<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>d703091.txt
<DESCRIPTION>TIFF INVESTMENT PROGRAM, INC.
<TEXT>
<PAGE>
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.
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(Exact name of registrant as specified in charter)
Four Tower Bridge,
200 Barr Harbor Drive, Suite 100
West Conshohocken, PA 19428
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(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
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(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
-------------------
<PAGE>
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
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Copyright (C) 2008 -- All rights reserved -- This report may not be reproduced
or distributed without written permission from TIFF.
<PAGE>
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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.
<TABLE>
<CAPTION>
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
--------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
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TIFF MULTI-ASSET FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
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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.
<PAGE>
<TABLE>
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TIFF INTERNATIONAL EQUITY FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
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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.
<PAGE>
<TABLE>
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TIFF US EQUITY FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
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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).
<PAGE>
<TABLE>
-----------------------------------------------------------------------------------------------------------------------------------
TIFF SHORT-TERM FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2008
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
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TIFF INVESTMENT PROGRAM
[LOGO]
FINANCIAL STATEMENTS
AND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 (UNAUDITED)
<PAGE>
<TABLE>
TIFF MULTI-ASSET FUND/SCHEDULE OF INVESTMENTS (UNAUDITED)* JUNE 30, 2008
<CAPTION>
NUMBER
OF SHARES VALUE
<S> <C> <C>
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
--------------
<CAPTION>
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
<S> <C> <C> <C> <C>
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
--------------
<CAPTION>
NUMBER OF
CONTRACTS
<S> <C>
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
--------------
<CAPTION>
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
<S> <C> <C> <C>
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.
<CAPTION>
INVESTMENT DATE OF ACQUISITION COST VALUE
<S> <C> <C> <C>
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
<CAPTION>
INITIAL NOTIONAL
NOTIONAL VALUE AT UNREALIZED
NUMBER OF VALUE/ JUNE 30, APPRECIATION/
CONTRACTS TYPE (PROCEEDS) 2008 (DEPRECIATION)
<S> <C> <C> <C> <C>
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
<CAPTION>
UNREALIZED
IN EXCHANGE APPRECIATION/
DESCRIPTION FOR (DEPRECIATION)
Sell Contracts
<S> <C> <C>
(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
<CAPTION>
NET
UNREALIZED
EXPIRATION APPRECIATION/
DATE COUNTERPARTY PAY RECEIVE NOTIONAL AMOUNT (DEPRECIATION)
<S> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
TIFF INTERNATIONAL EQUITY FUND/SCHEDULE OF INVESTMENTS (UNAUDITED)* JUNE 30, 2008
<CAPTION>
NUMBER
OF SHARES VALUE
<S> <C> <C>
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
--------------
<CAPTION>
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
<S> <C> <C> <C>
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
<CAPTION>
INITIAL
NOTIONAL NOTIONAL UNREALIZED
NUMBER OF VALUE/ VALUE AT APPRECIATION/
CONTRACTS TYPE (PROCEEDS) JUNE 30, 2008 (DEPRECIATION)
<S> <C> <C> <C> <C>
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
<CAPTION>
UNREALIZED
IN EXCHANGE APPRECIATION/
DESCRIPTION FOR (DEPRECIATION)
<S> <C> <C>
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
<CAPTION>
NET
UNREALIZED
EXPIRATION APPRECIATION/
DATE COUNTERPARTY PAY RECEIVE NOTIONAL AMOUNT (DEPRECIATION)
<S> <C> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
TIFF US EQUITY FUND/SCHEDULE OF INVESTMENTS (UNAUDITED)* JUNE 30, 2008
<CAPTION>
NUMBER
OF SHARES VALUE
<S> <C> <C>
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
--------------
<CAPTION>
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
<S> <C> <C> <C>
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.
<CAPTION>
INVESTMENT DATE OF ACQUISITION COST VALUE
<S> <C> <C> <C>
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
<CAPTION>
INITIAL
NOTIONAL NOTIONAL VALUE UNREALIZED
NUMBER OF VALUE/ AT JUNE 30, APPRECIATION/
CONTRACTS TYPE (PROCEEDS) 2008 (DEPRECIATION)
<S> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
TIFF SHORT-TERM FUND/SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2008
<CAPTION>
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2008
<CAPTION>
TIFF TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM
FUND EQUITY FUND FUND FUND
<S> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2008
<CAPTION>
TIFF TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM
FUND EQUITY FUND FUND FUND
<S> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
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
<S> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
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
<S> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2008
<CAPTION>
TIFF TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM
FUND EQUITY FUND FUND FUND
<S> <C> <C> <C> <C>
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.
</TABLE>
<PAGE>
-------------------------------------------------------------------------------
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:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
ASSET VALUATION INPUTS LEVEL 1 LEVEL 2** LEVEL 3*** TOTAL
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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:
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
MULTI-ASSET INTERNATIONAL US EQUITY
FUND EQUITY FUND FUND
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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)
</TABLE>
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:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
GROSS GROSS NET UNREALIZED
FUND APPRECIATION DEPRECIATION APPRECIATION COST
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
</TABLE>
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.
<PAGE>
-------------------------------------------------------------------------------
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.
<PAGE>
-------------------------------------------------------------------------------
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.
<PAGE>
------------------------------------------------------------------------------
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.
<PAGE>
-------------------------------------------------------------------------------
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).
<PAGE>
--------------------------------------------------------------------------------
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.
<PAGE>
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.
<PAGE>
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
-----------------------------
</TEXT>
</DOCUMENT>