 247,256 Tokyo Gas Co. Ltd. 150,000 603,500 Tokyo Ohka Kogyo Co. Ltd. 5,200 96,618 Toppan Forms Co. Ltd. 16,200 193,837 Toyo Seikan Kaisha Ltd. 13,200 233,531 Toyota Motor Corp. 13,400 630,307 West Japan Railway Co. 538 2,642,570 Yamatake Corp. 6,400 167,258 Yamato Holdings Co. Ltd. 27,000 377,972 -------------- 40,291,242 -------------- LUXEMBOURG -- 0.2% ArcelorMittal - LSE Shares 24,089 2,377,887 ArcelorMittal - NYSE Shares 39,239 3,887,408 -------------- 6,265,295 -------------- MALAYSIA -- 0.2% AMMB Holdings Berhad 780,875 762,054 British American Tobacco Malaysia Berhad 36,800 498,591 Bumiputra-Commerce Holdings Berhad 646,669 1,585,413 Carlsberg Brewery Malaysia Berhad 98,200 116,703 Malaysian Airline System Berhad (a) 229,200 217,680 Multi-Purpose Holdings Berhad 316,000 142,429 Resorts World Berhad 1,754,300 1,397,572 Sime Darby Berhad 377,706 1,074,116 -------------- 5,794,557 -------------- MEXICO -- 0.0% America Movil SA de CV, Series L - ADR 3,700 195,175 Telefonos de Mexico SAB de CV, Series L - SPADR 2,600 61,568 Telmex Internacional SAB de CV, Series L - ADR (a) 2,600 41,860 -------------- 298,603 -------------- NETHERLANDS -- 0.6% Akzo Nobel NV 2,957 202,443 Heineken NV 18,010 915,419 ING Groep NV - CVA 114,401 3,615,289 Koninklijke (Royal) KPN NV 64,948 1,110,300 Koninklijke (Royal) Philips Electronics NV 23,668 799,227 Koninklijke Boskalis Westminster NV - CVA 19,641 1,050,754 Reed Elsevier NV 85,414 1,432,714 Royal Dutch Shell plc, Class A 125,559 5,166,537 Royal Dutch Shell plc, Class B 35,728 1,435,939 Wolters Kluwer NV 25,781 598,045 -------------- 16,326,665 -------------- NEW ZEALAND -- 0.0% Telecom Corp. of New Zealand Ltd. 57,550 156,131 -------------- NORWAY -- 0.1% DNB NOR ASA 41,150 521,654 StatoilHydro ASA 19,490 727,640 -------------- 1,249,294 -------------- PHILIPPINES (THE) -- 0.3% ABS-CBN Holdings Corp. 2,034,000 860,809 Ayala Corp. 438,409 2,525,049 Banco de Oro Unibank, Inc. 164,300 157,115 Benpres Holdings Corp. (a) 3,127,000 72,300 DMCI Holdings, Inc. 1,010,000 134,762 Globe Telecom, Inc. 88,010 2,311,032 Jollibee Foods Corp. 546,200 419,481 -------------- 6,480,547 -------------- POLAND -- 0.0% Bank Pekao SA 10,632 820,096 -------------- RUSSIA -- 0.6% Gazprom OAO - SPADR (a) 2,850 165,300 LUKOIL - SPADR 77,000 7,592,200 Oao Gazprom - SPADR (a) 96,450 5,583,158 Oao Rosneft Oil Co. - GDR (a) 203,523 2,354,207 -------------- 15,694,865 -------------- SINGAPORE -- 0.8% Allco Commercial Real Estate Investment Trust - REIT 1,142,100 638,338 CapitaMall Trust - REIT 1,037,400 2,284,004 Great Eastern Holdings Ltd. 147,000 1,826,809 GuocoLeisure Ltd. (a) 868,000 490,865 Jardine Matheson Holdings Ltd. 187,800 5,836,360 Jardine Strategic Holdings Ltd. 256,500 4,379,913 Mandarin Oriental International Ltd. 154,000 268,154 Oversea-Chinese Banking Corp. 411,800 2,476,804 Parkway Life Real Estate Investment Trust - REIT 629,900 523,595 Singapore Telecommunications Ltd. 319,000 851,328 STATS ChipPAC Ltd. (a) 1,441,000 1,229,424 United Industrial Corp. Ltd. 75,000 164,277 Yellow Pages Singapore Ltd. 97,000 49,315 -------------- 21,019,186 -------------- SOUTH AFRICA -- 0.6% Anglo Platinum Ltd. 34,031 5,669,943 AngloGold Ashanti Ltd. 3,221 109,654 AngloGold Ashanti Ltd. - SPADR 83,758 2,842,747 City Lodge Hotels Ltd. 12,529 111,728 Discovery Holdings Ltd. 12,215 33,891 FirstRand Ltd. 273,945 463,177 Gold Fields Ltd. 174,898 2,215,404 Hosken Consolidated Investments Ltd. 204,728 1,703,407 JD Group Ltd. 25,797 86,388 Mondi Ltd. 2,435 14,858 Nedbank Group Ltd. 45,260 529,104 New Clicks Holdings Ltd. 74,228 117,251 Pretoria Portland Cement Co. Ltd. 190,279 695,825 RMB Holdings Ltd. 263,107 702,983 Sun International Ltd. 75,306 845,911 -------------- 16,142,271 -------------- SOUTH KOREA -- 0.1% Kookmin Bank 730 42,815 Korea Electric Power Corp. 460 13,509 POSCO 100 52,033 POSCO - ADR 15,400 1,998,612 Samsung Electronics Co. Ltd. 80 47,881 SK Telecom Co. Ltd. 591 108,142 -------------- 2,262,992 -------------- SPAIN -- 0.5% Acciona SA 5,565 1,312,905 Acerinox SA 43,968 1,008,344 Banco Popular Espanol SA 50,080 691,989 Banco Santander SA 44,710 815,785 Iberdrola SA 144,216 1,927,824 Inditex SA 6,926 318,376 Prosegur, Compania de Seguridad SA 6,255 270,669 Telefonica SA 213,640 5,646,279 Viscofan SA 10,692 228,457 -------------- 12,220,627 -------------- SWEDEN -- 0.1% Assa Abloy AB, Class B 38,400 554,975 Hoganas AB, Class B 10,900 177,996 Modern Times Group AB, Class B 3,190 187,011 Svenska Cellulosa AB (SCA), Class B 36,590 515,200 Svenska Handelsbanken AB, Class A 31,020 733,410 Telefonaktiebolaget LM Ericsson, Class B 85,322 880,464 TeliaSonera AB 13,000 95,786 -------------- 3,144,843 -------------- SWITZERLAND -- 0.4% Adecco SA 13,538 667,631 Clariant AG Registered (a) 7,642 76,843 Compagnie Financiere Richemonte AG (UNIT) 14,007 773,538 Geberit AG 4,397 643,991 Logitech International SA (a) 18,134 483,390 Nestle SA Registered 6,240 281,962 Novartis AG 97,494 5,346,232 PubliGroupe SA 649 164,551 Roche Holding AG 6,104 1,095,307 Sonova Holding AG Registered 1,159 95,418 UBS AG Registered (a) 71,508 1,478,368 -------------- 11,107,231 -------------- TAIWAN -- 0.2% Chunghwa Telecom Co. Ltd. - ADR (a) 63,800 1,618,606 Taiwan Semiconductor Manufacturing Co. Ltd. (a) 418,299 894,572 Taiwan Semiconductor Manufacturing Co. Ltd. - SPADR (a) 306,136 3,339,944 -------------- 5,853,122 -------------- THAILAND -- 0.2% Advanced Info Service PCL 548,000 1,516,076 GMM Grammy PCL 478,800 186,164 Kasikornbank PCL 367,400 791,171 Land and Houses Public Co. Ltd. 1,237,200 273,823 Matichon PCL 76,000 19,889 MBK PCL 108,000 226,110 Siam Cement PCL 134,700 801,714 Siam Cement PCL - NVDR 368,200 2,125,396 Thanachart Capital PCL 731,900 293,329 -------------- 6,233,673 -------------- TURKEY -- 0.0% Turkiye Garanti Bankasi A/S (a) 18,100 27,150 -------------- UNITED KINGDOM -- 3.1% AMEC plc 17,241 305,006 Anglo American plc - JSE Shares 29,766 2,108,297 Anglo American plc - LSE Shares 23,688 1,653,361 Arriva plc 69,299 943,570 Aviva plc 102,773 1,018,351 BAE Systems plc 132,647 1,167,515 Barclays plc 104,759 606,487 Barclays plc - SUB Shares 22,448 4,471 Berkeley Group Holdings plc (UNIT) (a) 8,197 110,687 BHP Billiton plc 34,963 1,342,904 BP plc 446,767 5,182,985 BP plc - SPADR 76,600 5,329,062 Bradford & Bingley plc 101,619 130,100 BT Group plc 52,975 210,569 Bunzl plc 23,278 303,065 Cable & Wireless plc 326,244 976,937 Capita Group plc 86,799 1,186,855 Carnival plc 17,861 567,408 Carphone Warehouse Group plc 28,073 110,232 Compass Group plc 99,163 745,013 Daily Mail & General Trust NV, Class A 11,420 70,988 Devro plc 67,100 108,458 Diageo plc 63,117 1,159,259 Enodis plc 167,789 1,063,821 Enterprise Inns plc 47,487 383,220 Eurocastle Investment Ltd. 141,091 1,342,563 GKN plc 229,200 1,015,998 GlaxoSmithKline plc 309,130 6,832,103 Hays plc 122,372 219,232 HBOS plc 301,187 1,648,446 HMV Group plc 42,700 110,004 Homeserve plc 5,269 177,461 ICAP plc 77,707 831,083 Informa plc 83,012 681,452 International Personal Finance 67,843 371,271 Intertek Group plc 43,946 863,352 Invensys plc (a) 127,577 660,719 ITV plc 231,635 205,056 Ladbrokes plc 39,754 201,904 Lloyds TSB Group plc 471,651 2,890,544 Michael Page International plc 42,324 196,641 Mondi plc - LSE Shares 6,089 35,716 Next plc 5,421 104,517 Northgate plc 8,970 62,964 Provident Financial plc 26,682 421,650 Reckitt Benckiser Group plc 22,521 1,140,364 Reed Elsevier plc 59,278 677,738 Rexam plc 60,792 468,380 Rio Tinto plc 10,877 1,333,612 Rolls-Royce Group plc (a) 149,230 1,013,258 Royal Bank of Scotland Group plc 466,201 1,988,391 Royal Dutch Shell plc - ADR 68,400 5,588,964 RSA Insurance Group plc 64,860 161,310 Sage Group plc 194,590 805,672 Smiths Group plc 17,456 376,924 Sportingbet plc (a) 131,199 88,888 Stagecoach Group plc 126,667 704,308 Tesco plc 153,444 1,126,793 Thomas Cook Group plc 151,637 705,812 Tui Travel plc 138,113 561,359 Unilever plc 125,654 3,574,807 Vedanta Resources plc 128,327 5,596,141 Vodafone Group plc 652,189 1,921,674 Wolseley plc 20,234 150,439 WPP Group plc 39,309 378,426 Xstrata plc 65,602 5,213,675 -------------- 79,238,231 -------------- Total Foreign Common Stocks (Cost $350,975,623) 439,873,245 -------------- Total Common Stocks (Cost $738,943,767) 845,210,137 -------------- INTEREST MATURITY PRINCIPAL RATE DATE AMOUNT ASSET-BACKED SECURITIES -- 1.0% Ace Securities Corp., Ser. 2005-HE7, Class A2D (FRN) 2.813% 11/25/35 $ 400,000 344,054 American Express Credit Account Master Trust, Ser. 2006-B, Class A (FRN) 2.498% 08/15/13 1,600,000 1,574,990 Ameriquest Mortgage Securities, Inc., Ser 2005-R1, Class A3B (FRN) 2.693% 03/25/35 103,441 102,965 Bank of America Credit Card Trust, Ser. 2006- A12, Class A12 (FRN) 2.478% 03/15/14 200,000 195,647 Bank of America Credit Card Trust, Ser. 2006- A15, Class A15 (FRN) 2.458% 04/15/14 1,400,000 1,367,754 Bank of America Credit Card Trust, Ser. 2007- A6, Class A6 (FRN) 2.518% 09/15/16 2,000,000 1,913,576 Bear Stearns Asset Backed Securities Trust, Ser. 2005-HE10, Class A2 (FRN) 2.773% 11/25/35 664,117 649,009 Bear Stearns Asset Backed Securities Trust, Ser. 2006-HE1, Class 1A2 (FRN) 2.703% 12/25/35 1,030,328 974,714 Bear Stearns Asset Backed Securities Trust, Ser. 2006-HE7, Class 2A2 (FRN) 2.643% 08/25/36 700,000 593,981 BNC Mortgage Loan Trust, Ser. 2006-1, Class M1 (FRN) (b) 2.743% 10/25/36 500,000 111,197 Carrington Mortgage Loan Trust, Ser. 2005-NC5, Class A2 (FRN) 2.803% 10/25/35 828,992 814,230 Chase Issuance Trust, Ser. 2006-A1, Class A (FRN) 2.511% 04/15/13 1,600,000 1,574,551 Chase Issuance Trust, Ser. 2006-A8, Class A8 (FRN) 2.531% 02/16/16 1,900,000 1,818,254 Citibank Credit Card Issuance Trust, Ser 2005-A3, Class A3 (FRN) 2.551% 04/24/14 800,000 780,721 Citigroup Mortgage Loan Trust, Inc., Ser 2007-AMC2, Class A3A (FRN) 2.563% 01/25/37 898,335 835,360 Countrywide Asset-Backed Certificates, Ser 2004-1, Class 3A (FRN) (b) 2.763% 04/25/34 293,688 259,731 Credit-Based Asset Servicing and Securitization, Ser 2005-CB2, Class M1 (FRN) 2.923% 04/25/36 68,302 57,861 Downey Savings & Loan Association Mortgage Loan Trust, Ser. 2004- AR3, Class B2 (FRN) (b) 3.583% 07/19/44 126,463 31,616 FBR Securitization Trust, Ser. 2005-2, Class AV31 (FRN) 2.753% 09/25/35 621,109 606,315 First Franklin Mortgage Loan Asset Backed Certificates, Ser 2003-FF5, Class M2 (FRN) 4.733% 03/25/34 150,301 76,575 First Franklin Mortgage Loan Asset Backed Certificates, Ser 2005-FF10, Class A4 (FRN) 2.803% 11/25/35 600,000 548,516 Home Equity Asset Trust, Ser. 2006-5, Class 2A3 (FRN) (b) 2.633% 10/25/36 150,000 128,411 Indymac Residential Asset Backed Trust, Ser. 2005-D, Class AII3 (FRN) 2.733% 03/25/36 1,500,000 1,436,403 Indymac Residential Asset Backed Trust, Ser. 2007-B, Class 2A3 (FRN) (b) 2.683% 07/25/37 907,000 549,050 JP Morgan Mortgage Acquisition Corp., Ser. 2005-FLD1, Class A2 (FRN) 2.743% 07/25/35 79,608 78,883 JP Morgan Mortgage Acquisition Corp., Ser. 2006-NC1, Class A5 (FRN) 2.753% 04/25/36 400,000 310,494 Long Beach Mortgage Loan Trust, Ser. 2005-WL2, Class M1 (FRN) 2.953% 08/25/35 400,000 324,420 Long Beach Mortgage Loan Trust, Ser. 2006-2, Class 2A3 (FRN) (b) 2.673% 03/25/36 3,000,000 2,008,535 Long Beach Mortgage Loan Trust, Ser. 2006-4, Class 2A3 (FRN) (b) 2.643% 05/25/36 1,050,000 809,833 Master Asset Backed Securities Trust, Ser 2004-HE1, Class A1 (FRN) 2.883% 09/25/34 414,138 344,303 Morgan Stanley ABS Capital I, Ser. 2002- HE3, Class A2 (FRN) 3.563% 12/27/32 303,687 278,028 Morgan Stanley ABS Capital I, Ser. 2005- HE6, Class A2C (FRN) 2.803% 11/25/35 900,000 760,703 New Century Home Equity Loan Trust, Ser 2003-2, Class M2 (FRN) (b) 5.483% 01/25/33 463,193 273,729 Nomura Home Equity Loan, Inc., Ser. 2005-FM1, Class 2A3 (FRN) 2.863% 05/25/35 635,632 633,035 Ownit Mortgage Loan Asset-Backed Certificates, Ser 2006-1, Class AF1 (STEP) 5.424% 12/25/36 527,226 526,003 Residential Asset Mortgage Products, Inc., Ser. 2006-RS2, Class A2 (FRN) 2.683% 03/25/36 957,851 914,973 Residential Asset Securities Corp., Ser 2004-KS9, Class AII4 (FRN) 2.783% 10/25/34 195,042 144,519 Residential Asset Securities Corp., Ser 2006-EMX8, Class 1A3 (FRN) (b) 2.653% 10/25/36 700,000 574,086 SACO I Trust, Ser. 2005- WM3, Class A1 (FRN) (b) 2.743% 09/25/35 64,706 50,160 Securitized Asset Backed Receivables LLC Trust, Ser. 2005-HE1, Class A3C (FRN) 2.813% 10/25/35 210,000 195,876 Soundview Home Equity Loan Trust, Ser. 2005- OPT4, Class 2A3 (FRN) 2.743% 12/25/35 200,000 189,050 Washington Mutual Asset- Backed Certificates, Ser. 2006-HE2, Class A3 (FRN) 2.633% 05/25/36 400,000 365,427 Washington Mutual, Inc., Ser. 2005-AR1, Class A3 (FRN) 2.843% 01/25/45 331,644 246,782 Wells Fargo Home Equity Trust, Ser. 2005-3, Class AI1A (FRN) 2.753% 11/25/35 820,151 794,352 -------------- Total Asset-Backed Securities (Cost $29,927,586) 27,168,669 -------------- MORTGAGE-BACKED SECURITIES - PRIVATE ISSUERS -- 1.4% American Home Mortgage Investment Trust, Ser 2004-1, Class 4A (FRN) (b) 3.280% 04/25/44 95,647 87,095 American Home Mortgage Investment Trust, Ser 2004-4, Class 4A (FRN) (b) 4.390% 02/25/45 419,428 374,737 American Home Mortgage Investment Trust, Ser 2005-1, Class 6A (FRN) (b) 5.294% 06/25/45 506,512 426,037 American Home Mortgage Investment Trust, Ser 2005-2, Class 5A2 (FRN) (b) 2.633% 09/25/35 31,252 31,151 Bank of America Commercial Mortgage, Inc., Ser. 2006-2, Class A1 5.611% 05/10/45 3,530,931 3,550,429 Bank of America Funding Corp., Ser. 2004-B, Class 1A2 (VRN) 6.612% 12/20/34 210,527 170,314 Bear Stearns Commercial Mortgage Securities, Inc., Ser. 2002-TOP6, Class A2 6.460% 10/15/36 2,000,000 2,053,681 Citigroup Mortgage Loan Trust, Inc., Ser 2007-AR5, Class 1A2A (VRN) 5.610% 04/25/37 630,246 611,780 GE Capital Commercial Mortgage Corp., Ser 2000-1, Class A2 6.496% 01/15/33 119,553 122,524 GE Capital Commercial Mortgage Corp., Ser 2001-3, Class A2 6.070% 06/10/38 500,000 508,267 GE Capital Commercial Mortgage Corp., Ser 2002-1A, Class A3 6.269% 12/10/35 480,000 490,803 GMAC Commercial Mortgage Securities, Inc., Ser 2000-C2, Class A2 (VRN) 7.455% 08/16/33 2,806,338 2,910,480 Greenwich Capital Commercial Funding Corp., Ser. 2005-GG3, Class A2 4.305% 08/10/42 4,010,000 3,981,193 Harborview Mortgage Loan Trust, Ser. 2004-7, Class 2A2 (VRN) 6.564% 11/19/34 128,305 112,166 Harborview Mortgage Loan Trust, Ser. 2004-8, Class 2A3 (FRN) (b) 2.893% 11/19/34 163,964 126,599 Harborview Mortgage Loan Trust, Ser. 2005-9, Class 2A1A (FRN) 2.822% 06/20/35 129,155 99,940 Impac CMB Trust, Ser 2004-9, Class M4 (FRN) (b) 4.058% 01/25/35 106,587 41,404 JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2004-CB8, Class A3 4.007% 01/12/39 5,000,000 4,783,350 JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2005-LDP2, Class A4 4.738% 07/15/42 1,480,000 1,402,825 LB-UBS Commercial Mortgage Trust, Ser 2000-C5, Class A2 6.510% 12/15/26 4,932,099 5,062,699 LB-UBS Commercial Mortgage Trust, Ser 2003-C3, Class A4 4.166% 05/15/32 500,000 479,368 Lehman Mortgage Trust, Ser. 2006-4, Class 4A1 (b) 6.000% 08/25/21 389,079 359,898 MLCC Mortgage Investors, Inc., Ser. 2004-D, Class A2 (FRN) 3.431% 08/25/29 190,591 170,933 Nomura Asset Securities Corp., Ser. 1998-D6, Class A3 (VRN) 7.413% 03/15/30 4,000,000 4,282,034 Structured Adjustable Rate Mortgage Loan Trust, Ser. 2005-19XS, Class 1A1 (FRN) (b) 2.803% 10/25/35 561,973 423,840 Structured Adjustable Rate Mortgage Loan Trust, Ser. 2007-7, Class 2AS2 (VRN) 5.717% 08/25/15 545,577 467,502 Structured Asset Securities Corp., Ser 2005-RF1, Class A (FRN) (b) 2.833% 03/25/35 483,860 432,190 Structured Asset Securities Corp., Ser 2005-RF3, Class A1 (FRN) (b) 2.833% 06/25/35 973,162 902,747 Structured Asset Securities Corp., Ser 2006-NC1, Class A4 (FRN) 2.633% 05/25/36 200,000 158,558 Structured Asset Securities Corp., Ser 2007-BC1, Class A4 (FRN) 2.613% 02/25/37 750,000 537,936 Structured Asset Securities Corp., Ser 2007-EQ1, Class A2 (FRN) 2.573% 03/25/37 696,029 653,946 Structured Asset Securities Corp., Ser 2007-OSI, Class A4 (FRN) (b) 2.683% 06/25/37 1,000,000 553,922 -------------- Total Mortgage-Backed Securities - Private Issuers (Cost $37,612,578) 36,370,346 -------------- MORTGAGE-BACKED SECURITIES - US GOVERNMENT AGENCY OBLIGATIONS -- 1.6% FHLMC Pool #781697 (FRN) 3.798% 07/01/34 277,909 279,087 FHLMC, Ser. 2004-2882, Class HI (f) 5.000% 05/15/18 50,179 5,756 FHLMC, Ser. 2005-2934, Class HI (f) 5.000% 02/15/20 116,389 21,171 FHLMC, Ser. 2005-2934, Class KI (f) 5.000% 02/15/20 57,848 10,218 FHLMC, Ser. 2005-2967, Class JI (f) 5.000% 04/15/20 62,984 9,959 FHLMC Strip, Ser 2004-227, Class IO (f) 5.000% 12/01/34 485,089 125,239 FHLMC Strip, Ser 2005-232, Class IO (f) 5.000% 08/01/35 228,453 57,367 FHLMC Strip, Ser 2005-233, Class 5 (f) 4.500% 09/15/35 82,542 20,169 FHLMC Structured Pass Through Securities, Ser. 2003-T57, Class 1A3 7.500% 07/25/43 510,811 532,470 FNMA TBA 5.500% 07/01/23 2,300,000 2,315,093 FNMA TBA 6.000% 07/01/38 31,000,000 31,271,250 FNMA TBA 6.500% 07/01/38 2,000,000 2,058,750 FNMA Pool #831360 5.500% 03/01/21 525,548 529,976 FNMA Pool #865792 5.500% 03/01/21 551,473 556,121 FNMA Pool #914758 5.000% 04/01/22 898,872 889,964 FNMA Pool #938469 5.000% 07/01/22 923,788 914,633 FNMA, Ser. 2006-10, Class FD (FRN) 2.833% 03/25/36 176,577 173,826 FNMA Strip, Ser 2005-357, Class 2 (f) 5.000% 02/01/35 212,567 53,759 FNMA Strip, Ser 2005-360, Class 2 (f) 5.000% 08/01/35 1,378,362 347,009 FNMA Strip, Ser 2005-365, Class 4 (f) 5.000% 04/01/36 80,048 18,880 FNMA Whole Loan, Ser 2002-W8, Class A3 7.500% 06/25/42 551,894 591,228 GNMA, Ser. 2001-65, Class PG 6.000% 07/20/28 9,552 9,538 -------------- Total Mortgage-Backed Securities - US Government Agency Obligations (Cost $40,947,563) 40,791,462 -------------- COMMODITY INDEX-LINKED NOTE -- 1.3% AIG-FP Private Funding (Cayman) Ltd. (Cost $34,000,000) (d) (e) 2.638% 07/03/09 34,000,000 34,000,000 -------------- US TREASURY SECURITIES -- 13.0% US Treasury Inflation- Indexed Note (g) (h) 1.625% 01/15/18 252,022,595 256,019,421 US Treasury Note 3.875% 05/15/18 79,186,000 78,524,084 -------------- Total US Treasury Securities (Cost $333,703,185) 334,543,505 -------------- NUMBER OF SHARES COMMINGLED INVESTMENT VEHICLES -- 20.0% EXCHANGE-TRADED FUNDS -- 3.8% iShares MSCI EAFE Index Fund 600,800 41,274,960 iShares MSCI Emerging Markets Index Fund 228,000 30,912,240 Vanguard Total Stock Market 400,000 25,636,000 -------------- Total Exchange-Traded Funds (Cost $101,711,942) 97,823,200 -------------- PRIVATE INVESTMENT FUNDS (i) -- 16.2% Canyon Value Realization Fund, LP (a) (b) (d) (e) 43,514,220 Convexity Capital Offshore, LP (a) (b) (d) (e) 75,520,420 Farallon Capital Institutional Partners, LP (a) (b) (d) (e) 42,102,688 Freeman Fair Value Fund I, LP (a) (d) (e) 46,984,247 Joho Partners, LP (a) (b) (d) (e) 18,936,201 Lansdowne UK Equity Fund Ltd. (a) (b) (d) (e) 111,562 39,367,432 Lone Cascade, LP (a) (b) (d) (e) 15,850,712 Lone Picea, LP, Class F (a) (b) (d) (e) 1,674,370 Lone Picea, LP, Class H (a) (b) (d) (e) 2,752,134 Lone Redwood, LP (a) (b) (d) (e) 12,361,423 Maverick Fund USA Ltd. (a) (b) (d) (e) 31,625,379 Nomad Investment Co. Ltd., Class A (a) (b) (d) (e) 5,894 14,554,552 Nomad Investment Co. Ltd., Class R (a) (b) (d) (e) 2,784 6,760,832 OZ Domestic Partners, LP (a) (b) (d) (e) 16,497,551 Regiment Capital Ltd. (a) (b) (d) (e) 45,152 8,937,055 Tosca (a) (b) (d) (e) 153,727 16,788,034 Tosca Asia (a) (b) (d) (e) 231,455 20,646,925 -------------- Total Private Investment Funds (Cost $283,382,430) 414,874,174 -------------- Total Commingled Investment Vehicles (Cost $385,094,372) 512,697,374 -------------- PREFERRED STOCKS -- 0.1% Anglo Platinum Ltd., 6.38% (South Africa) 5,456 320,531 Cia Vale do Rio Doce, 1.46% (Brazil) 52,336 1,557,250 Hyundai Motor Co. Ltd., 3.98% (South Korea) 26,490 723,239 Malaysian Airline System Berhad, 30.0% (Malaysia) 40,000 9,426 South Financial Group, Inc. 49.0% (United States) (b) (e) 1,000 584,984 -------------- Total Preferred Stocks (Cost $2,539,600) 3,195,430 -------------- NUMBER OF CONTRACTS PURCHASED OPTIONS -- 0.1% iShares DJ US Real Estate Put, Strike 60, Expiring 01/17/09 (Cost $1,648,566) (a) (e) 270,000 1,665,410 -------------- RIGHTS -- 0.0% Anglogold Ashanti, Expiring 07/04/08 (South Africa) (a) 794 6,774 HBOS plc, Expiring 07/18/08 (United Kingdom) (a) 120,474 25,796 -------------- Total Rights (Cost $0) 32,570 -------------- WARRANTS -- 0.0% Bank Pan Indonesia Tbk Warrants Expiring 07/10/09 (Indonesia) (a) 1,823,341 84,048 Matahari Putra Prima Tbk Warrants Expiring 07/12/10 (Indonesia) (a) 530,600 1,784 Multi-Purpose Holdings Berhad Warrants Expiring 02/26/09 (Malaysia) (a) 18,100 3,157 -------------- Total Warrants (Cost $24,049) 88,989 -------------- INTEREST MATURITY PRINCIPAL RATE DATE AMOUNT SHORT-TERM INVESTMENTS -- 33.8% REPURCHASE AGREEMENTS -- 18.5% State Street Bank and Trust Co. Repurchase Agreement issued on 06/30/08 (proceeds at maturity $474,135,199) (Collateralized by US Treasury Bills, due 07/10/08 through 11/13/08 with a total principal value of $486,690,000 and a total market value of $483,627,459) (Cost $474,122,029) 1.000% 07/01/08 $474,122,029 474,122,029 -------------- US GOVERNMENT AGENCY OBLIGATIONS -- 0.0% FHLMC Discount Note (g) (j) 08/25/08 25,000 24,903 FNMA Discount Note (g) (j) 09/24/08 75,000 74,586 -------------- Total US Government Agency Obligations (Cost $99,538) 99,489 -------------- US TREASURY SECURITIES -- 15.3% US Treasury Bill (g) (j) 10/30/08 100,000,000 99,378,200 US Treasury Bill (j) 11/06/08 95,000,000 94,333,860 US Treasury Bill (j) 11/13/08 5,000,000 4,962,370 US Treasury Bill (g) (j) 11/28/08 145,000,000 143,761,410 US Treasury Bill (g) (j) 12/04/08 50,000,000 49,548,900 -------------- Total US Treasury Securities (Cost $392,026,517) 391,984,740 -------------- Total Short-Term Investments (Cost $866,248,084) 866,206,258 -------------- Total Investments -- 105.2% (Cost $2,470,689,350) 2,701,970,150 Liabilities in Excess of Other Assets -- (5.2)% (134,233,910) -------------- Net Assets -- 100.0% $2,567,736,240 ============== NUMBER OF SHARES SECURITIES SOLD SHORT -- (1.7)% COMMON STOCKS -- (0.6)% COMMERCIAL SERVICES & SUPPLIES -- 0.0% Regus Group plc 422,300 (679,850) -------------- HOTELS, RESTAURANTS & LEISURE -- 0.0% Choice Hotels International, Inc. 17,400 (461,100) -------------- REAL ESTATE INVESTMENT TRUSTS (REITS) -- (0.6)% AMB Property Corp. 11,200 (564,256) Associated Estates Realty Corp. 46,900 (502,299) BioMed Realty Trust, Inc. 23,900 (586,267) Capstead Mortgage Corp. 39,600 (429,660) Chimera Investment Corp. 9,300 (83,793) Cousins Properties, Inc. 15,200 (351,120) DiamondRock Hospitality Co. 75,700 (824,373) Douglas Emmett, Inc. 26,300 (577,811) DuPont Fabros Technology, Inc. 23,300 (434,312) Equity One, Inc. 33,000 (678,150) Franklin Street Properties Corp. 1,000 (12,640) Glimcher Realty Trust 59,200 (661,856) HCP, Inc. 20,400 (648,924) Healthcare Realty Trust, Inc. 35,000 (831,950) Hersha Hospitality Trust, Class A 65,400 (493,770) Hospitality Properties Trust 52,700 (1,289,042) Kite Realty Group Trust 19,000 (237,500) Lexington Realty Trust 39,400 (537,022) Medical Properties Trust, Inc. 25,100 (254,012) National Retail Properties, Inc. 33,200 (693,880) Pennsylvania Real Estate Investment Trust 37,500 (867,750) RAIT Financial Trust 8,700 (64,554) Realty Income Corp. 21,800 (496,168) Regency Centers Corp. 7,000 (413,840) Senior Housing Properties Trust 5,000 (97,650) Sovran Self Storage, Inc. 16,700 (694,052) Strategic Hotels & Resorts, Inc. 46,200 (432,893) Sunstone Hotel Investors, Inc. 31,400 (521,240) Tanger Factory Outlet Centers, Inc. 21,700 (779,681) -------------- Total Real Estate Investment Trusts (REITs) (15,060,465) -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0% China Overseas Land & Investment Ltd. 285,600 (452,012) -------------- Total Common Stocks (Proceeds $(18,967,624)) (16,653,427) -------------- COMMINGLED INVESTMENT VEHICLES -- (1.1)% EXCHANGE-TRADED FUNDS -- (1.1)% Energy Select Sector SPDR Fund 328,000 (29,021,440) -------------- Total Commingled Investment Vehicles (Proceeds $(28,015,329)) (29,021,440) -------------- Total Securities Sold Short (Proceeds $(46,982,953)) $ (45,674,867) ============== ADR American Depositary Reciept ADS American Depositary Share CVA Certificaaten van aandelen (share certificates) EAFE Europe, Australasia, and Far East FHLMC Freddie Mac FNMA Fannie Mae FRN Floating Rate Note. Rate disclosed represents rate as of June 30, 2008. GDR Global Depositary Reciept GNMA Ginnie Mae IO Interest-Only Security JSE Johannesburg Stock Exchange LSE London Stock Exchange MSCI Morgan Stanley Capital International NVDR Non-Voting Depositary Receipt NYSE New York Stock Exchange REIT Real Estate Investment Trust SPADR Sponsored ADR STEP A bond that pays an initial coupon rate for the first period, and a higher coupon rate for the following periods. SUB Subscription TSE Toronto Stock Exchange UNIT A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a predetermined date. VRN Variable Rate Note. Rate disclosed represents rate as of June 30, 2008. VVPR Verminderde Voorheffing Precompte Reduit (France dividend coupon) XLON London International Exchange XPLU Plus Market Group * Approximately 35.0% of the fund's total investments are maintained to cover "senior securities transactions" which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund's "senior securities" holdings to maintain proper coverage for the transactions. (a) Non income-producing security. (b) Illiquid security. (c) A tracking stock is a common stock issued by a parent company that tracks the performance of a particular division without having claim on the assets of the division or the parent company. Also known as a "designer stock". (d) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2008, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid, with the exception of Freeman Fair Value Fund I, LP, Canyon Value Realization Fund, LP, and AIG-FP Private Funding (Cayman) Ltd. TIP's board of directors has deemed 10% of Canyon Value Realization Fund, LP to be illiquid. The valuation committee has determined the partnership interest in Freeman Fair Value Fund I, LP to be liquid based on the ability to redeem the private investment fund interest upon seven days notice and payment of a 0.25% redemption fee. The TIP board of directors duly ratified the liquidity determination and agreed to fair value the private investment fund at 99.75% of its stated market value to take into account this potential redemption fee. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted. INVESTMENT DATE OF ACQUISITION COST VALUE Aeroplane Income Fund Registered, Class D 01/08/07-05/22/07 $ 335,785 $ 343,494 AIG-FP Private Funding (Cayman) Ltd. 06/30/08 34,000,000 34,000,000 Bell Aliant Regional Communications Income Fund 07/11/06 46,436 44,431 Canyon Value Realization Fund, LP 12/31/97-04/03/06 23,797,935 43,514,220 Convexity Capital Offshore, LP 02/16/06 42,000,000 75,520,420 Farallon Capital Institutional Partners, LP 04/01/95-11/01/05 17,746,139 42,102,688 Freeman Fair Value Fund I, LP 10/01/04-07/01/05 50,000,000 46,984,247 Jazz Air Income Fund 03/12/07-05/22/07 66,081 49,262 Joho Partners, LP 01/03/07 15,000,000 18,936,201 Lansdowne UK Equity Fund Ltd. 06/01/06-09/01/07 26,000,000 39,367,432 Lone Cascade, LP 01/03/06-01/02/08 13,788,000 15,850,712 Lone Picea, LP, Class F 01/03/05 1,617,000 1,674,370 Lone Picea, LP, Class H 01/02/03-01/02/04 2,279,000 2,752,134 Lone Redwood, LP 12/29/98 3,154,356 12,361,423 Maverick Fund USA Ltd. 01/03/06-10/01/07 20,000,000 31,625,379 Nomad Investment Co. Ltd., Class A 10/02/06 14,000,000 14,554,552 Nomad Investment Co. Ltd., Class R 02/01/08 8,000,000 6,760,832 OZ Domestic Partners, LP 12/31/01-09/30/03 9,000,000 16,497,551 Regiment Capital Ltd. 06/30/03 6,000,000 8,937,055 Tosca 12/30/03-07/30/04 11,000,000 16,788,034 Tosca Asia 03/01/07 20,000,000 20,646,925 ------------ Total $449,311,362 ============ (e) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $451,561,755, which represents 17.59% of the fund's net assets. (f) Interest Only security. (g) Security or a portion thereof is held as initial margin for financial futures and forward contracts. (h) Security or a portion thereof is held as collateral by the counterparty for reverse repurchase agreements. See Note 7 to the Notes to Financial Statements. (i) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2008. These positions are therefore grouped into their own industry classification. (j) Treasury bills and discount notes do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. (k) Security is issued by an affiliate of Brookfield Redding, LLC, which makes the issuer of the security an indirect affiliate of the fund. SUMMARY SCHEDULE OF INVESTMENTS ------------------------------------------------------------------------------ Short-Term Investments 33.8% Common Stock 32.9% Private Investment Funds 16.2% US Treasury Securities 13.0% Exchange-Traded Funds 3.8% Mortgage-Backed Securities 3.0% Commodity Index-Linked Notes 1.3% Asset-Backed Securities 1.0% Purchased Options 0.1% Preferred Stocks 0.1% Warrants 0.0% Rights 0.0% ------------------------------------------------------------------------------ Total Investments 105.2% ------------------------------------------------------------------------------ Securities Sold Short (1.8)% Liabilities in Excess of Other Assets (3.4)% ------------------------------------------------------------------------------ Net Assets 100.0% ------------------------------------------------------------------------------ FINANCIAL FUTURES CONTRACTS INITIAL NOTIONAL NOTIONAL VALUE AT UNREALIZED NUMBER OF VALUE/ JUNE 30, APPRECIATION/ CONTRACTS TYPE (PROCEEDS) 2008 (DEPRECIATION) Long Financial Futures Contracts 129 September 2008 2-Year US Treasury Note $ 27,258,151 $ 27,245,203 $ (12,948) 199 September 2008 Australian Dollar 18,635,443 18,891,070 255,627 100 September 2008 British Pounds 12,087,174 12,386,875 299,701 76 September 2008 CAC40 Index 5,649,578 5,355,905 (293,673) 82 September 2008 Canadian Dollar 8,008,416 8,049,120 40,704 61 September 2008 DAX Index 16,182,025 15,558,725 (623,300) 465 September 2008 Euro FX GLBX 89,348,523 91,198,125 1,849,603 433 September 2008 FTSE 100 Index 49,828,605 48,712,349 (1,116,256) 642 September 2008 Japanese Yen 75,363,124 76,004,775 641,651 37 September 2008 MIB Index 9,021,345 8,643,831 (377,514) 857 September 2008 S&P 500 Index 290,263,411 274,475,675 (15,787,736) 219 September 2008 Swiss Franc 26,250,678 26,854,875 604,197 601 September 2008 Topix Index 77,661,807 74,626,218 (3,035,589) ------------- (17,555,533) ------------- Short Financial Futures Contracts 41 September 2008 US Treasury Bond (4,754,296) (4,739,344) 14,952 6 September 2008 90-Day Eurodollar (1,442,985) (1,456,050) (13,065) 2 September 2008 5-Year US Treasury Note (223,057) (221,109) 1,948 29 September 2008 5-Year US Treasury Note (3,207,797) (3,206,086) 1,711 90 September 2008 10-Year US Treasury Note (10,117,431) (10,252,969) (135,538) 56 September 2008 10-Year Interest Rate Swap (6,158,813) (6,157,375) 1,438 31 December 2008 90-Day Eurodollar (7,382,790) (7,503,550) (120,760) 6 March 2009 90-Day Eurodollar (1,441,135) (1,450,200) (9,065) 6 June 2009 90-Day Eurodollar (1,439,210) (1,447,050) (7,840) 23 September 2009 90-Day Eurodollar (5,486,232) (5,532,363) (46,131) 23 December 2009 90-Day Eurodollar (5,482,507) (5,516,263) (33,756) 23 March 2010 90-Day Eurodollar (5,474,443) (5,505,338) (30,895) 23 June 2010 90-Day Eurodollar (5,472,693) (5,495,563) (22,870) 6 September 2010 90-Day Eurodollar (1,426,560) (1,431,675) (5,115) 6 December 2010 90-Day Eurodollar (1,425,585) (1,429,950) (4,365) 6 March 2011 90-Day Eurodollar (1,424,910) (1,429,200) (4,290) 6 June 2011 90-Day Eurodollar (1,424,010) (1,428,375) (4,365) 6 September 2011 90-Day Eurodollar (1,423,110) (1,427,775) (4,665) 6 December 2011 90-Day Eurodollar (1,422,135) (1,426,875) (4,740) 6 March 2012 90-Day Eurodollar (1,421,385) (1,426,650) (5,265) 6 June 2012 90-Day Eurodollar (1,420,560) (1,426,200) (5,640) 6 September 2012 90-Day Eurodollar (1,419,885) (1,425,750) (5,865) ------------- (444,181) ------------- $ (17,999,714) ============= FORWARD CURRENCY CONTRACTS UNREALIZED IN EXCHANGE APPRECIATION/ DESCRIPTION FOR (DEPRECIATION) Sell Contracts (pound)2,277,500 British Pounds Settling on 07/31/08 $ 4,503,916 $ (21,407) (euro) 9,180,500 Euro Dollar Settling on 07/31/08 $14,270,628 (160,301) --------- $(181,708) ========= SWAP CONTRACTS NET UNREALIZED EXPIRATION APPRECIATION/ DATE COUNTERPARTY PAY RECEIVE NOTIONAL AMOUNT (DEPRECIATION) CREDIT DEFAULT SWAP CONTRACT Protection Purchased Par, upon Fixed delivery of Rate per defaulted Russian 06/20/2013 Barclays Annum Federation Bond $1,000,000 $5,078 -------- TOTAL RETURN SWAP CONTRACTS Long Total Return Swap Contracts 1 Month LIBOR plus a specified Aldar Properties 01/05/2009 Merrill Lynch (b) spread PJSC $ 2,661,745 $ (37,524) 1 Month LIBOR plus a specified Aldar Properties 02/25/2009 Merrill Lynch (b) spread PJSC 72,266 (1,019) 1 Month LIBOR plus a specified Aldar Properties 02/26/2009 Merrill Lynch (b) spread PJSC 196,398 (2,769) 1 Month LIBOR plus a specified Aldar Properties 02/27/2009 Merrill Lynch (b) spread PJSC 503,097 (7,210) 1 Month LIBOR plus a specified Aldar Properties 03/03/2009 Merrill Lynch (b) spread PJSC 103,731 (1,487) 1 Month LIBOR plus a specified Aldar Properties 04/24/2009 Merrill Lynch (b) spread PJSC 412,851 (5,916) --------- (55,925) --------- Short Total Return Swap Contracts Energy Select 1 Month LIBOR Goldman Sector SPDR plus a specified 12/26/2008 Sachs Fund spread (10,890,000) (167,304) Dow Jones US 1 Month LIBOR Goldman Real Estate plus a specified 06/10/2009 Sachs Index spread (9,718,800) 450,480 MSCI Daily TR 1 Month LIBOR Goldman World Gross plus a specified 06/12/2009 Sachs Energy spread (25,028,228) (560,348) ---------- (277,172) ---------- $(333,097) ========= See accompanying Notes to Financial Statements.
TIFF INTERNATIONAL EQUITY FUND/SCHEDULE OF INVESTMENTS (UNAUDITED)* JUNE 30, 2008
NUMBER OF SHARES VALUE INVESTMENTS -- 100.2% OF NET ASSETS COMMON STOCKS -- 79.3% AUSTRALIA -- 4.1% Alumina Ltd. 113,000 $ 511,136 Amcor Ltd. 263,670 1,275,212 Australia and New Zealand Banking Group Ltd. 43,720 782,733 Caltex Australia Ltd. 32,000 401,155 Foster's Group Ltd. 455,671 2,211,902 National Australia Bank Ltd. 110,721 2,805,000 Santos Ltd. 74,260 1,530,037 Telstra Corp. Ltd. 859,472 3,490,692 Wesfarmers Ltd. 44,017 1,571,446 -------------- 14,579,313 -------------- AUSTRIA -- 0.1% BWIN Interactive Entertainment AG (a) 1,300 36,169 Oesterreichische Post AG 3,145 119,495 -------------- 155,664 -------------- BELGIUM -- 0.5% Fortis - XLON Shares 97,807 1,553,758 Fortis - XPLU Shares 2,860 45,392 Fortis, Strip VVPR (a) (b) 39,122 616 -------------- 1,599,766 -------------- BERMUDA -- 0.2% Cosco Pacific Ltd. 444,000 726,838 -------------- BRAZIL -- 0.4% Companhia de Concessoes Rodoviarias 45,500 899,442 Redecard SA 32,700 632,133 -------------- 1,531,575 -------------- CANADA -- 2.0% AbitibiBowater, Inc. (a) 14,967 140,173 Ace Aviation Holdings, Inc., Class A (a) 10,200 160,547 Aeroplane Income Fund Registered, Class D (b) (c) (d) 7,693 130,141 BCE, Inc. 8,737 304,600 Bell Aliant Regional Communications Income Fund (b) (c) (d) 565 16,113 Bombardier, Inc., Class B (a) 347,000 2,521,595 Catalyst Paper Corp. (a) 113,163 123,184 Fraser Papers, Inc. (a) 20,570 38,731 Imperial Oil Ltd. 24,916 1,372,249 Jazz Air Income Fund (b) (c) (d) 3,206 17,795 Onex Corp. 5,300 156,084 Rogers Communications, Inc., Class B 53,600 2,079,451 -------------- 7,060,663 -------------- CHINA -- 0.3% Asustek Computer, Inc. - GDR Registered 52,388 709,857 Tsingtao Brewery Co. Ltd. 137,000 279,567 -------------- 989,424 -------------- DENMARK -- 1.2% Coloplast A/S, Class B 7,420 646,439 GN Store Nord A/S (GN Great Nordic) (a) 101,085 482,309 Vestas Wind Systems A/S (a) 16,596 2,165,402 William Demant Holding (a) 11,600 762,562 -------------- 4,056,712 -------------- FINLAND -- 1.2% Metso Oyj 28,215 1,276,521 Sampo Oyj, Class A 47,857 1,202,854 Tietoenator Oyj 14,889 309,499 UPM-Kymmene Oyj 69,520 1,130,171 Wartsila Oyj Corp. 1,995 124,873 -------------- 4,043,918 -------------- FRANCE -- 5.9% Atos Origin SA 6,206 341,521 AXA SA 27,200 801,707 BNP Paribas 11,703 1,048,499 Carrefour SA 47,742 2,692,139 Compagnie de Saint-Gobain 32,048 2,000,230 France Telecom SA 76,123 2,234,595 Lagardere S.C.A 1,660 94,344 Legrand SA 13,750 345,030 Neopost SA 7,810 824,814 Renault SA 24,310 1,988,904 SA des Ciments Vicat 1,440 113,298 Sanofi-Aventis 10,476 696,921 SCOR SE 23,009 524,337 Societe Generale, Class A 23,138 1,991,924 Suez SA, Strip VVPR (a) (b) 6,948 109 Thales SA 17,045 969,724 Total SA 49,122 4,187,692 -------------- 20,855,788 -------------- GERMANY -- 3.5% BASF SE 21,600 1,487,542 Bayerische Motoren Werke AG 11,294 541,995 Daimler AG Registered 14,598 901,101 Deutsche Post AG 15,600 406,965 Deutsche Telekom AG 123,250 2,015,132 E.ON AG 7,455 1,501,269 Fresenius Medical Care AG & Co. 13,700 754,389 Fresenius Medical Care AG & Co. - ADR 15,780 866,164 RWE AG 29,588 3,732,514 -------------- 12,207,071 -------------- HONG KONG -- 2.5% Asia Satellite Telecommunications Holdings Ltd. 15,000 23,004 China Mobile Ltd. 83,000 1,110,760 First Pacific Co. 844,000 531,973 Genting International plc (a) 81,020 34,576 Henderson Land Development Co. 89,000 553,715 Hong Kong & Shanghai Hotels Ltd. (The) 270,744 410,204 Hong Kong Aircraft Engineering Co. Ltd. 21,000 323,125 Hong Kong Electric Holdings Ltd. 222,500 1,329,709 i-CABLE Communications Ltd. 515,000 75,945 New World Development Ltd. 664,794 1,350,407 Next Media Ltd. 400,000 153,231 Silver Grant International Ltd. 174,000 27,195 SmarTone Telecommunications Holdings Ltd. 233,978 241,214 Television Broadcasts Ltd. 98,000 564,940 Wharf (Holdings) Ltd. (The) 402,392 1,681,414 Wheelock & Co. Ltd. 139,000 372,056 -------------- 8,783,468 -------------- INDONESIA -- 0.4% Bank Pan Indonesia Tbk PT (a) 6,043,403 551,479 Bank Permata Tbk PT (a) (b) 5,572 520 Citra Marga Nusaphala Persada Tbk PT 156,500 22,610 Gudang Garam Tbk PT 106,000 74,252 Indofood Sukses Makmur Tbk PT 999,000 261,015 Matahari Putra Prima Tbk PT 1,896,600 109,388 Mulia Industrindo Tbk PT 221,500 7,935 Semen Gresik (Persero) Tbk PT 1,119,000 486,884 -------------- 1,514,083 -------------- IRELAND -- 0.4% Bank of Ireland 28,151 244,057 DCC plc 4,740 117,877 Fyffes plc 100,000 96,035 Independent News & Media plc 216,340 530,195 Paddy Power plc 4,285 135,111 Total Produce plc 99,200 87,462 -------------- 1,210,737 -------------- ITALY -- 2.8% Banco Popolare Societa Cooperativa 21,801 384,512 Fiat SpA 66,166 1,080,411 Finmeccanica SpA 4,700 122,760 Intesa Sanpaolo 477,733 2,718,509 Luxottica Group SpA - SPADR 36,000 839,880 Natuzzi SpA - SPADR (a) 6,600 21,054 Saipem SpA 43,679 2,046,072 Seat Pagine Gaille SpA (a) 2,418,915 250,860 UniCredit SpA 391,488 2,385,071 -------------- 9,849,129 -------------- JAPAN -- 17.0% Ajinomoto Co., Inc. 41,000 387,276 Alfresa Holdings Corp. 6,800 486,073 Astellas Pharma, Inc. 55,400 2,353,368 Bank of Yokohama Ltd. (The) 70,000 482,819 Bridgestone Corp. 31,900 485,505 Canon, Inc. 70,450 3,611,269 Chiba Bank Ltd. (The) 26,000 182,657 Dai Nippon Printing Co. Ltd. 36,000 530,443 Dai-Dan Co. Ltd. 27,000 128,185 Denso Corp. 17,000 581,890 East Japan Railway Co. 134 1,090,684 FamilyMart Co. Ltd. 12,300 502,340 FUJIFILM Holdings Corp. 6,100 208,870 Fujitsu Frontech Ltd. 8,500 80,515 Fukuoka Financial Group, Inc. 103,000 465,780 Hitachi Chemical Co. Ltd. 25,800 534,608 Inabata & Co. Ltd. 10,000 49,548 Isetan Mitsukoshi Holdings Ltd. (a) 31,500 336,753 JS Group Corp. 39,400 627,561 Kao Corp. 159,000 4,164,913 Kawasaki Heavy Industries Ltd. 183,000 486,555 KDDI Corp. 376 2,327,828 Kinden Corp. 23,000 232,255 Kirin Holdings Co. Ltd. 9,000 140,154 Kyowa Hakko Kogyo Co. Ltd. 41,000 419,542 Marui Group Co. Ltd. 37,500 291,876 Matsushita Electric Works Ltd. 74,772 761,362 Millea Holdings, Inc. 61,700 2,401,545 Mitsubishi Corp. 32,300 1,062,799 Mitsubishi Tanabe Pharma Corp. 48,000 628,279 Mitsubishi UFJ Financial Group, Inc. 134,500 1,183,989 Mizuho Financial Group, Inc. 137 634,415 Namco Bandai Holdings, Inc. 40,700 461,465 NEC Corp. 128,000 672,195 Nintendo Co. Ltd. 1,100 619,082 Nippon Meat Packers, Inc. 48,000 649,463 Nippon Oil Corp. 80,000 538,396 Nippon Suisan Kaisha Ltd. 72,000 367,381 Nippon Telegraph & Telephone Corp. 303 1,476,896 Nitto Denko Corp. 31,300 1,199,130 Noritake Co. Ltd. 14,000 57,934 NTT Data Corp. 74 288,674 NTT DoCoMo, Inc. 405 593,943 Obayashi Corp. 26,000 117,567 OMRON Corp. 19,700 425,276 Onward Holdings Co. Ltd. 36,000 378,506 Ricoh Co. Ltd. 25,000 452,506 Rohm Co. Ltd. 700 40,166 Ryosan Co. Ltd. 8,000 171,349 Sankyo Seiko Co. Ltd. 9,000 21,558 Secom Co. Ltd. 18,700 910,478 Sekisui House Ltd. 89,000 829,116 Seven & I Holdings Co. Ltd. 104,760 2,995,059 Shimizu Corp. 53,000 250,554 Shiseido Co. Ltd. 15,000 343,804 Sompo Japan Insurance, Inc. 42,000 393,891 Sony Corp. 15,700 674,554 Sumitomo Electric Industries Ltd. 36,900 469,959 Sumitomo Forestry Co. Ltd. 44,500 366,208 Sumitomo Mitsui Financial Group, Inc. 146 1,095,318 Taiyo Nippon Sanso Corp. 58,000 484,383 Takeda Pharmaceutical Co. Ltd. 84,600 4,290,299 TDK Corp. 6,500 389,726 Tokyo Electric Power Co., Inc. (The) 13,400 344,329 Tokyo Electron Ltd. 9,500 546,264 Tokyo Gas Co. Ltd. 299,000 1,202,977 Tokyo Ohka Kogyo Co. Ltd. 8,900 165,366 Toppan Forms Co. Ltd. 21,700 259,645 Toyo Seikan Kaisha Ltd. 29,100 514,829 Toyota Motor Corp. 65,700 3,090,387 West Japan Railway Co. 536 2,632,746 Yamatake Corp. 11,500 300,541 Yamato Holdings Co. Ltd. 56,000 783,941 -------------- 59,727,517 -------------- LUXEMBOURG -- 0.8% ArcelorMittal 28,949 2,857,631 -------------- MALAYSIA -- 0.7% AMMB Holdings Berhad 293,087 286,023 British American Tobacco Malaysia Berhad 19,000 257,425 Bumiputra-Commerce Holdings Berhad 257,899 632,281 Carlsberg Brewery Malaysia Berhad 30,900 36,722 Malaysian Airline System Berhad (a) 80,000 75,979 Multi-Purpose Holdings Berhad 139,800 63,011 Resorts World Berhad 782,700 623,542 Sime Darby Berhad 170,052 483,592 -------------- 2,458,575 -------------- MEXICO -- 0.2% America Movil SA de CV, Series L - ADR 2,400 126,600 Grupo Televisa SA - SPADR 28,200 666,084 Telefonos de Mexico SAB de CV, Series L - SPADR 1,600 37,888 Telmex Internacional SAB de CV, Series L - ADR (a) 1,600 25,760 -------------- 856,332 -------------- NETHERLANDS -- 4.1% Heineken NV 21,150 1,075,020 ING Groep NV - CVA 71,038 2,244,936 Koninklijke (Royal) KPN NV 60,072 1,026,944 Koninklijke (Royal) Philips Electronics NV 21,632 730,474 Koninklijke Boskalis Westminster NV - CVA 22,624 1,210,339 Reed Elsevier NV 110,325 1,850,565 Royal Dutch Shell plc, Class A 112,693 4,637,123 Royal Dutch Shell plc, Class B 30,837 1,239,365 Wolters Kluwer NV 23,288 540,214 -------------- 14,554,980 -------------- NEW ZEALAND -- 0.4% PGG Wrightson Ltd. 175,450 334,192 Telecom Corp. of New Zealand Ltd. 447,796 1,214,856 -------------- 1,549,048 -------------- NORWAY -- 0.4% DNB NOR ASA 45,860 581,362 StatoilHydro ASA 22,700 847,482 -------------- 1,428,844 -------------- PHILIPPINES (THE) -- 1.0% ABS-CBN Holdings Corp. 696,100 294,596 Ayala Corp. 187,789 1,081,585 Banco de Oro Unibank, Inc. 84,100 80,422 Benpres Holdings Corp. (a) 1,508,000 34,867 DMCI Holdings, Inc. 488,000 65,113 Globe Telecom, Inc. 38,200 1,003,084 Jollibee Foods Corp. 229,200 176,025 Philippine Long Distance Telephone Co. - SPADR 15,500 828,010 -------------- 3,563,702 -------------- POLAND -- 0.2% Bank Pekao SA 10,497 809,683 -------------- RUSSIA -- 0.5% LUKOIL - SPADR 16,800 1,656,480 -------------- SINGAPORE -- 2.4% Great Eastern Holdings Ltd. 65,000 807,773 GuocoLeisure Ltd. (a) 365,000 206,412 Jardine Matheson Holdings Ltd. 99,820 3,102,159 Jardine Strategic Holdings Ltd. 107,812 1,840,964 Mandarin Oriental International Ltd. 70,881 123,422 Oversea-Chinese Banking Corp. 190,000 1,142,770 Singapore Telecommunications Ltd. 211,000 563,104 STATS ChipPAC Ltd. (a) 627,000 534,940 United Industrial Corp. Ltd. 35,000 76,663 Yellow Pages Singapore Ltd. 74,000 37,622 -------------- 8,435,829 -------------- SOUTH AFRICA -- 0.9% Anglo Platinum Ltd. 2,600 433,189 AngloGold Ashanti Ltd. 1,936 65,908 City Lodge Hotels Ltd. 9,008 80,330 Discovery Holdings Ltd. 9,307 25,823 FirstRand Ltd. 165,816 280,356 Gold Fields Ltd. 8,286 104,957 Hosken Consolidated Investments Ltd. 20,000 166,407 JD Group Ltd. 9,926 33,240 Nedbank Group Ltd. 31,944 373,436 New Clicks Holdings Ltd. 44,500 70,292 Pretoria Portland Cement Co. Ltd. 162,881 595,634 RMB Holdings Ltd. 170,400 455,284 Sun International Ltd. 49,830 559,739 -------------- 3,244,595 -------------- SOUTH KOREA -- 0.3% Hana Financial Group, Inc. 20,350 782,101 Kookmin Bank 1,200 70,381 Korea Electric Power Corp. 950 27,900 POSCO 200 104,065 Samsung Electronics Co. Ltd. 170 101,748 SK Telecom Co. Ltd. 608 111,253 -------------- 1,197,448 -------------- SPAIN -- 4.1% Acciona SA 6,621 1,562,038 Acerinox SA 58,793 1,348,334 Banco Popular Espanol SA 59,020 815,519 Banco Santander SA 198,962 3,630,289 Iberdrola SA 165,572 2,213,303 Prosegur, Compania de Seguridad SA 7,800 337,525 Telefonica SA 165,272 4,367,964 Viscofan SA 11,550 246,790 -------------- 14,521,762 -------------- SWEDEN -- 0.9% Assa Abloy AB, Class B 44,110 637,499 Hoganas AB, Class B 11,340 185,181 Modern Times Group AB, Class B 2,570 150,664 Svenska Cellulosa AB (SCA), Class B 44,900 632,208 Svenska Handelsbanken AB, Class A 35,700 844,060 Telefonaktiebolaget LM Ericsson, Class B 71,124 733,951 TeliaSonera AB 16,500 121,575 -------------- 3,305,138 -------------- SWITZERLAND -- 2.8% Adecco SA 13,800 680,552 Compagnie Financiere Richemonte AG (UNIT) 17,117 945,288 Geberit AG 4,988 730,549 Logitech International SA (a) 24,405 650,553 Novartis AG 93,808 5,144,105 PubliGroupe SA 766 194,216 Roche Holding AG 5,872 1,053,677 Sonova Holding AG Registered 1,603 131,972 UBS AG Registered (a) 17,821 368,434 -------------- 9,899,346 -------------- TAIWAN -- 0.9% Chunghwa Telecom Co. Ltd. - ADR (a) 53,344 1,353,337 Taiwan Semiconductor Manufacturing Co. Ltd. (a) 235,584 503,819 Taiwan Semiconductor Manufacturing Co. Ltd. - SPADR (a) 115,231 1,257,170 -------------- 3,114,326 -------------- THAILAND -- 0.9% Advanced Info Service PCL 257,500 712,390 GMM Grammy PCL 132,000 51,323 Kasikornbank PCL 153,300 330,121 Land and Houses Public Co. Ltd. 520,300 115,155 Matichon PCL 218,400 57,156 MBK PCL 56,700 118,708 Post Publishing PCL 240,000 41,633 Siam Cement PCL 66,400 395,203 Siam Cement PCL - NVDR 210,800 1,216,822 Thanachart Capital PCL 228,600 91,618 -------------- 3,130,129 -------------- UNITED KINGDOM -- 15.2% AMEC plc 13,939 246,591 Anglo American plc - ADR 24,990 885,896 Anglo American plc - LSE Shares 2,026 141,410 Arriva plc 79,361 1,080,573 Aviva plc 93,745 928,895 BAE Systems plc 173,268 1,525,048 Barclays plc 125,010 723,727 Barclays plc - SUB Shares 26,787 5,336 BG Group plc 102,929 2,681,244 BHP Billiton plc 45,543 1,749,274 BP plc 417,058 4,838,328 Bradford & Bingley plc 121,849 156,000 BT Group plc 63,600 252,802 Bunzl plc 26,567 345,886 Cable & Wireless plc 373,300 1,117,846 Capita Group plc 98,498 1,346,822 Carnival plc 16,195 514,483 Compass Group plc 300,009 2,253,973 Daily Mail & General Trust NV, Class A 9,450 58,742 Devro plc 63,600 102,801 Diageo plc 60,304 1,107,593 Enodis plc 194,137 1,230,874 Enterprise Inns plc 63,875 515,471 GKN plc 186,009 824,541 GlaxoSmithKline plc 199,021 4,398,576 Hays plc 164,147 294,073 HBOS plc 243,345 1,331,868 HMV Group plc 35,100 90,425 Homeserve plc 5,042 169,815 ICAP plc 94,422 1,009,851 Informa plc 100,400 824,192 International Personal Finance 76,602 419,204 Intertek Group plc 55,252 1,085,466 Invensys plc (a) 156,574 810,894 ITV plc 282,068 249,702 Ladbrokes plc 49,007 248,899 Lloyds TSB Group plc 274,631 1,683,094 Northgate plc 7,460 52,365 Provident Financial plc 30,854 487,580 Reckitt Benckiser Group plc 26,060 1,319,563 Reed Elsevier plc 73,344 838,557 Rexam plc 73,600 567,061 Rio Tinto plc 14,168 1,737,116 Rolls-Royce Group plc (a) 17,034 115,659 Royal Bank of Scotland Group plc 519,458 2,215,537 RSA Insurance Group plc 51,500 128,083 Sage Group plc 226,600 938,205 Smiths Group plc 20,500 442,652 Sportingbet plc (a) 105,975 71,798 Stagecoach Group plc 156,536 870,389 Tesco plc 136,300 1,000,898 Thomas Cook Group plc 161,833 753,270 Tui Travel plc 185,879 755,504 Unilever plc 110,498 3,143,625 Vodafone Group plc 208,987 615,780 WPP Group plc 44,700 430,325 -------------- 53,734,182 -------------- UNITED STATES -- 0.1% NII Holdings, Inc., Class B (a) 5,800 275,442 -------------- Total Common Stocks (Cost $226,131,978) 279,485,138 -------------- COMMINGLED INVESTMENT VEHICLES -- 13.4% EXCHANGE-TRADED FUNDS -- 0.5% iShares MSCI Emerging Markets Index Fund 11,500 1,559,170 -------------- PRIVATE INVESTMENT FUNDS (d) -- 12.9% Convexity Capital Offshore, LP (a) (b) (c) (d) 14,639,900 Lansdowne UK Equity Fund Ltd. (a) (b) (c) (d) 54,343 19,176,450 Lone Dragon Pine, LP (a) (b) (c) (d) 4,582,790 Tosca (a) (b) (c) (d) 65,654 7,169,815 -------------- 45,568,955 -------------- Total Commingled Investment Vehicles (Cost $30,484,455) 47,128,125 -------------- PREFERRED STOCKS -- 0.6% Cia Vale do Rio Doce, 1.46% (Brazil) 52,940 1,575,222 Hyundai Motor Co. Ltd., 3.98% (South Korea) 25,410 693,752 Malaysian Airline System Berhad, 30.0% (Malaysia) 20,000 4,713 -------------- Total Preferred Stocks (Cost $1,477,834) 2,273,687 -------------- NUMBER OF CONTRACTS RIGHTS -- 0.0% Anglogold Ashanti, Expiring 07/04/08 (South Africa) (a) 477 4,070 HBOS plc, Expiring 07/18/08 (United Kingdom) (a) 97,337 20,842 -------------- Total Rights (Cost $0) 24,912 -------------- WARRANTS -- 0.0% Bank Pan Indonesia Tbk - Warrants Expiring 07/10/09 (Indonesia) (a) 1,266,980 58,402 Matahari Putra Prima Tbk - Warrants Expiring 07/12/10 (Indonesia) (a) 370,825 1,247 Multi-Purpose Holdings Berhad - Warrants Expiring 02/26/09 (Malaysia) (a) 20,400 3,559 -------------- Total Warrants (Cost $16,955) 63,208 -------------- INTEREST MATURITY PRINCIPAL RATE DATE AMOUNT SHORT-TERM INVESTMENTS -- 6.9% REPURCHASE AGREEMENT -- 4.1% State Street Bank and Trust Co. Repurchase Agreement issued on 06/30/08 (proceeds at maturity $14,418,600) (Collateralized by US Treasury Bills, due 11/13/08 with a principal value of $14,825,000 and a market value of $14,713,813) (Cost $14,418,200) 1.000% 07/01/08 $14,418,200 $ 14,418,200 -------------- US TREASURY SECURITIES -- 2.8% US Treasury Bill (f) (g) (Cost $9,982,708) 07/31/08 $10,000,000 $ 9,986,130 -------------- Total Short-Term Investments (Cost $24,400,908) 24,404,330 -------------- Total Investments -- 100.2% (Cost $282,512,130) 353,379,400 Liabilities in Excess of Other Assets -- (0.2)% (868,147) -------------- Net Assets -- 100.0% $ 352,511,253 ============== ADR American Depositary Reciept CVA Certificaaten van aandelen (share certificates) EAFE Europe, Australasia, and Far East GDR Global Depositary Reciept LSE London Stock Exchange MSCI Morgan Stanley Capital International NVDR Non-Voting Depositary Receipt SPADR Sponsored ADR SUB Subscription UNIT A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a predetermined date. VVPR Verminderde Voorheffing Precompte Reduit (France dividend coupon) XLON London International Exchange XPLU Plus Market Group * Approximately 29.0% of the fund's total investments are maintained to cover "senior securities transactions" which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund's "senior securities" holdings to maintain proper coverage for the transactions. (a) Non income-producing security. (b) Illiquid security. (c) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2008, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted. INVESTMENT DATE OF ACQUISITION COST VALUE Aeroplane Income Fund Registered, Class D 01/08/07-05/22/07 $ 125,543 $ 130,141 Bell Aliant Regional Communications Income Fund 07/11/06 16,840 16,113 Convexity Capital Offshore, LP 02/16/06 11,000,000 14,639,900 Jazz Air Income Fund 03/12/07-05/22/07 23,682 17,795 Lansdowne UK Equity Fund Ltd. 05/31/03 8,000,000 19,176,450 Lone Dragon Pine, LP 03/31/08 5,000,000 4,582,790 Tosca 07/01/04 4,700,000 7,169,815 ------------- Total $ 45,733,004 ============= (d) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $45,733,004, which represents 12.97% of the fund's net assets. (e) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2008. These positions are therefore grouped into their own industry classification. (f) Security or a portion thereof is pledged as initial margin for financial futures contracts. (g) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. SUMMARY SCHEDULE OF INVESTMENTS ------------------------------------------------------------------------------ Common Stock 79.3% Private Investment Funds 12.9% Short-Term Investments 6.9% Preferred Stocks 0.6% Exchange-Traded Funds 0.5% Warrants 0.0% Rights 0.0% ------------------------------------------------------------------------------ Total Investments 100.2% ------------------------------------------------------------------------------ Liabilities in Excess of Other Assets (0.2)% ------------------------------------------------------------------------------ Net Assets 100.0% ------------------------------------------------------------------------------ FINANCIAL FUTURES CONTRACTS INITIAL NOTIONAL NOTIONAL UNREALIZED NUMBER OF VALUE/ VALUE AT APPRECIATION/ CONTRACTS TYPE (PROCEEDS) JUNE 30, 2008 (DEPRECIATION) Long Financial Futures Contracts 65 September 2008 Australian Dollar $ 6,086,955 $ 6,170,450 $ 83,495 113 September 2008 CAC40 Index 8,400,030 7,963,385 (436,645) 189 September 2008 Canadian Dollar 18,457,292 18,552,240 94,948 24 September 2008 DAX Index 6,366,699 6,121,466 (245,233) 37 September 2008 Euro FX GLBX 7,109,452 7,256,625 147,173 79 September 2008 FTSE 100 Index 9,090,932 8,887,472 (203,460) 19 September 2008 Japanese Yen 2,223,187 2,249,363 26,175 10 September 2008 MIB Index 2,438,517 2,336,170 (102,347) 105 September 2008 Swiss Franc 12,585,942 12,875,625 289,683 79 September 2008 Topix Index 10,357,987 9,809,436 (548,551) 24 September 2008 TSE 60 Index 4,143,900 4,077,435 (66,465) --------- $(961,227) ========= FORWARD CURRENCY CONTRACTS UNREALIZED IN EXCHANGE APPRECIATION/ DESCRIPTION FOR (DEPRECIATION) Sell Contracts (pound)1,916,500 British Pounds Settling on 07/31/08 $3,790,013 $(18,014) (euro) 3,919,000 Euro Dollar Settling on 07/31/08 $6,091,890 (68,430) -------- $(86,444) ======== TOTAL RETURN SWAP CONTRACTS NET UNREALIZED EXPIRATION APPRECIATION/ DATE COUNTERPARTY PAY RECEIVE NOTIONAL AMOUNT (DEPRECIATION) Long Total Return Swap Contracts 1 Month LIBOR plus a specified iShares MSCI 02/24/2009 Bear Stearns spread EAFE Index $ 4,882,500 $(74,946) 1 Month LIBOR iShares MSCI plus a specified Emerging 06/15/2009 Barclays spread Markets Index 14,575,824 (259,872) 3 Month LIBOR MSCI Daily TR Goldman (b) plus a specified Net Emerging 06/23/2009 Sachs spread Markets 4,991,333 (60,935) -------- $(395,753) ======== See accompanying Notes to Financial Statements.
TIFF US EQUITY FUND/SCHEDULE OF INVESTMENTS (UNAUDITED)* JUNE 30, 2008
NUMBER OF SHARES VALUE INVESTMENTS -- 99.7% OF NET ASSETS COMMON STOCKS -- 68.9% AEROSPACE & DEFENSE -- 1.6% AAR Corp. (a) 61,500 $ 832,095 Boeing Co. 5,700 374,604 L-3 Communications Holdings, Inc. 5,200 472,524 Lockheed Martin Corp. 6,600 651,156 Northrop Grumman Corp. 7,900 528,510 Raytheon Co. 3,100 174,468 -------------- 3,033,357 -------------- BEVERAGES -- 0.6% Constellation Brands, Inc., Class A (a) 11,300 224,418 Molson Coors Brewing Co., Class B 3,900 211,887 PepsiCo, Inc. 10,900 693,131 -------------- 1,129,436 -------------- BIOTECHNOLOGY -- 0.5% Amgen, Inc. (a) 12,900 608,364 Biogen Idec, Inc. (a) 3,200 178,848 Gilead Sciences, Inc. (a) 3,900 206,505 -------------- 993,717 -------------- BUILDING PRODUCTS -- 1.0% Armstrong World Industries, Inc. 67,000 1,957,740 -------------- CAPITAL MARKETS -- 1.3% Ameriprise Financial, Inc. 9,700 394,499 Charles Schwab Corp. (The) 27,100 556,634 Franklin Resources, Inc. 5,500 504,075 Goldman Sachs Group, Inc. 4,300 752,070 TD Ameritrade Holding Corp. (a) 10,900 197,181 -------------- 2,404,459 -------------- CHEMICALS -- 2.5% Dow Chemical Co. (The) 12,100 422,411 Nalco Holding Co. 124,468 2,632,498 Valspar Corp. 89,500 1,692,445 -------------- 4,747,354 -------------- COMMERCIAL BANKS -- 1.4% Fifth Third Bancorp 13,900 141,502 North Valley Bancorp 69,300 451,143 Prosperity Bancshares, Inc. 46,187 1,234,579 Regions Financial Corp. 35,600 388,396 South Financial Group, Inc. (The) 64,000 250,880 Wells Fargo & Co. 10,300 244,625 -------------- 2,711,125 -------------- COMMUNICATIONS EQUIPMENT -- 0.4% Cisco Systems, Inc. (a) 15,500 360,530 Juniper Networks, Inc. (a) 12,600 279,468 QUALCOMM, Inc. 4,700 208,539 -------------- 848,537 -------------- COMPUTERS & PERIPHERALS -- 1.1% Dell, Inc. (a) 12,900 282,252 Hewlett-Packard Co. 22,100 977,041 International Business Machines Corp. (IBM) 3,200 379,296 Seagate Technology 21,600 413,208 -------------- 2,051,797 -------------- CONSUMER FINANCE -- 0.2% Capital One Financial Corp. 8,700 330,687 -------------- DIVERSIFIED CONSUMER SERVICES -- 4.3% DeVry, Inc. 96,000 5,147,520 ITT Educational Services, Inc. (a) 37,100 3,065,573 -------------- 8,213,093 -------------- DIVERSIFIED FINANCIAL SERVICES -- 0.4% JPMorgan Chase & Co. 19,200 658,752 -------------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.9% AT&T, Inc. 22,392 754,386 General Communications, Inc., Class A (a) 94,100 646,467 Verizon Communications, Inc. 10,100 357,540 -------------- 1,758,393 -------------- ELECTRIC UTILITIES -- 1.4% American Electric Power Co., Inc. 2,000 80,460 Edison International 9,500 488,110 FirstEnergy Corp. 6,100 502,213 Portland General Electric Co. 71,600 1,612,432 -------------- 2,683,215 -------------- ELECTRICAL EQUIPMENT -- 0.1% Rockwell Automation, Inc. 3,700 161,801 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.0% Checkpoint Systems, Inc. (a) 183,200 3,825,216 Rogers Corp. (a) 49,000 1,841,910 -------------- 5,667,126 -------------- ENERGY EQUIPMENT & SERVICES -- 1.0% Cal Dive International, Inc. (a) 96,500 1,378,985 Halliburton Co. 11,500 610,305 -------------- 1,989,290 -------------- FOOD & STAPLES RETAILING -- 0.7% Geerlings & Wade, Inc. (a) 66,300 33,813 Kroger Co. (The) 20,900 603,383 Safeway, Inc. 11,000 314,050 Sysco Corp. 16,100 442,911 -------------- 1,394,157 -------------- FOOD PRODUCTS -- 0.6% Archer-Daniels-Midland Co. 8,300 280,125 ConAgra Foods, Inc. 18,300 352,824 General Mills, Inc. 9,500 577,315 -------------- 1,210,264 -------------- HEALTH CARE EQUIPMENT & SUPPLIES -- 1.8% Accuray, Inc. (a) 98,494 718,021 Cooper Companies, Inc. (The) 70,398 2,615,286 PharmChem, Inc. (a) (b) 269,200 269 -------------- 3,333,576 -------------- HEALTH CARE PROVIDERS & SERVICES -- 6.1% Aetna, Inc. 4,700 190,491 AmerisourceBergen Corp. 9,500 379,905 Cardinal Health, Inc. 10,200 526,116 CIGNA Corp. 6,600 233,574 Express Scripts, Inc. (a) 8,500 533,120 LifePoint Hospitals, Inc. (a) 83,747 2,370,040 Lincare Holdings, Inc. (a) 20,000 568,000 McKesson Corp. 9,400 525,554 Medco Health Solutions, Inc. (a) 4,300 202,960 Odyssey HealthCare, Inc. (a) 105,100 1,023,674 Owens & Minor, Inc. 50,800 2,321,052 UnitedHealth Group, Inc. 19,000 498,750 Universal Health Services, Inc., Class B 37,000 2,339,140 -------------- 11,712,376 -------------- HOTELS, RESTAURANTS & LEISURE -- 0.7% California Pizza Kitchen, Inc. (a) 45,000 503,550 Ruby Tuesday, Inc. 65,000 351,000 Yum! Brands, Inc. 14,700 515,823 -------------- 1,370,373 -------------- HOUSEHOLD PRODUCTS -- 0.5% Kimberly-Clark Corp. 4,500 269,010 Procter & Gamble Co. 10,900 662,829 -------------- 931,839 -------------- INSURANCE -- 4.0% Aflac, Inc. 5,500 345,400 Allstate Corp. (The) 12,200 556,198 Arthur J. Gallagher & Co. 50,000 1,205,000 Brown & Brown, Inc. 60,000 1,043,400 Chubb Corp. 11,200 548,912 Hilb, Rogal & Hobbs Co. 65,135 2,830,767 MetLife, Inc. 6,500 343,005 Progressive Corp. (The) 15,000 280,800 Travelers Companies, Inc. (The) 11,500 499,100 -------------- 7,652,582 -------------- INTERNET SOFTWARE & SERVICES -- 0.2% eBay, Inc. (a) 11,300 308,829 -------------- IT SERVICES -- 0.4% Automatic Data Processing, Inc. 13,200 553,080 MoneyGram International, Inc. 165,500 149,281 -------------- 702,361 -------------- LIFE SCIENCES TOOLS & SERVICES -- 1.1% Thermo Fisher Scientific, Inc. (a) 38,400 2,140,032 -------------- MACHINERY -- 0.9% Caterpillar, Inc. 6,300 465,066 Cummins, Inc. 7,400 484,848 Dover Corp. 4,000 193,480 Parker-Hannifin Corp. 6,800 484,976 -------------- 1,628,370 -------------- MEDIA -- 3.1% Cox Radio, Inc., Class A (a) 137,836 1,626,465 DIRECTV Group, Inc. (The) (a) 20,800 538,928 Liberty Global, Inc., Class A (a) 6,400 201,152 Live Nation, Inc. (a) 203,669 2,154,818 Time Warner, Inc. 43,400 642,320 Viacom, Inc., Class B (a) 4,900 149,646 Walt Disney Co. (The) 20,200 630,240 -------------- 5,943,569 -------------- METALS & MINING -- 1.5% Alcoa, Inc. 13,400 477,308 Haynes International, Inc. (a) 28,000 1,611,400 Nucor Corp. 8,300 619,761 Pacific Rim Mining Corp. (Canada) (a) (d) (c) 35,000 28,350 United States Steel Corp. 1,100 203,258 -------------- 2,940,077 -------------- MULTI-UTILITIES -- 0.3% Public Service Enterprise Group, Inc. 12,200 560,346 -------------- MULTILINE RETAIL -- 2.5% Big Lots, Inc. (a) 110,125 3,440,305 Macy's, Inc. 14,900 289,358 Saks, Inc. (a) 100,000 1,098,000 -------------- 4,827,663 -------------- OFFICE ELECTRONICS -- 1.4% Zebra Technologies Corp., Class A (a) 80,600 2,630,784 -------------- OIL, GAS & CONSUMABLE FUELS -- 7.6% Chevron Corp. 13,700 1,358,081 ConocoPhillips 12,800 1,208,192 Exxon Mobil Corp. 26,100 2,300,193 Murphy Oil Corp. 6,500 637,325 Nexen, Inc. (Canada) 12,500 496,875 Occidental Petroleum Corp. 9,300 835,698 Petro-Canada - NYSE Shares (Canada) 8,500 473,875 Plains Exploration & Production Co. (a) 35,610 2,598,462 Stone Energy Corp. (a) 64,000 4,218,240 Valero Energy Corp. 10,700 440,626 -------------- 14,567,567 -------------- PHARMACEUTICALS -- 1.6% Forest Laboratories, Inc. (a) 5,000 173,700 Johnson & Johnson 9,500 611,230 Pfizer, Inc. 54,800 957,356 Salix Pharmaceuticals Ltd. (a) 173,700 1,221,111 -------------- 2,963,397 -------------- ROAD & RAIL -- 1.5% Avis Budget Group, Inc. (a) 220,000 1,841,400 CSX Corp. 8,500 533,885 Norfolk Southern Corp. 9,000 564,030 -------------- 2,939,315 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.8% Analog Devices, Inc. 5,900 187,443 Cabot Microelectronics Corp. (a) 71,300 2,363,595 Intel Corp. 8,500 182,580 Texas Instruments, Inc. 21,900 616,704 -------------- 3,350,322 -------------- SOFTWARE -- 1.9% Adobe Systems, Inc. (a) 11,500 452,985 Manhattan Associates, Inc. (a) 26,900 638,337 Microsoft Corp. 51,700 1,422,267 NexPrise, Inc. (a) (b) 28,553 21,415 Oracle Corp. (a) 19,700 413,700 Preview Systems, Inc. (b) 66,800 334 Symantec Corp. (a) 29,600 572,760 -------------- 3,521,798 -------------- SPECIALTY RETAIL -- 4.6% Aaron Rents, Inc. 107,298 2,395,964 Best Buy Co., Inc. 8,300 328,680 Gap, Inc. (The) 20,800 346,736 PetSmart, Inc. 109,700 2,188,515 Sally Beauty Holdings, Inc. (a) 179,141 1,157,251 TJX Companies, Inc. (The) 6,300 198,261 Zale Corp. (a) 116,300 2,196,907 -------------- 8,812,314 -------------- TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Coach, Inc. (a) 13,800 398,544 Nike, Inc., Class B 6,700 399,387 -------------- 797,931 -------------- THRIFTS & MORTGAGE FINANCE -- 1.2% BankUnited Financial Corp., Class A 62,000 59,520 Downey Financial Corp. 31,395 86,964 Hudson City Bancorp, Inc. 10,900 181,812 People's United Financial, Inc. 121,200 1,890,720 -------------- 2,219,016 -------------- TRADING COMPANIES & DISTRIBUTORS -- 0.5% United Rentals, Inc. (a) 50,200 984,422 -------------- WIRELESS TELECOMMUNICATION SERVICES -- 0.3% Rogers Communications, Inc., Class B - NYSE Shares (Canada) 6,300 243,558 Sprint Nextel Corp. 36,700 348,650 -------------- 592,208 -------------- Total Common Stocks (Cost $126,455,875) 131,375,367 -------------- COMMINGLED INVESTMENT VEHICLES -- 24.5% PRIVATE INVESTMENT FUNDS (d) -- 24.5% Adage Capital Partners, LP (a) (b) (c) (d) 29,749,093 Freeman Fair Value Fund I, LP (a) (c) (d) 16,936,733 Gotham Partners, LP (a) (b) (c) (d) 127,994 -------------- Total Commingled Investment Vehicles (Cost $38,497,786) 46,813,820 -------------- INTEREST MATURITY PRINCIPAL RATE DATE AMOUNT SHORT-TERM INVESTMENTS -- 6.3% REPURCHASE AGREEMENTS -- 4.7% State Street Bank and Trust Co. Repurchase Agreement issued on 06/30/08 (proceeds at maturity $8,873,034) (Collateralized by US Treasury Bills, due 11/13/08 with a principal value of $9,125,000 and a market value of $9,056,563) (Cost $8,872,788) 1.000% 07/01/08 $ 8,872,788 8,872,788 -------------- US TREASURY SECURITIES -- 1.6% US Treasury Bill (f) (g) 12/04/08 1,000,000 990,978 US Treasury Bill (f) (g) 12/11/08 2,000,000 1,980,966 -------------- Total US Treasury Securities (Cost $2,970,725) 2,971,944 -------------- Total Short-Term Investments (Cost $11,843,513) 11,844,732 -------------- Total Investments -- 99.7% (Cost $176,797,174) 190,033,919 Other Assets in Excess of Liabilities -- 0.3% 637,359 -------------- Net Assets -- 100.0% $ 190,671,278 ============== * Approximately 56.0% of the fund's total investments are maintained to cover "senior securities transactions" which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund's "senior securities" holdings to maintain proper coverage for the transactions. (a) Non income-producing security. (b) Illiquid security. (c) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2008, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid, with the exception of Freeman Fair Value Fund I, LP, and Pacific Rim Mining Corp. (Canada). TIP's board of directors deemed Pacific Rim Mining Corp. (Canada) to be liquid. The valuation committee has determined the partnership interest in Freeman Fair Value Fund I, LP to be liquid based on the ability to redeem the private investment fund interest upon seven days notice and payment of a 0.25% redemption fee. The TIP board of directors duly ratified the liquidity determination and agreed to fair value the private investment fund at 99.75% of its stated market value to take into account this potential redemption fee. The below list does not include securities eligible for resale without registration under Rule 144A of the Securities Act of 1933. These securities may also be deemed to be restricted. INVESTMENT DATE OF ACQUISITION COST VALUE Adage Capital Partners, LP 01/01/02-06/30/03 $19,847,065 $ 29,749,093 Freeman Fair Value Fund I, LP 10/01/04-12/31/04 18,000,000 16,936,733 Gotham Partners, LP 06/29/97 650,721 127,994 Pacific Rim Mining Corp. (Canada) 06/01/04 100,800 28,350 ------------- Total $ 46,842,170 ============= (d) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $46,842,170, which represents 24.57% of the fund's net assets. (e) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2008. These positions are therefore grouped into their own industry classification. (f) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. (g) Security or a portion thereof is pledged as initial margin for financial futures contracts. SUMMARY SCHEDULE OF INVESTMENTS ------------------------------------------------------------------------------ Common Stock 68.9% Private Investment Funds 24.5% Short-Term Investments 6.3% ------------------------------------------------------------------------------ Total Investments 99.7% ------------------------------------------------------------------------------ Other Assets In Excess of Liabilities 0.3% ------------------------------------------------------------------------------ Net Assets 100.0% ------------------------------------------------------------------------------ FINANCIAL FUTURES CONTRACTS INITIAL NOTIONAL NOTIONAL VALUE UNREALIZED NUMBER OF VALUE/ AT JUNE 30, APPRECIATION/ CONTRACTS TYPE (PROCEEDS) 2008 (DEPRECIATION) Long Financial Futures Contracts 200 September 2008 S&P 500 Index $66,938,362 $64,055,000 $(2,883,362) ------------ Short Financial Futures Contracts 18 September 2008 Midcap 400 Index (7,816,423) (7,390,800) 425,623 90 September 2008 Russell 2000 Index (32,914,862) (31,126,500) 1,788,362 ------------ 2,213,985 ------------ $(669,377) ============ See accompanying Notes to Financial Statements.
TIFF SHORT-TERM FUND/SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2008
INTEREST MATURITY PRINCIPAL RATE DATE AMOUNT VALUE INVESTMENTS -- 100.3% OF NET ASSETS SHORT-TERM INVESTMENTS -- 100.3% REPURCHASE AGREEMENT -- 0.6% State Street Bank and Trust Co. Repurchase Agreement issued on 06/30/08 (proceeds at maturity $797,492) (Collateralized by US Treasury Bills, due 11/13/08 with a principal value of $820,000 and a market value of $813,850) (Cost $797,469) 1.000% 07/01/08 $ 797,469 $ 797,469 ------------ US TREASURY SECURITIES -- 99.7% US Treasury Bill (a) 09/04/08 25,000,000 24,922,125 US Treasury Bill (a) 10/09/08 32,000,000 31,837,152 US Treasury Bill (a) 11/06/08 12,000,000 11,915,856 US Treasury Bill (a) 11/20/08 3,000,000 2,976,096 US Treasury Bill (a) 11/28/08 41,000,000 40,649,778 US Treasury Bill (a) 12/04/08 2,000,000 1,981,956 US Treasury Bill (a) 12/18/08 27,700,000 27,426,352 US Treasury Bill (a) 12/26/08 1,000,000 989,518 ------------ Total US Treasury Securities (Cost $142,717,293) 142,698,833 ------------ Total Short-Term Investments (Cost $143,514,762) 143,496,302 ------------ Total Investments -- 100.3% (Cost $143,514,762) 143,496,302 Liabilities in Excess of Other Assets -- (0.3)% (429,444) ------------ Net Assets -- 100.0% $143,066,858 ============ (a) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. SUMMARY SCHEDULE OF INVESTMENTS ------------------------------------------------------------------------------ Short-Term Investments 100.3% ------------------------------------------------------------------------------ Total Investments 100.3% ------------------------------------------------------------------------------ Liabilities in Excess of Other Assets (0.3)% ------------------------------------------------------------------------------ Net Assets 100.0% ------------------------------------------------------------------------------ See accompanying Notes to Financial Statements.
---------------------------------------------------------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2008
TIFF TIFF TIFF TIFF MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM FUND EQUITY FUND FUND FUND ASSETS Investments in securities, at value (cost: $1,994,715,233; $268,093,930; $167,924,386; $142,717,293) $2,226,220,148 $338,961,200 $181,161,131 $142,698,833 Investments in securities issued by indirect affiliates, at value (cost: $1,852,028; $--; $--; $--) 1,627,973 -- -- -- Repurchase agreements (cost: $474,122,029; $14,418,200; $8,872,788; $797,469) 474,122,029 14,418,200 8,872,788 797,469 Cash -- -- 21,556 -- Deposit with brokers for securities sold short 51,311,687 -- -- -- Cash denominated in foreign currencies (cost: $383,834; $204,065; $--; $--) 384,029 204,821 -- -- Due from broker for futures variation margin 1,334,582 176,524 395,200 -- Receivables for: Investment securities sold 6,405,937 186,022 458,457 2,983,772 Interest 2,702,037 401 246 22 Dividends and tax reclaims 1,647,807 678,890 157,552 -- Capital stock sold -- -- -- 767,348 Swap contracts, at value 5,078 -- -- -- ------------------------------------------------------------- TOTAL ASSETS 2,765,761,307 354,626,058 191,066,930 147,247,444 ------------------------------------------------------------- LIABILITIES Cash overdraft 2,052,920 -- -- -- Reverse repurchase agreements (Note 7) 70,400,990 -- -- -- Securities sold short, at value (proceeds: $46,982,953; $--; $--; $--) 45,674,867 -- -- -- Swap contracts, at value 333,097 395,753 -- -- Payable for: Capital stock repurchased 72,600 60,000 22,500 3,109,900 Investment securities purchased 71,310,564 286,794 252,594 989,641 Cover of securities sold short 2,966,264 -- -- -- Accrued expenses and other liabilities 816,202 389,679 92,551 42,665 Money manager fees 115,548 47,749 -- -- Dividends on securities sold short 247,965 -- -- -- Interest on reverse repurchase agreements 37,970 -- -- -- Distributions 3,814,372 848,386 28,007 38,380 Unrealized depreciation on forward currency contracts 181,708 86,444 -- -- ------------------------------------------------------------- TOTAL LIABILITIES 198,025,067 2,114,805 395,652 4,180,586 ------------------------------------------------------------- NET ASSETS $2,567,736,240 $352,511,253 $190,671,278 $143,066,858 ============================================================= SHARES OUTSTANDING (500,000,000 AUTHORIZED SHARES, PAR VALUE $0.001 FOR EACH FUND) 161,119,739 22,643,531 16,449,749 14,606,140 ============================================================= NET ASSET VALUE PER SHARE $ 15.94 $ 15.57 $ 11.59 $ 9.79 ============================================================= COMPONENTS OF NET ASSETS: Capital stock $2,414,533,523 $300,523,770 $196,996,928 $145,607,121 Undistributed (distributions in excess of) net investment income (60,687,954) (23,773,597) (3,324,375) 2,271 Accumulated net realized gain (loss) on investments and foreign currencies (146,392) 6,525,789 (15,568,598) (2,524,074) Net unrealized appreciation (depreciation) on investments and foreign currencies 214,037,063 69,235,291 12,567,323 (18,460) ------------------------------------------------------------- $2,567,736,240 $352,511,253 $190,671,278 $143,066,858 ============================================================= --------------------------------------------------------------------------------------------------------------------------------- See accompanying Notes to Financial Statements.
---------------------------------------------------------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2008
TIFF TIFF TIFF TIFF MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM FUND EQUITY FUND FUND FUND INVESTMENT INCOME Interest $ 18,769,248 $ 192,729 $ 209,251 $1,975,654 Dividends (net of foreign withholding taxes of $849,280; $711,648; $816; $--) 12,376,580 6,688,632 875,621 -- Dividends from investments issued by indirect affiliates (net of foreign withholding taxes of $22,743; $--; $--; $--) 128,802 -- -- -- ------------------------------------------------------------- TOTAL INVESTMENT INCOME 31,274,630 6,881,361 1,084,872 1,975,654 ------------------------------------------------------------- OPERATING EXPENSES Investment advisory fees 1,840,760 279,811 147,149 23,700 Money manager fees 1,673,749 415,050 211,558 -- Custodian and accounting fees 872,942 259,732 74,999 24,976 Administration fees 498,626 82,350 49,493 33,836 Transfer agent fees 20,401 13,979 13,795 16,831 Professional fees 166,137 79,208 43,024 23,587 Administrative services fee 94,524 20,569 7,747 12,325 Chief compliance officer fees 69,858 8,434 6,748 5,356 Insurance 32,710 5,343 4,116 1,764 Registration and filing fees 26,064 11,777 12,267 12,478 Interest (Note 7) 593,787 -- -- -- Dividends on securities sold short 554,217 -- -- -- Miscellaneous fees and other 117,581 18,487 21,011 3,924 ------------------------------------------------------------- TOTAL OPERATING EXPENSES 6,561,356 1,194,740 591,907 158,777 ------------------------------------------------------------- NET INVESTMENT INCOME 24,713,274 5,686,621 492,965 1,816,877 ------------------------------------------------------------- NET REALIZED GAIN (LOSS) FROM: Investments (net of foreign withholding taxes on capital gains of $--; $22,735; $--; $--) 52,860,252 7,022,315 (2,402,850) 524,711 Investments issued by indirect affiliates (545,965) -- -- -- Short sales 2,783,349 -- -- -- Swap agreements (4,224,697) (287,041) -- -- Financial futures contracts (19,199,629) (1,415,576) (5,560,626) -- Forward currency contracts and foreign currency-related transactions 69,277 144,920 (63) -- ------------------------------------------------------------- NET REALIZED GAIN (LOSS) 31,742,587 5,464,618 (7,963,539) 524,711 NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS AND FOREIGN CURRENCIES (140,639,848) (52,745,740) (22,101,908) (205,599) ------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES (108,897,261) (47,281,122) (30,065,447) 319,112 ------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(84,183,987) $(41,594,501) $(29,572,482) $2,135,989 ============================================================= ---------------------------------------------------------------------------------------------------------------------------------- See accompanying Notes to Financial Statements.
---------------------------------------------------------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS
TIFF TIFF INTERNATIONAL MULTI-ASSET FUND EQUITY FUND ----------------------------- --------------------------- Six Months Six Months Ended Year Ended Year 6/30/2008 Ended 6/30/2008 Ended (Unaudited) 12/31/2007 (Unaudited) 12/31/2007 INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income $ 24,713,274 $ 51,352,285 $ 5,686,621 $ 6,551,481 Net realized gain (loss) on investments and foreign currencies 31,742,587 108,125,212 5,464,618 28,868,549 Net change in unrealized appreciation (depreciation) on investments and foreign currencies (140,639,848) 91,992,525 (52,745,740) 19,093,655 -------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (84,183,987) 251,470,022 (41,594,501) 54,513,685 -------------------------------------------------------------- DISTRIBUTIONS From net investment income (23,773,236) (97,377,333) (5,737,035) (19,178,571) From net realized gains -- (129,492,056) -- (31,373,711) -------------------------------------------------------------- DECREASE IN NET ASSETS RESULTING FROM DISTRIBUTIONS (23,773,236) (226,869,389) (5,737,035) (50,552,282) -------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Proceeds from shares sold 483,839,842 481,029,578 1,265,023 84,020,472 Proceeds from distributions reinvested 16,619,187 141,099,712 4,888,649 43,847,020 Entry/exit fees 2,661,696 2,568,435 58,589 847,285 Cost of shares redeemed (46,068,005) (30,240,232) (6,537,334) (28,315,991) -------------------------------------------------------------- NET INCREASE (DECREASE) FROM CAPITAL SHARES TRANSACTIONS 457,052,720 594,457,493 (325,073) 100,398,786 -------------------------------------------------------------- TOTAL INCREASE (DECREASE) IN NET ASSETS 349,095,497 619,058,126 (47,656,609) 104,360,189 NET ASSETS Beginning of period 2,218,640,743 1,599,582,617 400,167,862 295,807,673 -------------------------------------------------------------- End of period $2,567,736,240 $2,218,640,743 $352,511,253 $400,167,862 ============================================================== Including undistributed (distributions in excess of) net investment income $ (60,687,954) $ (61,627,992) $(23,773,597) $(23,723,183) -------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (IN SHARES) Shares sold 29,733,750 28,410,002 74,159 4,474,627 Shares reinvested 1,040,957 8,361,816 313,978 2,456,889 Shares redeemed (2,872,031) (1,733,657) (411,808) (1,484,525) -------------------------------------------------------------- NET INCREASE (DECREASE) 27,902,676 35,038,161 (23,671) 5,446,991 -------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- See accompanying Notes to Financial Statements.
----------------------------------------------------------------------------------------------------------------------------------
TIFF TIFF US EQUITY FUND SHORT-TERM FUND ---------------------------- ------------------------- Six Months Six Months Ended Year Ended Year 6/30/2008 Ended 6/30/2008 Ended (Unaudited) 12/31/2007 (Unaudited) 12/31/2007 INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income $ 492,965 $ 1,334,155 $ 1,816,877 $ 5,618,604 Net realized gain (loss) on investments and foreign currencies (7,963,539) 21,875,490 524,711 374,543 Net change in unrealized appreciation (depreciation) on investments and foreign currencies (22,101,908) (16,632,454) (205,599) 143,938 ------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (29,572,482) 6,577,191 2,135,989 6,137,085 ------------------------------------------------------------- DISTRIBUTIONS From net investment income (540,740) (2,181,469) (1,817,077) (5,635,810) From net realized gains -- (27,962,663) -- -- ------------------------------------------------------------- DECREASE IN NET ASSETS RESULTING FROM DISTRIBUTIONS (540,740) (30,144,132) (1,817,077) (5,635,810) ------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Proceeds from shares sold 2,185,262 23,581,413 70,586,400 220,940,206 Proceeds from distributions reinvested 450,998 27,430,474 1,440,254 4,504,200 Entry/exit fees 29,148 99,858 -- -- Cost of shares redeemed (9,468,556) (16,325,832) (88,824,881) (165,643,256) ------------------------------------------------------------- NET INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS (6,803,148) 34,785,913 (16,798,227) 59,801,150 ------------------------------------------------------------- TOTAL INCREASE (DECREASE) IN NET ASSETS (36,916,370) 11,218,972 (16,479,315) 60,302,425 NET ASSETS Beginning of period 227,587,648 216,368,676 159,546,173 99,243,748 ------------------------------------------------------------- End of period $ 190,671,278 $ 227,587,648 $143,066,858 $159,546,173 ============================================================= Including undistributed (distributions in excess of) net investment income $ (3,324,375) $ (3,276,600) $ 2,271 $ 2,471 ------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (IN SHARES) Shares sold 178,807 1,525,601 7,202,351 22,605,394 Shares reinvested 38,406 1,973,778 146,929 461,678 Shares redeemed (765,839) (1,021,604) (9,054,677) (16,949,159) ------------------------------------------------------------- NET INCREASE (DECREASE) (548,626) 2,477,775 (1,705,397) 6,117,913 ------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- See accompanying Notes to Financial Statements.
---------------------------------------------------------------------------------------------------------------------------------- STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2008
TIFF TIFF TIFF TIFF MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM FUND EQUITY FUND FUND FUND CASH FLOWS FROM OPERATING ACTIVITIES Net increase (decrease) in net assets resulting from operations $ (84,183,987) $(41,594,501) $(29,572,482) $ 2,135,989 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: Investments purchased (1,037,882,654) (35,438,118) (31,775,755) 989,641 Investments sold 876,658,724 45,664,522 26,938,198 (2,983,772) Purchases to cover securities sold short (31,743,984) -- -- -- Securities sold short 64,438,629 -- -- -- (Purchase)/Sale of short term investments, net (280,697,978) (1,447,419) 21,429,963 13,745,883 Amortization (accretion) of discount and premium, net (6,244,056) -- -- -- Decrease in foreign currency 459,348 381,214 -- -- Decrease in interest receivable 1,539,496 343 721 9,173 (Increase) Decrease in dividends and tax reclaims receivable 866,348 (110,408) 35,541 -- Increase (Decrease) in deposit at brokers for securities sold short (29,724,972) -- -- -- Increase (Decrease) in interest payable (53,082) -- -- -- Increase (Decrease) in dividends payable for securities sold short 157,782 -- -- -- (Increase) Decrease in variation margin on financial futures contracts (3,978,509) (543,890) (819,600) -- (Decrease) in accrued expenses and other liabilities (17,889) (64,175) (11,591) (20,009) Net realized (gain) (55,097,636) (7,022,315) 2,402,850 -- Net change in unrealized (appreciation) depreciation on investments and foreign currencies 140,639,848 51,109,404 20,577,123 205,599 -------------------------------------------------------------- Net cash from (used in) operating activities (444,864,572) 10,934,657 9,204,968 14,082,504 -------------------------------------------------------------- CaSH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from shares sold 486,271,198 1,274,582 2,190,739 71,001,427 Payment on shares redeemed (45,765,064) (6,428,304) (9,422,385) (85,724,981) Cash distributions paid (3,339,677) (5,786,865) (1,961,973) (428,083) Increase (decrease) in payable for reverse repurchase agreements 5,615,015 -- -- -- -------------------------------------------------------------- Net cash from (used in) financing activities 442,781,472 (10,940,587) (9,193,619) (15,151,637) -------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH (2,083,100) (5,930) 11,349 (1,069,133) Cash at beginning of period 30,180 5,930 10,207 1,069,133 -------------------------------------------------------------- Cash at end of period $ (2,052,920) $ -- $ 21,556 $ -- ============================================================== --------------------------------------------------------------------------------------------------------------------------------- Non cash financing activities not included herein consist of reinvestment of all distributions of: $ 16,619,187 $ 4,888,649 $ 450,998 $ 1,440,254 Interest paid was $646,869 for TIFF Multi-Asset Fund. See accompanying Notes to Financial Statements.
------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2008 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 four active funds: TIFF Multi-Asset Fund (Multi-Asset Fund), TIFF International Equity Fund (International Equity Fund), TIFF US Equity Fund (US Equity Fund), and TIFF Short-Term Fund (Short-Term Fund), collectively referred to as the "funds." Investment Objectives ------------------------------------------------------------------------------- FUND INVESTMENT OBJECTIVES ------------------------------------------------------------------------------- Multi-Asset Attain a growing stream of current income and appreciation of principal that at least offsets inflation. International Equity Attain appreciation of principal that at least offsets inflation. US Equity Attain a growing stream of current income and appreciation of principal that at least offsets inflation. Short-Term Attain as high a rate of current income as is consistent with ensuring that the fund's risk of principal loss does not exceed that of a portfolio invested in six-month US Treasury bills. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates. Valuation of Investments Generally, the following valuation policies are applied to securities for which market quotations are readily available. 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 the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services and are deemed representative of market values at the close of the market. Unlisted securities or securities for which over-the-counter market quotations are readily available are valued at the latest bid price. Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Exchange-traded and over-the-counter options and futures contracts are valued at the last posted settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short future and written option sales contracts). Forward foreign currency exchange contracts are valued at their respective fair market values. Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value net of any applicable sales loads. Certain funds employ a fair value model to adjust prices to reflect 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 values of the funds are determined. If the funds' valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered. Certain funds invest in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by the funds are generally not securities for which market quotations are readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The TIP board of directors has approved valuation procedures pursuant to which the funds value their interests in private investment funds at "fair value." If a private investment fund does not provide a value to a fund on a timely basis, the fund determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time the fund values its portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that a fund could reasonably expect to receive from the private investment fund if the fund's interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that the fund believes is reliable. Structured notes are valued using a model that incorporates the terms of their agreement and the value of the underlying index. Securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith under procedures established by TIP's board of directors. Such procedures use fundamental valuation methods, which may 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. Financial Accounting Standards No. 157 The funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Level 1 -- quoted prices in active markets for identical investments Level 2 -- other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 -- significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments) The following is a summary of the inputs used as of June 30, 2008 in valuing the funds' investments carried at value:
-------------------------------------------------------------------------------------------------------------------------------- ASSET VALUATION INPUTS LEVEL 1 LEVEL 2** LEVEL 3*** TOTAL -------------------------------------------------------------------------------------------------------------------------------- MULTI-ASSET FUND Assets Investments in Securities $1,797,155,355 $489,940,622 $414,874,173 $2,701,970,150 Other Financial Instruments* -- 455,558 -- 455,558 Liabilities Securities Sold Short (44,543,006) (1,131,861) -- (45,674,867) Other Financial Instruments* (18,181,422) (783,577) -- (18,964,999) INTERNATIONAL EQUITY FUND Assets Investments in Securities 40,579,668 267,230,777 45,568,955 353,379,400 Liabilities Other Financial Instruments* (1,047,671) (395,753) -- (1,443,424) US EQUITY FUND Assets Investments in Securities 143,219,765 334 46,813,820 190,033,919 Liabilities Other Financial Instruments* (669,377) -- -- (669,377) SHORT-TERM FUND Investments in Securities 143,496,302 -- -- 143,496,302 ---------- * Other financial instruments include futures, forwards, and swap contracts. ** Includes listed foreign equities whose value has been adjusted with factors to reflect changes to foreign markets after market close. *** Includes private investment funds, for which market quotations are not readily available. The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value: ------------------------------------------------------------------------------------------------------------------------------ MULTI-ASSET INTERNATIONAL US EQUITY FUND EQUITY FUND FUND ------------------------------------------------------------------------------------------------------------------------------ BALANCE AS OF 12/31/07 $409,284,856 $41,482,942 $53,244,047 Realized gain (loss) 7,301,000 -- -- Change in unrealized appreciation/depreciation (9,711,683) (913,987) (6,430,227) Net purchases (sales) 8,000,000 5,000,000 -- ------------ ----------- ----------- BALANCE AS OF 06/30/08 $414,874,173 $45,568,955 $46,813,820 ============ =========== =========== NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION FROM INVESTMENTS STILL HELD AS OF 06/30/08 FOR THE PERIOD ENDED 06/30/08 $(2,410,683) $(913,987) $(6,430,227)
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 discounts or amortize premiums using the yield-to-maturity method on a daily basis, except for mortgage-backed securities that record paydowns. The funds recognize paydown gains and losses for such securities and reflect them in investment income. 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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 of 1986, as amended (the "Code"), applicable to RICs and to distribute substantially all of its taxable income. 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 and unrealized gain as and when such income is earned and gains are recognized. The Funds are subject to the provisions of Financial Accounting Standards Board Interpretation No. 48 ("FIN 48") "Accounting for Uncertainty in Income Taxes -- an interpretation of FASB Statement No. 109." FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Funds did not have any unrecognized tax benefits at June 30, 2008, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2008, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Expenses Expenses directly attributable to a fund are charged to that fund's operations; expenses that are applicable to all funds are allocated among them based on their relative average daily net assets. Dividends to Members It is the policy of all funds to declare dividends according to the following schedule: ------------------------------------------------------------------------------- DIVIDENDS FROM NET CAPITAL GAINS FUND INVESTMENT INCOME DISTRIBUTIONS ------------------------------------------------------------------------------- Multi-Asset Quarterly Annually International Equity Semi-annually Annually US Equity Quarterly Annually Short-Term Monthly Annually The Multi-Asset Fund has adopted a managed distribution policy that aims, on a best efforts basis, to distribute approximately 5% of its net assets in the form of dividends and distributions each year. Pursuant to this policy, the fund may make distributions that are ultimately characterized as return of capital. Dividends from net short-term capital gains and net long-term capital gains of each fund, if any, are normally declared and paid in December, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code. To the extent that a net realized capital gain could be reduced by a capital loss carryover, such gain will not be distributed. Dividends and distributions are recorded on the ex-dividend date. Foreign Currency Translation The books and records of the funds are maintained in US dollars. Foreign currency amounts are translated into US dollars on the following basis: (i) the foreign currency value of investments and other assets and liabilities denominated in foreign currency are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. (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 unrealized foreign currency gain or loss is included in the Statement of Operations. The funds do 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 funds do isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon the sale or maturity of foreign currency-denominated debt obligations pursuant to US federal income tax regulations; such amount is categorized as foreign currency gain or loss for income tax reporting purposes. Net realized gains and losses from foreign currency-related transactions represent net gains and losses from sales and maturities of forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of net investment income accrued and the US dollar amount actually received. 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. New Accounting Pronouncement In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the funds' derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the funds' financial statement disclosures. 3. FINANCIAL INSTRUMENTS 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 or by entry into a closing contract, 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 time of purchase and the value of the contract at the time it was extinguished. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the fund's Statement of Assets and Liabilities. In addition, the funds could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the US dollar. Financial Futures Contracts The funds may invest in financial futures contracts. A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery at a future date. The funds are exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require a fund to "mark to market" on a daily basis, which reflects the change in the market value of the contract at the close of each day's trading. Accordingly, variation margin payments are made to or received from the broker in the approximate amount of daily unrealized gains or losses. When the contracts are closed, the fund recognizes a realized gain or loss in the Statement of Operations. 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 market exposures and its exposure to fluctuations in currency values. Futures contracts are primarily used to increase or decrease the funds' exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk. Such risks include the imperfect correlation between the price of a derivative and that of the underlying security and the possibility of an illiquid secondary market for these securities. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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. A fund generally will borrow the security sold in order to make delivery to the buyer. Upon entering into a short position, a 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 a fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is realized. In "short selling," a fund 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 Each fund may use option contracts to manage its market exposures and its exposure to fluctuation in interest rates and currency values. Option contracts are primarily used to increase or decrease the fund's exposure to the underlying instrument and may serve as hedges for other fund investments. Interest Only Securities Interest only securities (IOs) entitle the holder to the interest payments in a pool of mortgages, Treasury bonds, or other bonds. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a portfolio may fail to recoup fully its initial investment in an IO. The fair market value of these securities is volatile in response to changes in interest rates. Swap Agreements A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund records a net receivable or payable for the amount expected to be received or paid in the period. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation (depreciation) on investments. The swap is valued at fair market value as determined by valuation models developed and approved in accordance with the fund's valuation procedures. Certain funds may enter into credit default swap agreements where one party, the protection buyer, makes an upfront or periodic payment to a counterparty, the protection seller, in exchange for the right to receive a contingent payment. The maximum amount of the contingent payment equals the notional amount, at par, of the underlying index or security as a result of a related credit event. Upfront payments received or made by a fund, are amortized over the expected life of the agreement. Periodic payments received or paid by a fund are recorded as realized gains or losses. The credit default swaps are marked-to-market daily and the change, if any, is recorded as unrealized gain or loss. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses. There are several risks associated with the use of swap agreements. Risks may arise as a result of the failure of another party to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty generally is limited to the net payment to be received by a fund, and/or the termination value at the end of the contract. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities or indices. Credit default swaps involve the exchange of a fixed-rate premium for protection against the loss in value of an underlying debt instrument in the event of a defined credit event (such as payment default or bankruptcy). If these agreements require physical settlement, there is the risk that the fund may be unable to purchase the securities required to settle the contract. Commodity Index-Linked Notes The Multi-Asset Fund may invest in structured notes whose value is based on the price movements of commodities, including an index of commodities. The value of those notes will rise and fall in response to changes in the underlying commodities, and the amount of such response will depend upon the amount of leverage embedded in the note. These types of notes may be more or less volatile and more or less liquid than more traditional debt securities. Fluctuations in the value of these notes are recorded as unrealized gains and losses in the accompanying financial statements. Interest income is accrued daily and received periodically throughout the term of notes. Realized gains/ losses are recorded at the maturity or termination of the notes. 4. INVESTMENT ADVISORY AGREEMENT, MONEY MANAGER AGREEMENTS, AND OTHER TRANSACTIONS WITH AFFILIATES TIP's board of directors has approved investment advisory agreements with TIFF Advisory Services, Inc. ("TAS"). Each fund pays TAS a monthly fee calculated by applying the following annual rates to such fund's average daily net assets for the month: -------------------------------------------------------------------------------- MULTI- INTERNATIONAL US SHORT-TERM ASSETS ASSET FUND EQUITY FUND EQUITY FUND FUND -------------------------------------------------------------------------------- On the first $500 million 0.20% 0.15% 0.15% 0.03% On the next $500 million 0.18% 0.13% 0.13% 0.03% On the next $500 million 0.15% 0.11% 0.11% 0.02% On the next $500 million 0.13% 0.09% 0.09% 0.02% On the next $500 million 0.11% 0.07% 0.07% 0.01% On the remainder (> $2.5 billion) 0.09% 0.05% 0.05% 0.01% 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 upward or downward, 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 specified percentage per annum of the assets under management with a single rate or on a descending scale. Money managers who provide services to the funds and their fees as a percent of assets managed during the six months ended June 30, 2008 were as follows: -------------------------------------------------------------------------------- EFFECTIVE MINIMUM MAXIMUM FEE RATE -------------------------------------------------------------------------------- MULTI-ASSET FUND Aronson+Johnson+Ortiz LP (a) 0.10% 0.80% 0.11% Brookfield Redding, LLC (a) 0.50% 2.50% 1.70% Marathon Asset Management, LLP (a) 0.15% 1.60% 0.21% Mondrian Investment Partners Limited 0.30% 0.43% 0.34% Shapiro Capital Management, LLC (a)* 0.50% 0.95% 0.62% Smith Breeden Associates, Inc. (a) 0.10% 0.85% 0.08% Wellington Management Company, LLP 0.35% 0.45% 0.39% Westport Asset Management, Inc. (a)* 0.15% 2.00% 0.16% INTERNATIONAL EQUITY FUND Marathon Asset Management, LLP (a) 0.15% 1.60% 0.15% Mondrian Investment Partners Limited 0.33% 0.55% 0.44% US EQUITY FUND Aronson+Johnson+Ortiz LP (a) 0.10% 0.80% 0.11% Shapiro Capital Management, LLC (a) 0.50% 0.95% 0.62% Westport Asset Management, Inc. (a) 0.15% 2.00% 0.17% -------- (a) Money manager receives a fee that includes a performance component. The effective fee may fall outside of the minimum and maximum range, because performance fees are based on either assets or performance from a period prior to when they are accrued. * Money manager portfolio inception was April 10, 2008. With respect to the 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 TAS and money managers. Effective July 1, 2008, TIP has designated Mr. Christian A. Szautner as its CCO. Mr. Szautner is an employee of TAS and also serves as TAS's CCO. For his services to TIP, which include the monitoring of TIP's compliance program pursuant to Rule 38a-1 of the 1940 Act, TIP reimburses TAS for a portion of the costs related to Mr. Szautner. Each fund pays a pro rata portion of such costs based on its share of TIP's net assets. Prior to July 1, 2008, TIP had designated Mr. William Vastardis as its CCO. During the period when Mr. Vastardis served as TIP's CCO, TIP contracted with Vastardis Compliance Services LLC ("VCS") to provide services with respect to the monitoring of TIP's compliance program pursuant to Rule 38a-1 of the 1940 Act. The contract with VCS terminated on July 1, 2008. Under the terms of the contract, TIP is obligated to pay fees to VCS through December 31, 2008. Each fund pays a pro rata portion of the fees based on its share of TIP's net assets. Effective January 1, 2008, Vastardis Fund Services LLC ("VFS") provides certain administrative services to TIP under an Administrative Services Agreement, which supersedes the Operations Monitoring Agent Agreement that was in place prior thereto. For these services, TIP pays a monthly fee, plus any out-of-pocket expenses. Each fund pays a pro rata portion of the fee based on its share of TIP's net assets. As part of the services provided by VFS, Mr. William Vastardis serves as TIP's CFO and Treasurer. Prior to July 1, 2008, pursuant to an Administration Agreement, State Street Bank and Trust Company ("State Street") earned a fee for providing fund administration services to TIP according to the following schedule: 0.065% of the first $300 million of the average daily net assets of TIP, 0.046% thereafter up to $3 billion and 0.04% on assets over $3 billion. State Street also served as TIP's custodian, fund accountant and transfer agent. Fees paid for services rendered by State Street were based upon assets of TIP and on transactions entered into by TIP during the period. Fees for such services paid to State Street by TIP are reflected as administration fees, custodian and accounting fees, and transfer agent fees in the Statement of Operations. Effective July 1, 2008, pursuant to a revised Administration Agreement, State Street earns a fee for providing core fund administration, fund accounting, domestic custody, and transfer agent services of 0.07% per annum on the average daily net assets of TIP. Fees paid for non-core services rendered by State Street, which include but are not limited to foreign custody, transactional fees, and out-of-pocket expenses, are based upon assets of TIP and/or on transactions entered into by TIP during the period. 5. INVESTMENT TRANSACTIONS Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the six months ended June 30, 2008, were as follows: NON-US GOVERNMENT SECURITIES -------------------------------------------------------------------------------- FUND PURCHASES SALES -------------------------------------------------------------------------------- Multi-Asset $428,748,711 $255,160,952 International Equity 33,953,711 38,132,615 US Equity 31,547,384 27,343,812 US GOVERNMENT SECURITIES -------------------------------------------------------------------------------- FUND PURCHASES SALES -------------------------------------------------------------------------------- Multi-Asset $669,818,594 $654,225,855 For federal income tax purposes, the cost of securities owned at June 30, 2008, the aggregate gross unrealized appreciation (depreciation), and the net unrealized appreciation (depreciation) on securities owned and securities sold short at June 30, 2008, for each fund are as follows:
------------------------------------------------------------------------------------------------------------------- GROSS GROSS NET UNREALIZED FUND APPRECIATION DEPRECIATION APPRECIATION COST ------------------------------------------------------------------------------------------------------------------- Multi-Asset $176,442,685 $(23,016,239) $153,426,446 $2,548,543,704 International Equity 67,750,729 (19,153,903) 48,596,826 304,782,574 US Equity 38,009,167 (36,140,320) 1,868,847 188,165,072 Short-Term 27,885 (46,345) (18,460) 143,514,762
6. FEDERAL TAX INFORMATION 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 U.S. 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. The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2008. 7. REPURCHASE AND REVERSE REPURCHASE AGREEMENTS Each fund may enter into repurchase agreements under which a member bank of the Federal Reserve System or a securities firm that is a primary or reporting dealer in US government securities agrees, upon entering into a contract, to sell US government securities to a fund and repurchase such securities from such fund at a mutually agreed upon price and date. Each fund is also permitted to enter into reverse repurchase agreements under which a member bank of the Federal Reserve System or a primary or reporting dealer in US government securities purchases US government securities from a fund and such fund agrees to repurchase the securities at an agreed upon price and date. The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Open reverse repurchase agreements at June 30, 2008 were as follows: ------------------------------------------------------------------------------- FACE DESCRIPTION VALUE ------------------------------------------------------------------------------- MULTI-ASSET FUND JP Morgan Chase & Co., 0.70%, dated 06/13/08, to be repurchased on 07/08/08 at $52,350,131 $52,289,490 JP Morgan Chase & Co., 2.10%, dated 06/24/08, to be repurchased on 07/01/08 at $18,118,896 18,111,500 ----------- Total reverse repurchase agreements $70,400,990 =========== Average balance outstanding* $68,411,174 Average interest rate 1.95% ----------- * Average balance outstanding was calculated based on daily balances outstanding during the period that the fund had entered into reverse repurchase agreements. Each fund will engage in repurchase and reverse repurchase transactions with parties approved by TIFF Advisory Services, Inc. or the relevant money manager on the basis of such party's creditworthiness. Securities pledged as collateral for repurchase agreements are held by the custodial bank until maturity of the repurchase agreements. In connection with reverse repurchase agreements, the funds establish segregated accounts with their custodian in which the funds maintain cash, US government securities, or other liquid high grade debt obligations in the name of the counterparty equal in value to its obligation. The funds may also invest in tri-party repurchase agreements for which securities held as collateral are maintained in a segregated account by the broker's custodian bank until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the funds require that the market value of the collateral, including accrued interest thereon, be at least equal to the value of the securities sold or purchased in order to protect against loss 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. 8. CAPITAL SHARE TRANSACTIONS 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 Multi-Asset Fund assesses entry and exit fees of 0.50% of capital invested or redeemed; the International Equity Fund assesses entry and exit fees of 0.75%; and the US Equity Fund assesses entry and exit fees of 0.25%. These fees, which are paid to the funds directly, not to TAS or other vendors supplying services to the funds, are designed to allocate transaction costs associated with purchases and redemptions of a 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 TAS'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. 9. 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 these securities in their records as segregated with a value at least equal to the amount of the purchase commitment. The Multi-Asset 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 principal amount delivered will not differ more than 0.01% from the commitment. 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 funds' other assets. 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 respective money manager deems it appropriate to do so. The Multi-Asset Fund enters into TBA sale commitments to hedge the portfolio or to sell mortgage-backed securities the fund 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. TBA commitments are valued at the current market value of the underlying securities, generally according to the procedures described under Valuation of Investments in Note 2. The contracts are 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. 10. CONCENTRATION OF RISKS The funds may engage in transactions with counterparties, including but not limited to repurchase and reverse repurchase agreements, forward contracts, futures and options, and total return, credit default, interest rate, and currency swaps. A fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations. The Multi-Asset, International Equity, and US Equity Funds invest in private investment funds that entail liquidity risk to the extent they are difficult to sell or convert to cash quickly at favorable prices. The Multi-Asset Fund invests 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 fund generally maintains a diversified portfolio, 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 Multi-Asset, International Equity, and US Equity 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, 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. The Multi-Asset Fund invests in asset-backed and mortgage-backed securities. These investments may involve credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic conditions. 11. FUNDAMENTAL MEMBERS The schedule below shows the number of members each owning 25% or more of a fund and the total percentage of the fund held by such members as of June 30, 2008. ----------------------------------------------------------------------- FUND NUMBER % OF FUND HELD ----------------------------------------------------------------------- International Equity 1(a) 54 ----------- (a) A Director of the Fund serves as an officer of this member. 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. 12. INDEMNIFICATIONS In the normal course of business, the funds enter into contracts that provide general indemnifications. The funds' maximum exposure under these arrangements is dependent on future claims that may be made against the funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote. 13. SUBSEQUENT EVENT Subsequent to June 30, 2008, an investor of the International Equity Fund redeemed approximately $50 million, which represents 14% of the fund's net assets as of June 30, 2008. ------------------------------------------------------------------------------- ADDITIONAL INFORMATION (UNAUDITED) JUNE 30, 2008 PROXY VOTING POLICY AND VOTING RECORD A description of the policies and procedures that TIP uses to determine how to vote proxies relating to portfolio securities is available on TIFF's website at http://www.tiff.org and without charge, upon request, by calling 800-984-0084. This information is also available on the website of the US Securities and Exchange Commission ("SEC") at http://www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available on the websites noted above and without charge, upon request, by calling 800-984-0084. QUARTERLY REPORTING TIP files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. TIP's Form N-Q is available without charge, upon request, by calling 800-984-0084. This information is also available on the website of the US Securities and Exchange Commission at http://www.sec.gov. TIP's Form N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800- SEC-0330. In addition TIP's portfolio holdings are available on a monthly basis on the TIFF website at http://www.tiff.org. MEMBER MEETING An Annual Meeting of Members of the Funds was held on February 29, 2008. At the meeting, the following matter was voted on and approved by the Members. The results of the Annual Meeting of Members are noted below. PROPOSAL 1 Elect four Directors, of which three were "independent" candidates. NUMBER OF VOTES* BROKER DIRECTORS AFFIRMATIVE WITHHELD ABSTENTIONS NON-VOTES Suzanne Brenner** 1,879,670,761.98 0 4,613,958.88 0 Sheryl Johns** 1,879,670,761.98 0 4,613,958.88 0 William McCalpin** 1,879,670,761.98 0 4,613,958.88 0 Jane Mendillo 1,879,670,761.98 0 4,613,958.88 0 ------------ * Members of the Funds were entitled to one vote for each dollar, and a proportionate fraction of a vote for each fraction of a dollar, of the net asset value per share of each share of common stock of the fund on each matter submitted to a vote. ** Independent candidate. ------------------------------------------------------------------------------- APPROVAL OF THE ADVISORY AGREEMENTS AND MONEY MANAGER AGREEMENTS (UNAUDITED) JUNE 30, 2008 During a telephonic meeting held on June 11, 2008, and at an in-person meeting held on June 16, 2008, the directors, including all of the directors who are not "interested persons" (the "independent directors") of TIP, as that term is defined in the Investment Company Act of 1940 (the "1940 Act"), evaluated the renewal of the Advisory Agreements between each of the TIP funds and TAS (as the advisor) as well as the Money Manager Agreements between each of TIFF Multi-Asset Fund, TIFF International Equity Fund, and TIFF US Equity Fund and the money managers (as sub-advisors). The Advisory Agreements and the Money Manager Agreements are collectively referred to herein as the "advisory agreements." The Board requested and received information from TAS and the money managers in advance of the meeting, which the independent directors reviewed separately in executive sessions with their independent counsel prior to the meeting. The materials provided included information regarding personnel and services, investment strategies, portfolio holdings, portfolio management, fees and expenses, and performance. Information about brokerage practices was also supplied, including allocation methodology, best execution, commission rates, and commission recapture or soft dollar programs. Extensive information with respect to compliance and administration was supplied to include information on the compliance program itself, including codes of ethics and business continuity, as well as information concerning any material violations of the program, chief compliance officer background, regulatory examinations or other inquiries, and litigation proceedings. In addition, the Board considered the following: (1) a memorandum from counsel for the independent directors setting forth the Board's fiduciary duties and responsibilities under the 1940 Act and the factors the Board should consider in its evaluation of the advisory agreements (the "15(c) Memorandum"); (2) responses by TAS and each money manager to questionnaires obtained by counsel for the independent directors requesting additional information necessary for the directors' evaluation of the advisory agreements; (3) a Lipper Inc. report comparing the performance of each fund to the performance of its applicable benchmark(s) and peer group, and comparing each fund's advisory fees and expenses to those of its peer group; (4) additional information from TAS regarding the fees charged by TAS to each fund; (5) additional information detailing the individual portfolio managers and fee schedule for each money manager; (6) the most recent quarterly TIP Manager Monitor for TAS and each money manager; (7) the ten highest aggregate brokerage commissions report by manager for the year ended December 31, 2007; and (8) audited financial statements of TAS. Nature, Extent, and Quality of Services The Board considered a number of factors in evaluating TAS and the money managers. It noted that information is received at regular meetings throughout the year related to the services rendered by the advisor and money managers to the funds as well as the funds' performance, expense and compliance information. The Board also receives information between regular meetings as the need arises. The Board's evaluation of the services provided by TAS and the money managers took into account the Board's knowledge and familiarity gained as Board members, including the scope and quality of TAS's investment management capabilities in selecting money managers, allocating fund assets across managers and asset classes, managing certain asset types in-house (e.g., TIPS, Treasuries, futures contracts, and derivatives), and its compliance responsibilities. The Board also considered each money manager's skills and experience in managing the underlying portfolios given the particular universe of asset types available to the manager, its trading acumen, and performance tendencies in various market cycles. The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services provided under the advisory agreements by TAS and each of the money managers. Profitability In addition, the Board considered the profitability of TAS as the investment advisor and the likelihood that TAS would remain financially viable moving forward. The Board did not specifically consider the profitability of each money manager resulting from its relationship with the fund because none of the money managers was affiliated with TAS or any TIP fund except by virtue of serving as a money manager, and the fees paid to each money manager by TIP were negotiated on an arms-length basis in a competitive marketplace. Results of Investment Advisor and Money Manager Agreement Reviews After questions from the Board and further discussion, the Board voted at its June 16, 2008 meeting to re-approve the advisory agreements. The Board based its evaluation on the material factors presented to it at this meeting and discussed below, including: (1) the terms of the agreements; (2) the reasonableness of the advisory and money manager fees in light of the nature and quality of the advisory services provided and any additional benefits received by TAS or the money managers in connection with providing services to the funds; (3) the nature, quality, and extent of the services performed by TAS and each of the money managers, as well as the cost to TAS of providing such services; (4) the fees charged by TAS and each of the money managers; and (5) the overall organization and experience of TAS and each of the money managers. In arriving at its decision, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward past and future long-term considerations. While attention was given to all information furnished, the following discusses the primary factors relevant to the Board's decisions. In each case, the Board concluded that the funds' performance was acceptable and that the funds' advisory fees and total expenses were reasonable in light of the quality and nature of services provided. TIFF Multi-Asset Fund Performance, Fees, and Expenses (including Potential Economies of Scale) MONEY MANAGERS AND BENCHMARKS: Aronson+Johnson+Ortiz LP S&P 500 Index Brookfield Redding LLC Morgan Stanley REIT Index Marathon Asset Management, LLP MSCI All Country World Index Mondrian Investment Partners Limited MSCI All Country World Index Shapiro Capital Management LLC Russell 2000 Index Smith Breeden Associates, Inc. Weighted average of the Citigroup 10-year Treasury Index and the 10-year US Treasury Inflation Protected Security Index Wellington Management Company, LLP Resource-Related Sectors of the MSCI World Index Westport Asset Management, Inc. Russell 2000 Index The Board reviewed Multi-Asset Fund's performance against its benchmarks (the MAF Constructed Benchmark, based on the normal allocation to each asset class, and CPI plus 5% per annum), and global flexible portfolio funds as classified by Lipper (the "Lipper MAF peer group"), and considered TAS's implementation of the fund's investment strategy across multiple asset classes and money managers. As of March 31, 2008, the fund's returns exceeded both benchmarks over the annualized three-, five- and ten-year and since inception periods, and exceeded the MAF Constructed Benchmark for the trailing one-year and year-to-date periods. The fund was significantly behind CPI + 5% for the year-to-date and trailing one-year periods. The fund's returns exceeded the average of the Lipper MAF peer group for all periods provided by Lipper (one-, two-, three-, four-, five-, and ten-year periods ended March 31, 2008), except the ten-year period. The Board also reviewed the fees and expenses of Multi-Asset Fund against selected funds within the Lipper MAF peer group (the "MAF expense group"), noting that the actual advisory fee and total expenses of the fund were well below both the MAF expense group median and MAF expense group average. The Board gave less weight to the total expense information because the Lipper information did not reflect the expenses associated with the Fund's investments in other collective investment vehicles. The Board noted that TAS's fee schedule and the fee schedules of two money managers included breakpoints that could enable the fund to benefit from economies of scale. Certain other money managers received performance-based fees, which the Board felt appropriately aligned the money managers' interests with those of shareholders. One money manager's fee schedule included both breakpoint and performance-based fees. TIFF International Equity Fund Performance, Fees, and Expenses (including Potential Economies of Scale) MONEY MANAGERS AND BENCHMARKS: Marathon Asset Management, LLP MSCI All Country World ex US Index Mondrian Investment Partners Limited MSCI All Country World ex US Index The Board reviewed International Equity Fund's performance against its benchmark (MSCI All Country World ex US Index), and international multi-cap value funds as classified by Lipper (the "Lipper IEF peer group"), and considered TAS's implementation of the fund's investment strategy across multiple money managers. As of March 31, 2008, the fund was ahead of its benchmark year-to-date and for the one-, three-, five-, and ten-year periods and since inception. The fund's return exceeded the average of the Lipper IEF peer group for all periods provided by Lipper (one-, two-, three-, four-, five-, and ten-year periods ended March 31, 2008). The Board reviewed the fees and expenses of International Equity Fund against selected international multi-cap value, international large-cap core, and international large-cap growth funds (the "IEF expense group"), noting that the actual advisory fee and total expenses of the fund were well below both the IEF expense group median and IEF expense group average. The Board gave less weight to the total expense information because the Lipper information did not reflect the expenses associated with the Fund's investments in other collective investment vehicles. The Board noted that TAS's fee schedule and the fee schedule of one money manager included breakpoints that could enable the fund to benefit from economies of scale should fund assets grow. The other money manager received performance-based fees, which the Board felt appropriately aligned the money manager's interests with those of shareholders. TIFF US Equity Fund Performance, Fees, and Expenses (including Potential Economies of Scale) MONEY MANAGERS AND BENCHMARKS: Aronson+Johnson+Ortiz LP S&P 500 Index Shapiro Capital Management LLC Russell 2000 Index Westport Asset Management, Inc. Russell 2000 Index The Board reviewed US Equity Fund's performance against its benchmark (Dow Jones Wilshire 5000 Composite Index), and multi-cap core funds as classified by Lipper (the "Lipper USEF peer group"), and considered TAS's implementation of the fund's investment strategy across multiple money managers. As of March 31, 2008, and for the year-to-date and trailing one- and three-year periods the fund lagged its benchmark, but outperformed for the ten-year and since inception periods and was approximately even for the five-year period. The fund's return exceeded the average of the Lipper USEF peer group for the five-year period, was in line with the average of the Lipper USEF peer group for the four-year period, and lagged for the remaining periods provided by Lipper (one-, two-, three-, and ten-year periods ended March 31, 2008). The Board also considered information from TAS concerning its evaluation of the money managers' investment processes and performance. The Board reviewed the fees and expenses of US Equity Fund against selected multi-cap value and multi-cap and large-cap core funds (the "USEF expense group"), noting that the actual advisory fee and total expenses of the fund were well below both the USEF expense group median and USEF expense group average. The Board gave less weight to the total expense information because the Lipper information did not reflect the expenses associated with the Fund's investments in other collective investment vehicles. The Board noted that TAS's fee schedule included breakpoints that could enable the fund to benefit from economies of scale should fund assets grow. Two other money managers received performance-based fees, which the Board felt appropriately aligned the money managers' interests with those of shareholders. A third money manager's fee schedule included both breakpoint and performance-based fees. TIFF Short-Term Fund Performance, Fees, and Expenses The Board reviewed Short-Term Fund's performance against its benchmarks (Merrill Lynch 6-Month Treasury Bill Index (the "Index") and the same Index less 50 basis points per annum), and ultra-short obligation funds as classified by Lipper (the "Lipper STF peer group"), and considered TAS's internal management of the fund since 2004. The fund slightly underperformed the Index, which does not reflect any fees or expenses, over the trailing one- , three-, five-, ten-year and since inception periods, and year-to-date through March 31, 2008. The fund outperformed the Index less 50 basis points per annum for the three-, five-, ten-year and since inception periods, but underperformed the Index less 50 basis points for the trailing one-year and year-to-date periods. These results were consistent with the Board's expectations of the fund's performance relative to each benchmark. The fund's return exceeded the average of the Lipper STF peer group for all periods provided by Lipper (one-, two-, three-, four-, five-, and ten-year periods ended March 31, 2008). The Board reviewed the fees and expenses of Short-Term Fund against selected funds within the Lipper STF peer group (the "STF expense group"), noting that the actual advisory fee and total expenses of the fund were well below both the STF expense group median and STF expense group average. The Board noted that TAS's fee schedule included breakpoints that could enable the fund to benefit from economies of scale should fund assets grow. ------------------------------------------------------------------------------ DIRECTORS AND PRINCIPAL OFFICERS (UNAUDITED) The board of directors of TIP comprises experienced institutional investors, including the chief investment officers of leading endowments and foundations. Among responsibilities of the board of directors are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new directors; and electing TIP officers. Each director services the fund until his or her termination; or until the director's retirement, resignation, or death; or otherwise as specified in TIP's Bylaws. The table on these two pages shows information for each director and executive officer of the fund. The mailing address of the directors and officers is Four Tower Bridge, 200 Barr Harbor Drive, Suite 100, West Conshohocken, PA, 19428. The SAI (Statement of Additional Information) has additional information regarding the board of directors. A copy is available by calling 800-984-0084. This information is also available upon request without charge on the website of the US Securities and Exchange Commission at http://www.sec.gov. INDEPENDENT DIRECTORS SUZANNE BRENNER -------------------------------------------------------------------------------- Born 1958 Principal Occupation(s) During the Director since July 2003 Past Five Years: Chief Investment 4 funds overseen Officer, The Metropolitan Museum of Art (2007-present) (Deputy CIO and Associate Treasurer prior thereto). SHERYL JOHNS -------------------------------------------------------------------------------- Born 1956 Principal Occupation(s) During the Director since April 1996 Past Five Years: Executive Vice 4 funds overseen President, Houston Endowment Inc. Other Directorships: TIFF Education Foundation. WILLIAM MCCALPIN -------------------------------------------------------------------------------- Born 1957 Principal Occupation(s) During the Director since February 2008 Board Chair Past Five Years: Executive Vice since 2008 President and Chief Operating 4 funds overseen Officer, Rockefeller Brothers Fund (1998-2006). Other Directorships: The Janus Funds, FB Heron Foundation, Association Montessori International - USA. ------------------------------------------------------------------------------- DIRECTORS AND PRINCIPAL OFFICERS PRINCIPAL OFFICERS DAVID A. SALEM -------------------------------------------------------------------------------- Born 1956 Principal Occupation(s) During the Vice President and CIO since December 2002 Past Five Years: President/Chief (President prior thereto) Investment Officer, TIFF Advisory Services, Inc. (1993-present) (CEO 1993-2004). Other Directorships: TIFF Advisory Services, Inc., TIFF Education Foundation. RICHARD J. FLANNERY -------------------------------------------------------------------------------- Born 1957 Principal Occupation(s) During the President and CEO since September 2003 Past Five Years: CEO, TIFF Advisory Services, Inc. (2004-present). President and CEO, TIFF Investment Program, Inc. (2003-present). Executive Vice President, Delaware Investments (1998-2002). Other Directorships: TIFF Advisory Services, Inc. TINA M. LEITER -------------------------------------------------------------------------------- Born 1966 Principal Occupation(s) During the Secretary since June 2003 Past Five Years: Deputy Compliance Officer (2008-present), Secretary (2004-present), Chief Compliance Officer (2004-2008), Investment Operations and Compliance, prior thereto, TIFF Advisory Services, Inc. DAWN I. LEZON -------------------------------------------------------------------------------- Born 1965 Principal Occupation(s) During the Vice President and Assistant Treasurer Past Five Years: Vice President/ since September 2006 Treasurer, TIFF Advisory Services, Inc. (2006-present). Partner, Crane, Tonelli, Rosenberg & Co., LLP, public accounting firm (1998-2006). KELLY A. LUNDSTROM -------------------------------------------------------------------------------- Born 1964 Principal Occupation(s) During the Vice President since September 2006 Past Five Years: Vice President, TIFF Advisory Services, Inc. (2006-present). Investment Operations Consulting (2000-2003). Investment Operations, Howard Hughes Medical Institute (1989-2000). RICHELLE S. MAESTRO -------------------------------------------------------------------------------- Born 1957 Principal Occupation(s) During the Vice President and Chief Legal Officer Past Five Years: Vice since March 2006 President/General Counsel, TIFF Advisory Services, Inc. (2005-present). Executive Vice President/General Counsel, Delaware Investments (2003-2005). Senior Vice President/Deputy General Counsel, Delaware Investments (1999-2003). CHRISTIAN A. SZAUTNER -------------------------------------------------------------------------------- Born 1972 Principal Occupation(s) During the CCO since July 2008 Past Five Years: Chief Compliance Officer, TIFF Advisory Services, Inc. (2008-present). Partner, Ballard Spahr Andrews & Ingersoll, LLP (2005-2008). Associate, Ballard Spahr Andrews & Ingersoll, LLP (1997-2005). WILLIAM E. VASTARDIS -------------------------------------------------------------------------------- Born 1955 Principal Occupation(s) During the CFO since December 2002 Past Five Years: President, Treasurer since January 1994 Vastardis Fund Services LLC (2003-present). President, Vastardis Compliance Services LLC (2004-present). Chief Compliance Officer, TIFF Investment Program, Inc. (2003-2008). Managing Director, Investors Capital Services, Inc. (formerly AMT Capital Services, Inc.) (1992-2003). -------------------------------------------------------------------------------- TIFF INVESTMENT PROGRAM ADVISOR TIFF Advisory Services, Inc. Four Tower Bridge 200 Barr Harbor Drive, Suite 100 West Conshohocken, PA 19428 phone 610-684-8000 fax 610-684-8080 CUSTODIAN ACCOUNTING AGENT TRANSFER AGENT DIVIDEND DISBURSING AGENT FUND ADMINISTRATOR State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 FUND DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, WI 53202 FUND COUNSEL Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 2 Commerce Square Suite 4000 2001 Market Street Philadelphia, PA 19103 MONEY MANAGERS AND CIV MANAGERS TIFF Multi-Asset Fund Aronson+Johnson+Ortiz LP Brookfield Redding, LLC Canyon Capital Advisors LLC (CIV) Convexity Capital Management LP (CIV) Farallon Capital Management, LLC (CIV) Freeman Associates Investment Management LLC (CIV) Joho Capital, LLC (CIV) Lansdowne Partners Limited (CIV) Lone Pine Capital LLC (CIV) Marathon Asset Management, LLP Maverick Capital, Ltd. (CIV) Mondrian Investment Partners Limited Och-Ziff Capital Management Group (CIV) Regiment Capital Management, LLC (CIV) Shapiro Capital Management LLC Sleep, Zakaria & Company, Ltd. (CIV) Smith Breeden Associates, Inc. TIFF Advisory Services, Inc. Toscafund Asset Management LLC (CIV) Wellington Management Company, LLP Westport Asset Management, Inc. TIFF International Equity Fund Convexity Capital Management LP (CIV) Lansdowne Partners Limited (CIV) Lone Pine Capital LLC (CIV) Marathon Asset Management, LLP Mondrian Investment Partners Limited TIFF Advisory Services, Inc. Toscafund Asset Management LLC (CIV) TIFF US Equity Fund Adage Capital Management, LP (CIV) Aronson+Johnson+Ortiz LP Freeman Associates Investment Management LLC (CIV) Shapiro Capital Management LLC TIFF Advisory Services, Inc. Westport Asset Management, Inc. TIFF Short-Term Fund TIFF Advisory Services, Inc. Investors should consider the investment objectives, risks and charges and expenses of a fund carefully before investing. The prospectus contains this and other information about the funds. A prospectus may be obtained by contacting TIFF at 800-984-0084 or by visiting TIFF's website at www.tiff.org. Please read the prospectus carefully before investing. The SEC does not approve or disapprove of the securities mentioned in this report. Mutual fund investing involves risk. Principal loss is possible. ITEM 2. CODE OF ETHICS Not Applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not Applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not Applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not Applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Included in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURE FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not Applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not Applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not Applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the registrant's board of directors. ITEM 11. CONTROLS AND PROCEDURES. (a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the "1940 Act") were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date. (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 12. EXHIBITS (a)(1) Code of Ethics is not applicable to this filing. (a)(2) Certification of Chief Executive Officer and Chief Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT. (a)(3) Not Applicable to this filing. (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a - 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) TIFF Investment Program, Inc. By (Signature and Title) /s/ Richard J. Flannery ----------------------------------------------- Richard J. Flannery President and Chief Executive Officer Date ----------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Richard J. Flannery ----------------------------------------------- Richard J. Flannery President and Chief Executive Officer Date ----------------------------- By (Signature and Title) /s/ William E. Vastardis ----------------------------------------------- William E. Vastardis Treasurer and Chief Financial Officer Date -----------------------------