N-CSRS 1 a2116349zn-csrs.txt N-CSRS ----------------------------- OMB APPROVAL ----------------------------- OMB Number: 3235-0570 Expires: Nov. 30, 2005 Estimated average burden hours per response....... 5.0 ---------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-08234 --------------------------------------------- TIFF Investment Program, Inc. -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 590 Peter Jefferson Parkway, Charlottesville, VA 22911 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Esther L. Cash President and Principal Executive Officer 590 Peter Jefferson Parkway, Charlottesville, VA 22911 -------------------------------------------------------------------------------- (Name and address of agent for service) with a copy to: Jack Murphy, Esq. Dechert 1775 I Street, N.W., Washington, D.C. 20006-2401 -------------------------------------------------------------------------------- Registrant's telephone number, including area code: 434-817-8200 --------------- Date of fiscal year end: 12/31/2003 ---------------- Date of reporting period: 1/1/03 6/30/03 ----------------- Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 0549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. section 3507. ITEM 1 REPORTS TO STOCKHOLDERS. (Semi-Annual Report for the period 1/1/03 through 6/30/03 is filed herewith) -------------------------------------------------------------------------------- SEMI-ANNUAL REPORT [LOGO] JUNE 30, 2003 (UNAUDITED) A Report of the TIFF INVESTMENT PROGRAM ABOUT TIFF The Investment Fund for Foundations (TIFF) is a non-profit cooperative founded in 1991 by a nationwide network of foundations. Its mission is to improve the investment returns of eligible organizations by making available to them (1) a series of multi-manager investment vehicles designed to meet the long-term investment needs of endowed charities and (2) resources aimed at enhancing fiduciaries' knowledge of investing. TIFF MUTUAL FUNDS The TIFF Investment Program, Inc. (TIP) comprises a family of multi-manager, no-load mutual funds open exclusively to 501(c)(3) organizations. TIP consists of five mutual funds at present: Multi-Asset (MAF), International Equity (IEF), US Equity (USEF), Government Bond (GBF), and Short-Term (STF). TIFF Advisory Services, Inc. (TAS), formerly Foundation Advisers, Inc., serves as the investment advisor to the funds. All of the TIFF mutual funds enable member organizations to delegate to TAS responsibility for the time-intensive task of selecting money managers and other vendors. The Multi-Asset Fund goes beyond this by providing members with an opportunity to also delegate to TAS responsibility for the all-important task of asset allocation within the marketable investments sector. FINANCIAL STATEMENTS TIP is pleased to provide this Semi-Annual Report for June 30, 2003. Additional 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 434-817-8200 or visit our Website at www.tiff.org. AUGUST 29, 2003 CONTENTS TIFF Multi-Asset Fund / / Schedule of Investments....................... 3 TIFF International Equity Fund / / Schedule of Investments....................... 11 TIFF US Equity Fund / / Schedule of Investments....................... 16 TIFF Government Bond Fund / / Schedule of Investments....................... 20 TIFF Short-Term Fund / / Schedule of Investments....................... 21 Statement of Assets and Liabilities............... 24 Statement of Operations........................... 26 Statement of Changes in Net Assets................ 28 Statement of Cash Flows........................... 31 Financial Highlights.............................. 32 Notes to Financial Statements..................... 37 Directors and Principal Officers.................. 50
-------------------------------------------------------------------------------- Copyright -C- 2003 / / All rights reserved / / This report may not be reproduced or distributed without written permission from TIFF. (This page intentionally left blank) 2 -------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + COMMON STOCKS -- 49.7% US COMMON STOCKS -- 25.1% AEROSPACE AND DEFENSE -- 0.3% 3,900 Boeing Co. $133,848 6,200 Textron, Inc. 241,924 5,600 United Technologies Corp. 396,648 ------------ 772,420 ------------ AIRLINES -- 0.1% 16,900 Northwest Airlines Corp. 190,801 ------------ APPAREL RETAILERS -- 0.1% 11,700 The Gap, Inc. 219,492 ------------ AUTOMOTIVE -- 0.1% 12,900 Delphi Corp. 111,327 6,300 General Motors Corp. 226,800 ------------ 338,127 ------------ BANKING -- 0.7% 10,600 Bank of America Corp. 837,718 4,200 Countrywide Financial Corp. 292,194 6,200 First Tennessee National Corp. 272,242 4,200 Greenpoint Financial Corp. 213,948 10,000 National City Corp. 327,100 7,100 Regions Financial Corp. 239,838 ------------ 2,183,040 ------------ BEVERAGES, FOOD, AND TOBACCO -- 0.7% 10,500 Altria Group, Inc. 477,120 9,000 Campbell Soup Co. 220,500 8,350 Coca-Cola Co. 387,523 6,900 Coca-Cola Enterprises, Inc. 125,235 7,500 McCormick & Co., Inc. 204,000 19,700 Sara Lee Corp. 370,557 6,900 Wm. Wrigley Jr. Co. 387,987 ------------ 2,172,922 ------------ CHEMICALS -- 0.6% 9,600 Air Products & Chemicals, Inc. 399,360 16,500 Ashland, Inc. 506,220 6,100 PPG Industries, Inc. 309,514 1,900 Praxair, Inc. 114,190 4,100 Rohm & Haas Co. 127,223 4,700 The Scotts Co., Class A* 232,650 ------------ 1,689,157 ------------ COMMERCIAL SERVICES -- 0.2% 5,900 Cendant Corp.* 108,088 6,800 H & R Block, Inc. 294,100 8,600 Waste Management, Inc. 207,174 ------------ 609,362 ------------ COMMUNICATIONS -- 0.4% 127,500 Lucent Technologies, Inc. 258,825 33,900 Nextel Communications, Inc., Class A* 612,912 3,300 Qualcomm, Inc.* 117,975 6,700 Verizon Communications Corp. 264,315 ------------ 1,254,027 ------------ COMPUTER SOFTWARE AND PROCESSING -- 1.5% 3,400 Adobe Systems, Inc. 108,596 NUMBER OF SHARES VALUE + 7,000 Computer Sciences Corp.* $266,840 15,400 IMS Health, Inc. 277,046 3,200 Intuit, Inc.* 142,496 55,100 Microsoft Corp.* 1,411,111 122,800 Oracle Corp.* 1,476,056 2,300 Symantec Corp.* 100,878 12,700 Unisys Corp.* 155,956 15,200 Yahoo!, Inc.* 497,952 ------------ 4,436,931 ------------ COMPUTERS AND INFORMATION -- 0.7% 35,800 Cisco Systems, Inc.* 593,922 12,100 Dell Computer Corp.* 386,716 15,377 Hewlett-Packard Co. 327,530 1,400 Lexmark International, Inc.* 99,078 72,900 Sun Microsystems, Inc.* 335,340 43,300 Xerox Corp.* 458,547 ------------ 2,201,133 ------------ COSMETICS AND PERSONAL CARE -- 0.5% 18,200 Colgate-Palmolive Co. 1,054,690 4,000 Estee Lauder Companies, Inc., Class A 134,120 5,100 Procter & Gamble Co. 454,818 ------------ 1,643,628 ------------ DIVERSIFIED -- 0.4% 11 Berkshire Hathaway Inc., Class A* 797,500 100 Berkshire Hathaway Inc., Class B 243,000 4,400 General Electric Co. 126,192 ------------ 1,166,692 ------------ ELECTRIC UTILITIES -- 0.4% 8,200 American Electric Power, Inc. 244,606 5,300 Edison International* 87,079 5,000 Entergy Corp. 263,900 10,000 Public Service Enterprise Group, Inc. 422,500 5,800 Sempra Energy 165,474 ------------ 1,183,559 ------------ ELECTRICAL EQUIPMENT -- 0.2% 10,100 Emerson Electric Co. 516,110 ------------ ELECTRONICS -- 0.7% 22,600 Analog Devices, Inc.* 786,932 58,200 Intel Corp. 1,209,875 3,900 Raytheon Co.* 128,076 ------------ 2,124,883 ------------ ENTERTAINMENT AND LEISURE -- 0.4% 11,100 Eastman Kodak Co. 303,585 8,100 Hasbro, Inc. 141,669 6,100 International Speedway Corp., Class A 241,011 23,400 Liberty Media Corp., Class A* 270,504 19,400 Mattel, Inc. 367,048 ------------ 1,323,817 ------------ FINANCIAL SERVICES -- 2.2% 31,023 Allied Capital Corp. 716,631 14,700 American Express Co. 614,607 3,200 Bear, Stearns & Co., Inc. 231,744 19,300 Citigroup, Inc. 826,040 5,800 Fannie Mae 391,152 2,300 Freddie Mac 116,771 1,700 Golden West Financial Corp. 136,017
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NUMBER OF SHARES VALUE + 41,780 JP Morgan Chase & Co., Inc. $1,428,040 4,100 Lehman Brothers Holdings, Inc. 272,568 5,900 MBNA Corp. 122,956 16,200 Mellon Financial Corp. 449,550 5,200 Moody's Corp. 274,092 14,900 Morgan Stanley 636,975 8,900 Washington Mutual, Inc. 367,570 ------------ 6,584,713 ------------ FOREST PRODUCTS AND PAPER -- 0.2% 5,500 Bowater, Inc. 205,975 4,600 Plum Creek Timber Co. 119,370 4,100 Temple-Inland, Inc. 175,931 ------------ 501,276 ------------ HEALTHCARE PROVIDERS -- 0.1% 13,100 HCA, Inc. 419,724 ------------ HEAVY MACHINERY -- 0.6% 14,500 Caterpillar, Inc. 807,070 9,900 Deere & Co. 452,430 3,700 Dover Corp. 110,852 3,600 Eaton Corp. 282,996 4,300 Paccar, Inc. 289,906 ------------ 1,943,254 ------------ HOME CONSTRUCTION, FURNISHINGS, AND APPLIANCES -- 0.1% 6,300 Ethan Allen Interiors, Inc. 221,508 ------------ HOUSEHOLD PRODUCTS -- 0.2% 3,200 Fortune Brands, Inc. 167,040 15,500 Newell Rubbermaid Inc. 434,000 ------------ 601,040 ------------ INSURANCE -- 1.3% 6,800 Allstate Corp. 242,420 16,050 American International Group, Inc. 885,639 1,300 Anthem, Inc. 100,295 7,500 Chubb Corp. 450,000 4,200 Loews Corp. 198,618 10,300 Marsh & McLennan Companies, Inc. 526,021 4,200 MBIA Inc. 204,750 5,100 Mercury General Corp. 232,815 2,500 MGIC Investment Corp. 116,600 8,200 Principal Financial Group, Inc. 264,450 4,600 The Progressive Corp. 336,260 2,400 United Health Group, Inc. 120,600 5,300 Unitrin, Inc. 143,736 ------------ 3,822,204 ------------ LODGING -- 0.1% 8,100 Mandalay Resort Group 257,985 ------------ MEDIA - BROADCASTING AND PUBLISHING -- 0.9% 28,000 AOL Time Warner, Inc.* 450,520 9,400 Comcast Corp. 271,002 1,200 E.W. Scripps Co. 106,464 3,600 EchoStar Communications Corp. 124,632 12,000 Hollinger International, Inc. 129,240 3,800 Knight Ridder, Inc. 261,934 4,400 McGraw-Hill Companies, Inc. 272,800 92,200 Primedia, Inc.* 281,210 9,100 Reader's Digest Association 122,668 NUMBER OF SHARES VALUE + 5,400 Tribune Co. $260,820 8,900 Viacom, Inc., Class B* 388,574 ------------ 2,669,864 ------------ MEDICAL SUPPLIES -- 0.6% 23,600 Baxter International, Inc. 613,600 4,100 Guidant Corp.* 181,999 17,600 Johnson & Johnson 909,920 ------------ 1,705,519 ------------ METALS AND MINING -- 1.3% 32,700 Alcoa, Inc. 833,850 40,100 Barrick Gold Corp. 717,790 14,200 CONSOL Energy, Inc. 322,908 52,300 Freeport-McMoRan Copper & Gold, Inc., Class B* 1,281,350 10,400 Newmont Mining Corp. 337,584 16,900 Steel Dynamics, Inc.* 231,530 11,900 United States Steel Corp. 194,803 ------------ 3,919,815 ------------ OIL AND GAS -- 3.1% 2,300 Amerada Hess Corp. 113,114 6,342 Anadarko Petroleum Corp. 282,029 5,300 Baker Hughes, Inc. 177,921 9,600 Burlington Resources, Inc. 519,072 7,500 ChevronTexaco Corp. 541,500 3,325 Cimarex Energy Co. 78,969 6,000 ConocoPhillips 328,800 7,000 Devon Energy Corp. 373,800 13,200 EOG Resources, Inc. 552,288 5,800 Equitable Resources, Inc. 236,292 4,700 Evergreen Resources, Inc.* 255,257 30,060 Exxon Mobil Corp. 1,079,455 9,075 Global Santa Fe Corp. 211,810 10,700 Halliburton Co. 246,100 6,800 Kerr-McGee Corp. 304,640 20,900 Kinder Morgan, Inc. 1,142,185 11,400 Marathon Oil Corp. 300,390 8,400 Noble Energy, Inc. 317,520 8,400 Occidental Petroleum Corp. 281,820 8,900 Rowan Companies, Inc. 199,360 9,100 Schlumberger Ltd. 432,887 5,200 Sunoco, Inc. 196,248 8,800 Transocean, Inc. 193,336 10,300 Valero Energy Corp. 374,199 7,400 Western Gas Resources, Inc. 293,040 19,100 XTO Energy, Inc. 384,101 ------------ 9,416,133 ------------ PHARMACEUTICALS -- 2.3% 12,800 Abbott Laboratories 560,128 16,600 Bristol-Myers Squibb Co. 450,690 6,100 Cardinal Health, Inc. 392,230 2,600 Chiron Corp.* 113,672 21,900 Genentech, Inc. 1,579,428 7,700 McKesson Corp. 275,198 28,300 Merck & Co., Inc. 1,713,565 7,900 Mylan Laboratories, Inc. 274,683 30,100 Pfizer, Inc. 1,027,915 11,200 Wyeth Corp. 510,160 ------------ 6,897,669 ------------
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NUMBER OF SHARES VALUE + REAL ESTATE -- 1.8% 24,300 Acadia Realty Trust (REIT) $222,345 11,300 American Financial Realty Trust (REIT) 168,483 6,500 Arden Realty Group, Inc. (REIT) 168,675 7,400 Boston Properties, Inc. (REIT) 324,120 3,900 Camden Property Trust (REIT) 136,305 6,000 Capital Automotive (REIT) 167,940 4,700 Chelsea Property Group, Inc. (REIT) 189,457 7,300 EastGroup Properties, Inc. (REIT) 197,100 6,700 General Growth Properties, Inc. (REIT) 418,348 8,500 Glimcher Realty Trust (REIT) 190,400 6,900 Hospitalities Properties Trust (REIT) 215,625 42,200 Host Marriott Corp. (REIT) 386,130 12,300 iStar Financial, Inc. (REIT) 448,950 18,900 Lexington Corporate Properties Trust (REIT) 334,530 4,200 Pan Pacific Retail Properties, Inc. (REIT) 165,270 4,600 Parkway Properties, Inc. (REIT) 193,430 13,000 ProLogis Trust (REIT) 354,900 9,900 Regency Centers Corp. (REIT) 346,302 9,400 Starwood Hotels & Resorts Worldwide, Inc. 268,746 10,800 The Mills Corp. (REIT) 362,340 7,200 The Rouse Co. (REIT) 274,320 ------------ 5,533,716 ------------ RETAILERS -- 1.3% 12,900 Albertson's, Inc. 247,680 3,200 AutoZone, Inc.* 243,104 2,400 Best Buy Co., Inc.* 105,408 4,600 Costco Wholesale Corp. 168,360 8,400 Federated Department Stores, Inc.* 309,540 15,600 JC Penney Company, Inc. 262,860 19,700 Kroger Co.* 328,596 45,100 Limited Brands 699,050 15,100 Safeway, Inc.* 308,946 11,800 Saks, Inc.* 114,460 52,400 TJX Companies, Inc. 987,216 14,100 Toys 'R' Us, Inc. 170,892 ------------ 3,946,112 ------------ TELEPHONE SYSTEMS -- 0.5% 7,900 BellSouth Corp. 210,377 76,900 Qwest Communications International, Inc.* 367,582 23,400 SBC Communications, Inc. 597,870 19,800 Sprint Corp. (FON Group) 285,120 ------------ 1,460,949 ------------ TRANSPORTATION -- 0.5% 20,900 Burlington Northern Santa Fe Corp. 594,396 14,000 CSX Corp. 421,260 2,200 FedEx Corp. 136,466 11,000 Kansas City Southern 132,330 4,100 Sabre Holdings Corp.* 101,065 ------------ 1,385,517 ------------ Total US Common Stocks (Cost $70,790,998) 75,313,099 ------------ FOREIGN COMMON STOCKS -- 24.6% AUSTRALIA -- 1.1% 121,642 Amcor Ltd. 662,423 12,000 Australia and New Zealand Banking Group Ltd. 149,770 28,000 Caltex Australian Ltd.* 54,457 55,853 Coles Myer Ltd. 262,205 NUMBER OF SHARES VALUE + 205,582 Foster's Group Ltd. $580,448 30,480 National Australia Bank Ltd. 684,787 24,255 Orica Ltd. 176,167 60,000 Rinker Group Ltd. 210,852 48,000 Santos Ltd. 189,928 160,037 Telstra Corp. 472,247 ------------ 3,443,284 ------------ BELGIUM -- 0.1% 1,643 Electrabel SA 418,667 ------------ BERMUDA -- 0.2% 15,500 Accenture Ltd. 280,395 5,500 Ingersoll Rand Co. 260,260 ------------ 540,655 ------------ BRAZIL -- 0.5% 11,350 Cia Vale do Rio Doce - ADR 336,641 21,600 Cia Vale do Rio Doce - Sponsored ADR 599,400 14,200,000 Companhia Siderurgica Nacional SA 352,154 15,200 Petroleo Brasileiro SA - ADR 300,352 ------------ 1,588,547 ------------ CANADA -- 2.6% 112,600 Abitibi-Consolidated, Inc. 720,920 15,000 Agrium, Inc. 163,937 7,000 Alcan, Inc. 218,178 14,000 Alcan, Inc. - ADR 438,060 6,800 BCE, Inc. 155,443 14,500 Boardwalk Equities, Inc. 164,575 16,400 Canadian Natural Resources Ltd. 650,569 36,311 Encana Corp. 1,389,921 3,000 Fairmont Hotels & Resorts, Inc. 69,108 15,900 Hudson's Bay Co. 110,583 8,000 Imperial Oil Ltd. (foreign market) 276,960 9,900 Inco Ltd.* 207,508 1,700 Magna International, Inc. 114,359 16,600 Nexen, Inc. 421,002 118,500 Nortel Networks Corp.* 318,326 9,171 Petro-Canada 362,318 61,000 Placer Dome, Inc. 748,470 16,500 Rogers Communications, Inc., Class B 262,421 16,484 Suncor Energy, Inc. 304,749 9,800 Talisman Energy - Canadian Exchange 444,868 5,000 Talisman Energy, Inc. 229,250 ------------ 7,771,525 ------------ CHINA -- 0.4% 13,700 Aluminum Corp. of China Ltd. 304,688 770,000 Beijing Capital International Airport Co., Ltd., Class H 187,609 13,000 China Petroleum & Chemical Corp. - ADR 313,950 406,000 Guangshen Railway Co. Ltd. 72,368 390,000 Yanzhou Coal Mining Co. Ltd. 181,293 ------------ 1,059,908 ------------ DENMARK -- 0.1% 900 Bang & Olufsen Holding AS, Ser. B 24,482 800 Coloplast AS, Class B 61,823 3,200 TDC AS 95,702 2,200 William Demant Holding* 50,324 ------------ 232,331 ------------
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NUMBER OF SHARES VALUE + ESTONIA -- 0.1% 10,269 Hansabank Ltd. $210,494 ------------ FINLAND -- 0.2% 7,700 Metso Oyj 68,970 5,600 M-real Oyj, Class B 43,922 11,900 Sampo Oyj, Class A 87,322 3,600 Tietoenator OY 61,763 19,068 UPM-Kymmeme OY 276,556 ------------ 538,533 ------------ FRANCE -- 2.2% 7,262 Air Liquide SA 1,076,606 9,100 Alcatel SA* 82,032 1,700 Atos Origin* 58,800 1,600 Aventis SA - Frankfurt Exchange 88,010 4,200 AXA SA 65,160 2,200 BNP Paribas 111,792 2,800 Carrefour SA 137,232 11,291 Compagnie de Saint-Gobain 447,328 21,700 Dassault Systemes SA 712,689 700 Groupe Danone 96,863 11,100 L'Oreal SA 782,646 2,900 Pechiney SA, A Shares 104,102 11,300 Scor SA* 64,233 10,246 Societe Generale, Class A 649,483 14,400 Societe Television Francaise 1 443,171 6,300 Technip-Coflexip SA - ADR 137,655 2,100 Thales SA 62,338 3,280 Total SA 495,683 11,600 Total SA - Sponsored ADR 879,280 7,100 Vivendi Universal SA* 129,230 ------------ 6,624,333 ------------ GERMANY -- 1.4% 24,363 Bayer AG 562,343 14,595 Bayerische Hypo-und Vereinsbank AG* 239,670 13,300 Bayerische Motoren Werke AG 510,884 16,100 Deutsche Bank AG 1,039,790 3,700 Deutsche Post AG 53,961 1,800 E. ON AG 92,272 2,300 Fresenius Medical Care 113,308 9,000 Muenchener Rueckversicherungs 909,493 21,758 RWE AG 657,127 ------------ 4,178,848 ------------ GHANA -- 0.0% 11,700 Ashanti Goldfields Co. Ltd. - Sponsored ADR 93,249 ------------ HONG KONG -- 0.9% 17,000 Asia Satellite Telecom Holdings 28,013 284,000 First Pacific Co. Ltd.* 49,530 54,000 Henderson Land Development Co. 155,114 32,000 Hong Kong Aircraft Engineering Co. Ltd. 106,692 73,200 Hong Kong Electric Holdings Ltd. 287,237 54,000 Hong Kong Exchanges & Clearing Ltd. 77,557 101,000 Hong Kong Shanghai Hotels Ltd. 45,655 111,000 Hysan Development Co. Ltd. 91,810 250,000 i-Cable Communications Ltd. 63,156 75,600 Jardine Matheson Holdings Ltd. 464,940 64,000 Jardine Strategic Holdings Ltd. 177,600 346,000 Johnson Electric Holdings Ltd. 428,166 79,000 Mandarin Oriental International Ltd.* 32,390 NUMBER OF SHARES VALUE + 130,000 Next Media Ltd.* $41,677 101,000 SmarTone Telecommunications Holdings Ltd. 115,271 62,000 Television Broadcasts Ltd. 222,219 195,000 Wharf Holdings Ltd. 375,089 90,000 Wheelock & Co. Ltd. 78,480 ------------ 2,840,596 ------------ INDIA -- 0.0% 18,000 ICICI Bank Ltd. - ADR 130,860 ------------ INDONESIA -- 0.1% 148,000 PT Astra International, Inc.* 64,133 1,759,000 PT Bank Pan Indonesia TBK 66,096 60,000 PT Gudang Garam TBK 74,182 606,000 PT Matahari Putra Prima TBK 38,564 58,000 PT Semen Gresik 53,782 ------------ 296,757 ------------ IRELAND -- 0.0% 23,300 Fyffes plc 36,656 45,300 Independent News & Media plc 80,631 ------------ 117,287 ------------ ITALY -- 0.4% 254,200 IntesaBci SpA 815,890 8,100 Luxottica Group SpA - ADR 112,590 2,500 Natuzzi SpA 20,050 15,000 Saipem SpA 113,160 20,200 Unicredito Italiano SpA 96,498 ------------ 1,158,188 ------------ JAPAN -- 3.0% 4,000 Aisin Seiki Co. Ltd. 57,098 32,000 Canon, Inc. 1,468,416 10,000 Dai Nippon Printing Co. Ltd. 105,767 10,000 Daifuku Co. Ltd. 38,060 12 Dentsu, Inc. 37,377 9,200 Eisai Co. Ltd. 189,248 3,000 FamilyMart Co. Ltd. 53,591 15,100 FANUC Ltd. 748,241 3,000 Fuji Photo Film Co. 86,696 5,100 Hirose Electronics Co. Ltd. 421,761 20,000 Hitachi Ltd. 84,780 4,300 Keyence Corp. 787,841 20,000 Kirin Brewery Co. Ltd. 140,579 10,000 Koito Manufacturing Co. Ltd. 42,807 10,000 Komatsu Ltd. 38,309 8,000 Lion Corp. 34,445 31,000 Matsushita Electric Industries Co. 306,966 12,000 Matsushita Electric Works Ltd. 71,056 143,000 Mitsubishi Corp. 992,038 22,000 Mitsubishi Gas Chemical Co. 46,538 26,000 Mitsubishi Heavy Industries, Ltd. 67,341 9,700 Murata Manufacturing Co. Ltd. 381,295 8,000 NGK Insulators Ltd. 44,372 14,000 Nippon Oil Corp. 60,745 20,000 Nippon Sanso Corp. 64,293 38 Nippon Telegraph and Telephone Corp. 149,057 14,000 Nisshinbo Industries, Inc. 64,127 36,400 Nomura Holdings, Inc. 461,991 10,000 Noritake Co. Ltd. 31,230 28 NTT DoCoMo, Inc. 60,629 5,000 OMRON Corp. 84,322 5,000 Onward Kashiyama Co. 40,391
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NUMBER OF SHARES VALUE + 7,700 Rohm Co. $839,417 2,000 SECOM Co., Ltd. 58,630 8,000 Shiseido Co. Ltd. 77,751 14,000 Sompo Japan Insurance, Inc. 76,369 12,000 Sumitomo Chemical Co. Ltd. 37,676 14,000 Sumitomo Corp. 64,593 12,000 Sumitomo Forestry Co. Ltd. 62,561 16,000 Sumitomo Trust & Banking Co. Ltd. 55,299 18,000 Tokyo Gas Co. 51,718 4,000 Tokyo Ohka Kogyo Co. 58,930 6,000 Tostem Inax Holding Corp. 86,446 46 UFJ Holdings, Inc.* 67,424 30 West Japan Railway Co. 113,679 8,000 Yamaha Motor Co. Ltd. 67,491 5,000 Yamatake Corp. 35,644 8,000 Yokohama Bank Ltd. 26,117 ------------ 9,041,152 ------------ LUXEMBOURG -- 0.0% 12,400 Arcelor SA 144,389 ------------ MALAYSIA -- 0.2% 7,800 British American Tobacco Berhad 80,053 21,000 Carlsberg Brewery Malaysia Berhad 59,684 71,000 CIMB Berhad* 56,800 59,000 Commerce Asset-Holding Berhad 53,721 15,000 Genting Berhad 59,211 47,000 Kumpulan Guthrie Berhad 28,447 108,000 Multi-Purpose Holdings Berhad* 36,379 24,000 PPB Group Berhad 29,179 52,000 Resorts World Berhad 134,105 ------------ 537,579 ------------ MEXICO -- 0.4% 700 America Movil SA de CV 13,125 2,221 Cemex SA 9,929 459,900 Grupo Financiero BBVA Bancomer* 389,574 800 Telefonos de Mexico, Class L - ADR 25,136 22,300 Wal-Mart de Mexico - ADR 659,114 ------------ 1,096,878 ------------ NETHERLANDS -- 1.2% 22,800 Heineken NV 809,036 25,351 ING Groep NV 440,462 13,600 Koninklijke (Royal) KPN NV* 96,360 6,400 Koninklijke (Royal) Philips Electronics NV 121,707 1,800 Koninklijke Boskalis Westminster NV 44,193 34,603 Reed Elsevier NV 408,092 23,705 Royal Dutch Petroleum Co. 1,100,299 11,400 Royal Dutch Petroleum Co., NY Shares 531,468 2,100 Royal Nedlloyd NV 43,552 ------------ 3,595,169 ------------ NEW ZEALAND -- 0.3% 76,000 Carter Holt Harvey Ltd. 79,645 228,033 Telecom Corporation of New Zealand Ltd. 699,550 ------------ 779,195 ------------ NORWAY -- 0.2% 10,700 DnB Holding ASA 52,771 7,900 Norsk Hydro ASA - ADR 388,285 3,600 Rieber & Son ASA, Class B 25,435 4,000 Schibsted ASA 55,414 ------------ 521,905 ------------ NUMBER OF SHARES VALUE + PERU -- 0.2% 19,700 Compania de Minas Buenaventura SA - ADR $592,773 ------------ PHILIPPINES -- 0.1% 176,000 ABS-CBN Broadcasting Corp. - PDR* 60,099 842,000 Ayala Corp. 72,471 12,000 Globe Telecom, Inc. 135,841 129,000 Jollibee Foods Corp. 41,033 ------------ 309,444 ------------ RUSSIA -- 0.2% 6,870 Lukoil Oil Co. - ADR 542,730 ------------ SINGAPORE -- 0.3% 217,000 BIL International Ltd.* 99,813 15,000 Great Eastern Holdings Ltd. 83,049 21,000 Haw Par Corp. 51,755 28,000 Overseas Union Enterprise Ltd. 111,300 60,000 Overseas-Chinese Banking Corp. Ltd. 340,715 201,000 SembCorp Marine 111,857 7,000 Singapore Press Holdings 72,743 125,000 United Industrial Corp. 61,045 ------------ 932,277 ------------ SOUTH AFRICA -- 1.0% 19,000 Anglo American Platinum Corp. 607,190 13,200 Anglo American plc 202,840 172,924 Aspen Pharmacare Holdings Ltd. 178,450 10,100 Edgars Consolidated Stores Ltd. 96,374 49,900 Gold Fields Ltd. 597,338 14,300 Harmony Gold Mining Co. Ltd. 192,621 6,004 Impala Platinum Holdings Ltd. 361,359 6,584 Kersaf Investments Ltd. 26,301 11,600 Pretoria Portland Cement Co. Ltd. 154,461 60,556 Sasol Ltd. 675,389 ------------ 3,092,323 ------------ SOUTH KOREA -- 0.5% 430 Hyundai Motor Co. Ltd. 11,375 730 Kookmin Bank 22,001 460 Korea Electric Power Corp. 7,278 100 Pohang Iron and Steel Co. Ltd. 10,381 23,966 Posco - ADR 627,670 80 Samsung Electronics Co. Ltd. 23,776 5,600 Samsung Electronics Co., Ltd. - GDR 833,000 ------------ 1,535,481 ------------ SPAIN -- 0.8% 2,200 Acciona SA 104,844 3,000 Acerinox SA 114,651 33,507 Banco Central Hispanoamer SA 293,585 2,900 Banco Popular Espanol 146,529 11,083 Endesa SA 185,562 29,046 Iberdrola SA 502,993 8,300 NH Hoteles SA* 87,307 1,100 Prosegur Cia de Seguridad SA 16,257 14,100 Repsol SA - ADR 227,997 49,959 Telefonica SA 580,015 3,200 Viscofan SA 24,915 ------------ 2,284,655 ------------ SWEDEN -- 0.3% 4,600 ABB Ltd.* 15,228
7 -------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + 6,900 Assa Abloy AB $66,802 2,300 Hoganas AB, Class B 46,833 3,000 OM AB 21,362 39,000 Securitas AB, B Shares 399,503 3,400 Svenska Cellulosa AB 116,166 8,400 Svenska Handelsbanken, Class A 137,465 98,300 Telefonaktiebolaget Ericsson LM, Class B* 105,607 ------------ 908,966 ------------ SWITZERLAND -- 0.7% 6,200 Compagnie Financiere Richemont AG 100,240 90 Geberit AG 27,707 16,300 Nestle SA - ADR 840,849 23,400 Novartis AG 925,946 200 Publigroupe SA* 33,664 330 SGS Societe General de Surveillance SA 128,877 ------------ 2,057,283 ------------ THAILAND -- 0.5% 112,000 Advanced Information Service Public Co. Ltd. 162,512 257,700 Bangkok Bank Public Co. Ltd.* 413,767 76,000 GMM Grammy Public Co., Ltd. 39,048 80,000 Golden Land Property Development Public Co. Ltd.* 25,119 105,000 Kasikornbank plc* 84,919 48,000 MBK Properties & Development Public Co. Ltd. 41,104 116,000 National Finance Public Co. Ltd. 41,665 37,000 Siam Cement Public Co. Ltd. 147,859 108,000 Siam Cement Public Co. Ltd. - NVDR 385,347 23,000 Siam Commercial Bank Public Co. Ltd.* 19,696 ------------ 1,361,036 ------------ UNITED KINGDOM -- 4.4% 22,000 Arriva plc 124,760 18,000 Associated British Ports Holdings plc 118,849 26,150 Aviva plc 185,227 13,000 BAA plc 106,348 51,000 BAE Systems plc 119,925 21,000 Barclays plc 155,939 128,041 BG Group plc 567,453 72,619 Boots Group plc 777,112 13,000 BP plc 90,152 12,400 BP plc - ADR 521,048 105,990 Brambles Industries plc 286,835 149,334 British Airways plc* 386,737 18,000 BT Group plc 60,436 152,747 Cable & Wireless Communications plc 285,075 15,000 Capita Group plc 56,188 2,000 Carnival plc 60,891 19,000 Compass Group plc 104,096 15,000 Devro plc 17,129 17,000 Diageo plc 181,500 8,000 EMI Group plc 16,189 32,000 Enodis plc* 20,990 59,264 GKN plc 221,377 35,122 GlaxoSmithKline plc 708,809 8,000 Granada plc 11,870 59,421 GUS plc 666,764 28,000 Hanson plc 156,055 52,608 HBOS plc 680,343 19,000 Hilton Group plc 58,003 NUMBER OF SHARES VALUE + 61,759 InterContinental Hotels Group plc* $441,196 11,000 Intertek Testing Services plc 78,869 32,000 Kidde plc 44,884 75,786 Lloyds TSB Group plc 538,063 61,759 Mitchells & Butlers plc* 243,385 38,000 MyTravel Group plc* 11,715 80,201 Pearson plc 749,065 72,000 Pilkington plc 81,426 8,000 Provident Financial plc 85,148 7,300 Reckitt Benckiser plc 133,953 18,000 Reed Elsevier plc 152,033 41,000 Rentokil Initial plc 128,039 49,000 Rio Tinto plc 935,478 30,000 Shell Transport & Trading Co. 198,018 10,300 Shell Transport & Trading Co. - ADR 410,455 7,000 Smiths Group plc 81,522 96,000 Stagecoach Group plc 101,368 22,000 Sygen International plc* 17,063 25,000 TBI plc 22,793 22,000 Tesco Plc 79,595 36,000 The Sage Group plc 96,260 60,000 Vodafone Group plc 117,326 60,300 Vodafone Group plc - ADR 1,184,895 70,000 WPP Group plc 548,675 ------------ 13,227,324 ------------ Total Foreign Common Stocks (Cost $69,595,342) 73,804,621 ------------ Total Common Stocks (Cost $140,386,340) 149,117,720 ------------
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE ASSET-BACKED SECURITIES -- 1.4% $275,000 Centex Home Equity, Ser. 2003-B, Class M2 3.020% 06/25/33 275,534 250,000 Chase Funding Loan Acqusition Trust, Ser. 2003-C1, Class 2M2 2.554% 10/25/32 250,473 500,000 Countrywide Asset-Backed Certificates, Ser. 2003-BC3, Class M3 2.640% 01/25/33 500,977 787,884 DVI Receivables Corp., Ser. 2000-1, Class A4 7.780% 06/14/08 817,009 250,000 DVI Receivables Corp., Ser. 2002-2, Class A3A 1.796% 09/12/10 249,542 500,000 First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2003-FF1, Class M2 2.685% 07/25/33 498,985 250,000 Impac CMB Trust, 2003-7 2.764% 04/25/33 250,000 294,610 Impac CMB Trust, Ser. 2003-5, Class M2 2.785% 01/25/33 295,259 449,436 Impac CMB Trust, Ser. 2003-6, Class 1M1 3.010% 04/25/33 449,901 450,000 Long Beach Mortgage Loan Trust, Ser. 2002-5, Class M2 (a) 3.320% 11/25/32 453,988 250,000 Long Beach Mortgage Loan Trust, Ser. 2003-4, Class M2 2.860% 08/25/33 250,000 ------------ Total Asset-Backed Securities (Cost $4,275,860) 4,291,668 ------------
8 -------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + US TREASURY OBLIGATIONS -- 18.2% $1,704,705 US Treasury Inflation-Indexed Bond 3.625% 04/15/28 $2,077,875 29,033,888 US Treasury Inflation-Indexed Note 3.000% 07/15/12 31,996,245 2,320,360 US Treasury Note 3.375% 01/15/07 2,548,046 17,623,000 US Treasury Note 3.875% 02/15/13 18,134,472 ------------ Total US Treasury Obligations (Cost $52,654,708) 54,756,638 ------------ LIMITED PARTNERSHIPS -- 21.4% Canyon Value Realization Fund, LP*(b)(c)(d) 19,248,536 Farallon Capital Institutional Partners, LP*(a)(b)(c)(d) 16,466,241 Lone Picea, LP*(a)(b)(c)(d) 1,398,644 Lone Redwood, LP*(a)(b)(c)(d) 12,683,821 Maverick Fund USA, Ltd.*(a)(b)(c)(d) 3,127,762 OZ Domestic Partners, LP*(a)(b)(c)(d) 5,317,061 Regiment Capital, Ltd.*(a)(b)(c)(d) 6,000,000 ------------ Total Limited Partnerships (Cost $39,597,545) 64,242,065 ------------
NUMBER OF SHARES PREFERRED STOCK -- 0.4% ELECTRONICS -- 0.3% 109,423 Taiwan Semiconductor Manufacturing Co. Ltd. (144A) (PREF)*(a){::} 901,056 ----------- OIL AND GAS -- 0.1% 8,600 Surgutneftegaz - ADR 179,740 ----------- Total Preferred Stock (Cost $1,061,765) 1,080,796 -----------
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + SHORT-TERM INVESTMENTS -- 8.9% REPURCHASE AGREEMENTS -- 7.9% $13,480,000 Bear, Stearns & Co. Inc. -- Repurchase Agreement issued 6/30/03 (proceeds at maturity $13,480,468) (Collateralized by $13,397,000 FNMA, 1.250%, due 11/01/32, with a market value of $13,561,369) 1.250% 07/01/03 $13,480,000 10,195,510 Investors Bank & Trust Co. -- Repurchase Agreement issued 06/30/03 (proceeds at maturity $10,195,722) (Collateralized by $10,363,898 FNMA, 5.827%, due 07/01/32, with a market value of $10,705,285) 0.750% 07/01/03 10,195,509 ------------ Total Repurchase Agreements (Cost $23,675,509) 23,675,509 ------------ US TREASURY SECURITIES -- 1.0%# 1,000,000 US Treasury Bill+ 0.565% 10/23/03 997,175 2,050,000 US Treasury Bill 0.747% 11/20/03 2,042,327 ------------ Total US Treasury Securities (Cost $3,037,736) 3,039,502 ------------ Total Short-Term Investments (Cost $26,713,245) 26,715,011 ------------ Total Investments -- 100.0% (Cost $264,689,463) 300,203,898 Other Assets in Excess of Liabilities -- 0.0% 37,842 ------------ NET ASSETS -- 100.0% $300,241,740 ============
9 -------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS): Capital Equipment 9.1% Consumer Goods 9.4 Energy 7.9 Finance 11.1 Industrial 0.2 Limited Partnerships(d) 21.4 Materials 6.8 Multi-Industry 1.1 Repurchase Agreements 7.9 Services 5.9 US Government Obligations 18.2 US Treasury Obligations 1.0 Other Assets (Liabilities) 0.0 ------ Total 100.0% ======
ADR American Depositary Receipt FNMA Fannie Mae NVDR Non-Voting Depositary Receipt PDR Phillippine Depositary Receipt PREF Preference Shares REIT Real Estate Investment Trust * Non-income producing security. + Security or a portion thereof is held with a broker as initial margin for financial futures and forward contracts. See Appendix B and Appendix C of Notes to Financial Statements. {::} Security exempt from registration under Rule 144A of the Securities Act of 1933. Security may be resold in transactions exempt from registration, normally to qualified buyers. At June 30, 2003, the aggregate market value of this security was $901,056 or 0.30% of net assets. The board of directors has deemed this security to be liquid. + See Note 2 to the Financial Statements. # Interest rate represents the yield to maturity at the time of purchase. (a) Illiquid security. (b) Security is valued in good faith under procedures established by the board of directors. (c) Restricted security. (d) Underlying fund investments and industry breakdowns at June 30, 2003, not available to the advisor. See accompanying Notes to Financial Statements. 10 -------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + COMMON STOCKS -- 85.7% AUSTRALIA -- 4.0% 94,000 Alumina Ltd. $256,577 151,310 Amcor Ltd. 823,986 27,309 Australia and New Zealand Banking Group Ltd. 340,838 58,000 Caltex Australian Ltd.* 112,803 93,139 Coles Myer Ltd. 437,246 325,852 Foster's Group Ltd. 920,022 45,149 National Australia Bank Ltd. 1,014,352 29,560 Orica Ltd. 214,698 148,000 Santos Ltd. 585,612 201,528 Telstra Corp. 594,681 80,000 WMC Resources Ltd.* 188,319 ------------ 5,489,134 ------------ BELGIUM -- 0.3% 1,356 Electrabel SA 345,534 ------------ BRAZIL -- 1.0% 28,000 Cia Vale do Rio Doce - ADR 795,527 12,600,000 Companhia Siderurgica Nacional SA 312,475 14,700 Voctorantim Celulose Papel SA - ADR 284,298 ------------ 1,392,300 ------------ CANADA -- 2.7% 30,000 Abitibi-Consolidated, Inc. 190,984 6,710 Agrium, Inc. 73,335 26,000 Air Canada, Class A* 5,741 7,500 Alcan, Inc. 233,763 7,800 BCE, Inc. 178,302 24,826 Encana Corp. 952,574 3,800 Fairmont Hotels & Resorts, Inc. 87,536 14,108 Hudson's Bay Co. 98,120 23,000 Imperial Oil Ltd. 803,160 10,772 Imperial Oil Ltd. (foreign market) 372,927 7,800 Inco Ltd.* 163,491 1 National Bank of Canada 24 45,020 Nortel Networks Corp.* 120,937 20,800 Rogers Communications, Inc., Class B 330,810 21,500 Stelco, Inc., Class A* 17,406 ------------ 3,629,110 ------------ CHINA -- 0.4% 962,000 Beijing Capital International Airport Co., Ltd., Class H 234,389 694,000 Guangshen Railway Co. Ltd. 123,704 496,000 Yanzhou Coal Mining Co. Ltd. 230,568 ------------ 588,661 ------------ CROATIA -- 0.2% 20,848 Pliva DD - GDR 288,563 ------------ DENMARK -- 1.1% 3,300 Bang & Olufsen Holding AS, Ser. B 89,767 2,600 Coloplast AS, Class B 200,924 21,370 ISS AS 762,967 10,000 TDC AS 299,068 6,500 William Demant Holding* 148,684 ------------ 1,501,410 ------------ ESTONIA -- 0.2% 11,628 Hansabank Ltd. 238,351 ------------ NUMBER OF SHARES VALUE + FINLAND -- 0.8% 25,700 Metso Oyj $230,198 23,900 M-real Oyj, Class B 187,453 38,200 Sampo Oyj, Class A 280,310 12,220 Tietoenator OY 209,651 15,068 UPM-Kymmeme OY 218,541 ------------ 1,126,153 ------------ FRANCE -- 5.8% 6,730 Air Liquide SA 997,736 31,300 Alcatel SA* 282,155 4,400 Atos Origin* 152,189 5,376 Aventis SA - Frankfurt Exchange 295,712 14,200 AXA SA 220,302 7,908 BNP Paribas 401,841 18,346 Carrefour SA 899,166 29,646 Compagnie de Saint-Gobain 1,174,517 2,400 Groupe Danone 332,103 9,973 Pechiney SA, A Shares 358,005 37,020 Scor SA* 210,434 16,441 Societe Generale, Class A 1,042,177 7,500 Thales SA 222,636 5,898 Total SA 891,323 22,245 Vivendi Universal SA* 404,889 ------------ 7,885,185 ------------ GERMANY -- 3.1% 25,410 Bayer AG 586,509 26,131 Bayerische Hypo-und Vereinsbank AG* 429,108 8,900 Bayerische Motoren Werke AG 341,870 12,300 Buderus AG* 409,616 11,000 Deutsche Post AG 160,425 6,100 E. ON AG 312,700 1,400 Fresenius Medical Care 68,970 15,780 Fresenius Medical Care - ADR 259,423 24,000 Metro AG 775,550 29,724 RWE AG 897,713 ------------ 4,241,884 ------------ GHANA -- 0.1% 20,000 Ashanti Goldfields Co. Ltd. - Sponsored ADR 159,400 ------------ HONG KONG -- 3.3% 28,000 Asia Satellite Telecom Holdings 46,139 2,586,000 Chaoda Modern Agriculture (Holdings) Ltd. 447,683 27,000 China Mobile (Hong Kong) Ltd. - ADR 317,790 562,000 First Pacific Co. Ltd.* 98,013 108,000 Henderson Land Development Co. 310,227 66,000 Hong Kong Aircraft Engineering Co. Ltd. 220,052 105,000 Hong Kong Electric Holdings Ltd. 412,021 110,000 Hong Kong Exchanges & Clearing Ltd. 157,986 215,000 Hong Kong Shanghai Hotels Ltd. 97,187 155,473 Hysan Development Co. Ltd. 128,595 491,000 i-Cable Communications Ltd. 124,038 134,620 Jardine Matheson Holdings Ltd. 827,913 118,881 Mandarin Oriental International Ltd.* 48,741 300,000 Next Media Ltd.* 96,177 202,478 SmarTone Telecommunications Holdings Ltd. 231,087 89,000 Television Broadcasts Ltd. 318,992 219,571 Wharf Holdings Ltd. 422,352 155,000 Wheelock & Co. Ltd. 135,160 ------------ 4,440,153 ------------
11 -------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + INDIA -- 0.2% 32,100 ICICI Bank Ltd. - ADR $233,367 7,200 SIEL Ltd. - GDR* 2,088 ------------ 235,455 ------------ INDONESIA -- 0.5% 292,307 PT Astra International, Inc.* 126,666 3,835,000 PT Bank Pan Indonesia TBK 144,103 343,000 PT Citra Marga Nusaphala Persada TBK* 17,462 114,000 PT Gudang Garam TBK 140,945 1,420,000 PT Matahari Putra Prima TBK 90,364 415,000 PT Mulia Industrindo TBK* 8,300 121,000 PT Semen Gresik 112,200 ------------ 640,040 ------------ IRELAND -- 0.8% 41,200 CRH plc 643,443 81,000 Fyffes plc 127,432 151,340 Independent News & Media plc 269,377 ------------ 1,040,252 ------------ ISRAEL -- 0.7% 17,280 Teva Pharmaceutical Industries Ltd. 983,750 ------------ ITALY -- 1.9% 343,332 IntesaBci SpA 1,101,972 57,500 Luxottica Group SpA - ADR 799,250 6,600 Natuzzi SpA 52,932 40,900 Saipem SpA 309,046 69,000 Unicredito Italiano SpA 329,622 ------------ 2,592,822 ------------ JAPAN -- 13.5% 600 Aioi Insurance Co. Ltd. 1,459 15,000 Aisin Seiki Co. Ltd. 214,116 18,000 Anritsu Corp.* 98,189 29,600 Asatsu-DK, Inc. 530,002 43,000 Canon, Inc. 1,973,183 36,000 Dai Nippon Printing Co. Ltd. 380,762 27,000 Dai-Dan Co. Ltd. 105,909 13,000 Daifuku Co. Ltd. 49,477 34 Dentsu, Inc. 105,901 26,200 Eisai Co. Ltd. 538,947 14,800 Ezaki Glico Co. Ltd. 85,417 10,000 FamilyMart Co. Ltd. 178,638 37,000 Fuji Electric Co. Ltd. 81,041 8,000 Fuji Photo Film Co. 231,189 30,000 Furukawa Electric Co. Ltd. 97,939 5,000 Glory Ltd. 110,972 174,000 Hitachi Ltd. 737,589 5,000 Hitachi Medical Corp. 55,798 10,000 Inabata & Co. Ltd. 45,388 4,000 ISB Corp. 19,288 14,000 Itochu Corp. 35,211 32,000 Kao Corp. 595,628 1,700 Keyence Corp. 311,472 14,000 Kinden Corp. 46,987 62,000 Kirin Brewery Co. Ltd. 435,794 18,000 Koito Manufacturing Co. Ltd. 77,052 24,000 Komatsu Ltd. 91,943 16,000 Lintec 166,563 42,000 Lion Corp. 180,837 55,000 Matsushita Electric Industries Co. 544,618 NUMBER OF SHARES VALUE + 29,000 Matsushita Electric Works Ltd. $171,718 37 Millea Holdings, Inc. 282,873 95,000 Mitsubishi Corp. 659,046 58,000 Mitsubishi Gas Chemical Co. 122,690 60,000 Mitsubishi Heavy Industries, Ltd. 155,403 17,000 Mizuno Corp. 52,242 14,900 Murata Manufacturing Co. Ltd. 585,701 24,000 NGK Insulators Ltd. 133,117 10,000 NIFCO, Inc. 107,266 4,000 Nippon Broadcasting System, Inc. 101,270 10,000 Nippon Koei Co. Ltd. 18,572 52,000 Nippon Oil Corp. 225,626 66,000 Nippon Sanso Corp. 212,167 116 Nippon Telegraph and Telephone Corp. 455,016 44,000 Nisshinbo Industries, Inc. 201,541 36,000 Nomura Holdings, Inc. 456,914 32,000 Noritake Co. Ltd. 99,938 80 NTT DoCoMo, Inc. 173,225 18,000 OMRON Corp. 303,560 9,000 Ono Pharmaceutical Co. Ltd. 278,826 16,000 Onward Kashiyama Co. 129,253 6,600 Rohm Co. 719,500 8,000 Ryosan Co. 104,735 21,000 Sankyo Seiko 69,257 5,500 SECOM Co., Ltd. 161,233 22,000 Shiseido Co. Ltd. 213,816 72 Sky Perfect Communications, Inc.* 49,229 36,000 Sompo Japan Insurance, Inc. 196,377 28,000 Sumitomo Chemical Co. Ltd. 87,912 40,000 Sumitomo Corp. 184,551 17,000 Sumitomo Electric Industries Ltd. 124,164 34,000 Sumitomo Forestry Co. Ltd. 177,256 68,000 Sumitomo Trust & Banking Co. Ltd. 235,020 14,000 Sumitomo Wiring Systems Ltd. 109,598 12,200 Takeda Chemical Industries Ltd. 450,102 9,000 Tokyo Broadcasting System 109,656 69,000 Tokyo Gas Co. 198,251 8,900 Tokyo Ohka Kogyo Co. 131,119 3,000 Toppan Printing Co. 21,487 12,000 Tostem Inax Holding Corp. 172,892 16,000 Toyo Seikan 149,640 22,700 Toyota Motor Corp. 587,941 178 UFJ Holdings, Inc.* 260,904 104 West Japan Railway Co. 394,087 32,000 Yamaha Motor Co. Ltd. 269,965 16,000 Yamatake Corp. 114,062 15,000 Yokohama Bank Ltd. 48,969 ------------ 18,394,996 ------------ LUXEMBOURG -- 0.3% 41,000 Arcelor SA 477,415 ------------ MALAYSIA -- 1.3% 19,000 British American Tobacco Berhad 195,000 45,000 Carlsberg Brewery Malaysia Berhad 127,895 151,000 CIMB Berhad* 120,800 107,000 Commerce Asset-Holding Berhad 97,426 32,000 Genting Berhad 126,316 198,300 IOI Corporation Berhad 297,450 112,000 Kumpulan Guthrie Berhad 67,790 204,000 Multi-Purpose Holdings Berhad* 68,716 67,333 PPB Group Berhad 81,863
12 -------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + 113,000 Resorts World Berhad $291,421 172,800 Sime Darby Berhad 231,916 ------------ 1,706,593 ------------ MEXICO -- 1.4% 800 America Movil SA de CV 15,000 3,367 Cemex SA 15,052 14,600 Coca-Cola Femsa SA 313,900 185,900 Grupo Continental SA 291,583 710,900 Grupo Financiero BBVA Bancomer* 602,192 800 Telefonos de Mexico, Class L - ADR 25,136 10,000 Vitro SA de CV - Sponsored ADR 20,900 22,100 Wal-Mart de Mexico - ADR 653,203 ------------ 1,936,966 ------------ NETHERLANDS -- 5.2% 39,870 Heineken NV 1,414,748 19,860 IHC Caland NV 1,013,965 79,704 ING Groep NV 1,384,820 45,250 Koninklijke (Royal) KPN NV* 320,611 20,682 Koninklijke (Royal) Philips Electronics NV 393,303 5,970 Koninklijke Boskalis Westminster NV 146,574 39,859 Reed Elsevier NV 470,079 39,577 Royal Dutch Petroleum Co. 1,837,018 6,390 Royal Nedlloyd NV 132,524 ------------ 7,113,642 ------------ NEW ZEALAND -- 1.1% 112,860 Carter Holt Harvey Ltd. 118,272 360,202 Telecom Corporation of New Zealand Ltd. 1,105,013 382,400 Wrightson Ltd. 268,651 ------------ 1,491,936 ------------ NORWAY -- 0.3% 34,000 DnB Holding ASA 167,683 13,100 Rieber & Son ASA, Class B 92,555 13,200 Schibsted ASA 182,866 ------------ 443,104 ------------ PHILIPPINES -- 0.4% 352,000 ABS-CBN Broadcasting Corp. - PDR* 120,198 1,572,000 Ayala Corp. 135,302 21,750 Globe Telecom, Inc. 246,211 252,000 Jollibee Foods Corp. 80,157 ------------ 581,868 ------------ RUSSIA -- 0.2% 3,600 Lukoil Oil Co. - ADR 284,400 ------------ SINGAPORE -- 1.4% 436,000 BIL International Ltd.* 200,545 54,900 DBS Group Holdings Ltd. 321,107 9,300 Fraser and Neave Ltd. 45,417 30,000 Great Eastern Holdings Ltd. 166,099 123,812 Jardine Strategic Holdings Ltd. 343,578 33,000 Overseas Union Enterprise Ltd. 131,176 63,000 Overseas-Chinese Banking Corp. Ltd. 357,751 357,000 SembCorp Marine 198,671 8,500 Singapore Press Holdings 88,331 240,000 United Industrial Corp. 117,206 ------------ 1,969,881 ------------ SOUTH AFRICA -- 2.9% 4,400 AngloGold Ltd. 137,437 NUMBER OF SHARES VALUE + 869 AngloGold Ltd. - ADR $27,424 233,324 Aspen Pharmacare Holdings Ltd. 240,780 58,000 Aveng Ltd. 67,422 19,209 Edgars Consolidated Stores Ltd. 183,291 159,000 FirstRand Ltd. 163,446 11,786 Gold Fields Ltd. 141,087 265,191 Hosken Consolidated Investments Ltd.* 123,591 36,636 JD Group Ltd. 121,957 68,545 Kersaf Investments Ltd. 266,057 101,000 MTN Group Ltd.* 217,197 175,804 Nampak Ltd. 284,423 21,400 Pretoria Portland Cement Co. Ltd. 284,953 165,000 RMB Holdings Ltd. 233,768 24,908 SABMiller plc 169,149 274,324 Sanlam Ltd. 255,695 91,864 Sasol Ltd. 1,024,571 ------------ 3,942,248 ------------ SOUTH KOREA -- 0.5% 950 Hyundai Motor Co. Ltd. 25,132 1,200 Kookmin Bank 36,166 950 Korea Electric Power Corp. 15,031 28,075 KT&G Corp. (144A)(a){::} 231,509 5,798 KT&G Corporation (144A) - GDR(a){::} 47,811 200 Pohang Iron and Steel Co. Ltd. 20,762 9,937 Posco - ADR 260,250 170 Samsung Electronics Co. Ltd. 50,523 ------------ 687,184 ------------ SPAIN -- 3.8% 7,400 Acciona SA 352,658 10,000 Acerinox SA 382,171 160,038 Banco Central Hispanoamer SA 1,402,239 9,500 Banco Popular Espanol 480,010 11,500 Bankinter SA 408,462 6,573 Endesa SA 110,051 30,475 Iberdrola SA 527,739 27,743 NH Hoteles SA* 291,825 3,000 Prosegur Cia de Seguridad SA 44,338 90,406 Telefonica SA 1,049,597 11,750 Viscofan SA 91,483 ------------ 5,140,573 ------------ SWEDEN -- 2.1% 13,188 ABB Ltd.* 43,658 23,000 Assa Abloy AB 222,675 8,500 Hoganas AB, Class B 173,080 14,500 OM AB 103,249 59,000 Securitas AB, B Shares 604,376 42,800 Skandinaviska Enskilda Banken AB, Class A 435,755 11,300 Svenska Cellulosa AB 386,080 28,400 Svenska Handelsbanken, Class A 464,762 346,520 Telefonaktiebolaget Ericsson LM, Class B* 372,279 ------------ 2,805,914 ------------ SWITZERLAND -- 3.6% 20,000 Compagnie Financiere Richemont AG 323,355 300 Geberit AG 92,355 15,710 Nestle SA - ADR 810,413 29,680 Novartis AG 1,174,448 100 Phoenix Mecano AG* 17,570 610 Publigroupe SA* 102,676 6,300 Roche Holding AG 494,168 1,000 Sarna Kunststoff Holding AG 88,959
13 -------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + 1,150 SGS Societe General de Surveillance SA $449,116 12,100 Swiss Reinsurance Co. 670,411 12,780 UBS AG 710,917 ------------ 4,934,388 ------------ TAIWAN -- 0.2% 102,000 Asustek Computer, Inc. 257,876 ------------ THAILAND -- 1.6% 232,000 Advanced Information Service Public Co. Ltd. 315,387 132,000 GMM Grammy Public Co. Ltd. 66,577 73,364 Golden Land Property Development Public Co. Ltd.* 21,713 171,636 Golden Land Property Development Public Co. Ltd. (foreign shares)* 52,594 194,000 Kasikornbank plc* 156,898 33,000 Matichon Public Co. Ltd. 52,135 89,000 MBK Properties & Development Public Co. Ltd. 72,979 250,000 National Finance Public Co. Ltd. 84,514 24,000 Post Publishing Co. Ltd. 24,263 87,000 Siam Cement Public Co. Ltd. 314,197 210,000 Siam Cement Public Co. Ltd. - NVDR 686,784 39,000 Siam Commercial Bank Public Co. Ltd.* 31,575 521,200 Thai Union Frozen Products Public Co. - NVDR 325,440 ------------ 2,205,056 ------------ UNITED KINGDOM -- 18.8% 13,731 Anglo American plc - ADR 210,911 69,882 Arriva plc 396,294 58,400 Associated British Ports Holdings plc 385,600 41,866 Aviva plc 296,548 41,500 BAA plc 339,496 172,500 BAE Systems plc 405,628 71,400 Barclays plc 530,193 182,062 BG Group plc 806,864 115,485 Boots Group plc 1,235,831 49,000 BP plc 339,803 23,500 BP plc - ADR 987,470 138,311 Brambles Industries plc 374,304 132,889 British Airways plc* 344,149 60,000 BT Group plc 201,454 364,231 Cable & Wireless Communications plc 679,771 48,350 Capita Group plc 181,114 24,873 Carnival plc 757,265 44,000 Close Brothers Group plc 475,573 49,490 Compass Group plc 271,948 64,000 Devro plc 73,082 48,804 Diageo plc 521,054 22,600 EMI Group plc 45,733 118,400 Enodis plc* 77,663 102,140 GKN plc 381,538 48,695 GlaxoSmithKline plc 982,730 21,490 Granada plc 31,887 81,780 GUS plc 917,655 88,450 Hanson plc 492,966 78,396 HBOS plc 1,013,841 60,000 Hilton Group plc 183,167 NUMBER OF SHARES VALUE + 26,720 HSBC Holdings plc $316,947 63,140 InterContinental Hotels Group plc* 451,061 36,000 Intertek Testing Services plc 258,116 136,000 Kidde plc 190,757 96,579 Lloyds TSB Group plc 685,689 94,239 Mitchells & Butlers plc* 371,385 83,000 MyTravel Group plc* 25,588 265,000 Pilkington plc 299,694 139,800 Premier Farnell Plc 465,073 22,702 Provident Financial plc 241,628 20,460 Reckitt Benckiser plc 375,434 60,000 Reed Elsevier plc 506,776 142,000 Rentokil Initial plc 443,453 93,186 Rio Tinto plc 1,779,051 1,000 SABMiller plc 6,696 102,000 Shell Transport & Trading Co. 673,261 21,250 Smiths Group plc 247,476 281,640 Stagecoach Group plc 297,388 28,550 Standard Chartered plc 349,095 93,000 Sygen International plc* 72,128 86,000 TBI plc 78,407 71,000 Tesco Plc 256,875 118,000 The Sage Group plc 315,521 69,600 Unilever plc 554,153 160,000 Vodafone Group plc 312,868 45,970 Vodafone Group plc - ADR 903,311 157,240 WPP Group plc 1,232,481 ------------ 25,651,844 ------------ Total Common Stocks (Cost $115,578,937) 116,844,041 ------------ PREFERRED STOCK -- 0.6% TAIWAN -- 0.6% 107,746 Taiwan Semiconductor Manufacturing Co. Ltd. (144A) (PREF)*(b){::} (Cost $779,357) 887,247 ------------ LIMITED PARTNERSHIPS -- 6.0% Bessent Euro-Equities II, LP*(a)(b)(c)(d) 3,960,531 Lansdowne UK Equity Fund*(a)(b)(c)(d) 4,225,959 ------------ Total Limited Partnerships (Cost $8,000,000) 8,186,490 ------------
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE SHORT-TERM INVESTMENTS -- 6.9% REPURCHASE AGREEMENT -- 5.5% $7,456,790 Investors Bank & Trust Co. -- Repurchase Agreement, issued 06/30/03 (proceeds at maturity $7,456,945) (Collateralized by a $7,810,742 FNMA, due 11/15/31, with a market value of $7,829,991) (Cost $7,456,790) 0.750% 07/01/03 7,456,790 ------------ US TREASURY SECURITIES -- 1.4%# 75,000 US Treasury Bill+ 0.565% 10/23/03 74,788
14 -------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + $500,000 US Treasury Bill+ 0.706% 11/13/03 $498,228 1,350,000 US Treasury Bill+ 0.747% 11/20/03 1,344,947 ------------ Total US Treasury Securities (Cost $1,917,010) 1,917,963 ------------ Total Short-Term Investments (Cost $9,373,800) 9,374,753 ------------ Total Investments -- 99.2% (Cost $133,732,094) 135,292,531 Other Assets in Excess of Liabilities -- 0.8% 1,070,610 ------------ NET ASSETS -- 100.0% $136,363,141 ============
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS): Capital Equipment 13.6% Consumer Goods 18.7 Energy 8.9 Finance 15.6 Industrial 0.5 Limited Partnerships(d) 6.0 Materials 12.3 Multi-Industry 2.4 Repurchase Agreement 5.5 Services 14.3 US Treasury Obligations 1.4 Other Assets (Liabilities) 0.8 ----- Total 100.0% =====
ADR American Depositary Receipt FNMA Fannie Mae GDR Global Depositary Receipt NVDR Non-Voting Depositary Receipt PDR Phillippine Depositary Receipt PREF Preference Shares * Non-income producing security. + Security or a portion thereof is held with a broker as initial margin for financial futures and forward contracts. See Appendix B and Appendix C of Notes to Financial Statements. {::} Security exempt from registration under Rule 144A of the Securities Act of 1933. Security may be resold in transactions exempt from registration, normally to qualified buyers. At June 30, 2003, the aggregate market value of these securities was $1,166,567 or 0.86% of net assets. The board of directors has deemed $887,247 or 0.65% of net assets to be liquid. + See Note 2 to the Financial Statements. # Interest rate represents the yield to maturity at the time of purchase. (a) Illiquid security. (b) Security is valued in good faith under procedures established by the board of directors. (c) Restricted security. (d) Underlying fund investments and industry breakdowns at June 30, 2003, not available to the advisor. See accompanying Notes to Financial Statements. 15 -------------------------------------------------------------------------------- TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + COMMON STOCKS -- 75.6% AEROSPACE AND DEFENSE -- 0.7% 61,500 AAR Corp. $434,190 3,900 Boeing Co. 133,848 2,800 Lockheed Martin Corp. 133,196 6,500 Textron, Inc. 253,630 6,600 United Technologies Corp. 467,478 ------------ 1,422,342 ------------ AIRLINES -- 0.3% 39,500 ExpressJet Holdings, Inc. 596,450 ------------ APPAREL RETAILERS -- 0.1% 11,400 The Gap, Inc. 213,864 ------------ AUTOMOTIVE -- 0.2% 10,500 General Motors Corp. 378,000 1,200 Johnson Controls, Inc. 102,720 ------------ 480,720 ------------ BANKING -- 6.2% 36,400 Bank of America Corp. 2,876,692 35,625 Chittenden Corp. 974,344 4,600 Countrywide Financial Corp. 320,022 31,395 Downey Financial Corp. 1,296,613 7,000 First Tennessee National Corp. 307,370 3,700 Greenpoint Financial Corp. 188,478 31,329 Hudson United Bancorp 1,069,885 12,200 National City Corp. 399,062 45,271 National Commerce Financial Corp. 1,004,563 69,300 North Valley Bancorp 1,039,500 32,000 People's Bank 927,680 3,600 Regions Financial Corp. 121,608 26,000 The South Financial Group 606,580 10,000 Union Planters Corp. 310,300 15,800 Wachovia Corp. 631,368 17,500 Wells Fargo Corp. 882,000 ------------ 12,956,065 ------------ BEVERAGES, FOOD, AND TOBACCO -- 4.3% 23,600 Altria Group, Inc. 1,072,384 31,500 Anheuser-Busch Companies, Inc. 1,608,075 9,700 Campbell Soup Co. 237,650 109,700 Chiquita Brands International* 1,590,650 33,500 Coca-Cola Co. 1,554,735 47,500 Coca-Cola Enterprises, Inc. 862,125 12,500 Coors (Adolph), Class B 612,250 1,500 Dean Foods Co. 47,250 500 Kraft Foods, Inc. 16,275 9,500 Peets Coffee & Tea, Inc. 165,870 20,600 Pepsico, Inc. 916,700 15,300 Sara Lee Corp. 287,793 ------------ 8,971,757 ------------ BIOTECHNOLOGY -- 0.2% 5,500 Dyax Corp.* 22,440 24,500 Genencor International, Inc.* 403,515 ------------ 425,955 ------------ CHEMICALS -- 0.2% 3,800 PPG Industries, Inc. 192,812 3,800 Rohm & Haas Co. 117,914 ------------ 310,726 ------------ NUMBER OF SHARES VALUE + COMMERCIAL SERVICES -- 3.0% 16,500 Accenture Ltd. $298,485 2,200 Apollo Group, Inc.* 135,872 7,520 Bull Run Corp. 24,966 12,200 Cendant Corp.* 223,504 32,800 Gartner, Inc., Class A* 248,624 109,200 Gartner, Inc., Class B* 819,000 14,300 H & R Block, Inc. 618,475 63,700 ITT Educational Services, Inc.* 1,863,225 12,600 R.H. Donnelley Corp.* 459,522 11,400 Rent-A-Center, Inc. 863,892 50,292 The Brink's Co. 732,754 ------------ 6,288,319 ------------ COMMUNICATIONS -- 1.6% 21,100 Nextel Communications, Inc., Class A* 381,488 6,200 Qualcomm, Inc.* 221,650 47,951 Scientific-Atlanta, Inc. 1,143,152 54,260 Superconductor Technologies, Inc.* 124,798 39,100 Verizon Communications Corp. 1,542,495 ------------ 3,413,583 ------------ COMPUTER SOFTWARE AND PROCESSING -- 5.4% 408,300 Actuate Corp.* 1,135,074 3,700 Adobe Systems, Inc. 118,659 1,200 Affiliated Computer Services* 54,876 112,300 Centra Software, Inc.* 348,130 281,700 Chordiant Software, Inc. 523,962 8,200 Computer Sciences Corp.* 312,584 113,552 Docent, Inc. 386,077 186,600 Earthlink, Inc.* 1,472,274 3,400 Intuit, Inc.* 151,402 67,100 Marimba, Inc.* 195,261 106,800 Mercator Software, Inc.* 159,132 112,400 Microsoft Corp.* 2,878,564 35,900 Oracle Corp.* 431,518 66,800 Preview Systems, Inc. 2,839 21,200 Take-Two Interactive Software, Inc. 600,808 505,056 Tumbleweed Communications Corp.* 1,303,043 47,000 Websense, Inc.* 736,020 11,300 Yahoo!, Inc.* 370,188 ------------ 11,180,411 ------------ COMPUTERS AND INFORMATION -- 3.3% 48,600 Cisco Systems, Inc.* 806,274 15,800 Dell Computer Corp.* 504,968 46,100 Digital Insight Corp. 878,205 47,800 Digital River, Inc. 922,540 20,240 Hewlett-Packard Co. 431,112 17,500 International Business Machines Corp. 1,443,750 1,800 Lexmark International, Inc.* 127,386 28,553 Nexprise, Inc.* 89,942 28,000 Secure Computing Corp.* 218,249 98,700 SeeBeyond Technology Corp.* 227,997 272,000 Selectica, Inc.* 862,240 40,800 Sun Microsystems, Inc.* 187,680 16,400 Xerox Corp.* 173,676 ------------ 6,874,019 ------------ COSMETICS AND PERSONAL CARE -- 2.7% 3,900 Estee Lauder Companies, Inc., Class A 130,767
16 -------------------------------------------------------------------------------- TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + 128,200 Playtex Products, Inc.* $823,044 51,100 Procter & Gamble Co. 4,557,098 ------------ 5,510,909 ------------ DIVERSIFIED -- 3.5% 7,400 3M Co. 954,452 11 Berkshire Hathaway Inc., Class A* 797,500 144,100 General Electric Co. 4,132,788 121,600 Walter Industries, Inc. 1,428,800 ------------ 7,313,540 ------------ ELECTRIC UTILITIES -- 1.1% 9,500 American Electric Power, Inc. 283,385 8,100 Edison International* 133,083 4,700 Entergy Corp. 248,066 20,400 Exelon Corp. 1,220,124 12,900 Sempra Energy 368,037 ------------ 2,252,695 ------------ ELECTRICAL EQUIPMENT -- 0.1% 5,900 Analogic Corp. 287,684 ------------ ELECTRONICS -- 2.2% 62,000 Checkpoint Systems, Inc.* 877,300 97,700 Intel Corp. 2,030,597 52,000 Rogers Corp.* 1,731,600 ------------ 4,639,497 ------------ ENTERTAINMENT AND LEISURE -- 0.3% 9,000 Eastman Kodak Co. 246,150 14,400 Mattel, Inc. 272,448 ------------ 518,598 ------------ FINANCIAL SERVICES -- 5.2% 4,800 Bear, Stearns & Co., Inc. 347,616 105,066 Citigroup, Inc. 4,496,825 139,000 E-LOAN, Inc.* 810,370 15,700 Fannie Mae 1,058,808 2,900 Freddie Mac 147,233 3,500 Golden West Financial Corp. 280,035 377,600 Instinet Group, Inc.* 1,759,616 9,400 JP Morgan Chase & Co., Inc. 321,292 4,800 Lehman Brothers Holdings, Inc. 319,104 6,500 MBNA Corp. 135,460 7,500 Merrill Lynch & Co. 350,100 7,000 Morgan Stanley 299,250 11,500 Washington Mutual, Inc. 474,950 ------------ 10,800,659 ------------ HEALTHCARE PROVIDERS -- 1.3% 40,000 Lincare Holdings, Inc.* 1,260,400 37,000 Universal Health Services, Inc., Class B* 1,465,940 ------------ 2,726,340 ------------ HEAVY MACHINERY -- 0.5% 4,400 Dover Corp. 131,824 3,900 Eaton Corp. 306,579 6,800 Ingersoll Rand Co. 321,776 5,300 Paccar, Inc. 357,326 ------------ 1,117,505 ------------ NUMBER OF SHARES VALUE + HOUSEHOLD PRODUCTS -- 0.2% 3,400 Fortune Brands, Inc. $177,480 7,700 The Clorox Co. 328,405 ------------ 505,885 ------------ INSURANCE -- 4.1% 21,200 Allstate Corp. 755,780 26,962 American International Group, Inc. 1,487,763 30,000 Brown & Brown, Inc. 975,000 80,300 CNA Surety Corp. 790,955 18,050 Fidelity National Financial, Inc. 555,218 42,200 Hilb, Rogal & Hamilton Co. 1,436,488 32,300 John Hancock Financial Services, Inc. 992,579 6,700 Loews Corp. 316,843 2,600 Marsh & McLennan Companies, Inc. 132,782 10,800 Principal Financial Group, Inc. 348,300 4,400 The Progressive Corp. 321,640 8,000 United Health Group, Inc. 402,000 ------------ 8,515,348 ------------ MEDIA - BROADCASTING AND PUBLISHING -- 2.3% 15,000 AOL Time Warner, Inc.* 241,350 2,500 E.W. Scripps Co. 221,800 4,000 EchoStar Communications Corp. 138,480 47,500 Emmis Communications Corp., Class A* 1,090,125 18,300 Fox Entertainment Group, Inc. 526,674 41,000 Insight Communications Co., Inc.* 540,380 4,200 Knight Ridder, Inc. 289,506 4,700 McGraw-Hill Companies, Inc. 291,400 369,000 Primedia, Inc.* 1,125,450 5,500 Tribune Co. 265,650 200 Washington Post Co. 146,580 ------------ 4,877,395 ------------ MEDICAL SUPPLIES -- 5.6% 62,300 Apogent Technologies, Inc. 1,246,000 67,600 ArthoCare Corp.* 1,132,976 23,400 Beckman Coulter, Inc. 950,976 37,800 Curon Medical, Inc. 42,714 5,400 Guidant Corp.* 239,706 57,700 Johnson & Johnson 2,983,090 3,300 Medtronic, Inc. 158,301 6,600 North American Scientific, Inc.* 50,556 50,800 Owens & Minor, Inc. 1,135,380 84,900 PerkinElmer, Inc. 1,172,469 3,400 St. Jude Medical, Inc.* 195,500 63,123 Sybron Dental Specialties* 1,489,703 40,400 Viasys Healthcare, Inc. 836,280 ------------ 11,633,651 ------------ METALS AND MINING -- 0.3% 10,300 Alcan, Inc. - ADR 322,287 5,500 Alcoa, Inc. 140,250 34,100 North American Palladium Ltd.* 114,917 35,000 Pacific Rim Mining Corp. 11,200 ------------ 588,654 ------------ OIL AND GAS -- 6.5% 2,300 Apache Corp. 149,638 6,600 Burlington Resources, Inc. 356,862 29,700 Cal Dive International, Inc. 647,460
17 -------------------------------------------------------------------------------- TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
NUMBER OF SHARES VALUE + 246,900 Canadian Superior Energy, Inc. $293,811 10,700 Carbon Energy Corp.* 159,965 4,700 ChevronTexaco Corp. 339,340 12,100 Comstock Resources, Inc. 165,528 2,200 ConocoPhillips 120,560 59,800 Denbury Resources, Inc.* 803,114 52,900 Encore Acquisition Co.* 1,013,035 19,000 Exxon Mobil Corp. 682,290 148,183 Hanover Compressor Co.* 1,674,468 12,800 Marathon Oil Corp. 337,280 3,500 Noble Energy, Inc. 120,050 13,200 Occidental Petroleum Corp. 442,860 26,250 Patina Oil & Gas Corp. 843,938 180,500 PetroQuest Energy, Inc.* 424,175 19,900 Sunoco, Inc. 751,026 61,900 Superior Energy Services, Inc. 586,812 6,800 Talisman Energy, Inc. 311,780 53,600 Tom Brown, Inc.* 1,489,544 99,000 Ultra Petroleum Corp.* 1,278,090 29,700 W-H Energy Services, Inc.* 578,556 ------------ 13,570,182 ------------ PHARMACEUTICALS -- 5.5% 5,500 Abbott Laboratories 240,680 25,400 Amgen, Inc.* 1,701,292 1,588 Angiotech Pharmaceuticals, Inc. 64,695 25,900 Arena Pharmaceuticals, Inc.* 171,976 14,500 Bristol-Myers Squibb Co. 393,675 17,750 Cardinal Health, Inc. 1,141,325 2,900 Chiron Corp.* 126,788 2,900 Forest Laboratories, Inc.* 158,775 22,200 Genaissance Pharmaceuticals, Inc. 34,632 3,300 Genentech, Inc. 237,996 11,300 McKesson Corp. 403,862 49,200 Merck & Co., Inc. 2,979,060 8,500 Mylan Laboratories, Inc. 295,545 41,000 Neurobiological Technologies, Inc. 143,090 88,625 Pfizer, Inc. 3,026,544 27,200 Pharmacyclics, Inc.* 128,928 269,200 PharmChem Laboratories, Inc.* 80,760 69,400 Titan Pharmaceuticals, Inc.* 163,784 ------------ 11,493,407 ------------ RESTAURANTS -- 0.8% 65,000 Ruby Tuesday, Inc. 1,607,450 ------------ RETAILERS -- 4.4% 15,600 Albertson's, Inc. 299,520 3,800 AutoZone, Inc.* 288,686 4,300 Best Buy Co., Inc.* 188,856 75,125 Big Lots, Inc. 1,129,880 10,600 Cache, Inc. 163,240 73,100 Duane Reade, Inc. 1,078,225 9,200 Federated Department Stores, Inc.* 339,020 66,300 Geerlings & Wade, Inc.* 87,516 21,000 Home Depot, Inc. 695,520 30,000 Kirkland's, Inc. 484,500 NUMBER OF SHARES VALUE + 19,800 Kroger Co.* $330,264 18,000 Limited Brands 279,000 2,400 Lowe's Companies, Inc. 103,080 123,700 Restoration Hardware, Inc.* 556,650 15,500 Safeway, Inc.* 317,130 100,000 Saks, Inc.* 970,000 6,400 TJX Companies, Inc. 120,576 20,900 Wal-Mart Stores, Inc. 1,121,703 60,000 Whitehall Jewellers, Inc.* 544,200 ------------ 9,097,566 ------------ TECHNOLOGY -- 0.1% 83,500 Latitude Communications, Inc.* 155,310 ------------ TELEPHONE SYSTEMS -- 2.4% 12,480 AT&T Corp. 240,240 8,200 BCE, Inc. 189,502 14,000 BellSouth Corp. 372,820 239,600 Cincinnati Bell, Inc. 1,605,320 94,100 General Communications, Inc., Class A* 814,906 17,600 Sprint Corp. (FON Group) 253,440 60,600 United States Cellular Corp.* 1,542,270 ------------ 5,018,498 ------------ TRANSPORTATION -- 1.0% 8,400 Burlington Northern Santa Fe Corp. 238,896 20,000 CNF, Inc. 507,600 41,800 EGL, Inc.* 635,360 4,800 FedEx Corp. 297,744 30,800 Wabtec Corp. 428,428 ------------ 2,108,028 ------------ Total Common Stocks (Cost $143,926,770) 157,473,012 ------------ COMMINGLED INVESTMENT VEHICLES -- 5.6% 949,957 Vanguard Global Equity Fund (Cost $10,500,000) 11,703,472 ------------ LIMITED PARTNERSHIPS -- 13.6% Adage Capital Partners, LP*(a)(b)(c)(d) 27,995,096 Gotham Partners, LP*(a)(b)(c)(d) 284,798 ------------ Total Limited Partnerships (Cost $32,473,105) 28,279,894 ------------ PREFERRED STOCK -- 0.0% 59,400 ClickAction, Inc.*(a) (Cost $0) 0 ------------
EXPIRATION DATE WARRANTS -- 0.0% 20,000 Conductus, Inc.* (Cost $0) 09/20/03 0 ------------
18 -------------------------------------------------------------------------------- TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + SHORT-TERM INVESTMENTS -- 5.2% REPURCHASE AGREEMENT -- 4.6% $9,421,293 Investors Bank & Trust Co. -- Repurchase Agreement issued 06/30/03 (proceeds at maturity $9,421,489) (Collateralized by a $9,541,976 FNMA, 5.43%, due 11/01/31, with a market value of $9,892,358) (Cost $9,421,293) 0.750% 07/01/03 $9,421,293 ------------ US TREASURY SECURITY -- 0.6%# 1,275,000 US Treasury Bill+ (Cost $1,272,338) 0.413% 09/25/03 1,272,387 ------------ Total Short-Term Investments (Cost $10,693,631) 10,693,680 ------------ Total Investments -- 100.0% (Cost $197,593,506) 208,150,058 Other Assets in Excess of Liabilities -- 0.0% 69,099 ------------ NET ASSETS -- 100.0% $208,219,157 ============
NUMBER OF SHARES SHORT PORTFOLIO -- (0.9%) BIOTECHNOLOGY -- (0.0%) 2,800 Exact Sciences Corp. (30,688) 5,000 Lexicon Genetics, Inc. (33,550) 400 Trimeris, Inc. (18,272) ----------- (82,510) ----------- COMMUNICATIONS -- (0.0%) 600 Videolan Technologies, Inc.* (1) ----------- COMPUTER SOFTWARE AND PROCESSING -- (0.0%) 4,000 Novadigm, Inc. (10,360) ----------- MEDICAL SUPPLIES -- (0.1%) 2,100 Endocardial Solutions, Inc. (12,852) 2,500 Johnson & Johnson (129,250) 5,600 Kyphon, Inc. (84,672) ----------- (226,774) ----------- PHARMACEUTICALS -- (0.8%) 17,200 AVI Biopharma, Inc. (105,436) 6,000 Allos Therapeutics, Inc.* (18,060) NUMBER OF SHARES VALUE + 3,600 Angiotech Pharmaceuticals, Inc. $(146,664) 8,300 Antigenics, Inc. (95,616) 23,200 Aphton Corp.* (191,168) 7,800 Atherogenics, Inc.* (116,454) 12,000 Axonyx, Inc. (29,040) 7,800 Cell Genesys, Inc. (67,392) 600 Celgene Corp. (18,240) 400 CYTOGEN Corp. (3,332) 2,600 Exelixis, Inc. (18,044) 2,300 Geron Corp. (16,928) 5,100 Human Genome Sciences, Inc.* (64,872) 31,200 Ista Pharmaceuticals, Inc. (173,160) 3,400 Immunomedics, Inc. (21,454) 1,500 Merck & Co., Inc. (90,825) 6,300 Myriad Genetics, Inc.* (85,743) 900 Nektar Therapeutics (8,307) 6,345 Neopharm, Inc. (87,878) 400 OXiGENE, Inc.* (3,956) 1,800 Pozen, Inc.* (19,764) 1,400 Progenics Pharmeceuticals, Inc. (21,084) 3,300 Sangamo Biosciences, Inc.* (9,405) 18,000 SuperGen, Inc. (97,200) 1,900 Tularik, Inc. (18,886) 3,100 Zymogenetics, Inc. (36,084) ----------- (1,564,992) ----------- Total Short Portfolio (Proceeds $1,367,674) $(1,884,637) ===========
ADR American Depositary Receipt FNMA Fannie Mae * Non-income producing security. + Security or a portion thereof is held with a broker as initial margin for financial futures contracts. See Appendix C of Notes to Financial Statements. + See Note 2 to the Financial Statements. # Interest rate represents the yield to maturity at the time of purchase. (a) Illiquid security. (b) Security is valued in good faith under procedures established by the board of directors. (c) Restricted security. (d) Underlying fund investments and industry breakdowns at June 30, 2003, not available to the advisor. See accompanying Notes to Financial Statements. 19 -------------------------------------------------------------------------------- TIFF GOVERNMENT BOND FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + US TREASURY OBLIGATION -- 99.6% $43,917,000 US Treasury Note (Cost $44,789,378) 3.625% 05/15/13 $44,260,080 ----------- SHORT-TERM INVESTMENTS -- 98.6% REPURCHASE AGREEMENTS -- 98.6% 22,655 Investors Bank & Trust Co. -- Repurchase Agreement issued 06/30/03 (proceeds at maturity $22,655) (Collateralized by a $21,906 SBA Bond, 5.125%, due 04/25/16, with a market value of $23,788) 0.750% 07/01/03 22,655 43,780,000 Nomura, Inc. -- Repurchase Agreement issued 06/30/03 (proceeds at maturity $43,781,277) (Collateralized by a $32,820,000 US Treasury Bond, 7.50%, due 11/15/16, with a market value of $44,094,376) 1.050% 07/01/03 43,780,000 ----------- Total Repurchase Agreements (Cost $43,802,655) 43,802,655 ----------- Total Short-Term Investments (Cost $43,802,655) 43,802,655 ----------- Total Investments -- 198.2% (Cost $88,592,033) 88,062,735 Liabilities in Excess of Other Assets -- (98.2%) (43,638,774) ----------- NET ASSETS -- 100.0% $44,423,961 ===========
SBA Small Business Administration + See Note 2 to the Financial Statements. See accompanying Notes to Financial Statements. 20 -------------------------------------------------------------------------------- TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + ASSET-BACKED SECURITIES -- 91.2% COLLATERALIZED AIRCRAFT LEASES -- 0.7% $2,000,000 Lease Investment Flight Trust, Ser. 1, Class A1 (FRN)(a) 1.570% 07/15/31 $1,460,000 ------------ COLLATERALIZED AUTO LOAN -- 16.3% 2,095,957 Americredit Automobile Receivables Trust, Ser. 2001-1, Class A3 5.130% 11/06/05 2,122,203 229,278 Associates Automobile Receivables Trust, Ser. 2000-1, Class A3 7.300% 01/15/04 229,874 59,519 Associates Automobile Receivables Trust, Ser. 2000-2, Class A3 6.820% 02/15/05 59,766 333,691 BMW Vehicle Owner Trust, Ser. 2002-A, Class A2 2.830% 12/27/04 334,480 3,500,000 Capital Auto Receivables Asset Trust, Ser. 2001-2, Class A4 5.000% 12/15/06 3,625,692 3,500,000 Capital Auto Receivables Asset Trust, Ser. 2003-1, Class A2B 1.240% 01/17/06 3,500,613 477,417 Chase Manhattan Auto Owner Trust, Ser. 2002-A, Class A2 2.630% 10/15/04 477,805 2,900,000 Chase Manhattan Auto Owner Trust, Ser. 2002-A, Class A3 3.490% 03/15/06 2,942,062 443,074 DaimlerChrysler Auto Trust, Ser. 2000-D, Class A3 6.660% 01/08/05 446,700 168,673 DaimlerChrysler Auto Trust, Ser. 2001-C, Class A2 3.710% 07/06/04 168,750 2,160,000 DaimlerChrysler Auto Trust, Ser. 2001-C, Class A3 4.210% 07/06/05 2,185,449 1,350,596 Ford Credit Auto Owner Trust Ser. 2001-D, Class A3 4.310% 06/15/05 1,367,830 1,095,916 Ford Credit Auto Owner Trust, Ser. 2000-E, Class A4 6.740% 06/15/04 1,101,879 239,664 Harley-Davidson Motorcycle Trust, Ser. 2001-2, Class A1 3.770% 04/17/06 240,611 2,104,854 Harley-Davidson Motorcycle Trust, Ser. 2002-2, Class A1 1.910% 04/15/07 2,113,233 3,500,000 Honda Auto Receivables Owner Trust, Ser. 2002-4, Class A2 1.660% 06/15/05 3,505,548 1,716,637 Household Automotive Trust, Ser. 2002-1, Class A2 2.750% 05/17/05 1,723,366 1,947,497 Navistar Financial Corp. Owner Trust, Ser. 2001-B, Class A3 (FRN) 1.430% 07/17/06 1,947,426 PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + $386,670 Nissan Auto Receivables Owner Trust, Ser. 2002-A, Class A2 2.670% 07/15/04 $386,944 3,050,000 Nissan Auto Receivables Owner Trust, Ser. 2003-A, Class A3 1.890% 12/15/06 3,073,308 1,434,631 Onyx Acceptance Auto Trust, Ser. 2000-D, Class A4 6.850% 08/15/07 1,475,752 63,658 SSB RV Trust, Ser. 2001-1, Class A2 2.890% 12/15/08 63,639 ------------ 33,092,930 ------------ COLLATERALIZED CREDIT CARD -- 11.2% 4,000,000 American Express Credit Account Master Trust, Ser. 1999-1, Class A 5.600% 11/15/06 4,139,000 4,850,000 Capital One Master Trust, Ser. 1998-4, Class A 5.430% 01/15/07 4,923,623 3,500,000 Citibank Credit Card Master Trust I, Ser. 1997-6, Class A# 0.000% 08/15/06 3,455,396 5,000,000 Discover Card Master Trust I, Ser. 1998-7, Class A 5.600% 05/16/06 5,084,415 3,000,000 MBNA Master Credit Card Trust, Ser. 1999-G, Class A 6.350% 12/15/06 3,158,850 1,833,333 Sears Credit Account Master Trust, Ser. 1995-5, Class A 6.050% 01/15/08 1,861,625 ------------ 22,622,909 ------------ COLLATERALIZED EQUIPMENT -- 3.2% 3,591,729 Caterpillar Financial Asset Trust, Ser. 2003-A, Class A1 1.229% 05/25/04 3,588,361 2,845,503 CNH Equipment Trust, Ser. 2001-B, Class A3 (FRN) 1.490% 03/15/06 2,845,290 ------------ 6,433,651 ------------ COLLATERALIZED HOME EQUITY LOAN -- 27.8% 1,557,209 ABSC Home Equity Loan Trust, Ser. 2002-HE2, Class A1 (FRN) 1.480% 08/15/32 1,556,890 872,970 ABSC Long Beach Home Equity Loan Trust, Ser. 2000-LB1, Class AV (FRN) 1.318% 08/21/30 873,059 2,067,382 Advanta Mortgage Loan Trust, Ser. 2000-1, Class A3 8.370% 12/25/20 2,093,348 230,780 Ameriquest Mortgage Securities, Inc., Ser. 2000-2, Class A (FRN) 1.480% 07/15/30 230,918 830,845 Ameriquest Mortgage Securities, Inc., Ser. 2002-3, Class AF1 2.540% 08/25/32 832,653 940,107 Ameriquest Mortgage Securities, Ser. 2002-5, Class AF1 2.600% 02/25/33 944,751
21 -------------------------------------------------------------------------------- TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + $492,950 Amortizing Residential Collateral Trust, Ser. 2000-BC1, Class A1 (FRN) 1.355% 04/25/29 $493,038 2,446,730 Amortizing Residential Collateral Trust, Ser. 2002-BC1, Class A (FRN) 1.375% 01/01/32 2,447,934 3,418,578 CDC Mortgage Capital Trust, Ser. 2002-HE1, Class A (FRN) 1.345% 01/25/33 3,418,951 903,429 Centex Home Equity, Ser. 2002-B, Class AV (FRN) 1.295% 04/25/32 903,376 2,219,357 Centex Home Equity, Ser. 2002-D, Class AF1 2.430% 02/25/18 2,226,969 1,465,955 Chase Funding Loan Acquisition Trust, Ser. 2001-C2, Class IA2 5.673% 05/25/22 1,470,555 1,539,319 Citifinancial Mortgage Securities, Inc., Ser. 2002-1, Class AF1 2.474% 09/25/32 1,546,152 581,516 Conseco Finance, Ser. 2000-C, Class A (FRN) 1.550% 12/15/29 580,624 1,808,937 Countrywide Asset-Backed Certificates, Ser. 1999-3, Class AF5 7.730% 09/25/27 1,867,950 378,473 Countrywide Home Equity Loan Trust, Ser. 1998-A, Class A (FRN) 1.370% 03/15/24 376,654 1,750,000 EQCC Home Equity Loan Trust, Ser. 1997-3, Class A7 6.930% 02/15/29 1,810,268 1,249,131 EQCC Trust, Ser. 2002-1, Class 2A (FRN) 1.335% 11/25/31 1,250,239 974,926 FNMA, Ser. T-45, Class A2 2.910% 08/27/07 980,359 1,690,182 GE Capital Mortgage Services, Inc., Ser. 1999-HE1, Class A5 6.285% 08/25/26 1,705,549 686,769 GRMT II Mortgage Loan Trust, Ser. 2000-1A, Class AF2 7.409% 06/20/32 688,811 2,497,213 Household Home Equity Loan Trust, Ser. 2002-1, Class A (FRN) 1.688% 12/22/31 2,500,509 2,133,125 Impac CMB Trust, Ser. 2001-3, Class A1 (FRN) 1.405% 10/25/31 2,135,531 94,261 Long Beach Mortgage Loan Trust, Ser. 2002-1, Class 2A2 3.500% 03/25/22 94,245 3,848,511 Option One Mortgage Loan Trust, Ser. 2000-2, Class 1A (FRN) 1.325% 02/25/32 3,851,363 632,323 Provident Bank Home Equity Loan Trust, Ser. 1996-2, Class A2 (FRN) 1.275% 01/25/28 631,148 1,246,424 Residential Asset Securities Corp., Ser. 1996-KS2, Class A4 7.980% 05/25/26 1,245,353 PRINCIPAL INTEREST MATURITY AMOUNT RATE DATE VALUE + $3,000,000 Residential Asset Securities Corp., Ser. 1999-KS2, Class AI7 7.390% 06/25/28 $3,171,285 2,121,003 Residential Asset Securities Corp., Ser. 2000-KS3, Class AI4 8.035% 09/25/28 2,200,587 118,121 Residential Asset Securities Corp., Ser. 2002-KS1, Class AI1 (FRN) 1.225% 02/25/20 118,130 3,500,000 Residential Funding Mortgage Securities I, Ser. 2003-HI1, Class A1 1.198% 08/25/10 3,498,268 2,185,024 Salomon Brothers Mortgage Securities VII, Ser. 2002-CIT, Class A (FRN) 1.620% 03/25/32 2,183,689 1,674,629 Structured Asset Securities Corp., Ser. 2002-1A, Class 2A1 (FRN) 2.962% 02/25/32 1,674,730 1,101,216 Vanderbilt Mortgage Finance, Ser. 2001-A, Class A2 6.120% 02/07/15 1,118,019 2,423,059 Vanderbilt Mortgage Finance, Ser. 2002-C, Class A1F 2.550% 01/07/10 2,437,641 1,116,980 Westpac Securitization Trust, Ser. 2002-1G, Class A (FRN) 1.440% 06/05/33 1,114,667 ------------ 56,274,213 ------------ COLLATERALIZED MBS CMO SEQUENTIAL -- 6.0% 3,782,772 FHLMC, Ser. H006, Class A1 1.724% 04/15/08 3,788,753 3,000,000 FHLMC, Ser. H008, Class A2 1.770% 06/15/07 2,996,640 3,185,364 FHLMC, Ser. 2589, Class GA 5.500% 07/15/06 3,217,195 2,202,568 Washington Mutual Ser. 2003-AR4, Class A1 1.532% 05/25/33 2,202,335 ------------ 12,204,923 ------------ GOVERNMENT GUARANTEED AGENCY SECURITIES -- 26.0% 30,000,000 FHLMC 3.150% 09/02/05 30,108,270 5,000,000 FNMA 1.875% 12/15/04 5,045,025 17,000,000 FNMA 5.125% 02/13/04 17,422,909 ------------ 52,576,204 ------------ Total Asset-Backed Securities (Cost $185,679,727) 184,664,830 ------------ SHORT-TERM INVESTMENTS -- 4.9% TIME DEPOSITS -- 4.9% 9,968,000 Investors Bank & Trust (Cost $9,968,000) 0.750% 07/01/03 9,968,000 ------------ Total Investments -- 96.1% (Cost $195,647,727) 194,632,830 Other Assets in Excess of Liabilities -- 3.9% 7,830,959 ------------ NET ASSETS -- 100.0% $202,463,789 ============
22 -------------------------------------------------------------------------------- TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS): Capital Equipment 3.9% Consumer Goods 6.3 Finance 49.6 Time Deposit 4.9 US Government Obligations 31.4 Other Assets (Liabilities) 3.9 ----- Total 100.0% =====
FHLMC Freddie Mac FNMA Fannie Mae FRN Floating Rate Note. Rate disclosed represents rate as of June 30, 2003. + See Note 2 to the Financial Statements. # Zero coupon security. (a) Security is valued in good faith under procedures established by the board of directors. See accompanying Notes to Financial Statements. 23 -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003
TIFF TIFF TIFF MULTI-ASSET INTERNATIONAL US EQUITY FUND EQUITY FUND FUND ASSETS Investments in securities, at value (a) $300,203,898 $135,292,531 $208,150,058 Cash 851,689 2,612 -- Foreign currency (b) 1,267,340 789,084 -- Receivables for: Securities sold short -- -- 52,118 Capital stock sold 23,000,000 -- -- Securities sold 5,305,929 1,054,041 126,584 Dividends and tax reclaims 279,409 388,370 148,435 Interest 766,513 156 196 Unrealized appreciation on forward currency contracts (d) 3,394 14,432 -- Deposit with broker for short sales -- -- 1,847,740 ----------------------------------------- Total Assets 331,678,172 137,541,226 210,325,131 ----------------------------------------- LIABILITIES Payable for: Capital stock repurchased 6,000,000 -- -- Securities purchased 7,201,435 695,552 142,537 Market value of securities sold short (c) -- -- 1,884,637 Reverse repurchase agreements (Note 5) 17,997,489 -- -- Variation margin on financial futures contracts 37,881 165,240 5,632 Unrealized depreciation of forward currency contracts (d) 78,367 246,715 -- Dividends on short sales -- -- 968 Accrued expenses and other liabilities 121,260 70,578 72,200 ----------------------------------------- Total Liabilities 31,436,432 1,178,085 2,105,974 ----------------------------------------- NET ASSETS $300,241,740 $136,363,141 $208,219,157 ========================================= SHARES OUTSTANDING (e) 25,618,541 15,406,225 19,146,103 ========================================= NET ASSET VALUE PER SHARE $ 11.72 $ 8.85 $ 10.88 ========================================= COMPONENTS OF NET ASSETS: Capital stock (f) $290,066,345 $165,995,606 $231,895,465 Undistributed (distribution in excess of) net investment income (41,547) 999,947 312,528 Accumulated net realized loss on investments (25,090,496) (31,745,480) (33,893,475) Net unrealized appreciation on investments, short sales and financial futures contracts, forward currency contracts, and translation of assets and liabilities denominated in foreign currency 35,307,438 1,113,068 9,904,639 ----------------------------------------- $300,241,740 $136,363,141 $208,219,157 ========================================= ------------------------------------------------------------------------------ (a) Cost of investments $264,689,463 $133,732,094 $197,593,506 (b) Cost of foreign currency $ 1,272,964 $ 795,024 -- (c) Proceeds -- -- $ 1,367,674
(d) Appendix B of the Notes to Financials details each funds open forward currency contracts at June 30, 2003. (e) Authorized 500,000,000 shares, par value $0.001 for each fund. (f) Includes accumulated entry/exit fees of $5,239,508, $2,934,208, and $1,244,175, respectively. See accompanying Notes to Financial Statements. 24 -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003
TIFF TIFF GOVERNMENT SHORT-TERM BOND FUND FUND ASSETS Investments in securities, at value (a) $88,062,735 $194,632,830 Cash -- 10,000,111 Receivables for: Capital stock sold -- 7,496 Securities sold -- 171,064 Interest 204,603 942,290 ------------------------- Total Assets 88,267,338 205,753,791 ------------------------- LIABILITIES Payable for: Capital stock repurchased -- 25,000 Securities purchased -- 3,165,029 Reverse repurchase agreements (Note 5) 43,787,205 -- Dividends from net investment income 25,386 35,333 Accrued expenses and other liabilities 30,786 64,640 ------------------------- Total Liabilities 43,843,377 3,290,002 ------------------------- NET ASSETS $44,423,961 $202,463,789 ========================= SHARES OUTSTANDING (b) 4,335,925 20,466,517 ========================= NET ASSET VALUE PER SHARE $ 10.25 $ 9.89 ========================= COMPONENTS OF NET ASSETS: Capital stock $42,852,139 $204,128,205 Undistributed (distribution in excess of) net investment income 11,212 (541,263) Accumulated net realized gain (loss) on investments 2,089,908 (108,256) Net unrealized depreciation on investments (529,298) (1,014,897) ------------------------- $44,423,961 $202,463,789 ========================= ------------------------------------------------------------------- (a) Cost of investments $88,592,033 $195,647,727
(b) Authorized 500,000,000 shares, par value $0.001 for each fund. See accompanying Notes to Financial Statements. 25 -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2003
TIFF TIFF TIFF MULTI-ASSET INTERNATIONAL US EQUITY FUND EQUITY FUND FUND INVESTMENT INCOME Interest $1,622,322 $ 15,830 $ 36,633 Dividends (a) 2,157,228 2,172,864 867,941 --------------------------------------- Total Investment Income 3,779,550 2,188,694 904,574 --------------------------------------- OPERATING EXPENSES Investment advisory fees 259,285 91,729 135,289 Money manager fees 246,887 459,135 558,706 Custodian and accounting fees 183,925 187,978 115,903 Administration fees 99,349 34,901 51,483 Shareholder recordkeeping fees 11,251 6,912 9,536 Professional fees 73,502 40,528 41,734 Insurance expense 6,263 4,228 5,796 Registration and filing fees 5,301 2,488 3,560 Miscellaneous fees and expenses 1,767 -- 929 --------------------------------------- Total Operating Expenses 887,530 827,899 922,936 Interest expense (Note 5) 33,122 -- -- --------------------------------------- Net Expenses 920,652 827,899 922,936 --------------------------------------- Net Investment Income (Loss) 2,858,898 1,360,795 (18,362) --------------------------------------- NET REALIZED GAIN (LOSS) ON: Investments (b) (2,430,279) (6,030,684) (8,814,684) Short sales -- -- (1,450,724) Financial futures contracts 3,079,201 1,749,406 1,297,733 Forward currency contracts and foreign currency-related transactions 344,116 385,024 -- --------------------------------------- Net realized gain (loss) 993,038 (3,896,254) (8,967,675) --------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: Investments (c) 23,031,584 15,978,782 33,634,857 Short sales -- -- (778,625) Financial futures contracts (171,546) (422,094) 191,287 Forward currency contract and other assets and liabilities and foreign currency-related transactions (169,113) (267,880) -- --------------------------------------- Net change in unrealized appreciation 22,690,925 15,288,808 33,047,519 --------------------------------------- Net realized and unrealized gain 23,683,963 11,392,554 24,079,844 --------------------------------------- Net increase in net assets resulting from operations $26,542,861 $12,753,349 $24,061,482 ======================================= ---------------------------------------------------------------------------- (a) Net of foreign withholding taxes $ 158,474 $ 276,426 $ 767 (b) Net of foreign withholding taxes on realized gains -- $ 86,277 -- (c) Net of foreign withholding taxes on unrealized appreciation -- $ 132,662 --
See accompanying Notes to Financial Statements. 26 -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2003
TIFF TIFF GOVERNMENT SHORT-TERM BOND FUND (A) FUND INVESTMENT INCOME Interest $ 617,970 $ 2,318,828 ---------------------------- Total Investment Income 617,970 2,318,828 ---------------------------- OPERATING EXPENSES Investment advisory fees 6,331 29,516 Money manager fees 17,323 172,441 Custodian and accounting fees 10,000 35,875 Administration fees 7,226 56,132 Shareholder recordkeeping fees 1,667 14,200 Professional fees 12,520 44,079 Insurance expense -- 4,191 Registration and filing fees 3,962 3,766 Miscellaneous fees and expenses 1,486 3,558 ---------------------------- Total Operating Expenses before Fee Waivers 60,515 363,758 Fee waivers/reimbursements (Note 3) (9,858) (19,403) Interest expense (Note 5) 71,476 -- ---------------------------- Net Expenses 122,133 344,355 ---------------------------- Net Investment Income 495,837 1,974,473 ---------------------------- NET REALIZED GAIN ON: Investments 2,089,908 80,821 ---------------------------- Net realized gain 2,089,908 80,821 ---------------------------- NET CHANGE IN UNREALIZED DEPRECIATION ON: Investments (529,298) (1,035,429) ---------------------------- Net change in unrealized depreciation (529,298) (1,035,429) ---------------------------- Net realized and unrealized gain (loss) 1,560,610 (954,608) ---------------------------- Net increase in net assets resulting from operations $2,056,447 $ 1,019,865 ============================ ----------------------------------------------------------------------
(a) Period from March 31, 2003 (commencement of operations) through June 30, 2003. See accompanying Notes to Financial Statements. 27 -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS
TIFF TIFF INTERNATIONAL MULTI-ASSET FUND EQUITY FUND -------------------------- -------------------------- Six Months Six Months Ended Year Ended Year 6/30/2003 Ended 6/30/2003 Ended (unaudited) 12/31/2002 (unaudited) 12/31/2002 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Net investment income $ 2,858,898 $ 3,192,955 $ 1,360,795 $ 910,926 Net realized gain (loss) on investments, financial futures contracts, forward currency contracts, and foreign currency-related transactions 993,038 (12,750,638) (3,896,254) (6,228,590) Net change in unrealized appreciation (depreciation) on investments, financial futures contracts, forward currency contracts, and translation of other assets and liabilities denominated in foreign currencies 22,690,925 (5,682,061) 15,288,808 (10,664,960) ------------------------------------------------------ Net increase (decrease) in net assets resulting from operations 26,542,861 (15,239,744) 12,753,349 (15,982,624) ------------------------------------------------------ DISTRIBUTIONS From net investment income -- (4,848,006) -- (771,706) ------------------------------------------------------ Decrease in net assets resulting from distributions -- (4,848,006) -- (771,706) ------------------------------------------------------ CAPITAL SHARE TRANSACTIONS, NET (SEE APPENDIX E) 23,163,143 62,182,344 391,292 (2,422,824) ------------------------------------------------------ Total increase (decrease) in net assets 49,706,004 42,094,594 13,144,641 (19,177,154) NET ASSETS Beginning of period 250,535,736 208,441,142 123,218,500 142,395,654 ------------------------------------------------------ End of period $300,241,740 $250,535,736 $136,363,141 $123,218,500 ====================================================== UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME $ (41,547) $ (2,900,445) $ 999,947 $ (360,848) --------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. 28 -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS
TIFF US TIFF GOVERNEMENT EQUITY FUND BOND FUND -------------------------- ---------------- Six Months Period Ended Year Ended 6/30/2003 Ended 6/30/2003 (a) (unaudited) 12/31/2002 (unaudited) INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Net investment income (loss) $ (18,362) $ 6,275 $ 495,837 Net realized gain (loss) on investments, short sales, and financial futures contracts (8,967,675) (15,665,288) 2,089,908 Net change in unrealized appreciation (depreciation) on investments, short sales, and financial futures contracts 33,047,519 (28,456,134) (529,298) -------------------------------------------- Net increase (decrease) in net assets resulting from operations 24,061,482 (44,115,147) 2,056,447 -------------------------------------------- DISTRIBUTIONS From net investment income -- -- (484,625) -------------------------------------------- Decrease in net assets resulting from distributions -- -- (484,625) -------------------------------------------- CAPITAL SHARE TRANSACTIONS, NET (SEE APPENDIX E) 9,680,727 1,014,460 42,852,139 -------------------------------------------- Total increase (decrease) in net assets 33,742,209 (43,100,687) 44,423,961 NET ASSETS Beginning of period 174,476,948 217,577,635 -- -------------------------------------------- End of period $208,219,157 $174,476,948 $44,423,961 ============================================ UNDISTRIBUTED NET INVESTMENT INCOME $ 312,528 $ 330,890 $ 11,212 ---------------------------------------------------------------------------------
(a) Period from March 31, 2003 (commencement of operations) through June 30, 2003. See accompanying Notes to Financial Statements. 29 -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS
TIFF SHORT-TERM FUND -------------------------- Six Months Ended Year 6/30/2003 Ended (unaudited) 12/31/2002 INCREASE IN NET ASSETS FROM OPERATIONS Net investment income $ 1,974,473 $ 3,495,677 Net realized gain (loss) on investments 80,821 (17,251) Net change in unrealized depreciation on investments (1,035,429) (269,639) -------------------------- Net increase in net assets resulting from operations 1,019,865 3,208,787 -------------------------- DISTRIBUTIONS From net investment income (2,503,109) (3,611,692) Return of capital -- (254,639) -------------------------- Decrease in net assets resulting from distributions (2,503,109) (3,866,331) -------------------------- CAPITAL SHARE TRANSACTIONS, NET (SEE APPENDIX E) 32,738,469 77,984,208 -------------------------- Total increase in net assets 31,255,225 77,326,664 NET ASSETS Beginning of period 171,208,564 93,881,900 -------------------------- End of period $202,463,789 $171,208,564 ========================== DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME $ (541,263) $ (12,627) --------------------------------------------------------------------
See accompanying Notes to Financial Statements. 30 -------------------------------------------------------------------------------- STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE PERIOD ENDED JUNE 30, 2003 (B)
TIFF GOVERNMENT BOND FUND CASH FLOWS FROM OPERATING ACTIVITIES Net increase in net assets resulting from operations $ 2,056,447 Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: Investments purchased (100,199,608) Investments sold 57,491,258 Purchase of short-term investments, net (43,802,655) Amortization of discount and premium, net 8,880 Increase in interest receivable (204,603) Increase in accrued expenses and other liabilities 30,786 Net change in unrealized depreciation on investments 529,298 Net realized gain from investments (2,089,908) ------------- Net cash used for operating activities (86,180,105) ------------- CASH FLOWS PROVIDED BY FINANCING ACTIVITIES Proceeds from shares sold 55,463,073 Shares redeemed (12,980,927) Cash distributions paid (a) (89,246) Increase in payable for reverse repurchase agreements 43,787,205 ------------- Net cash provided by financing activities 86,180,105 ------------- NET INCREASE IN CASH 0 Cash at beginning of period 0 ------------- Cash at end of period $ 0 ============= -----------------------------------------------------------------
(a) Total distributions paid of $459,239 includes reinvested dividends of $369,993. (b) Period from March 31, 2003 (commencement of operations) through June 30, 2003. This Statement of Cash Flows has been included as required by Financial Accounting Standard (FAS) 95. The TIFF Multi-Asset, International Equity, US Equity, and Short-Term Funds are not required to present a Statement of Cash Flows pursuant to an exemption provided by FAS 102. See accompanying Notes to Financial Statements. 31 -------------------------------------------------------------------------------- TIFF MULTI-ASSET FUND -- FINANCIAL HIGHLIGHTS
Six Months Ended Year Year Year Year Year 6/30/03 Ended Ended Ended Ended Ended (unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98 For a share outstanding throughout each period Net asset value, beginning of period $ 10.61 $ 11.59 $ 12.18 $ 13.41 $ 11.42 $ 11.65 ------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS Net investment income 0.12 0.20 0.17 0.23 0.22 0.20 Net realized and unrealized gain (loss) on investments* 0.98 (0.96) (0.59) 0.04 2.30 (0.20) ------------------------------------------------------------------ Total from investment operations 1.10 (0.76) (0.42) 0.27 2.52 0.00 ------------------------------------------------------------------ LESS DISTRIBUTIONS FROM Net investment income -- (0.24) (0.17) (0.28) (0.50) (0.26) Net realized gains -- -- (0.01) (1.24) (0.07) -- ------------------------------------------------------------------ Total distributions -- (0.24) (0.18) (1.52) (0.57) (0.26) ------------------------------------------------------------------ Entry/exit fee per share (Note 6) 0.01 0.02 0.01 0.02 0.04 0.03 ------------------------------------------------------------------ Net asset value, end of period $ 11.72 $ 10.61 $ 11.59 $ 12.18 $ 13.41 $ 11.42 ================================================================== TOTAL RETURN (a) 10.46%(c) (6.33%) (3.34%) 2.39% 22.65% 0.22% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000s) $300,242 $250,536 $208,441 $215,035 $238,644 $291,847 Ratio of expenses to average net assets, exclusive of interest expense 0.68%(b) 0.76% 0.97% 0.94% 0.57% 0.65% Ratio of expenses to average net assets, inclusive of interest expense 0.71%(b) -- -- -- -- -- Ratio of net investment income to average net assets 2.21%(b) 1.44% 1.42% 1.67% 2.20% 1.85% Portfolio turnover 64.06%(c) 128.81% 139.64% 156.15% 154.49% 196.06%
-------------------------------------------------------------------------------- (a) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a shareholder'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 shareholder. (b) Annualized. (c) Not annualized. * Includes foreign currency-related transactions. See accompanying Notes to Financial Statements. 32 -------------------------------------------------------------------------------- TIFF INTERNATIONAL EQUITY FUND -- FINANCIAL HIGHLIGHTS
Six Months Ended Year Year Year Year Year 6/30/03 Ended Ended Ended Ended Ended (unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98 For a share outstanding throughout each period Net asset value, beginning of period $ 8.02 $ 9.09 $ 11.25 $ 13.58 $ 11.17 $ 11.77 ------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS Net investment income 0.09 0.06 0.07 0.12 0.13 0.19 Net realized and unrealized gain (loss) on investments* 0.74 (1.08) (2.05) (1.74) 3.93 0.12 ------------------------------------------------------------------ Total from investment operations 0.83 (1.02) (1.98) (1.62) 4.06 0.31 ------------------------------------------------------------------ LESS DISTRIBUTIONS FROM Net investment income -- (0.05) (0.03) (0.08) (0.13) (0.32) Net realized gains -- -- (0.12) (0.65) (1.54) (0.62) Return of capital -- -- (0.04) -- -- -- ------------------------------------------------------------------ Total distributions -- (0.05) (0.19) (0.73) (1.67) (0.94) ------------------------------------------------------------------ Entry/exit fee per share (Note 6) --# --# 0.01 0.02 0.02 0.03 ------------------------------------------------------------------ Net asset value, end of period $ 8.85 $ 8.02 $ 9.09 $ 11.25 $ 13.58 $ 11.17 ================================================================== TOTAL RETURN (a) 10.35%(e) (11.24%) (17.49%) (11.66%) 37.40% 3.03%(c) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000s) $136,363 $123,219 $142,396 $181,110 $246,429 $260,030 Ratio of expenses to average net assets 1.34%(d) 1.38% 1.40% 1.16% 1.00% 0.81%(b) Ratio of expenses to average net assets before expense waivers 1.34%(d) 1.38% 1.40% 1.16% 1.00% 0.84%(b) Ratio of net investment income to average net assets 2.22%(d) 0.67% 0.68% 0.99% 1.32% 1.47% Portfolio turnover 36.78%(e) 48.07% 54.96% 62.04% 28.33% 30.62%
-------------------------------------------------------------------------------- (a) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a shareholder'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 shareholder. (b) Expenses include tax expense for the year ended December 31, 1998. Without the tax expense, the ratio of expenses to average net assets and the ratio of expenses to average net assets before expense waivers would have been 0.76% and 0.79%, respectively. (c) Total return would have been lower had certain expenses not been waived or reimbursed. (d) Annualized. (e) Not annualized. * Includes foreign currency-related transactions. # Rounds to less than $0.01. See accompanying Notes to Financial Statements. 33 -------------------------------------------------------------------------------- TIFF US EQUITY FUND -- FINANCIAL HIGHLIGHTS
Six Months Ended Year Year Year Year Year 6/30/03 Ended Ended Ended Ended Ended (unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98 For a share outstanding throughout each period Net asset value, beginning of period $ 9.59 $ 12.08 $ 12.96 $ 15.78 $ 15.62 $ 15.66 ------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS Net investment income --# --# 0.01 0.12 0.09 0.17 Net realized and unrealized gain (loss) on investments 1.29 (2.49) (0.85) (0.61) 2.70 1.58 ------------------------------------------------------------------ Total from investment operations 1.29 (2.49) (0.84) (0.49) 2.79 1.75 ------------------------------------------------------------------ LESS DISTRIBUTIONS FROM Net investment income -- -- (0.03) (0.10) (0.43) (0.14) Net realized gains -- -- -- (2.24) (2.21) (1.66) Return of capital -- -- (0.01) -- -- -- ------------------------------------------------------------------ Total distributions -- -- (0.04) (2.34) (2.64) (1.80) ------------------------------------------------------------------ Entry/exit fee per share (Note 6) --# --# --# 0.01 0.01 0.01 ------------------------------------------------------------------ Net asset value, end of period $ 10.88 $ 9.59 $ 12.08 $ 12.96 $ 15.78 $ 15.62 ================================================================== TOTAL RETURN (a) 13.45%(c) (20.61%) (6.51%) (2.67%) 18.89% 11.85% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000s) $208,219 $174,477 $217,578 $242,806 $280,853 $312,587 Ratio of expenses to average net assets 1.02%(b) 1.22% 1.28% 0.79% 0.67% 0.72% Ratio of net investment income (loss) to average net assets (0.02%)(b) --# 0.07% 0.82% 0.68% 0.99% Portfolio turnover 33.09%(c) 60.45% 103.40% 88.20% 73.59% 98.30%
-------------------------------------------------------------------------------- (a) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a shareholder'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 shareholder. (b) Annualized. (c) Not annualized. # Rounds to less than 0.01% or $0.01 as applicable. See accompanying Notes to Financial Statements. 34 -------------------------------------------------------------------------------- TIFF GOVERNMENT BOND FUND -- FINANCIAL HIGHLIGHTS
Period ended 6/30/03+ (unaudited) For a share outstanding throughout each period Net asset value, beginning of period $ 10.00 ------------ INCOME FROM INVESTMENT OPERATIONS Net realized and unrealized gain on investments 0.35 ------------ Total from investment operations 0.35 ------------ LESS DISTRIBUTIONS FROM Net investment income (0.10) ------------ Net asset value, end of period $ 10.25 ============ TOTAL RETURN (a) 3.46%(c) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000s) $ 44,424 Ratio of expenses to average net assets, exclusive of interest expense 0.40%(b) Ratio of expenses to average net assets, inclusive of interest expense 0.96%(b) Ratio of expenses to average net assets before expense waivers, inclusive of interest expense 1.04%(b) Ratio of net investment income to average net assets 3.92%(b) Portfolio turnover 259.37%(c)
-------------------------------------------------------------------------------- (a) Total return assumes dividend reinvestment and would have been lower had certain expenses not been waived. (b) Annualized. (c) Not annualized. + Period from March 31, 2003 (commencement of operations) through June 30, 2003. See accompanying Notes to Financial Statements. 35 -------------------------------------------------------------------------------- TIFF SHORT-TERM FUND -- FINANCIAL HIGHLIGHTS
Six Months Ended Year Year Year Year Year 6/30/03 Ended Ended Ended Ended Ended (unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98 For a share outstanding throughout each period Net asset value, beginning of period $ 9.97 $ 10.02 $ 10.00 $ 9.94 $ 9.97 $ 9.95 ------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.10 0.24 0.47 0.60 0.52 0.54 Net realized and unrealized gain (loss) on investments (0.05) (0.03) 0.04 0.06 (0.03) 0.01 ------------------------------------------------------------------- Total from investment operations 0.05 0.21 0.51 0.66 0.49 0.55 ------------------------------------------------------------------- LESS DISTRIBUTIONS FROM Net investment income (0.13) (0.24) (0.47) (0.60) (0.52) (0.53) Net realized gains -- -- (0.02) -- -- -- Return of capital -- (0.02) (0.00)# -- -- -- ------------------------------------------------------------------- Total distributions (0.13) (0.26) (0.49) (0.60) (0.52) (0.53) ------------------------------------------------------------------- Net asset value, end of period $ 9.89 $ 9.97 $ 10.02 $ 10.00 $ 9.94 $ 9.97 =================================================================== TOTAL RETURN (a) 0.45%(c) 2.11% 5.29% 6.86% 4.93% 5.59% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000s) $202,464 $171,209 $ 93,882 $ 76,835 $89,756 $ 74,907 Ratio of expenses to average net assets 0.35%(b) 0.35% 0.35% 0.35% 0.35% 0.35% Ratio of expenses to average net assets before expense waivers 0.37%(b) 0.38% 0.40% 0.43% 0.45% 0.53% Ratio of net investment income to average net assets 2.01%(b) 2.30% 4.75% 6.07% 5.14% 5.41% Portfolio turnover 89.47%(c) 87.15% 145.69% 267.48% 38.80% 383.95%
-------------------------------------------------------------------------------- (a) Total return assumes dividend reinvestment and would have been lower had certain expenses not been waived. (b) Annualized. (c) Not annualized. # Rounds to less than $0.01. See accompanying Notes to Financial Statements. 36 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 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 five active funds: TIFF Multi-Asset Fund ("Multi-Asset"), TIFF International Equity Fund ("International Equity"), TIFF US Equity Fund ("US Equity"), TIFF Government Bond Fund ("Government Bond"), and TIFF Short-Term Fund ("Short-Term"), collectively referred to as the "funds." INVESTMENT OBJECTIVES
------------------------------------------------------------------------------------------------------ FUND INVESTMENT OBJECTIVES ------------------------------------------------------------------------------------------------------ Attain a growing stream of current income and appreciation of principal that at least offsets Multi-Asset inflation. Attain appreciation of principal that at least International Equity offsets inflation. Attain a growing stream of current income and appreciation of principal that at least offsets US Equity inflation. Attain a high rate of current income, subject to restrictions designed to ensure liquidity and to provide a hedge against deflation-induced declines in common stock prices and dividend streams. Government Bond Attain a high rate of current income, subject to restrictions designed to control interest rate Short-Term risk.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of asset 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 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 and electronic data processing techniques or matrix pricing and are deemed representative of market values at the close. Unlisted securities or securities for which over-the-counter market quotations are readily available are valued at the latest bid price. Time deposits, repurchase agreements, and reverse repurchase agreements are generally valued at their cost plus accrued interest. Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, or by amortizing their value on the 61st day prior to maturity if their term to maturity at the date of purchase was greater than 60 days. Exchange-traded and over-the-counter options and futures contracts are valued at the closing 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 future sales contracts). Forward foreign currency exchange contracts are valued at the estimated current cost of covering or offsetting the contracts. 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. Events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) and the time at which net asset value of the funds is determined will not be reflected in the funds' calculation of the net asset value unless the funds' investment advisor believes that the particular event would materially affect net asset value, in which case adjustments would be made. Certain funds invest in privately offered commingled investment vehicles ("CIVs") formed for the purpose of earning returns from alternative investment strategies. CIV 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 CIV only at specified intervals or on specified dates. The TIP board of directors has approved valuation procedures pursuant to which the fund values its interests in CIVs at "fair value." In accordance with these procedures, fair value of CIV interests ordinarily is based on the "estimated" value of the CIV, as provided to the fund by the management of the CIV. Fair value is intended to represent a good faith approximation of the amount that the fund could reasonably expect to receive from the CIV if the fund's interest in the CIV were sold at the time of valuation, based on information reasonably available at the time valuation is made and that the fund believes is reliable. In the unlikely event that the CIV does not provide a value to the fund on a timely basis, the fund would determine the fair value of that CIV based on the most recent estimated value provided by the management of the CIV, as well as any other relevant information reasonably available at the time the fund values its portfolio. The fair values of the CIVs 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. Securities for which market quotations are not readily available 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 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 37 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 the recorded fair value and the value that would be received in a sale could be significant. At June 30, 2003, the aggregate amount of securities fair valued, including the limited partnership referenced above, were as follows:
---------------------------------------------------------------------- FUND AMOUNT % OF NET ASSETS ---------------------------------------------------------------------- Multi-Asset $65,143,121 21.70% International Equity 9,073,737 6.65 US Equity 28,279,894 13.58 Short-Term 1,460,000 0.72
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME Securities transactions are recorded on the trade date (the date on which the buy or sell order is executed). Interest income and expenses are recorded on an accrual basis. The funds accrete discount or amortize premium using the yield-to-maturity method on a daily basis, except for mortgage-backed securities that record paydowns. 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 applicable to RICs and to distribute all of its taxable income. Net realized losses attributable to security transactions and foreign currency transactions after October 31 are treated as arising on the first day of a fund's next fiscal year if so elected by the fund. The funds may be subject to foreign taxes on income, gains on investments, or currency repatriation. The funds accrue such taxes, as applicable, as a reduction from the related income and realized and unrealized gain as and when such income is earned and gains are recognized. 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 Semi-annually Annually International Equity Semi-annually Annually US Equity Quarterly Annually Government Bond Monthly Annually Short-Term Monthly Annually
Dividends from net short-term capital gains and net long-term capital gains of each fund, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. To the extent that a net realized capital gain could be reduced by a capital loss carryover, such gain will not be distributed. Dividends and distributions are recorded on the ex-dividend date. Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. 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. 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 at the closing rate of exchange on the valuation date and (ii) purchases and sales of investments, income, and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting net unrealized foreign currency gain or loss is included in the Statement of Operations. 38 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 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. 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. Appendix B of the Notes to Financial Statements details each fund's outstanding forward currency contracts at June 30, 2003. FINANCIAL FUTURES CONTRACTS Certain funds are engaged in trading financial futures contracts. A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery 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 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 exposure to the stock and bond markets and 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 of loss in excess of the variation margin included in the Statement of Assets and Liabilities. Losses may arise from changes in the value of the underlying instrument, an illiquid secondary market for the contracts, or counterparties not performing under the contract terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Appendix C of the Notes to Financial Statements details each fund's open futures contracts at June 30, 2003. SHORT SELLING The funds may sell securities they do not own in anticipation of a decline in the market price of such securities or in order to hedge portfolio positions. The fund will generally borrow the security sold in order to make delivery to the buyer. Upon entering into a short position, the fund records the proceeds as a deposit with broker in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities sold under the short sale agreement. The cash is retained by the fund's broker as collateral for the short position. The liability is marked to market while it remains open to reflect the current settlement obligation. Until the security is replaced, the fund is required to pay the lender any dividend or interest earned. Such payments are recorded as expenses to the fund. When a closing purchase is entered into by the fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is realized. 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 When a fund purchases an option, an amount equal to the premium paid by the fund is included in the fund's Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current market value of the option purchased. The current market value of a purchased option is the last sale price on the market on which it is principally traded. If the purchased option expires, the fund realizes a loss in the amount of the premium originally paid. If the fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. 39 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 If the fund exercises a call option, the cost of the securities acquired by exercising the call option is increased by the premium paid to buy the call option. If the fund exercises a put option, it realizes a gain or loss from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. When a fund writes an option, an amount equal to the premium received by the fund is included in the fund's Statement of Assets and Liabilities as a liability and subsequently marked to market to reflect the current value of the option written. The current market value of a written option is the last sale price on the market on which it is principally traded. If the written option expires, the fund realizes a gain in the amount of the premium received. If the fund enters into a closing transaction, it recognizes a gain or loss, depending on whether the cost of the purchase is less than or greater than the premium received. If a written call option is exercised, the proceeds from the security sold are increased by the premium received. If a put option is exercised, the cost basis of the security purchased by the fund is reduced by the premium received. The fund as a writer of an option has no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. Written options present risk of loss in excess of related amounts shown on the Statement of Assets and Liabilities. Each fund may use option contracts to manage its exposure to the stock and bond markets and to fluctuations in interest rates and currency values. Option contracts are primarily used to increase or decrease the fund's exposure to the underlying instrument and may serve as hedges for other fund investments. NET ASSET VALUE The net asset value per share is calculated on a daily basis by dividing the assets of each fund, less its liabilities, by the number of outstanding shares of the fund. 3. INVESTMENT ADVISORY AGREEMENT AND MONEY MANAGER AGREEMENTS TIP's board of directors has approved investment advisory agreements with TIFF Advisory Services ("TAS"). Each fund pays TAS a maximum monthly fee calculated by applying the following annual rates to such fund's average daily net assets for the month:
---------------------------------------------------------------------------------- MULTI- INTERNATIONAL US GOVERNMENT SHORT- ASSETS ASSET EQUITY EQUITY BOND TERM ---------------------------------------------------------------------------------- On the first $500 million 0.20% 0.15% 0.15% 0.05% 0.03% On the next $500 million 0.18% 0.13% 0.13% 0.05% 0.03% On the next $500 million 0.15% 0.11% 0.11% 0.04% 0.02% On the next $500 million 0.13% 0.09% 0.09% 0.04% 0.02% On the next $500 million 0.11% 0.07% 0.07% 0.03% 0.01% On the remainder (> $2.5 billion) 0.09% 0.05% 0.05% 0.03% 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 flat percentage per annum of the assets under management with a single rate or on a descending scale. Appendix A of the Notes to Financial Statements identifies money managers who provide services to the funds and the minimum, maximum, and effective fee rates applicable during the six months ended June 30, 2003. Unless otherwise indicated, the management fee received by a money manager varies based on the money manager's investment performance. During the period ended June 30, 2003, the Government Bond Fund and the Short-Term Fund received fee waivers of $9,858 and $19,403, respectively, from the fund's investment advisor. These fee waivers, which are voluntary, are designed to cap the total annual operating expenses of the funds at 0.40% and 0.35%, respectively. With respect to funds' investments in other registered investment companies, private investment funds, investment partnerships, and other commingled investment vehicles, the funds bear their ratable share of each such entity's expenses and would also be subject to their share of the management and performance fees, if any, charged by such entity. The funds' share of management and performance fees charged by such entities is in addition to fees paid by the respective fund to TAS and money managers. Pursuant to an Administration Agreement, Investors Capital Services, Inc. ("Investors Capital," a wholly owned subsidiary of Investors Financial Services Co.), two employees of which serve as officers of TIP, earns a fee for providing fund administration services to TIP according to the following schedule: 0.07% of the first $300 million of the average daily net assets of TIP, 0.05% of the next $2.7 billion, 0.04% of the next $2.0 billion, and 0.03% of the average daily net assets over $5.0 billion. In addition, TIP has agreed to pay Investors Capital an incentive fee not to exceed 0.02% of average daily net assets for reducing the expense ratio of one or more funds of TIP below certain levels specified for each fund. For the six months ended June 30, 2003, the amount accrued of this incentive fee was $25,398. Investors Bank & Trust Company ("IBT"), which is a wholly owned subsidiary of Investors Financial Services Co., serves as the funds' custodian and accounting and transfer agent. Fees paid for services 40 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 rendered by IBT are based upon assets of the funds and on transactions entered into by the funds during the period. Fees for such services paid to IBT by the funds are reflected as custodian and accounting fees and shareholder recordkeeping fees in the Statement of Operations. Pursuant to TIP's exemptive order obtained from the Securities and Exchange Commission, shareholder approval of money manager agreements and material changes to such agreements is not required. 4. INVESTMENT TRANSACTIONS Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the period ended June 30, 2003, were as follows: NON-US GOVERNMENT SECURITIES
------------------------------------------------------------------- FUND PURCHASES SALES ------------------------------------------------------------------- Multi-Asset $ 99,138,367 $91,488,774 International Equity 42,723,421 42,655,563 US Equity 61,629,722 57,382,303 Short-Term 111,309,676 95,239,456
US GOVERNMENT SECURITIES
------------------------------------------------------------------- FUND PURCHASES SALES ------------------------------------------------------------------- Multi-Asset $ 57,901,622 $77,477,238 Government Bond 100,199,608 57,491,258 Short-Term 78,976,081 61,389,099
For federal income tax purposes, the cost of securities owned at June 30, 2003, the aggregate gross unrealized appreciation (depreciation) and the net unrealized appreciation (depreciation) on securities owned and securities sold short at June 30, 2003, for each fund are as follows:
----------------------------------------------------------------------------------------- NET UNREALIZED GROSS GROSS APPRECIATION/ FUND APPRECIATION DEPRECIATION (DEPRECIATION) COST ----------------------------------------------------------------------------------------- Multi-Asset $41,199,095 $(5,684,660) $35,514,435 $264,689,463 International Equity 16,150,621 (14,590,184) 1,560,437 133,732,094 US Equity 28,738,595 (18,182,043) 10,556,552 197,593,506 Government Bond -- (529,298) (529,298) 88,592,033 Short-Term 204,544 (1,291,441) (1,014,897) 195,647,727
5. REPURCHASE AND REVERSE REPURCHASE AGREEMENTS Each fund may enter into repurchase agreements under which a bank or securities firm that is a primary or reporting dealer in 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 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. Appendix F of the Notes to Financial Statements details each fund's open reverse repurchase agreements at June 30, 2003. Each fund will engage in repurchase and reverse repurchase transactions with parties approved by the fund's board of directors on the basis of such party's creditworthiness. Securities pledged as collateral for repurchase agreements are held by the custodian bank until maturity of the repurchase agreements. The funds may also invest in tri-party repurchase agreements for which securities held as collateral are maintained in a segregated account by the broker's custodian bank until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the funds require that 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. 6. CAPITAL SHARE TRANSACTIONS As of June 30, 2003, each fund had 500,000,000 shares of $0.001 par value capital stock authorized. The funds may charge entry or exit fees on subscriptions or redemptions, respectively. While there are no sales commissions (loads) or 12b-1 fees, the US Equity Fund assesses entry and exit fees of 0.25% of capital invested or redeemed; the Multi-Asset Fund assesses entry and exit fees of 0.50%; and the International Equity Fund assesses entry and exit fees of 0.75%. 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 41 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 retained by the funds and included in proceeds from shares sold or deducted from distributions for redemptions. Transactions in capital stock are listed in Appendix D of the Notes to Financial Statements. 7. 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 and Government Bond Funds enter 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. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under VALUATION OF INVESTMENTS above. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. Although the funds will generally enter into TBA purchase commitments with the intention of acquiring securities for their portfolio, the funds may dispose of a commitment prior to settlement if the funds' money managers deem it appropriate to do so. The Multi-Asset and Government Bond Funds enter into TBA sale commitments to hedge their portfolios or to sell mortgage-backed securities they own under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment (deliverable on or before the sale commitment date), are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under VALUATION OF INVESTMENTS above. The contract is marked to market daily, and the change in market value is recorded by the fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the fund realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the fund delivers securities under the commitment, the fund realizes a gain or loss from the sale of the securities upon the unit price established at the date the commitment was entered into. 8. CONCENTRATION OF RISKS The funds may engage in transactions with counterparties, including but not limited to repurchase agreements, forward contracts, futures and options, and 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 limited partnerships that entail liquidity risk to the extent they are difficult to sell or convert to cash quickly at favorable prices. The Multi-Asset, Government Bond, and Short-Term Funds invest in fixed income securities issued by banks and other financial companies, the market values of which may change in response to interest rate changes. Although these funds generally maintain diversified portfolios, the ability of the issuers of the respective funds' 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 and International 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. While the funds' investment in emerging markets debt securities is limited, the yields of these obligations reflect perceived credit risk. 9. PRINCIPAL MEMBERS The schedule below shows the number of members each owning 10% or more of a fund and the total percentage of the fund held by such members as of June 30, 2003.
---------------------------------------------------------------- FUND NUMBER % OF FUND HELD ---------------------------------------------------------------- Multi-Asset 1 14 International Equity 1 45 US Equity 2 23 Government Bond 3 54 Short-Term 3 52
42 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 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. 10. RESTRICTED SECURITIES Restricted securities that were held by the funds at June 30, 2003, were valued in accordance with the VALUATION OF INVESTMENTS section as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. Each fund will bear any costs incurred in connection with the disposition of such securities. Appendix E of the Notes to Financial Statements details each fund's restricted securities at June 30, 2003. 11. SUBSEQUENT EVENTS On July 8, 2003, Foundation Advisers, Inc. officially changed its name to TIFF Advisory Services, Inc. Effective August 15, 2003, EOS Fund Services LLC ("EOS") assumed the operations monitoring services formerly performed by Investors Capital under an administration agreement between Investors Capital and the fund. Certain administration functions formerly performed under that agreement have been assumed by IBT pursuant to a new administration agreement. The Investors Capital fees listed in Note 3 have been allocated between EOS and IBT. 43 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 APPENDIX A MONEY MANAGER FEE AS PERCENT OF ASSETS MANAGED FOR THE PERIOD ENDED JUNE 30, 2003
EFFECTIVE MINIMUM MAXIMUM FEE RATE TIFF MULTI-ASSET FUND Aronson+Johnson+Ortiz, LP 0.10 0.80 0.45 Delaware International Advisers Ltd. (a) 0.30 0.50 0.50 Harding, Loevner Management, LP 0.10 1.50 0.20 Marathon Asset Management, Ltd. 0.15 1.60 0.23 Oechsle International Advisors, LLC (d) 0.20 0.60 0.20 K.G. Redding & Associates, LLC (a) 0.50 0.75 0.75 Seix Invesment Advisors, Inc. (d) 0.10 0.80 0.10 Smith Breeden Associates, Inc. 0.10 0.85 0.13 Wellington Management Company, LLP (a) 0.35 0.45 0.45 TIFF INTERNATIONAL EQUITY FUND Delaware International Advisers Ltd. (a) 0.33 0.55 0.53 Harding, Loevner Management, LP 0.10 1.50 0.18 Marathon Asset Management, Ltd. 0.15 1.60 1.50 Oechsle International Advisors, LLC (d) 0.20 1.00 0.20 TIFF US EQUITY FUND Aronson+Johnson+Ortiz, LP 0.10 0.80 0.45 Martingale Asset Management, LP (a)(b) 0.05 0.10 0.09 Palo Alto Investors 0.10 2.00 0.27 Shapiro Capital Management Company, Inc. 0.50 0.95 0.95 Westport Asset Management, Inc. 0.15 2.00 1.93 TIFF GOVERNMENT BOND FUND Smith Breeden Associates, Inc. (c) 0.10 0.85 0.14 TIFF SHORT-TERM FUND Fischer Francis Trees & Watts, Inc. (a) 0.15 0.20 0.18
------------- (a) Money manager receives a fee that does not include a performance component. (b) Money manager receives a fee based on assets of the entire fund. (c) Money manager has agreed voluntarily to waive a portion of its fee, and the effective rate is after such waiver. (d) The money manager was defunded during the period. 44 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 APPENDIX B OPEN FORWARD CURRENCY CONTRACTS AS OF JUNE 30, 2003
UNREALIZED US DOLLAR FOREIGN CURRENCY APPRECIATION/ CONTRACTS DESCRIPTION RECEIVABLE/(PAYABLE) RECEIVABLE/(PAYABLE) (DEPRECIATION) MULTI-ASSET FUND BUY CONTRACTS -- FORWARDS 2,202,238 Euro settling on 9/17/03 $(2,601,724) $ 2,523,357 $ (78,367) SELL CONTRACTS -- FORWARDS British Pound settling on 1,375,000 8/29/03 2,263,387 (2,259,993) 3,394 --------- $ (74,973) ========= INTERNATIONAL EQUITY FUND BUY CONTRACTS -- FORWARDS 6,933,110 Euro settling on 9/17/03 (8,190,776) 7,944,061 $(246,715) SELL CONTRACTS -- FORWARDS 423,405 Euro settling on 9/17/03 499,576 (485,144) 14,432 --------- $(232,283) =========
45 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 APPENDIX C OPEN FUTURES CONTRACTS AS OF JUNE 30, 2003
UNREALIZED NUMBER OF COST/ VALUE AT APPRECIATION/ CONTRACTS TYPE (PROCEEDS) JUNE 30, 2003 (DEPRECIATION) MULTI-ASSET FUND LONG FUTURES CONTRACTS 11 July 2003 CAC 40 $ 389,566 $ 389,945 $ 379 264 September 2003 Pan-Euro 4,496,310 4,320,096 (176,214) 34 September 2003 British Pound 3,507,312 3,499,449 (7,863) 40 September 2003 TOPIX Index 2,909,161 3,009,099 99,938 24 September 2003 S&P 500 Index 5,837,400 5,839,800 2,400 18 September 2003 FTSE 100 Index 1,192,613 1,192,266 (347) 3 September 2003 DAX Index 278,001 278,059 58 37 September 2003 Japanese Yen 3,921,288 3,870,662 (50,626) --------- (132,275) --------- SHORT FUTURES CONTRACTS September 2003 10-year US 12 Treasury Notes (1,413,563) (1,409,250) 4,313 --------- $(127,962) ========= INTERNATIONAL EQUITY FUND LONG FUTURES CONTRACTS 4 September 2003 Canadian Dollar 295,200 294,960 $ (240) 37 July 2003 CAC 40 1,316,097 1,304,837 (11,260) 363 September 2003 Pan-Euro 6,288,678 6,046,904 (241,774) 71 September 2003 TOPIX Index 5,278,670 5,445,899 167,229 16 September 2003 DAX Index 1,559,246 1,509,867 (49,379) 50 September 2003 Japanese Yen 5,320,625 5,230,625 (90,000) --------- $(225,424) ========= US EQUITY FUND LONG FUTURES CONTRACTS 51 September 2003 S&P 500 Index 12,544,525 12,409,575 $(134,950) =========
46 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 APPENDIX D CAPITAL SHARE TRANSACTIONS
SIX MONTHS ENDED JUNE 30, 2003* YEAR ENDED DECEMBER 31, 2002 SHARES AMOUNT SHARES AMOUNT MULTI-ASSET FUND Shares Sold 2,508,147 $ 28,493,185 6,365,804 $ 70,485,136 Shares Reinvested -- -- 356,129 3,636,148 Exit/Entry Fee -- 170,757 -- 419,543 ---------- ------------ ----------- ------------- Subtotal 2,508,147 28,663,942 6,721,933 74,540,827 Shares Redeemed (502,756) (5,500,799) (1,085,775) (12,358,483) ---------- ------------ ----------- ------------- Net Increase (Decrease) 2,005,391 $ 23,163,143 5,636,158 $ 62,182,344 ========== ============ =========== ============= INTERNATIONAL EQUITY FUND Shares Sold 181,857 $ 1,443,913 194,671 $ 1,710,347 Shares Reinvested -- -- 80,545 667,719 Exit/Entry Fee -- 18,946 -- 49,299 ---------- ------------ ----------- ------------- Subtotal 181,857 1,462,859 275,216 2,427,365 Shares Redeemed (137,351) (1,071,567) (576,296) (4,850,189) ---------- ------------ ----------- ------------- Net Increase (Decrease) 44,506 $ 391,292 (301,080) $ (2,422,824) ========== ============ =========== ============= US EQUITY FUND Shares Sold 1,403,913 $ 14,001,446 1,343,297 $ 13,706,735 Exit/Entry Fee -- 46,034 -- 66,248 ---------- ------------ ----------- ------------- Subtotal 1,403,913 14,047,480 1,343,297 13,772,983 Shares Redeemed (451,930) (4,366,753) (1,160,586) (12,758,523) ---------- ------------ ----------- ------------- Net Increase (Decrease) 951,983 $ 9,680,727 182,711 $ 1,014,460 ========== ============ =========== ============= GOVERNMENT BOND FUND+ Shares Sold 5,550,563 $ 55,463,073 -- $ -- Shares Reinvested 36,320 369,993 -- -- ---------- ------------ ----------- ------------- Subtotal 5,586,883 55,833,066 -- -- Shares Redeemed (1,250,958) (12,980,927) -- -- ---------- ------------ ----------- ------------- Net Increase (Decrease) 4,335,925 $ 42,852,139 -- $ -- ========== ============ =========== ============= SHORT-TERM FUND Shares Sold 11,369,040 $113,143,504 21,875,275 $ 218,691,101 Shares Reinvested 229,035 2,275,174 364,665 3,641,307 ---------- ------------ ----------- ------------- Subtotal 11,598,075 115,418,678 22,239,940 222,332,408 Shares Redeemed (8,309,649) (82,680,209) (14,433,393) (144,348,200) ---------- ------------ ----------- ------------- Net Increase (Decrease) 3,288,426 $ 32,738,469 7,806,547 $ 77,984,208 ========== ============ =========== =============
------------- * Unaudited + Period from March 31, 2003 (commencement of operations) through June 30, 2003. 47 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 APPENDIX E RESTRICTED SECURITIES AS OF JUNE 30, 2003 The following restricted securities were held by the funds as of June 30, 2003, 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. Each fund will bear any costs incurred in connection with the disposition of such securities.
INVESTMENT DATE OF ACQUISITION COST MULTI-ASSET FUND Canyon Value Realization Fund, LP 06/01/96 $13,797,935 Farallon Capital Institutional Partners, LP 04/01/95 7,746,138 Lone Picea, LP 01/02/03 1,315,000 Lone Redwood, LP 12/31/97 2,738,471 Maverick Fund USA, Ltd. 12/31/02 3,000,000 OZ Domestic Partners, LP 12/31/01 5,000,000 Regiment Capital, Ltd. 06/30/03 6,000,000 INTERNATIONAL EQUITY FUND Bessent Euro-Equities II, LP 5/31/03 $ 4,000,000 Lansdowne UK Equity Fund 5/31/03 4,000,000 US EQUITY FUND Adage Capital Partners, LP 12/31/01 $31,500,000 Gotham Partners, LP 12/31/96 973,106
At June 30, 2003, the aggregate market value of restricted securities was: Multi-Asset Fund -- $64,242,065 (21.4% of net assets); International Equity Fund -- $8,186,490 (6.0% of net assets); US Equity Fund -- $28,279,894 (13.6% of net assets). All of the above listed securities are illiquid, with the exception of Canyon Value Realization Fund, LP, which the board of directors deemed to be liquid. The above list does not include securities registered under Rule 144A of the Securities Act of 1933. These securities may also be deemed to be restricted. 48 -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003 APPENDIX F REVERSE REPURCHASE AGREEMENTS AS OF JUNE 30, 2003 MULTI-ASSET FUND
FACE VALUE DESCRIPTION MARKET VALUE $17,997,489 Morgan Stanley Dean Witter, 0.65%, dated $17,997,489 7/1/03, to be repurchased on demand, at face value, plus accrued interest. =========== Average balance outstanding $17,356,023 Average interest rate 0.69% Maximum balance outstanding $18,397,593
Average balance outstanding was calculated based on daily balances outstanding during the period that the fund had entered into reverse repurchase agreements. GOVERNMENT BOND FUND
FACE VALUE DESCRIPTION MARKET VALUE $28,627,830 Morgan Stanley Dean Witter, 0.05%, dated $28,627,830 7/1/03, to be repurchased on demand, at face value, plus accrued interest. 15,159,375 Morgan Stanley Dean Witter, 0.50%, dated 15,159,375 8/15/03, to be repurchased on demand, at face value, plus accrued interest. ----------- Total reverse repurchase agreements $43,787,205 =========== Average balance outstanding $49,856,586 Average interest rate 0.55% Maximum balance outstanding $55,644,286
Average balance outstanding was calculated based on daily balances outstanding during the period that the fund had entered into reverse repurchase agreements. 49 -------------------------------------------------------------------------------- DIRECTORS AND PRINCIPAL OFFICERS
--------------------------------------------------------------------------------------------------------------------- NAME (AGE) POSITION LENGTH OF PRINCIPAL OCCUPATION OTHER ADDRESS WITH FUND SERVICE (A) FOR LAST FIVE YEARS DIRECTORSHIPS --------------------------------------------------------------------------------------------------------------------- INDEPENDENT DIRECTORS Suzanne Brenner (45) Director 1 year senior investment none Associate Treasurer and officer Senior Investment Officer The Metropolitan Museum of Art 1000 Fifth Avenue New York, NY 10028 Harry N. Hoffman III (47) Director 2 years chief investment none Chief Investment Officer officer Mayo Foundation 200 First Street SW Rochester, MN 55905 Sheryl L. Johns (47) Director 7 years chief financial officer none VP, Treasurer, and CFO Houston Endowment Inc. 600 Travis, Suite 6400 Houston, TX 77002 PRINCIPAL OFFICERS AND INTERESTED DIRECTORS William H. McLean (48)(b) Director 3 years chief investment none VP and Chief Investment officer Officer Northwestern University Investment Office -- Room 1-209 633 Clark Street Evanston, IL 60208 Esther Cash (46) President and 10 years investment operations none TIFF Principal 590 Peter Jefferson Parkway, Executive Suite 250 Officer Charlottesville, VA 22911 David A. Salem (47) Vice President 10 years chief executive officer none TIFF 590 Peter Jefferson Parkway, Suite 250 Charlottesville, VA 22911 Cynthia J. Surprise (56) Secretary 4 years legal counsel none Investors Bank & Trust Company 200 Clarendon Street Boston, MA 02116 William E. Vastardis (47) Treasurer and 10 years fund administration none EOS Fund Services LLC Principal 26 West 17th Street, 6th Floor Financial New York, NY 10011 Officer
------------- (a) Each director serves until the date that director resigns, retires, or is removed by the board of directors or shareholders in accordance with the Articles of Incorporation. (b) Mr. McLean is deemed to be an "interested director" because he also serves as a director of TIFF Advisory Services, Inc., the mutual funds' advisor. 50 -------------------------------------------------------------------------------- TIFF INVESTMENT PROGRAM ADVISOR TIFF Advisory Services, Inc. 590 Peter Jefferson Parkway, Suite 250 Charlottesville, VA 22911 PHONE (434) 817-8200 FAX (434) 817-8231 CUSTODIAN ACCOUNTING AGENT TRANSFER AGENT DIVIDEND DISBURSING AGENT Investors Bank & Trust Company 200 Clarendon Street Boston, MA 02116 FUND ADMINISTRATOR Investors Capital Services, Inc. 33 Maiden Lane, 4th Floor New York, NY 10038 FUND DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, WI 53202 LEGAL COUNSEL Dechert 1500 I Street, N.W. Washington, DC 20005 INDEPENDENT ACCOUNTANTS PricewaterhouseCoopers LLP 160 Federal Street Boston, MA 02110 OPERATIONS MONITORING AGENT EOS Fund Services LLC 26 West 17th Street, 6th Floor New York, NY 10011 MONEY MANAGERS TIFF MULTI-ASSET FUND Aronson+Johnson+Ortiz, LP Canyon Capital Advisors LLC Delaware International Advisers Ltd. Farallon Capital Management, LLC Harding, Loevner Management, LP Lone Pine Capital LLC Marathon Asset Management, Ltd. Maverick Capital, Ltd. Och-Ziff Capital Management Group K.G. Redding & Associates, LLC Regiment Capital Management, LLC Smith Breeden Associates, Inc. Wellington Management Company, LLP TIFF INTERNATIONAL EQUITY FUND Bessent Capital, LLC Delaware International Advisers Ltd. Harding, Loevner Management, LP Lansdowne Partners Marathon Asset Management, Ltd. TIFF US EQUITY FUND Adage Capital Management, LP Aronson+Johnson+Ortiz, LP Marathon Asset Management, Ltd. Martingale Asset Management, LP Palo Alto Investors Shapiro Capital Management Company, Inc. Westport Asset Management, Inc. TIFF GOVERNMENT BOND FUND Smith Breeden Associates, Inc. TIFF SHORT-TERM FUND Fischer Francis Trees & Watts, Inc. 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 to this filing. ITEM 6 [RESERVED] ITEM 7 DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8 [RESERVED] ITEM 9 CONTROLS AND PROCEDURES. (a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures are effective based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"). (b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect internal controls subsequent to the Evaluation Date, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 10 (EXHIBITS): (a)(1) Code of Ethics Described in Item 2: Not applicable to this filing. (a)(2) Certifications of the Principal Executive Officer and Principal 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) are attached hereto as Exhibit 99CERT.302 (b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99CERT.906. 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/ Esther L. Cash ----------------------------------------------------- Esther L. Cash, President and Principal Executive Officer Date 9/4/03 ------------ 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/ Esther L. Cash ----------------------------------------------------- Esther L. Cash, President and Principal Executive Officer Date 9/4/03 ------------ By (Signature and Title): /s/ William E. Vastardis ----------------------------------------------------- William E. Vastardis, Treasurer and Principal Financial Officer Date 9/4/03 ---------------