N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-08234

TIFF Investment Program, Inc.

(Exact name of registrant as specified in charter)

Four Tower Bridge, 200 Barr Harbor Drive, Suite 100 West Conshohocken, PA	19428
(Address of chief executive offices)	(Zip code)

Richard J. Flannery
President and Chief Executive Officer
TIFF Investment Program, Inc.
Four Tower Bridge, 200 Barr Harbor Drive, Suite 100,
West Conshohocken, PA 19428

with a copy to:
Bruce G. Leto
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103

(Name and address of agent for service)

Registrant’s telephone number, including area code: 610.684.8000

Date of fiscal year end: 12/31/09

Date of reporting period: 01/01/09 – 06/30/09

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT
June 30, 2009 (Unaudited)	A Report of the TIFF INVESTMENT PROGRAM

About TIFF

The Investment Fund for Foundations (TIFF) was founded in 1991 by a nationwide network of foundations. Its mission is to seek to improve the investment returns of eligible organizations by making available to them a series of multi-manager investment vehicles plus resources aimed at enhancing fiduciaries' knowledge of investing.

TIFF Mutual Funds

TIFF Investment Program, Inc. (TIP) comprises a family of no-load mutual funds available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations meeting specified accreditation requirements. TIP consists of four mutual funds at present: TIFF Multi-Asset Fund (MAF), TIFF International Equity Fund (IEF), TIFF US Equity Fund (USEF), and TIFF Short-Term Fund (STF). TIFF Advisory Services, Inc. (TAS) serves as the investment advisor to the funds.

MAF, IEF, and USEF operate primarily on a multi-manager basis. With respect to such funds, TAS has responsibility for the time-intensive task of selecting money managers and other vendors, and for MAF, TAS has responsibility for the all important task of asset allocation. With respect to STF, TAS is responsible for the day-to-day management of the fund's assets.

Financial Statements

TIP is pleased to provide this Semi-Annual Report for the period ended June 30, 2009. Discussion of the performance of the mutual funds described herein has been provided to members via the TIFF Marketable Investments quarterly reports.

For Further Information

As always, we would welcome the opportunity to discuss any aspect of TIFF's services as well as answer any questions about these financial reports. For further information about TIFF, please call us at 610-684-8200 or visit www.tiff.org.

August 26, 2009

Contents

TIFF Multi-Asset Fund
■ Fund Expenses		2
■ Financial Highlights .		3
■ Schedule of Investments		4
■ Statement of Assets and Liabilities		26
■ Statement of Operations		27
■ Statement of Changes in Net Assets		28
■ Statement of Cash Flows		29
TIFF International Equity Fund
■ Fund Expenses		30
■ Financial Highlights .		31
■ Schedule of Investments		32
■ Statement of Assets and Liabilities		40
■ Statement of Operations		41
■ Statement of Changes in Net Assets		42
■ Statement of Cash Flows		43
TIFF US Equity Fund
■ Fund Expenses.		44
■ Financial Highlights .		45
■ Schedule of Investments		46
■ Statement of Assets and Liabilities		51
■ Statement of Operations		52
■ Statement of Changes in Net Assets		53
■ Statement of Cash Flows		54
TIFF Short-Term Fund
■ Fund Expenses		55
■ Financial Highlights		56
■ Schedule of Investments		57
■ Statement of Assets and Liabilities		58
■ Statement of Operations		59
■ Statement of Changes in Net Assets		60
■ Statement of Cash Flows		61
Notes to Financial Statements		62
Additional Information		76
Approval of the Advisory Agreements and Money Manager Agreements		77
Directors and Principal Officers		84

Copyright © 2009 ■ All rights reserved ■ This report may not be reproduced or distributed without written permission from TIFF.

TIFF Multi-Asset Fund

June 30, 2009

Fund Expenses (unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transactions costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions costs were included, your costs would have been higher.

	Including Interest and Dividend Expense*						Excluding Interest and Dividend Expense**
	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During the Period 1/1/09 – 6/30/09		Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During the Period 1/1/09 – 6/30/09
1) Actual	$	1,000	$	1,087.60	$	2.85	$	1,000	$	1,087,60	$	2.64
2) Hypothetical	$	1,000	$	1,022.07	$	2.76	$	1,000	$	1,022.27	$	2.56

* Expenses are equal to the fund’s annualized expense ratio of 0.55% (calculated over a six-month period, which may differ from the fund’s actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Excluding interest and dividend expense, expenses incurred by the fund were 0.51%. The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

** Interest expense is interest on reverse repurchase agreements (see Note 7); dividend expense is dividends paid on securities sold short.

Pro Forma Expense Information

As described in the section of this report entitled Approval of the Advisory Agreements and Money Manager Agreements, the Board approved (a) a new money manager agreement for Multi-Asset Fund with new money manager Southeastern Asset Management, Inc. (“Southeastern”), effective June 18, 2009, and (b) an amendment to the money manager agreement with Wellington Management Company, LLP (“Wellington Management”), effective June 25, 2009. Had Southeastern and Wellington Management served as money managers for MAF during the full six-month period under the new arrangements (see Note 4 to the Financial Statements), the annualized expense ratio including interest and dividend expense would have been 0.63% and the expenses paid under the actual and hypothetical scenarios would have been $3.26 and $3.16, respectively. Excluding interest and dividend expense, pro forma expenses incurred by the fund would have been 0.59% and the expenses paid under the actual and hypothetical scenarios would have been $3.05 and $2.96, respectively. The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

2

TIFF Multi-Asset Fund

June 30, 2009

Financial Highlights

	Six Months Ended 6/30/09 (unaudited)			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05			Year Ended 12/31/04
For a share outstanding throughout each period
Net asset value, beginning of year	$	11.70		$	16.65		$	16.29		$	14.92		$	14.24		$	13.19
Income (loss) from investment operations
Net investment income (a)		0.06			0.40			0.44			0.36			0.26			0.20
Net realized and unrealized gain (loss) on investments		0.93			(4.68	)		1.73			2.03			1.38			1.67
Total from investment operations		0.99			(4.28	)		2.17			2.39			1.64			1.87
Less distributions from
Net investment income		(0.07	)		(0.37	)		(0.80	)		(0.49	)		(0.45	)		(0.28	)
Net realized gains		—			(0.05	)		(1.03	)		(0.56	)		(0.53	)		(0.57	)
Return of capital		(0.13	)		(0.28	)		—			—			—			—
Total distributions		(0.20	)		(0.70	)		(1.83	)		(1.05	)		(0.98	)		(0.85	)
Entry/exit fee per share (a)		0.01			0.03			0.02			0.03			0.02			0.03
Net asset value, end of year	$	12.50		$	11.70		$	16.65		$	16.29		$	14.92		$	14.24
Total return (b)		8.76	%(c)		(25.98	)%		13.53	%		16.53	%		11.73	%		14.57	%
Ratios/supplemental data
Net assets, end of year (000s)	$	2,287,937		$	2,079,472		$	2,218,641		$	1,599,583		$	1,058,133		$	705,800
Ratio of expenses to average net assets (d)		0.55	%(e)		0.53	%		0.70	%		0.67	%		0.86	%		0.77	%
Ratio of expenses to average net assets, excluding interest and dividend expense (d)		0.51	%(e)		0.44	%		0.60	%		0.53	%		0.71	%		0.72	%
Ratio of net investment income to average net assets		1.12	%(e)		2.71	%		2.54	%		2.26	%		1.75	%		1.45	%
Portfolio turnover		77.45	%(c)		112.12	%		70.85	%		61.82	%		72.70	%		103.35	%

(a) Calculation based on average shares outstanding.

(b) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member.

(c) Not annualized.

(d) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

(e) Annualized.

See accompanying Notes to Financial Statements.

3

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)*

June 30, 2009

	Number of Shares		Value
Investments — 106.2% of net assets
Common Stocks — 40.6%
US Common Stocks — 19.0%
Aerospace & Defense — 0.2%
AAR Corp. (a)		100,000	$	1,605,000
Goodrich Corp.		5,400		269,838
L-3 Communications Holdings, Inc.		5,300		367,714
Northrop Grumman Corp.		16,757		765,460
Raytheon Co.		32,738		1,454,549
				4,462,561
Air Freight & Logistics — 0.2%
FedEx Corp.		100,000		5,562,000
Airlines — 0.1%
AMR Corp. (a)		189,523		761,882
Delta Air Lines, Inc. (a)		224,258		1,298,454
US Airways Group, Inc. (a)		127,419		309,628
				2,369,964
Automobiles — 0.0%
Fleetwood Enterprises, Inc. (a)		690,543		5,524
Beverages — 0.1%
Coca-Cola Enterprises, Inc.		8,700		144,855
Constellation Brands, Inc., Class A (a)		170,600		2,163,208
PepsiCo, Inc.		5,800		318,768
				2,626,831
Biotechnology — 0.0%
Amgen, Inc. (a)		11,400		603,516
Biogen Idec, Inc. (a)		5,400		243,810
Gilead Sciences, Inc. (a)		2,800		131,152
				978,478
Capital Markets — 0.2%
Ameriprise Financial, Inc.		15,663		380,141
Franklin Resources, Inc.		5,100		367,251
Goldman Sachs Group, Inc. (The)		1,200		176,928
Legg Mason, Inc.		107,700		2,625,726
Morgan Stanley		9,000		256,590
T. Rowe Price Group, Inc.		8,000		333,360
TD Ameritrade Holding Corp. (a)		19,100		335,014
				4,475,010
Chemicals — 0.2%
Ecolab, Inc.		9,500		370,405
International Flavors & Fragrances, Inc.		29,500		965,240
Nalco Holding Co.		130,000		2,189,200
Scotts Miracle-Gro Co. (The), Class A		41,195		1,443,885
				4,968,730
Commercial Banks — 0.1%
Preferred Bank/Los Angeles CA		91,765		348,707

	Number of Shares		Value
South Financial Group, Inc. (The)		132,000	$	157,080
Wells Fargo & Co.		41,333		1,002,739
				1,508,526
Commercial Services & Supplies — 0.1%
Pitney Bowes, Inc.		34,415		754,721
Viad Corp.		93,964		1,618,060
				2,372,781
Communications Equipment — 0.1%
Cisco Systems, Inc. (a)		29,000		540,560
EMS Technologies, Inc. (a)		57,592		1,203,673
QUALCOMM, Inc.		4,000		180,800
				1,925,033
Computers & Peripherals — 0.6%
Apple, Inc. (a)		2,800		398,804
Dell, Inc. (a)		580,090		7,964,636
Hewlett-Packard Co.		105,879		4,092,223
International Business Machines Corp. (IBM)		4,000		417,680
QLogic Corp. (a)		100,000		1,268,000
Western Digital Corp. (a)		6,800		180,200
				14,321,543
Construction & Engineering — 0.1%
KBR, Inc.		70,000		1,290,800
Consumer Finance — 0.0%
American Express Co.		32,190		748,096
Distributors — 0.1%
Genuine Parts Co.		92,700		3,111,012
Diversified Consumer Services — 0.2%
Apollo Group, Inc., Class A (a)		3,900		277,368
DeVry, Inc.		30,400		1,521,216
H&R Block, Inc.		8,800		151,624
ITT Educational Services, Inc. (a)		20,000		2,013,200
Sotheby's		80,282		1,132,779
				5,096,187
Diversified Financial Services — 0.3%
Bank of America Corp.		388,048		5,122,234
Citigroup, Inc.		80,618		239,435
J.G. Wentworth Inc. (b) (c)		30,400		—
JPMorgan Chase & Co.		2,897		98,817
Moody's Corp.		54,280		1,430,278
NYSE Euronext		13,600		370,600
				7,261,364
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		119,900		2,978,316
Cincinnati Bell, Inc. (a)		445,868		1,266,265
FairPoint Communications, Inc.		2,195		1,317
General Communications, Inc., Class A (a)		292,615		2,027,822

4

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Level 3 Communications, Inc. (a)		661,226	$	998,451
Verizon Communications, Inc.		104,900		3,223,577
				10,495,748
Electric Utilities — 0.1%
Edison International		11,900		374,374
FirstEnergy Corp.		8,200		317,750
NV Energy, Inc.		219,000		2,363,010
				3,055,134
Electrical Equipment — 0.1%
Baldor Electric Co.		60,800		1,446,432
Electronic Equipment, Instruments & Components — 0.2%
Checkpoint Systems, Inc. (a)		228,129		3,579,344
Rogers Corp. (a)		40,000		809,200
				4,388,544
Energy Equipment & Services — 0.4%
Baker Hughes, Inc.		93,287		3,399,378
Cal Dive International, Inc. (a)		252,000		2,174,760
Halliburton Co.		110,700		2,291,490
Parker Drilling Co. (a)		142,500		618,450
Smith International, Inc.		9,277		238,883
Tidewater, Inc.		25,500		1,093,185
				9,816,146
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		152,531		6,970,666
CVS Caremark Corp.		4,800		152,976
Kroger Co. (The)		94,794		2,090,208
Safeway, Inc.		17,500		356,475
Sysco Corp.		16,000		359,680
Wal-Mart Stores, Inc.		2,600		125,944
				10,055,949
Food Products — 0.5%
Archer-Daniels-Midland Co.		16,200		433,674
Campbell Soup Co.		7,800		229,476
ConAgra Foods, Inc.		198,600		3,785,316
General Mills, Inc.		37,800		2,117,556
H.J. Heinz Co.		103,700		3,702,090
				10,268,112
Gas Utilities — 0.2%
EQT Corp.		98,200		3,428,162
Health Care Equipment & Supplies — 0.2%
Accuray, Inc. (a)		176,694		1,178,549
Cooper Companies, Inc. (The)		62,400		1,543,152
Kinetic Concepts, Inc. (a)		75,000		2,043,750
				4,765,451
Health Care Providers & Services — 0.3%
Aetna, Inc.		7,500		187,875
AmerisourceBergen Corp.		18,200		322,868

	Number of Shares		Value
Brookdale Senior Living, Inc.		225,700	$	2,198,318
Cardinal Health, Inc.		10,800		329,940
Health Management Associates, Inc., Class A (a)		64,283		317,558
Humana, Inc. (a)		4,200		135,492
Lincare Holdings, Inc. (a)		90,000		2,116,800
McKesson Corp.		10,800		475,200
UnitedHealth Group, Inc.		17,600		439,648
WellPoint, Inc. (a)		11,100		564,879
				7,088,578
Hotels, Restaurants & Leisure — 0.4%
California Pizza Kitchen, Inc. (a)		70,400		935,616
McDonald's Corp.		3,900		224,211
Orient-Express Hotels Ltd., Class A		157,700		1,338,873
Ruby Tuesday, Inc. (a)		144,800		964,368
Starwood Hotels & Resorts Worldwide, Inc.		86,800		1,926,960
Yum! Brands, Inc.		127,300		4,244,182
				9,634,210
Household Durables — 0.3%
American Greetings Corp., Class A		126,641		1,479,167
D.R. Horton, Inc.		135,200		1,265,472
KB Home		203,232		2,780,213
Mohawk Industries, Inc. (a)		2,007		71,610
Pulte Homes, Inc.		180,207		1,591,228
				7,187,690
Household Products — 0.0%
Kimberly-Clark Corp.		3,200		167,776
Procter & Gamble Co. (The)		15,400		786,940
				954,716
Independent Power Producers & Energy Traders — 0.0%
AES Corp. (The) (a)		16,800		195,048
Industrial Conglomerates — 0.2%
3M Co.		43,900		2,638,390
General Electric Co.		194,900		2,284,228
				4,922,618
Insurance — 0.7%
Aflac, Inc.		14,200		441,478
Allstate Corp. (The)		12,000		292,800
Berkshire Hathaway, Inc., Class B (a)		1,565		4,531,817
Brown & Brown, Inc.		125,000		2,491,250
Chubb Corp.		9,500		378,860
Everest Re Group Ltd.		71,600		5,124,412
MBIA, Inc. (a)		219,947		952,371
Mercury General Corp.		26,816		896,459
Progressive Corp. (The) (a)		19,000		287,090
Prudential Financial, Inc.		4,000		148,880
Travelers Companies, Inc. (The)		11,700		480,168
Unum Group		9,200		145,912
				16,171,497

5

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Internet & Catalog Retail — 0.4%
Amazon.com, Inc. (a)		36,735	$	3,073,250
Blue Nile, Inc. (a)		56,305		2,420,552
Liberty Media Holding Corp., Interactive, Series A (Tracking Stock) (a) (d)		69,440		347,895
Priceline.com, Inc. (a)		35,957		4,011,003
				9,852,700
Internet Software & Services — 0.1%
eBay, Inc. (a)		92,877		1,590,983
Google, Inc., Class A (a)		1,200		505,908
				2,096,891
IT Services — 0.3%
CACI International, Inc., Class A (a)		41,200		1,759,652
Computer Sciences Corp. (a)		4,200		186,060
DST Systems, Inc. (a)		18,037		666,467
Forrester Research, Inc. (a)		13,343		327,571
Gartner Group, Inc., Class A (a)		191,628		2,924,243
Visa, Inc., Class A		2,200		136,972
Western Union Co. (The)		9,100		149,240
				6,150,205
Machinery — 0.1%
Cummins, Inc.		9,900		348,579
Dover Corp.		9,800		324,282
John Bean Technologies Corp.		98,800		1,236,976
Parker-Hannifin Corp.		4,200		180,432
				2,090,269
Media — 1.6%
Ascent Media Corp., Series A (a)		4,081		108,473
Cablevision Systems Corp.		438,916		8,519,360
CBS Corp., Class A		26,253		182,458
CBS Corp., Class B		171,481		1,186,648
CC Media Holdings, Inc., Class A (a) (b)		88,498		88,498
Comcast Corp., Class A		9,900		143,451
DIRECTV Group, Inc. (The) (a)		227,500		5,621,525
Discovery Communications, Inc., Series A (a)		40,056		903,263
Discovery Communications, Inc., Series C (a)		40,166		824,608
John Wiley & Sons, Inc., Class A		10,000		332,500
Liberty Global, Inc., Class A (a)		155,485		2,470,657
Liberty Global, Inc., Class C (a)		128,192		2,026,715
Liberty Media Corp., Entertainment, Series A (Tracking Stock) (a) (d)		248,952		6,659,466
Liberty Media Holding Corp., Capital, Series A (Tracking Stock) (a) (d)		14,464		196,132
Live Nation, Inc. (a)		313,500		1,523,610
Omnicom Group, Inc.		4,800		151,584
Primedia, Inc.		129,268		259,829
Sun-Times Media Group, Inc. (a)		41,415		414

	Number of Shares		Value
Time Warner Cable, Inc.		8,855	$	280,438
Time Warner, Inc.		35,283		888,779
Walt Disney Co. (The)		221,000		5,155,930
				37,524,338
Metals & Mining — 0.2%
Alcoa, Inc.		165,600		1,710,648
Haynes International, Inc. (a)		90,500		2,144,850
Southern Copper Corp.		18,200		372,008
				4,227,506
Multi-Utilities — 0.1%
DTE Energy Co.		5,500		176,000
OGE Energy Corp.		37,000		1,047,840
Public Service Enterprise Group, Inc.		5,400		176,202
Sempra Energy		8,300		411,929
				1,811,971
Multiline Retail — 0.1%
Big Lots, Inc. (a)		60,000		1,261,800
Saks, Inc. (a)		163,600		724,748
				1,986,548
Office Electronics — 0.2%
Xerox Corp.		358,756		2,324,739
Zebra Technologies Corp., Class A (a)		81,500		1,928,290
				4,253,029
Oil, Gas & Consumable Fuels — 3.0%
Berry Petroleum Co., Class A		20,000		371,800
Chesapeake Energy Corp.		530,200		10,513,866
Chevron Corp.		82,500		5,465,625
ConocoPhillips		97,068		4,082,680
Consol Energy, Inc.		131,900		4,479,324
Denbury Resources, Inc. (a)		216,800		3,193,464
Devon Energy Corp.		46,400		2,528,800
Encore Acquisition Co. (a)		69,900		2,156,415
EOG Resources, Inc.		100,400		6,819,168
Exxon Mobil Corp.		84,660		5,918,581
Forest Oil Corp. (a)		30,000		447,600
Marathon Oil Corp.		130,713		3,938,383
Murphy Oil Corp.		6,700		363,944
Newfield Exploration Co. (a)		54,900		1,793,583
Noble Energy, Inc.		46,800		2,759,796
Peabody Energy Corp.		85,200		2,569,632
Stone Energy Corp. (a)		32,506		241,194
Valero Energy Corp.		223,600		3,776,604
Williams Cos., Inc. (The)		117,800		1,838,858
XTO Energy, Inc.		113,457		4,327,250
				67,586,567
Paper & Forest Products — 0.2%
International Paper Co.		176,800		2,674,984
Weyerhaeuser Co.		45,500		1,384,565
				4,059,549

6

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Personal Products — 0.1%
Estee Lauder Companies, Inc. (The), Class A		43,706	$	1,427,875
Pharmaceuticals — 0.6%
Bristol-Myers Squibb Co.		26,397		536,123
Eli Lilly & Co.		4,500		155,880
Forest Laboratories, Inc. (a)		13,400		336,474
Johnson & Johnson		42,700		2,425,360
Merck & Co., Inc.		107,500		3,005,700
Pfizer, Inc.		235,200		3,528,000
Salix Pharmaceuticals Ltd. (a)		17,000		167,790
Schering-Plough Corp.		13,460		338,115
Wyeth		89,500		4,062,405
				14,555,847
Professional Services — 0.1%
Watson, Wyatt Worldwide, Inc., Class A		59,915		2,248,610
Real Estate Investment Trusts (REITs) — 3.0%
Acadia Realty Trust		1,750,000		1,496,250
Apartment Investment & Management Co., Class A		229,700		2,032,845
Ashford Hospitality Trust, Inc.		297,700		836,537
BioMed Realty, LP (e)		4,000,000		3,380,000
Boston Properties, Inc.		103,900		4,956,030
Brandywine Realty Trust		145,800		1,086,210
Camden Property Trust		136,400		3,764,640
CapitaCommerical Trust (Singapore)		3,445,000		1,936,745
CBL & Associates Properties, Inc.		127,400		686,686
Cominar Real Estate Investment Trust(Canada)		122,600		1,631,645
Corporate Office Properties Trust		35,100		1,029,483
DiamondRock Hospitality Co.		322,426		2,018,387
Digital Realty Trust, Inc.		22,600		810,210
Douglas Emmett, Inc.		140,400		1,262,196
Duke Realty Corp., Series K		14,400		192,960
Duke Realty Corp., Series N		3,800		55,024
Duke Realty Corp., Series O		2,800		49,168
EastGroup Properties, Inc.		46,800		1,545,336
Entertainment Properties Trust		43,900		904,340
Essex Property Trust, Inc., Series ESS		50,200		762,413
First Industrial Realty Trust, Inc.		145,412		632,542
Gramercy Capital Corp. (a)		355,400		572,194
Gramercy Capital Corp., Series A (a)		78,900		473,400
HCP, Inc.		49,700		1,053,143
Health Care REIT, Inc.		31,900		1,087,790
Host Hotels & Resorts, Inc.		498,700		4,184,093
Inland Real Estate Corp.		1,900,000		1,567,500
iStar Financial, Inc.		255,700		726,188
iStar Financial, Inc., Series D (a)		6,300		45,360
iStar Financial, Inc., Series E (a)		43,300		309,595
iStar Financial, Inc., Series F (a)		32,800		233,208

	Number of Shares		Value
iStar Financial, Inc., Series G		2,300	$	16,330
iStar Financial, Inc., Series I (a)		800		5,360
Macerich Co. (The)		274,022		4,825,527
Mid-America Apartment Communities, Inc.		57,500		2,110,825
ProLogis		64,700		521,482
Public Storage		28,800		1,885,824
Simon Property Group, Inc.		133,591		6,870,585
SL Green Realty Corp.		285,466		6,548,590
Sunstone Hotel Investors, Inc.		279,600		1,495,860
Sunstone Hotel Investors, Inc., Series A (a)		217,600		3,274,880
Taubman Centers, Inc., Series G (a)		10,300		197,245
				69,074,626
Real Estate Management & Development — 0.3%
CB Richard Ellis Group Inc., Class A (a)		246,583		2,308,017
Forest City Enterprises, Inc., Class A		483,100		3,188,460
Guangzhou R&F Properties Co. Ltd., Class H		325,100		723,648
				6,220,125
Road & Rail — 0.3%
Avis Budget Group, Inc. (a)		267,700		1,512,505
CSX Corp.		5,000		173,150
Kansas City Southern (a)		221,537		3,568,961
Norfolk Southern Corp.		5,600		210,952
Union Pacific Corp.		8,700		452,922
				5,918,490
Semiconductors & Semiconductor Equipment — 0.2%
Cabot Microelectronics Corp. (a)		67,229		1,901,908
Intel Corp.		16,700		276,385
LSI Corp. (a)		292,064		1,331,812
Texas Instruments, Inc.		25,700		547,410
				4,057,515
Software — 0.5%
Jack Henry & Associates, Inc.		100,000		2,075,000
Microsoft Corp.		289,856		6,889,877
Oracle Corp.		20,300		434,826
Parametric Technology Corp. (a)		140,276		1,639,827
Symantec Corp. (a)		24,800		385,888
				11,425,418
Specialty Retail — 0.2%
AutoZone, Inc. (a)		800		120,888
Blockbuster, Inc., Class B (a)		146,876		57,282
Gap, Inc. (The)		24,200		396,880
Home Depot, Inc. (The)		8,100		191,403
PetSmart, Inc.		108,000		2,317,680
Ross Stores, Inc.		3,600		138,960
Sally Beauty Holdings, Inc. (a)		140,000		890,400
Sherwin-Williams Co. (The)		4,972		267,245

7

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
TJX Companies, Inc. (The)		14,600	$	459,316
				4,840,054
Textiles, Apparel & Luxury Goods — 0.1%
Coach, Inc.		16,100		432,768
Hanesbrands, Inc. (a)		130,850		1,964,058
				2,396,826
Thrifts & Mortgage Finance — 0.0%
Hudson City Bancorp, Inc.		29,700		394,713
MGIC Investment Corp.		88,882		391,081
Washington Mutual, Inc.		33,600		3,393
				789,187
Tobacco — 0.1%
Altria Group, Inc.		39,858		653,273
Philip Morris International, Inc.		29,791		1,299,483
Reynolds American, Inc.		8,400		324,408
				2,277,164
Wireless Telecommunication Services — 0.1%
NII Holdings, Inc., Class B (a)		64,930		1,238,215
Total US Common Stocks (Cost $507,757,471)				435,068,000
Foreign Common Stocks — 21.6%
Australia — 0.7%
Alumina Ltd.		2,399,643		2,754,273
Amcor Ltd.		407,141		1,634,685
Australia and New Zealand Banking Group Ltd.		51,350		678,830
BHP Billiton Ltd.		34,832		954,655
Caltex Australia Ltd.		21,820		242,430
Foster's Group Ltd.		384,486		1,593,597
Iluka Resources Ltd. (a)		23,767		54,564
National Australia Bank Ltd.		102,170		1,839,478
Santos Ltd.		68,116		800,194
Telstra Corp. Ltd.		975,854		2,662,682
Wesfarmers Ltd.		107,530		1,957,441
				15,172,829
Austria — 0.0%
BWIN Interactive Entertainment AG (a)		2,784		121,660
Oesterreichische Post AG		6,043		173,506
				295,166
Bahamas — 0.0%
Ultrapetrol (Bahamas) Ltd. (a)		16,829		74,553
Belgium — 0.0%
Fortis (a)		131,425		448,082
Fortis, Strip VVPR (a) (b)		39,332		55
InBev NV		13,367		483,920
				932,057

	Number of Shares		Value
Bermuda — 0.1%
Lazard Ltd., Class A		55,555	$	1,495,541
Brazil — 0.7%
Companhia de Concessoes Rodoviarias		76,100		1,220,629
LPS Brasil Consultoria de Imoveis SA (a)		380,600		2,068,584
Petroleo Brasileiro SA – ADR		132,600		5,433,948
Vale SA — ADR		522,300		8,017,305
				16,740,466
Canada — 2.4%
AbitibiBowater, Inc.		66,735		34,998
Ace Aviation Holdings, Inc., Class A (a)		127,000		578,687
Barrick Gold Corp.		73,216		2,456,397
BCE, Inc.		42,695		880,953
Bell Aliant Regional Communications Income Fund (b) (c) (f)		1,558		35,295
Bombardier, Inc., Class B		1,278,300		3,791,544
Cameco Corp.		139,600		3,573,760
Canadian Natural Resources Ltd.		158,300		8,327,711
Catalyst Paper Corp. (a)		352,814		51,565
EnCana Corp.		117,400		5,820,795
Fairfax Financial Holdings Ltd.		20,500		5,114,545
Fraser Papers, Inc. (a)		101,580		5,677
Groupe Aeroplan, Inc.		48,705		345,455
Imperial Oil Ltd.		77,900		3,021,836
Jazz Air Income Fund (b) (c) (f)		8,875		25,027
Nortel Networks Corp. (a)		22,767		993
Onex Corp.		25,500		438,464
Petro-Canada – TSE Shares		71,142		2,747,452
Research In Motion Ltd. (a)		2,200		156,310
Rogers Communications, Inc., Class B – TSE Shares		230,600		5,927,817
Shaw Communications, Inc., Class B		8,800		148,368
Suncor Energy, Inc.		199,168		6,056,461
Talisman Energy, Inc.		211,900		3,044,189
Ultra Petroleum Corp. (a)		47,200		1,840,800
				54,425,099
China — 0.4%
China Construction Bank Corp., Class H		2,418,000		1,866,276
E-House China Holdings Ltd. – ADS (a)		257,100		3,969,624
Home Inns & Hotels Management, Inc. – ADR (a)		135,200		2,148,328
Tsingtao Brewery Co. Ltd., Class H		656,000		2,078,158
				10,062,386

8

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Denmark — 0.2%
Bang & Olufsen A/S, Class B		9,300	$	63,483
Carlsberg A/S, Class B		4,651		298,957
Coloplast A/S, Class B		10,036		691,481
Danske Bank A/S (a)		6,767		116,807
GN Store Nord A/S (GN Great Nordic) (a)		130,360		521,591
Novo Nordisk A/S, Class B		8,998		489,060
Vestas Wind Systems A/S (a)		20,330		1,461,479
William Demant Holding (a)		17,299		895,369
				4,538,227
Finland — 0.2%
Metso Oyj		45,762		857,177
Nokia Oyj		17,044		248,734
Sampo Oyj, Class A		73,892		1,394,374
Tieto Oyj		19,387		258,331
UPM-Kymmene Oyj		61,962		540,021
Wartsila Oyj Corp.		3,774		121,910
				3,420,547
France — 1.4%
Accor SA		131,000		5,209,274
Alcatel Lucent – SPADR (a)		155,348		385,263
Atos Origin SA (a)		7,054		239,495
AXA SA		36,529		690,593
BNP Paribas		15,011		974,121
Carrefour SA		107,788		4,610,889
Compagnie de Saint-Gobain		6,570		219,677
France Telecom SA		92,670		2,105,482
GDF Suez, Strip VVPR (a) (b)		9,765		14
Groupe Eurotunnel SA Registered (a)		18,278		103,836
Lagardere S.C.A.		3,142		104,579
Legrand SA		40,500		884,806
Neopost SA		9,737		875,591
SA des Ciments Vicat		2,824		162,442
Sanofi-Aventis		17,867		1,050,779
SCOR SE		28,037		575,797
Societe BIC SA		4,751		272,870
Societe Generale, Class A		42,755		2,332,689
Thales SA		18,428		824,662
Total SA		98,235		5,320,619
Total SA – SPADR		103,400		5,607,382
				32,550,860
Germany — 0.5%
BASF SE		30,999		1,236,438
Bayer AG		2,831		152,014
Bayerische Motoren Werke AG		14,256		538,408
Daimler AG Registered		37,151		1,344,195
Deutsche Bank AG Registered		3,314		201,666
Deutsche Post AG		21,806		285,010
Deutsche Telekom AG		188,272		2,225,101

	Number of Shares		Value
Deutsche Wohnen AG (a)		37,700	$	526,273
E.ON AG		37,929		1,346,265
Fresenius Medical Care AG & Co.		37,280		1,663,749
RWE AG		29,561		2,333,677
Siemens AG Registered		3,645		252,345
				12,105,141
Hong Kong — 1.7%
Asia Satellite Telecommunications Holdings Ltd.		47,000		53,621
Cheung Kong Holdings Ltd.		348,000		3,980,590
China Mobile Ltd.		117,000		1,173,201
Esprit Holdings Ltd.		24,900		139,282
First Pacific Co.		3,088,000		1,784,019
Genting Singapore plc (a)		265,430		124,607
Henderson Land Development Co.		313,000		1,790,701
Hong Kong & Shanghai Hotels Ltd. (The)		981,116		994,677
Hong Kong Aircraft Engineering Co. Ltd.		57,200		669,220
Hongkong Electric Holdings Ltd.		203,500		1,131,993
Hongkong Land Holdings Ltd.		221,000		780,221
i-CABLE Communications Ltd. (a)		2,031,000		188,729
Jardine Matheson Holdings Ltd.		285,800		7,819,137
Jardine Strategic Holdings Ltd.		390,000		5,738,770
Midland Holdings Ltd.		1,464,000		884,847
New World Development Ltd.		2,532,624		4,571,572
Next Media Ltd.		1,444,000		197,579
Shangri-La Asia Ltd.		899,600		1,333,572
Silver Grant International Ltd.		562,000		83,728
SmarTone Telecommunications Holdings Ltd.		936,000		577,556
Sun Hung Kai Properties Ltd.		171,500		2,141,289
Television Broadcasts Ltd.		356,000		1,436,358
Wheelock & Co. Ltd.		490,000		1,260,853
				38,856,122
Indonesia — 0.2%
Bank Pan Indonesia Tbk PT (a)		21,744,207		1,401,596
Citra Marga Nusaphala Persada Tbk PT		326,000		29,942
Gudang Garam Tbk PT		348,500		427,869
Indofood Sukses Makmur Tbk PT		3,543,000		649,162
Matahari Putra Prima Tbk PT (a)		6,110,300		430,194
Semen Gresik (Persero) Tbk PT (a)		3,561,500		1,702,968
				4,641,731
Ireland — 0.0%
Anglo Irish Bank Corp Ltd.		38,180		—
CRH plc		8,857		203,057
DCC plc		8,959		185,011
Fyffes plc		454,644		210,924
Independent News & Media plc		292,220		102,468
Paddy Power plc		8,550		199,516
Total Produce plc		121,671		52,941
				953,917

9

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Italy — 0.5%
Banco Popolare Societa Cooperativa (a)		29,783	$	222,410
Eni SpA – SPADR		41,200		1,953,292
Fiat SpA (a)		118,163		1,198,729
Finmeccanica SpA		12,315		173,777
Intesa Sanpaolo (a)		382,908		1,241,453
Luxottica Group SpA (a)		37,070		770,966
Luxottica Group SpA – SPADR (a)		32,900		683,662
Natuzzi SpA – SPADR (a)		4,400		8,360
Saipem SpA		56,462		1,378,265
UniCredit SpA (a)		1,329,757		3,406,792
				11,037,706
Japan — 3.0%
Ajinomoto Co., Inc.		53,000		418,812
Alfresa Holdings Corp.		6,700		308,384
Astellas Pharma, Inc.		72,900		2,575,122
Bank of Yokohama Ltd. (The)		48,000		255,658
Benesse Corp.		23,000		919,234
Canon, Inc.		78,600		2,558,192
Dai Nippon Printing Co. Ltd.		34,000		464,787
DAIICHIKOSHO Co. Ltd.		117,000		1,273,221
Dainippon Sumitomo Pharma Co. Ltd.		25,000		218,468
Daiwa Securities Group, Inc.		821,000		4,852,476
Denso Corp.		16,000		407,868
East Japan Railway Co.		7,000		421,515
Fujitsu Frontech Ltd.		7,100		71,420
Fukuoka Financial Group, Inc.		110,000		490,503
Hitachi Chemical Co. Ltd.		34,800		559,312
Hitachi Ltd.		120,000		371,668
Hitachi Metals Ltd.		15,000		126,601
Isetan Mitsukoshi Holdings Ltd.		51,000		517,800
Japan Petroleum Exploration Co.		28,000		1,544,917
JS Group Corp.		38,900		599,003
Kao Corp.		39,000		849,939
Kawasaki Heavy Industries Ltd.		229,000		627,629
KDDI Corp.		135		715,738
Kinden Corp.		38,000		332,954
Kyowa Hakko Kirin Co. Ltd.		49,000		552,636
Marui Group Co. Ltd.		40,500		284,040
Matsushita Electric Works Ltd.		71,114		671,293
Millea Holdings, Inc.		87,900		2,414,145
Mitsubishi Corp.		33,400		613,397
Mitsubishi Tanabe Pharma Corp.		28,000		321,786
Mitsubishi UFJ Financial Group, Inc.		138,400		850,771
Mizuho Financial Group, Inc.		184,000		427,946
Namco Bandai Holdings, Inc.		33,550		367,998
NEC Corp. (a)		8,000		31,234
Nintendo Co. Ltd.		400		110,082
Nippon Meat Packers, Inc.		17,000		214,399
Nippon Oil Corp.		59,000		347,277

	Number of Shares		Value
Nippon Suisan Kaisha Ltd.		77,500	$	203,024
Nippon Telegraph & Telephone Corp.		24,200		984,648
NIPPONKOA Insurance Co. Ltd.		219,000		1,270,244
NISSIN FOODS HOLDINGS Co. Ltd.		31,000		939,153
Nitto Denko Corp.		82,900		2,511,991
Noritake Co. Ltd.		15,000		49,370
NSK Ltd.		55,000		277,656
NTT Data Corp.		68		219,280
NTT DoCoMo, Inc.		336		490,740
Obayashi Corp.		64,000		313,025
OLYMPUS Corp.		300,000		7,049,560
OMRON Corp.		10,500		150,983
Onward Holdings Co. Ltd.		26,000		167,434
Ricoh Co. Ltd.		17,000		217,765
Ryosan Co. Ltd.		4,600		107,912
SAZABY LEAGUE Ltd.		3,900		55,790
Secom Co. Ltd.		15,800		640,884
Sekisui House Ltd.		42,000		424,551
Seven & I Holdings Co. Ltd.		119,280		2,798,446
Shimizu Corp.		51,000		221,399
Shiseido Co. Ltd.		18,000		294,515
Sompo Japan Insurance, Inc.		968,000		6,426,666
Sony Corp.		14,800		382,320
Sumitomo Electric Industries Ltd.		69,900		783,592
Sumitomo Forestry Co. Ltd.		40,200		338,620
Sumitomo Metal Industries Ltd.		751,000		1,983,405
Sumitomo Mitsui Financial Group, Inc.		16,800		679,365
Taiyo Nippon Sanso Corp.		48,000		456,627
Takeda Pharmaceutical Co. Ltd.		68,100		2,646,136
TDK Corp.		4,300		200,998
Tokyo Electric Power Co., Inc. (The)		12,800		329,011
Tokyo Electron Ltd.		3,700		177,712
Tokyo Gas Co. Ltd.		181,000		647,081
Tokyo Ohka Kogyo Co. Ltd.		8,000		154,164
Toppan Forms Co. Ltd.		19,400		248,419
Toyo Seikan Kaisha Ltd.		22,100		465,752
Toyota Motor Corp.		14,200		536,821
West Japan Railway Co.		665		2,197,268
Yamada Denki Co. Ltd.		5,620		326,528
Yamatake Corp.		9,900		196,675
Yamato Holdings Co. Ltd.		71,000		943,307
YASKAWA Electric Corp.		48,000		318,170
				68,515,232
Luxembourg — 0.2%
ArcelorMittal – NYSE Shares		80,139		2,650,998
ArcelorMittal		47,164		1,548,945
				4,199,943
Malaysia — 0.4%
AMMB Holdings Berhad		1,194,575		1,145,123
British American Tobacco Malaysia Berhad		55,600		707,197

10

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Bumiputra-Commerce Holdings Berhad		983,169	$	2,527,759
Carlsberg Brewery Malaysia Berhad		148,700		159,792
Genting Malaysia Berhad		2,922,100		2,234,850
Malaysian Airline System Berhad (a)		491,300		427,026
Multi-Purpose Holdings Berhad		496,500		198,219
Sime Darby Berhad		571,606		1,127,020
				8,526,986
Mexico — 0.2%
America Movil SA de CV, Series L – ADR		6,300		243,936
Cemex SAB de CV – SPADR (a)		559,000		5,221,060
Telefonos de Mexico SAB de CV, Series L – SPADR		4,650		75,376
Telmex Internacional SAB de CV, Series L – ADR		4,552		57,583
				5,597,955
Netherlands — 1.0%
Akzo Nobel NV		4,575		201,323
Heineken NV		27,822		1,033,700
ING Groep NV – CVA		143,101		1,440,326
Koninklijke (Royal) KPN NV		100,345		1,382,332
Koninklijke (Royal) Philips Electronics NV		263,567		4,873,699
Koninklijke Boskalis Westminster NV – CVA		30,805		698,533
Reed Elsevier NV		106,842		1,178,286
Royal Dutch Shell plc – ADR		111,700		5,606,223
Royal Dutch Shell plc, Class A		169,901		4,242,550
Royal Dutch Shell plc, Class B		60,575		1,529,298
Wolters Kluwer NV		41,824		731,838
				22,918,108
New Zealand — 0.0%
Telecom Corp. of New Zealand Ltd.		89,008		156,390
Norway — 0.1%
DNB NOR ASA (a)		63,520		486,341
StatoilHydro ASA		30,100		594,593
				1,080,934
Peru — 0.0%
Cia de Minas Buenaventura SA – ADR		17,300		415,719
Philippines (The) — 0.4%
ABS-CBN Holdings Corp.		3,080,400		1,385,111
Ayala Corp.		663,789		3,633,303
Banco de Oro Unibank, Inc.		303,400		198,112
Benpres Holdings Corp. (a)		4,725,000		193,326
DMCI Holdings, Inc.		1,526,000		205,695
Globe Telecom, Inc.		134,000		2,632,834
Jollibee Foods Corp.		635,900		647,201
				8,895,582

	Number of Shares		Value
Poland — 0.1%
Bank Pekao SA (a)		29,851	$	1,079,008
Russia — 0.4%
Gazprom OAO – SPADR		4,400		89,100
Lukoil OAO – SPADR		81,800		3,629,466
Oao Gazprom – SPADR		291,210		5,933,982
				9,652,548
Singapore — 0.4%
CapitaLand Ltd.		210,600		534,879
Great Eastern Holdings Ltd.		222,000		1,610,774
GuocoLeisure Ltd.		1,314,000		348,147
Mandarin Oriental International Ltd.		233,000		309,494
Oversea-Chinese Banking Corp.		529,721		2,435,924
Singapore Telecommunications Ltd.		1,168,000		2,410,207
STATS ChipPAC Ltd. (a)		2,646,000		1,144,309
United Industrial Corp. Ltd.		113,000		139,881
Yellow Pages Singapore Ltd.		146,000		33,662
				8,967,277
South Africa — 0.9%
Anglo Platinum Ltd.		67,428		4,781,017
AngloGold Ashanti Ltd.		6,085		223,148
AngloGold Ashanti Ltd. – SPADR		91,958		3,368,422
City Lodge Hotels Ltd.		16,093		144,217
Clicks Group Ltd.		112,761		268,453
Discovery Holdings Ltd.		18,458		61,950
FirstRand Ltd.		415,960		759,958
Gold Fields Ltd.		236,811		2,858,523
Hosken Consolidated Investments Ltd.		450,576		2,657,201
JD Group Ltd.		39,419		207,199
Mondi Ltd.		3,715		16,400
Nedbank Group Ltd.		71,189		907,502
Pretoria Portland Cement Co. Ltd.		220,540		831,009
RMB Holdings Ltd.		398,539		1,214,267
Sun International Ltd.		113,934		1,128,416
				19,427,682
South Korea — 0.1%
KB Financial Group, Inc. (a)		1,130		37,634
Korea Electric Power Corp. (a)		710		16,424
POSCO		155		51,333
POSCO – ADR		31,200		2,579,304
Samsung Electronics Co. Ltd.		124		57,427
SK Telecom Co. Ltd.		914		124,785
				2,866,907
Spain — 0.7%
Acciona SA		8,595		1,056,548
Acerinox SA		67,987		1,258,267
ACS, Actividades de Construccion y Servicios SA		103,000		5,222,507
Banco Santander SA – SPADR		5,298		64,106

11

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Banco Santander SA		95,188	$	1,148,726
Iberdrola SA		381,201		3,100,188
Inditex SA		10,715		514,935
Prosegur, Compania de Seguridad SA		9,688		311,290
Telefonica SA		95,878		2,174,032
Viscofan SA		16,517		352,642
				15,203,241
Sweden — 0.2%
Assa Abloy AB, Class B		59,313		826,752
Hoganas AB, Class B		16,833		182,065
Modern Times Group AB, Class B		4,879		136,139
Svenska Cellulosa AB (SCA), Class B		56,517		594,749
Svenska Handelsbanken AB, Class A		47,916		905,420
Telefonaktiebolaget LM Ericsson, Class B		127,408		1,246,211
TeliaSonera AB		20,135		105,914
				3,997,250
Switzerland — 0.7%
Adecco SA		20,916		873,464
Clariant AG Registered (a)		32,531		205,458
Compagnie Financiere Richemont SA		21,638		450,844
Geberit AG		6,788		836,595
Logitech International SA (a)		28,087		391,161
Nestle SA Registered		9,654		364,353
Novartis AG		123,524		5,018,591
PubliGroupe SA		1,228		92,417
Roche Holding AG		13,984		1,902,506
Sonova Holding AG Registered		1,795		146,080
Tyco Electronics Ltd.		8,000		148,720
Tyco International Ltd.		13,600		353,328
UBS AG Registered (a)		116,242		1,422,190
Weatherford International Ltd. (a)		92,800		1,815,168
Xstrata plc		268,477		2,961,014
				16,981,889
Taiwan — 0.2%
Asustek Computer, Inc. – GDR Registered		61,599		370,210
Chunghwa Telecom Co. Ltd. – ADR		36,503		723,854
Taiwan Semiconductor Manufacturing Co. Ltd.		1,767,407		2,935,904
				4,029,968
Thailand — 0.3%
Advanced Info Service PCL (b)		828,600		2,164,526
GMM Grammy PCL		892,800		366,868
Kasikornbank PCL		556,200		1,183,578
Land and Houses PCL		1,873,200		296,897
Matichon PCL (b)		115,200		23,331
MBK PCL		224,200		352,061
Siam Cement Co.		100,600		457,675

	Number of Shares		Value
Siam Cement PCL		399,600	$	1,888,336
Thanachart Capital PCL (b)		1,137,600		457,444
				7,190,716
Turkey — 0.1%
Turkcell Iletisim Hizmetleri A/S – ADR		113,600		1,574,496
Turkiye Garanti Bankasi A/S – ADR (b)		46,600		125,820
				1,700,316
United Kingdom — 3.3%
AMEC plc		26,372		283,943
Anglo American plc – JSE Shares		91,321		2,664,814
Anglo American plc – LSE Shares		36,225		1,050,369
Arriva plc		107,015		716,746
Aviva plc		134,057		757,548
BAE Systems plc		196,237		1,095,401
Barclays plc		205,179		955,668
Berkeley Group Holdings plc (UNIT) (a)		15,250		202,305
BHP Billiton plc		50,362		1,137,578
BP plc		695,869		5,506,519
BP plc – SPADR		123,500		5,888,480
Bradford & Bingley plc		101,619		—
British American Tobacco plc		12,499		345,290
Bunzl plc		35,953		297,817
Cable & Wireless plc		503,957		1,106,033
Capita Group plc		134,081		1,580,713
Carnival plc		27,596		732,265
Carphone Warehouse Group plc		63,309		165,763
Compass Group plc		153,156		863,032
Daily Mail & General Trust NV, Class A		17,468		81,783
Devro plc		103,637		156,121
Diageo plc		272,524		3,913,697
Enterprise Inns plc		73,550		151,488
Eurocastle Investment Ltd.		83,992		38,954
Galiform plc (a)		386,659		224,981
GKN plc		286,700		592,822
GlaxoSmithKline plc		267,333		4,707,617
Hays plc		189,536		267,968
HMV Group plc		65,314		121,430
Homeserve plc		8,084		199,987
ICAP plc		120,085		894,144
Informa plc		148,509		535,076
International Personal Finance		104,778		126,385
Intertek Group plc		67,912		1,170,946
Invensys plc		197,053		726,368
ITV plc		624,186		360,281
Ladbrokes plc		110,455		336,444
Lloyds Banking Group plc		1,284,000		1,477,689
Michael Page International plc		123,282		486,283
Mondi plc		9,195		32,487

12

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Next plc		9,360	$	226,827
Northgate plc		13,720		22,501
Provident Financial plc		41,217		539,692
Reckitt Benckiser Group plc		34,789		1,585,476
Reed Elsevier plc		91,558		682,682
Rexam plc		93,898		440,780
Rio Tinto plc		15,651		544,860
Rolls-Royce Group plc (a)		228,114		1,360,146
Rolls-Royce Group plc, Class C (a)		19,572,181		32,200
Royal Bank of Scotland Group plc (a)		319,497		203,176
RSA Insurance Group plc		99,209		196,859
Sage Group plc		300,677		883,043
Smiths Group plc		26,967		312,086
Sportingbet plc (a)		230,256		216,435
Stagecoach Group plc		182,535		381,758
Tesco plc		237,118		1,382,070
Thomas Cook Group plc		244,907		830,562
Tui Travel plc		213,251		815,351
Unilever plc		157,177		3,688,289
Vedanta Resources plc		246,499		5,246,829
Vodafone Group plc		2,900,118		5,605,850
Willis Group Holdings Ltd.		272,080		7,000,618
Wolseley plc (a)		11,609		221,936
WPP plc		60,716		403,828
				74,777,089
Total Foreign Common Stocks (Cost $516,862,147)				493,483,088
Total Common Stocks (Cost $1,024,619,618)				928,551,088

	Interest Rate			Maturity Date		Principal Amount		Value
Subordinated Convertible Notes — 0.0%
Consumer, Cyclical — 0.0%
US Airway Group, Inc.		7.250%			05/15/14	$	56,000	$	37,660
Total Consumer, Cyclical (Cost $56,000)									37,660
Consumer, Non-Cyclical — 0.0%
Cubist Pharmaceuticals, Inc.		2.250	%		06/15/13		200,000		169,250
LifePoint Hospitals, Inc.		3.500	%		05/15/14		425,000		341,063
Sotheby’s		3.125	%		06/15/13		242,107		190,659
Total Consumer, Non-Cyclical (Cost $682,915)									700,972
Financial — 0.0%
Eurocastle Investment Ltd. (b) (c) (f)		20.000%			09/30/19		168,000		259,246
Total Financial (Cost $234,881)									259,246
Total Subordinated Convertible Notes (Cost $973,796)									997,878

	Interest Rate		Maturity Date		Principal Amount		Value
Corporate Bonds — 1.9%
Basic Materials — 0.1%
Ashland, Inc. (e)		9.125%		06/01/17	$	430,000	$	447,200
Freeport-McMoRan Copper & Gold, Inc.		8.375%		04/01/17		1,350,000		1,360,125
Novelis, Inc.		7.250%		02/15/15		450,000		342,000
Total Basic Materials (Cost $2,153,846)								2,149,325
Communications — 0.4%
Cablevision Systems Corp.		8.000%		04/15/12		475,000		470,250
CCO Holdings LLC/CCO Holdings Capital Corp.		8.750%		11/15/13		750,000		712,500
Charter Communications Operating LLC/Charter Communications Operating Capital (e)		8.000%		04/30/12		750,000		721,875
Cricket Communications, Inc. (e)		10.000%		07/15/15		750,000		744,375
CSC Holdings, Inc.		7.875%		02/15/18		975,000		912,844
DirecTV Holdings LLC/DirecTV Financing Co.		6.375%		06/15/15		575,000		531,875
Frontier Communications Corp.		8.250%		05/01/14		375,000		354,375
Intelsat Subsidiary Holding Co. Ltd. (e)		8.875%		01/15/15		1,350,000		1,296,000
Mediacom Broadband LLC/Mediacom Broadband Corp.		8.500%		10/15/15		710,000		639,000
Mediacom LLC/Mediacom Capital Corp.		9.500%		01/15/13		325,000		309,563
MetroPCS Wireless, Inc.		9.250%		11/01/14		700,000		695,625
Qwest Corp.		7.500%		10/01/14		975,000		929,906
Sprint Capital Corp.		8.375%		03/15/12		300,000		295,500
Sprint Nextel Corp.		6.000%		12/01/16		350,000		286,125
Terremark Worldwide, Inc. (e)		12.000%		06/15/17		365,000		350,400
Virgin Media Finance plc		9.500%		08/15/16		350,000		344,750
West Corp.		9.500%		10/15/14		775,000		678,125
Total Communications (Cost $10,332,461)								10,273,088

13

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
Consumer, Cyclical — 0.2%
AMC Entertainment, Inc.		8.000%		03/01/14	$	800,000	$	682,000
Continental Airlines, Inc.		9.798%		04/01/21		514,536		334,448
Ford Motor Co.		7.450%		07/16/31		700,000		413,000
Marquee Holdings, Inc. (STEP)		12.000%		08/15/14		850,000		654,500
Rite Aid Corp.		10.375%		07/15/16		750,000		675,000
Royal Caribbean Cruises		11.875%		07/15/15		135,000		131,489
Sally Holdings LLC/Sally Capital, Inc.		9.250%		11/15/14		350,000		348,250
Scientific Games International, Inc. (e)		9.250%		06/15/19		350,000		350,000
Total Consumer, Cyclical (Cost $3,637,915)								3,588,687
Consumer, Non-cyclical — 0.5%
Alliance One International, Inc. (e)		10.000%		07/15/16		550,000		521,125
ARAMARK Corp.		8.500%		02/01/15		935,000		906,950
Biomet, Inc.		10.000%		10/15/17		340,000		345,950
CHS/Community Health Systems, Inc.		8.875%		07/15/15		1,100,000		1,078,000
Constellation Brands, Inc.		7.250%		09/01/16		380,000		351,500
HCA, Inc.		6.375%		01/15/15		1,250,000		1,015,625
HCA, Inc.		9.625%		11/15/16		1,100,000		1,089,000
Hertz Corp.		8.875%		01/01/14		600,000		552,000
Inverness Medical Innovations, Inc.		9.000%		05/15/16		575,000		556,312
Lender Processing Services, Inc.		8.125%		07/01/16		515,000		504,700
Omnicare, Inc.		6.125%		06/01/13		400,000		362,000
Service Corp. International		6.750%		04/01/16		550,000		496,375
Smithfield Foods, Inc. (e)		10.000%		07/15/14		435,000		429,562
Tenet Healthcare Corp. (e)		10.000%		05/01/18		1,125,000		1,181,250
Tyson Foods, Inc. (e)		10.500%		03/01/14		310,000		336,350
United Rentals North America, Inc. (e)		10.875%		06/15/16		360,000		345,600
Universal Hospital Services, Inc.		8.500%		06/01/15		375,000		353,438
Total Consumer, Non-cyclical (Cost $10,480,615)							$	10,425,737
Energy — 0.2%
Arch Western Finance LLC		6.750%		07/01/13		815,000		743,687
Chesapeake Energy Corp.		6.500%		08/15/17		1,215,000		1,020,600
Dynegy Holdings, Inc.		7.750%		06/01/19		1,325,000		1,031,844

	Interest Rate		Maturity Date		Principal Amount		Value
Peabody Energy Corp.		7.375%		11/01/16	$	585,000	$	552,825
PetroHawk Energy Corp. (e)		10.500%		08/01/14		475,000		485,688
Plains Exploration & Production Co.		7.750%		06/15/15		450,000		420,750
Range Resources Corp.		6.375%		03/15/15		550,000		506,687
SandRidge Energy, Inc. (e)		8.000%		06/01/18		410,000		350,550
Southwestern Energy Co. (e)		7.500%		02/01/18		350,000		336,000
Total Energy (Cost $5,481,270)								5,448,631
Financial — 0.3%
BAC Capital Trust XI		6.625%		05/23/36		1,110,000		837,055
Barclays Bank plc		8.550%		09/29/49		485,000		324,950
Citigroup, Inc.		5.875%		02/22/33		500,000		369,819
Ford Motor Credit Co. LLC		7.875%		06/15/10		900,000		854,878
Ford Motor Credit Co. LLC		8.000%		12/15/16		1,125,000		860,095
GMAC, Inc. (e)		8.000%		11/01/31		1,200,000		840,000
GMAC, Inc. (e)		7.750%		01/19/10		770,000		750,750
Lloyds Banking Group plc (VRN) (e)		5.920%		12/31/49		910,000		318,500
NB Capital Trust IV		8.250%		04/15/27		975,000		818,700
Ventas Realty LP/Ventas Capital Corp.		6.500%		06/01/16		575,000		515,344
Wells Fargo & Co. (VRN)		7.980%		02/28/49		625,000		518,750
Total Financial (Cost $7,128,790)								7,008,841
Industrial — 0.1%
Blount, Inc.		8.875%		08/01/12		400,000		401,000
Bombardier, Inc. (e)		8.000%		11/15/14		365,000		343,556
Case New Holland, Inc.		7.125%		03/01/14		370,000		337,625
Crown Americas		7.750%		11/15/15		350,000		342,125
Owens Corning, Inc.		9.000%		06/15/19		360,000		349,191
Owens- Brockway (e)		7.375%		05/15/16		360,000		349,200
SPX Corp.		7.625%		12/15/14		465,000		448,725
Vought Aircraft Industries, Inc.		8.000%		07/15/11		700,000		437,500
Total Industrial (Cost $3,021,063)								3,008,922
Technology — 0.0%
Sungard Data Systems, Inc.		9.125%		08/15/13		530,000		500,850
Utilities — 0.1%
AES Corp. (The)		8.000%		10/15/17		370,000		344,100
Intergen NV (e)		9.000%		06/30/17		525,000		497,438
Mirant North America LLC		7.375%		12/31/13		700,000		672,000

14

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
NRG Energy, Inc.		7.375%		02/01/16	$	800,000	$	757,000
Total Utilities (Cost $2,286,863)								2,270,538
Total Corporate Bonds (Cost $45,023,673)								44,674,619
Asset-Backed Securities — 1.1%
Ace Securities Corp., Ser. 2005-HE7, Class A2D (FRN) (STEP) (b)		0.644%		11/25/35		400,000		190,830
American Express Credit Account Master Trust, Ser. 2006-B, Class A (FRN) (e)		0.359%		08/15/13		1,600,000		1,575,025
Asset Backed Funding Certificates, Ser. 2005-WMC1, Class A2D (FRN)		0.674%		08/25/35		1,585,203		1,488,602
Bank of America Credit Card Trust, Ser. 2006-A12, Class A12 (FRN)		0.339%		03/15/14		200,000		193,748
Bank of America Credit Card Trust, Ser. 2006-A15, Class A15 (FRN)		0.319%		04/15/14		1,671,000		1,615,302
Bank of America Credit Card Trust, Ser. 2007-A6, Class A6 (FRN)		0.379%		09/15/16		2,000,000		1,849,146
Bear Stearns Asset Backed Securities Trust, Ser. 2005-HE10, Class A2 (FRN) (STEP)		0.604%		11/25/35		171,897		164,219
Bear Stearns Asset Backed Securities Trust, Ser. 2006-HE1, Class 1A2 (FRN) (STEP)		0.534%		12/25/35		617,305		526,807
Bear Stearns Asset Backed Securities Trust, Ser. 2006-HE7, Class 2A2 (FRN) (STEP) (b)		0.474%		08/25/36		700,000		232,478
BNC Mortgage Loan Trust, Ser. 2006-1, Class M1 (FRN) (STEP) (b)		0.574%		10/25/36		500,000		2,407
Carrington Mortgage Loan Trust, Ser. 2005-NC5, Class A2 (FRN) (STEP)		0.634%		10/25/35		605,495		469,025
Chase Issuance Trust, Ser. 2006-A1, Class A (FRN)		0.359%		04/15/13		1,600,000		1,570,537
Chase Issuance Trust, Ser. 2006-A8, Class A8 (FRN)		0.379%		02/16/16		1,900,000		1,777,474

	Interest Rate		Maturity Date		Principal Amount		Value
Citibank Credit Card Issuance Trust, Ser. 2005-A3, Class A3 (FRN)		0.385%		04/24/14	$	1,000,000	$	963,560
Citigroup Mortgage Loan Trust, Inc., Ser. 2007-AMC2, Class A3A (FRN) (STEP) (b)		0.394%		01/25/37		552,941		400,026
Countrywide Asset-Backed Certificates, Ser. 2004-1, Class 3A (FRN) (STEP) (b)		0.594%		04/25/34		293,688		188,442
Credit-Based Asset Servicing and Securitization, Ser. 2005-CB2, Class M1 (FRN) (STEP)		0.754%		04/25/36		55,034		39,797
Downey Savings & Loan Association Mortgage Loan Trust, Ser. 2004-AR3, Class B2 (FRN) (STEP) (b)		1.413%		07/19/44		112,556		7,879
FBR Securitization Trust, Ser. 2005-2, Class AV31 (FRN) (STEP)		0.584%		09/25/35		295,318		276,441
First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2003-FF5, Class M2 (FRN) (STEP) (b)		2.564%		03/25/34		66,455		34,713
First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2005-FF10, Class A4 (FRN) (STEP) (b)		0.634%		11/25/35		521,766		318,434
Home Equity Asset Trust, Ser. 2006-5, Class 2A3 (FRN) (STEP) (b)		0.464%		10/25/36		150,000		48,582
HSI Asset Securitization Corp. Trust, Ser. 2006-OPT2, Class 2A3 (FRN) (STEP)		0.504%		01/25/36		934,660		706,952
Indymac Residential Asset Backed Trust, Ser. 2005-D, Class AII3 (FRN) (STEP) (b)		0.564%		03/25/36		1,411,477		983,121
Indymac Residential Asset Backed Trust, Ser. 2007-B, Class 2A3 (FRN) (STEP) (b)		0.514%		07/25/37		907,000		235,155
Long Beach Mortgage Loan Trust, Ser. 2005-3, Class 2A2 (FRN)		0.594%		08/25/45		1,598,808		1,368,006

15

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
Long Beach Mortgage Loan Trust, Ser. 2005-WL2, Class M1 (FRN) (STEP) (b)		0.784%		08/25/35	$	400,000	$	182,882
Long Beach Mortgage Loan Trust, Ser. 2006-2, Class 2A3 (FRN) (STEP) (b)		0.504%		03/25/36		2,835,921		961,777
Long Beach Mortgage Loan Trust, Ser. 2006-4, Class 2A3 (FRN) (STEP) (b)		0.474%		05/25/36		1,050,000		290,993
Master Asset Backed Securities Trust, Ser. 2004-HE1, Class A1 (FRN) (STEP)		0.714%		09/25/34		122,388		114,527
Morgan Stanley ABS Capital I, Ser. 2002-HE3, Class A2 (FRN) (STEP) (b)		1.394%		03/25/33		303,687		186,112
Morgan Stanley ABS Capital I, Ser. 2005-HE6, Class A2C (FRN) (STEP) (b)		0.634%		11/25/35		900,000		508,339
New Century Home Equity Loan Trust, Ser. 2003-2, Class M2 (FRN) (STEP) (b)		3.314%		01/25/33		412,907		192,561
Nomura Home Equity Loan, Inc., Ser. 2005-FM1, Class 2A3 (FRN) (STEP)		0.694%		05/25/35		95,470		94,139
Residential Asset Mortgage Products, Inc., Ser. 2006-RS2, Class A2 (FRN) (STEP) (b)		0.514%		03/25/36		689,642		453,591
Residential Asset Securities Corp., Ser. 2004-KS9, Class AII4 (FRN) (STEP) (b)		0.614%		10/25/34		146,635		57,659
Residential Asset Securities Corp., Ser. 2006-EMX8, Class 1A3 (FRN) (STEP) (b)		0.484%		10/25/36		700,000		155,029
Securitized Asset Backed Receivables LLC Trust, Ser. 2005-HE1, Class A3C (FRN) (STEP)		0.644%		10/25/35		166,728		141,573
Soundview Home Equity Loan Trust, Ser. 2005-3, Class M1 (FRN) (STEP)		0.794%		06/25/35		397,457		382,799

	Interest Rate		Maturity Date		Principal Amount		Value
Soundview Home Equity Loan Trust, Ser. 2005-OPT3, Class A4 (FRN)		0.614%		11/25/35	$	3,599,011	$	2,862,607
Soundview Home Equity Loan Trust, Ser. 2005-OPT4, Class 2A3 (FRN) (STEP)		0.574%		12/25/35		184,475		133,612
Specialty Underwriting & Residential Finance, Ser. 2005-BC4, Class A2B (FRN) (STEP)		0.544%		09/25/36		780,502		677,191
Washington Mutual Asset-Backed Certificates, Ser. 2006-HE2, Class A3 (FRN) (STEP) (b)		0.464%		05/25/36		400,000		201,552
Washington Mutual, Inc., Ser. 2005-AR1, Class A3 (FRN) (STEP) (b)		0.674%		01/25/45		301,581		61,070
Wells Fargo Home Equity Trust, Ser. 2005-3, Class AI1A (FRN) (STEP)		0.584%		11/25/35		314,612		303,449
Total Asset-Backed Securities (Cost $33,036,542)								25,188,170
Mortgage-Backed Securities – Private Issuers — 1.6%
American Home Mortgage Investment Trust, Ser. 2004-1, Class 4A (FRN) (b)		3.170%		04/25/44		80,055		57,219
American Home Mortgage Investment Trust, Ser. 2004-4, Class 4A (FRN) (b)		4.390%		02/25/45		350,022		275,330
American Home Mortgage Investment Trust, Ser. 2005-1, Class 6A (FRN) (b)		5.294%		06/25/45		541,195		295,152
Banc of America Commercial Mortgage, Inc., Ser. 2005-3, Class A3A		4.621%		07/10/43		85,000		77,221
Banc of America Commercial Mortgage, Inc., Ser. 2006-2, Class A1		5.611%		05/10/45		2,555,076		2,594,115
Banc of America Commercial Mortgage, Inc., Ser. 2007-4, Class A4 (VRN)		5.744%		02/10/51		2,705,000		2,182,047

16

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
Bank of America Funding Corp., Ser. 2004-B, Class 1A2 (VRN) (b)		5.076%		12/20/34	$	213,578	$	135,243
Bear Stearns Commercial Mortgage Securities, Inc., Ser. 2002-TOP6, Class A2		6.460%		10/15/36		2,000,000		2,030,549
Citigroup Mortgage Loan Trust, Inc., Ser. 2007-AR5, Class 1A2A (VRN) (b)		5.604%		04/25/37		564,679		264,275
GE Capital Commercial Mortgage Corp., Ser. 2001-3, Class A2		6.070%		06/10/38		500,000		502,748
GE Capital Commercial Mortgage Corp., Ser. 2002-1A, Class A3		6.269%		12/10/35		480,000		489,341
GMAC Commercial Mortgage Securities, Inc., Ser. 2000-C2, Class A2 (VRN)		7.455%		08/16/33		2,677,524		2,740,612
Greenwich Capital Commercial Funding Corp., Ser. 2005-GG3, Class A2		4.305%		08/10/42		3,762,384		3,673,212
Harborview Mortgage Loan Trust, Ser. 2004-7, Class 2A2 (VRN) (b)		4.788%		11/19/34		96,230		59,552
Harborview Mortgage Loan Trust, Ser. 2005-9, Class 2A1A (FRN) (STEP) (b)		0.655%		06/20/35		119,932		59,553
Impac CMB Trust, Ser. 2004-9, Class M4 (FRN) (STEP) (b)		1.889%		01/25/35		90,922		15,120
JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2004-CB8, Class A3		4.007%		01/12/39		5,000,000		4,501,926
JP Morgan Chase Commercial Mortgage Securities Corp., Ser. 2005-LDP2, Class A4		4.738%		07/15/42		1,480,000		1,252,804
LB-UBS Commercial Mortgage Trust, Ser. 2000-C5, Class A2		6.510%		12/15/26		4,736,249		4,885,076

	Interest Rate		Maturity Date		Principal Amount		Value
LB-UBS Commercial Mortgage Trust, Ser. 2003-C3, Class A4		4.166%		05/15/32	$	500,000	$	458,902
MLCC Mortgage Investors, Inc., Ser. 2004-D, Class A2 (FRN) (STEP)		2.111%		08/25/29		161,169		134,027
Nomura Asset Securities Corp., Ser. 1998-D6, Class A3 (VRN)		7.180%		03/15/30		4,000,000		3,829,576
SL Green Realty Corp. (e)		3.000%		03/30/27		318,000		262,350
Structured Adjustable Rate Mortgage Loan Trust, Ser. 2005-19XS, Class 1A1 (FRN) (STEP) (b)		0.634%		10/25/35		476,838		214,766
Structured Adjustable Rate Mortgage Loan Trust, Ser. 2007-7, Class 2AS2 (VRN) (b)		5.618%		08/25/47		483,396		244,219
Structured Asset Securities Corp., Ser. 2005-RF1, Class A (FRN) (b) (e)		0.664%		03/25/35		425,468		350,556
Structured Asset Securities Corp., Ser. 2005-RF3, Class 1A (FRN) (b) (e)		0.664%		06/25/35		855,049		471,010
Structured Asset Securities Corp., Ser. 2006-BC2, Class A2 (FRN) (STEP)		0.364%		09/25/36		1,122,724		1,038,155
Structured Asset Securities Corp., Ser. 2006-NC1, Class A4 (FRN) (STEP) (b)		0.459%		05/25/36		200,000		79,960
Structured Asset Securities Corp., Ser. 2007-BC1, Class A4 (FRN) (STEP) (b)		0.444%		02/25/37		750,000		188,543
Structured Asset Securities Corp., Ser. 2007-EQ1, Class A2 (FRN) (STEP) (b)		0.404%		03/25/37		471,609		302,788
Structured Asset Securities Corp., Ser. 2007-OSI, Class A4 (FRN) (STEP) (b)		0.514%		06/25/37		1,000,000		167,276
Wachovia Bank Commercial Mortgage Trust, Ser. 2006-C29, Class A4		5.308%		11/15/48		3,500,000		2,673,188

17

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
Total Mortgage-Backed Securities — Private Issuers (Cost $40,630,381)							$	36,506,411
Mortgage-Backed Securities –  US Government Agency Obligations — 2.3%
FHLMC Pool #1M1044 (FRN)		4.063%		09/01/36	$	806,410		825,194
FHLMC Pool #781697 (FRN)		2.935%		07/01/34		243,250		246,746
FHLMC, Ser. 2003-2591, Class WP		3.500%		02/15/30		434,873		438,051
FHLMC, Ser. 2003-2640, Class DL		3.500%		11/15/16		184,663		186,932
FHLMC, Ser. 2003-2705, Class LB		4.500%		09/15/26		652,893		665,612
FHLMC, Ser. 2003-2725, Class PC		4.500%		05/15/28		723,202		738,934
FHLMC, Ser. 2004-2882, Class HI (IO)		5.000%		05/15/18		39,318		2,502
FHLMC, Ser. 2004-2891, Class LA		5.000%		06/15/24		173,282		174,560
FHLMC, Ser. 2005-2934, Class HI (IO)		5.000%		02/15/20		98,285		10,071
FHLMC, Ser. 2005-2934, Class KI (IO)		5.000%		02/15/20		48,297		4,759
FHLMC, Ser. 2005-2964		5.500%		02/15/26		667,683		681,736
FHLMC, Ser. 2005-2967, Class JI (IO)		5.000%		04/15/20		53,001		5,459
FHLMC Strip, Ser. 2004-227, Class IO (IO)		5.000%		12/01/34		422,007		68,737
FHLMC Strip, Ser. 2005-232, Class IO (IO)		5.000%		08/01/35		197,336		31,049
FHLMC Strip, Ser. 2005-233, Class 5 (IO)		4.500%		09/15/35		73,898		12,743
FHLMC Structured Pass Through Securities, Ser. 2003-T57, Class 1A3		7.500%		07/25/43		447,362		478,957
FNMA Pool #21431		5.000%		08/13/39		1,000,000		1,014,062
FNMA Pool #43998		5.500%		08/13/39		1,000,000		1,028,438
FNMA Pool #54434		6.000%		08/13/39		26,500,000		27,601,393
FNMA Pool #685563 (FRN)		4.880%		01/01/33		589,728		610,489
FNMA Pool #693348 (FRN)		3.657%		02/01/33		907,027		930,014
FNMA Pool #815054 (FRN)		4.404%		04/01/35		565,940		586,406
FNMA Pool #828480 (FRN)		4.954%		06/01/35		337,208		349,708

	Interest Rate		Maturity Date		Principal Amount		Value
FNMA Pool #834928 (FRN)		5.065%		07/01/35	$	577,655	$	599,747
FNMA Pool #879906 (FRN)		4.942%		10/01/33		1,513,140		1,554,458
FNMA Pool #889487 (FRN)		4.472%		08/01/35		473,270		488,111
FNMA Pool #739758 (FRN)		3.961%		08/01/33		276,697		281,859
FNMA Pool #806765 (FRN)		4.667%		11/01/34		268,717		277,441
FNMA Pool #995651		6.000%		04/01/39		1,468,462		1,540,537
FNMA Pool #14827		5.500%		08/18/24		2,300,000		2,399,188
FNMA Pool #985096		6.000%		12/01/38		1,891,880		1,979,605
FNMA Pool #991526		6.000%		11/01/38		769,536		805,219
FNMA, Ser. 2003-83, Class PC		4.000%		06/25/18		164,879		166,187
FNMA, Ser. 2005-86, Class WH		5.000%		11/25/25		1,291,590		1,320,166
FNMA, Ser. 2006-10, Class FD (FRN)		0.664%		03/25/36		109,878		108,197
FNMA Pool #831360		5.500%		03/01/21		437,540		458,842
FNMA Pool #847637		4.695%		01/01/34		305,847		316,751
FNMA Pool #865792		5.500%		03/01/21		443,793		465,400
FNMA Pool #914758		5.000%		04/01/22		760,260		788,247
FNMA Pool #938469		5.000%		07/01/22		625,219		648,235
FNMA Strip, Ser. 2005-357, Class 2 (IO)		5.000%		03/01/35		185,581		30,745
FNMA Strip, Ser. 2005-360, Class 2 (IO)		5.000%		08/01/35		1,208,420		192,146
FNMA Strip, Ser. 2005-365, Class 4 (IO)		5.000%		04/01/36		70,087		9,738
FNMA Whole Loan, Ser. 2002-W8, Class A3		7.500%		06/25/42		478,869		517,478
Total Mortgage-Backed Securities — US Government Agency Obligations (Cost $51,428,809)								51,640,849
US Treasury Securities — 13.8%
US Treasury Inflation Indexed Bond		2.500%		01/15/29		15,593,240		16,609,233
US Treasury Inflation Indexed Bond		3.375%		04/15/32		9,250,395		11,651,159
US Treasury Inflation Indexed Bond		2.375%		01/15/25		21,720,384		22,399,146
US Treasury Inflation Indexed Note		2.000%		01/15/14		12,925,472		13,236,491
US Treasury Inflation Indexed Note		1.875%		07/15/15		24,557,120		24,833,387
US Treasury Inflation Indexed Note		2.375%		04/15/11		22,346,064		23,026,921
US Treasury Inflation Indexed Note		0.625%		04/15/13		17,756,112		17,559,126
US Treasury Inflation-Indexed Note		1.375%		07/15/18		74,159,250		71,888,123

18

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
US Treasury Inflation-Indexed Note		1.625%		01/15/18	$	85,493,520	$	84,665,259
US Treasury Inflation-Indexed Note (g) (h)		2.125%		01/15/19		28,008,059		28,927,059
Total US Treasury Securities (Cost $312,749,994)								314,795,904

	Number of Shares		Value
Commingled Investment Vehicles — 17.4%
Exchange-Traded Funds — 0.2%
iShares iBoxx $ High Yield Corporate Bond Fund		65,000		5,181,150
iShares MSCI EAFE Index Fund		800		36,648
Total Exchange-Traded Funds (Cost $4,986,749)				5,217,798
Mutual Funds — 4.2%
PIMCO Commodity RealReturn Strategy Fund		5,110,590		36,489,615
Vanguard High-Yield Corporate Fund		12,233,408		59,943,702
Total Mutual Funds (Cost $87,074,165)				96,433,317
Private Investment Funds (i) — 13.0%
Canyon Value Realization Fund, LP (a) (b) (c) (f)				37,682,456
Convexity Capital Offshore, LP (a) (b) (c) (f)				58,299,806
Farallon Capital Institutional Partners, LP (a) (b) (c) (f)				33,371,044
Joho Partners, LP (a) (b) (c) (f)				16,236,315
Lansdowne UK Equity Fund Ltd. (a) (b) (c) (f)		111,562		38,652,960
Lone Cascade, LP (a) (b) (c) (f)				11,751,987
Lone Picea, LP, Class E (a) (b) (c) (f)				914,871
Lone Picea, LP, Class F (a) (b) (c) (f)				1,365,042
Lone Picea, LP, Class H (a) (b) (c) (f)				1,326,646
Lone Redwood, LP (a) (b) (c) (f)				9,819,389
Maverick Fund USA Ltd. (a) (b) (c) (f)				25,387,498
Nomad Investment Co. Ltd., Class A (a) (b) (c) (f)		5,894		11,287,936
Nomad Investment Co. Ltd., Class R (a) (b) (c) (f)		2,784		5,541,440
OZ Domestic Partners, LP (a) (b) (c) (f)				15,314,215
Regiment Capital Ltd. (a) (b) (c) (f)		45,152		9,085,863
Tosca (a) (b) (c) (f)		64,980		3,775,544
Tosca Asia (a) (b) (c) (f)		231,455		16,807,821
Total Private Investment Funds (Cost $227,015,759)				296,620,833

	Number of Shares		Value
Total Commingled Investment Vehicles (Cost $319,076,673)			$	398,271,948
Preferred Stocks — 0.2%
Anglo Platinum Ltd., 6.38% (South Africa)		5,456		109,668
Citigroup Capital IX, 6.0% (United States)		25,000		339,000
Hyundai Motor Co. Ltd., 3.98% (South Korea)		33,140		781,705
Malaysian Airline System Berhad, 30.0% (Malaysia)		40,000		8,649
Simon Property Group, Inc., 6.0% (United States) (a)		22,400		1,055,040
South Financial Group, Inc., 10.0% (United States) (b) (c)		231		41,022
South Financial Group, Inc., 49.0% (United States) (b) (c)		769		136,562
Vale SA, 1.46% (Brazil)		86,736		1,321,291
Total Preferred Stocks (Cost $4,274,676)				3,792,937
Purchased Options — 0.3%
EUR Put vs. Currencies (GBP Strike 0.7992, CHF Strike 1.5216, JPY Strike 139.82), Expiring 09/16/10 (a) (b) (c)		50,000,000		161,250
S&P 500 Index (Strike 600), Expiring 12/19/09 (a) (b) (c)		150,000		825,000
S&P 500 Index (Strike 700), Expiring 12/19/09 (a) (b) (c)		150,000		2,025,000
S&P 500 Index (Strike 800), Expiring 12/19/09 (a) (b) (c)		150,000		4,425,000
Total Purchased Options (Cost $10,026,500)				7,436,250

	Number of Contracts		Value
Rights — 0.0%
Fortis, Expiring 07/14/14 (Belgium) (a) (b)		131,425		—
Rio Tinto plc, Expiring 07/01/09 (United Kingdom) (a)		8,216		95,294
Total Rights (Cost $151,860)				95,294
Warrants — 0.0%
Bank Pan Indonesia Tbk Warrants Expiring 07/10/09 (Indonesia) (a)		2,753,514		66,090
Groupe Eurotunnel SA Registered Warrants Expiring 12/30/11 (France) (a)		2,590,333		410,625
Matahari Putra Prima Tbk Warrants Expiring 07/12/10 (Indonesia) (a)		530,600		1,091
Total Warrants (Cost $740,724)				477,806

19

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate		Maturity Date		Principal Amount		Value
Short-Term Investments — 27.0%
Repurchase Agreement — 7.3%
State Street Bank & Trust Co. Repurchase Agreement issued on 06/30/09 (proceeds at maturity $166,562,704) (collateralized by US Treasury Bills, due 08/13/09 through 08/20/09 with a total principal value of $169,580,000 and a total market value of $169,546,084)
(Cost $166,562,658)		0.010%		07/01/09	$	166,562,658	$	166,562,658
US Treasury Securities — 19.7%
US Treasury Bill (j)				08/06/09		20,000,000		19,997,100
US Treasury Bill (j)				08/20/09		38,000,000		37,991,716
US Treasury Bill (j)				09/03/09		19,000,000		18,995,098
US Treasury Bill (j)				09/10/09		15,000,000		14,995,125
US Treasury Bill (j)				09/17/09		20,000,000		19,992,120
US Treasury Bill (j)				09/24/09		40,000,000		39,983,480
US Treasury Bill (j)				10/08/09		63,000,000		62,967,933
US Treasury Bill (j)				10/15/09		39,000,000		38,978,199
US Treasury Bill (j)				10/22/09		20,000,000		19,987,440
US Treasury Bill (j)				10/29/09		20,000,000		19,987,340
US Treasury Bill (j)(g)				11/12/09		57,000,000		56,949,099
US Treasury Bill (j)				11/19/09		40,000,000		39,960,040
US Treasury Bill (j)				11/27/09		20,000,000		19,977,240
US Treasury Bill (j)				12/03/09		40,000,000		39,953,160
Total US Treasury Securities (Cost $450,615,072)								450,715,090
Total Short-Term Investments (Cost $617,177,730)								617,277,748
Total Investments — 106.2% (Cost $2,459,910,976)								2,429,706,902
Liabilities in Excess of Other Assets — (6.2%)								(141,769,754	)
Net Assets — 100.0%							$	2,287,937,148

	Number of Shares			Value
Securities Sold Short — (0.7%)
Common Stocks — (0.7%)
Commercial Services & Supplies — 0.0%
Regus plc (United Kingdom)		(422,500	)	$	(452,552	)
Real Estate Investment Trusts (REITs) — (0.6%)
AMB Property Corp.		(28,700	)		(539,847	)
Associated Estates Realty Corp.		(107,400	)		(640,104	)
AvalonBay Communities, Inc.		(29,000	)		(1,622,260	)
Cominar Real Estate Investment Trust (Canada)		(43,900	)		(584,252	)
Equity Residential		(29,100	)		(646,893	)
Essex Property Trust, Inc.		(23,600	)		(1,468,628	)
Extra Space Storage, Inc.		(22,400	)		(187,040	)
Franklin Street Properties Corp.		(81,800	)		(1,083,850	)
Hospitality Properties Trust		(41,800	)		(497,002	)
HRPT Properties Trust		(201,000	)		(816,060	)
Mack-Cali Realty Corp.		(58,700	)		(1,338,360	)
Morguard Real Estate Investment Trust (Canada)		(69,500	)		(576,602	)
PS Business Parks, Inc.		(41,300	)		(2,000,571	)
Realty Income Corp.		(38,600	)		(846,112	)
Senior Housing Properties Trust		(50,700	)		(827,424	)
Tanger Factory Outlet Centers, Inc.		(24,700	)		(801,021	)
Urstadt Biddle Properties, Class A		(10,500	)		(147,840	)
Total Real Estate Investment Trusts (REITs)					(14,623,866	)
Real Estate Management & Development — (0.1%)
China Overseas Land & Investment Ltd. (Hong Kong)		(682,400	)		(1,569,436	)
Total Common Stocks (Proceeds $15,891,331)					(16,645,854	)
Total Securities Sold Short (Proceeds $15,891,331)				$	(16,645,854	)

20

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

ADR American Depositary Reciept

ADS American Depositary Share

CHF Swiss franc

CVA Certificaaten van aandelen (share certificates)

EAFE Europe, Australasia, and Far East

EUR Euro

FHLMC Freddie Mac

FNMA Fannie Mae

FRN Floating Rate Note. Rate disclosed represents rate as of June 30, 2009.

GBP British pound

IO Interest-Only Security

JSE Johannesburg Stock Exchange

JPY Japanese yen

LSE London Stock Exchange

MSCI Morgan Stanley Capital International

NYSE New York Stock Exchange

REIT Real Estate Investment Trust

SPADR Sponsored ADR

STEP A bond that pays an initial coupon rate for the first period, and a higher coupon rate for the following periods.

TSE Toronto Stock Exchange

UNIT A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a predetermined date.

VRN Variable Rate Note. Rate disclosed represents rate as of June 30, 2009.

VVPR Verminderde Voorheffing Précompte Réduit (France dividend coupon)

* Approximately 36% of the fund's total investments are maintained to cover “senior securities transactions” which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund’s “senior securities” holdings to maintain proper coverage for the transactions.

(a) Non income-producing security.

(b) Illiquid security.

(c) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $308,915,996, which represents 13.50% of the fund's net assets.

(d) A tracking stock is a common stock issued by a parent company that tracks the performance of a particular division without having claim on the assets of the division or the parent company. Also known as a “designer stock”.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2009, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid, with the exception of Canyon Value Realization Fund, LP. TIP’s valuation committee has deemed 21% of Canyon Value Realization Fund, LP to be illiquid in accordance with procedures approved by the TIP board of directors. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.

Investment	Date of Acquisition		Cost		Value
Bell Aliant Regional Communications Income Fund		07/11/06	$	46,436	$	35,295
Canyon Value Realization Fund, LP		12/31/97 – 04/03/06		23,797,935		37,682,456
Convexity Capital Offshore, LP		02/16/06		42,000,000		58,299,806
Eurocastle Investment Ltd.		06/19/09		234,881		259,246
Farallon Capital Institutional Partners, LP		04/01/95 – 11/01/05		17,746,139		33,371,044
Jazz Air Income Fund		03/12/07 – 05/22/07		66,081		25,027
Joho Partners, LP		01/03/07		15,000,000		16,236,315
Lansdowne UK Equity Fund Ltd.		06/01/06 – 09/01/07		26,000,000		38,652,960
Lone Cascade, LP		01/03/06 – 01/02/08		13,788,000		11,751,987
Lone Picea, LP, Class E		01/02/09		964,000		914,871
Lone Picea, LP, Class F		01/03/05		1,617,000		1,365,042
Lone Picea, LP, Class H		01/02/03 – 01/02/04		1,315,000		1,326,646

21

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

Investment	Date of Acquisition		Cost		Value
Lone Redwood, LP		12/29/98		3,154,356		9,819,389
Maverick Fund USA Ltd.		01/03/06 – 10/01/07		20,000,000		25,387,498
Nomad Investment Co. Ltd., Class A		10/02/06		14,000,000		11,287,936
Nomad Investment Co. Ltd., Class R		02/01/08		8,000,000		5,541,440
OZ Domestic Partners, LP		12/31/01 – 09/30/03		9,000,000		15,314,215
Regiment Capital Ltd.		06/30/03		6,000,000		9,085,863
Tosca		12/30/03 – 07/30/04		4,633,329		3,775,544
Tosca Asia		03/01/07		20,000,000		16,807,821
Total					$	296,940,401

(g) Security or a portion thereof is held as initial margin for financial futures.

(h) Security or a portion thereof is held as collateral by the counterparty for reverse repurchase agreements. See Note 7 to the Notes to Financial Statements.

(i) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2009. These positions are therefore grouped into their own industry classification.

(j) Treasury bills and discount notes do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.

Summary Schedule of Investments

Common Stocks		40.6	%
Short-Term Investments		27.0	%
US Treasury Securities		13.8	%
Private Investment Funds		13.0	%
Mutual Funds		4.2	%
Mortgage-Backed Securities		3.9	%
Corporate Bonds		1.9	%
Asset-Backed Securities		1.1	%
Purchased Options		0.3	%
Exchange-Traded Funds		0.2	%
Preferred Stocks		0.2	%
Warrants		0.0	%
Rights		0.0	%
Subordinated Convertible Notes		0.0	%
Total Investments		106.2	%
Securities Sold Short		(0.7	)%
Liabilities in Excess of Other Assets		(5.5	)%
Net Assets		100.0	%

22

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

Financial Futures Contracts

Number of Contracts	Type		Initial Notional Value/(Proceeds)			Notional Value at June 30, 2009			Unrealized Appreciation/ (Depreciation)
		Long Financial Futures Contracts
225		September 2009 ASX S&P 200 Index	$	17,651,687		$	17,681,766		$	30,079
391		September 2009 Australian Dollar		31,296,896			31,393,390			96,494
944		September 2009 British Pound		96,945,170			97,131,700			186,530
426		September 2009 CAC 40 Index		18,976,336			18,717,263			(259,073	)
514		September 2009 Canadian Dollar		46,449,470			44,255,400			(2,194,070	)
16		September 2009 DAX Index		2,755,522			2,704,413			(51,109	)
395		September 2009 Dow Jones EURO STOXX 50 Index		13,327,936			13,287,928			(40,008	)
495		September 2009 FTSE 100 Index		34,979,326			34,350,286			(629,040	)
546		September 2009 Japanese Yen		69,778,390			70,898,100			1,119,710
661		September 2009 S&P 500 Index		149,599,140			151,286,375			1,687,235
219		September 2009 Swiss Franc		25,438,816			25,239,750			(199,066	)
511		September 2009 Topix Index		48,811,679			49,039,238			227,559
258		September 2009 TSE 60 Index		27,897,388			27,819,593			(77,795	)
										(102,554	)
		Short Financial Futures Contracts
21		September 2009 5-Year Interest Rate Swap		(2,347,377	)		(2,375,625	)		(28,248	)
23		September 2009 90-Day Eurodollar		(5,615,192	)		(5,711,475	)		(96,283	)
46		September 2009 5-Year US Treasury Note		(5,330,134	)		(5,277,062	)		53,072
39		September 2009 10-Year US Treasury Note		(4,546,996	)		(4,534,359	)		12,637
23		December 2009 90-Day Eurodollar		(5,482,507	)		(5,697,963	)		(215,456	)
23		March 2010 90-Day Eurodollar		(5,474,443	)		(5,682,438	)		(207,995	)
23		June 2010 90-Day Eurodollar		(5,472,693	)		(5,661,163	)		(188,470	)
6		September 2010 90-Day Eurodollar		(1,426,560	)		(1,471,200	)		(44,640	)
6		December 2010 90-Day Eurodollar		(1,425,585	)		(1,465,425	)		(39,840	)
6		March 2011 90-Day Eurodollar		(1,424,910	)		(1,460,325	)		(35,415	)
6		June 2011 90-Day Eurodollar		(1,424,010	)		(1,455,300	)		(31,290	)
6		September 2011 90-Day Eurodollar		(1,423,110	)		(1,450,800	)		(27,690	)
6		December 2011 90-Day Eurodollar		(1,422,135	)		(1,446,600	)		(24,465	)
6		March 2012 90-Day Eurodollar		(1,421,385	)		(1,443,675	)		(22,290	)
6		June 2012 90-Day Eurodollar		(1,420,560	)		(1,440,900	)		(20,340	)
6		September 2012 90-Day Eurodollar		(1,419,885	)		(1,438,650	)		(18,765	)
										(935,478	)
									$	(1,038,032	)

Forward Currency Contracts

	Contract Amount				Unrealized Appreciation/ (Depreciation)
Contract Settlement Date	Receive		Deliver
07/08/2009		Canadian Dollar 1,863,520		US Dollar 1,648,403	$	(46,226	)

23

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

Swap Contracts

Expiration Date

Counterparty

Pay

Receive

Notional Amount

Net Unrealized Appreciation/ (Depreciation)

Total Return Swap Contracts

Long Total Return Swap Contracts

08/06/2009

Goldman Sachs International

(c)

3 Month LIBOR plus a specified spread

MSCI AC World Daily

$

29,032,361

$

219,647

01/29/2010

Goldman Sachs International

(c)

3 Month LIBOR plus a specified spread

MSCI AC World Daily

32,105,872

3,649,860

03/31/2010

Goldman Sachs International

(c)

1 Month LIBOR plus a specified spread

MSCI Daily TR Net Emerging Markets

54,330,040

492,254

$

4,361,761

Written Option Contract Reconciliation as of June 30, 2009

	Number of Contracts			Premiums
Outstanding at beginning of period		—		$	—
Options Written		(500	)		(3,118,500	)
Options terminated in closing purchase transactions		(500	)		(3,118,500	)
Outstanding at end of period		—		$	—

Derivative Disclosure

The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund’s derivative instruments as of June 30, 2009. See Note 3, Derivatives and Other Financial Instruments, for qualitative disclosures. These derivatives are not accounted for as hedging instruments under FASB Statement No. 133. The period-end notional amounts disclosed in the Schedule of Investments are representative of the fund’s derivative activity throughout the reporting period.

The following table lists the fair values of the fund’s derivative holdings as of June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Balance Sheet Location		Interest Rate Risk			Foreign Exchange Risk			Credit Risk		Equity Risk			Total
Asset Derivatives
Rights		Investments, at value	$	—		$	—		$	—	$	95,294		$	95,294
Warrants		Investments, at value		—			—			—		477,806			477,806
Options Purchased		Investments, at value		—			161,250			—		7,275,000			7,436,250
Swap Contracts		Swap contracts, at value		—			—			—		4,361,761			4,361,761
Futures Contracts		Variation margin*		65,709			1,402,733			—		1,944,873			3,413,315
Total Value – Assets				$65,709			$1,563,983			$—		$14,154,734			$15,784,426
Liability Derivatives
Futures Contracts		Variation margin*	$	(1,001,187	)	$	(2,393,136	)	$	—	$	(1,057,024	)	$	(4,451,347	)
Forward Contracts		Liabilities, Forward Contracts		—			(46,226	)		—		—			(46,226	)
Total Value – Liabilities				$(1,001,187)			$(2,439,362)			$—		$(1,057,024)			$(4,497,573)

* Cumulative appreciation (depreciation) of futures contracts is reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

24

TIFF Multi-Asset Fund / Schedule of Investments (unaudited)

June 30, 2009

The following table lists the amounts of gains or losses included in net increase in net assets resulting from operations for the six months ended June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Income Statement Location		Interest Rate Risk		Foreign Exchange Risk			Credit Risk		Equity Risk			Total
Realized Gain (Loss)
Rights		Net realized gain (loss) from Investments	$	—	$	—		$	—	$	(1,702,148	)	$	(1,702,148	)
Warrants		Net realized gain (loss) from Investments		—		—			—		—			—
Options Purchased		Net realized gain (loss) from Investments		—		(1,015,500	)		—		—			(1,015,500	)
Options Written		Net realized gain (loss) from Options written		—		—			—		2,508,733			2,508,733
Swap Contracts		Net realized gain (loss) from Swap agreements		—		—			2,345,854		20,564,090			22,909,944
Futures Contracts		Net realized gain (loss) from Futures contracts		526,746		15,005,504			—		26,787,531			42,319,781
Forward Contracts		Net realized gain (loss) from Forward contracts		—		15,190			—		—			15,190
Total Realized Gain (Loss)				$526,746		$14,005,194			$2,355,364		$48,612,203			$65,036,000

The following table lists the change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the six months ended June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Income Statement Location		Interest Rate Risk		Foreign Exchange Risk			Credit Risk			Equity Risk			Total
Change in Appreciation (Depreciation)
Rights		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies	$	—	$	—		$	—		$	(56,566	)	$	(56,566	)
Warrants		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		—		—			—			282,551			282,551
Options Purchased		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		—		(389,230	)		—			(2,251,500	)		(2,640,730	)
Swap Contracts		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		—		—			(1,396,979	)		1,721,961			324,982
Futures Contracts		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		555,645		(11,578,435	)		—			(4,695,984	)		(15,718,774	)
Forward Contracts		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		—		(46,226	)		—			—			(46,226	)
Total Change in Appreciation (Depreciation)				$555,645		$(12,013,891)			$(1,396,979)			$(4,999,538)			$(17,854,763)

See accompanying Notes to Financial Statements.

25

TIFF Multi-Asset Fund

Statement of Assets and Liabilities (unaudited)

	June 30, 2009
Assets
Investments in securities, at value (cost: $2,293,348,318)	$	2,263,144,244
Repurchase agreements (cost: $166,562,658)		166,562,658
Deposits with brokers for securities sold short		17,346,625
Cash denominated in foreign currencies (cost: $167,240)		166,672
Receivables for:
Investment securities sold		185,209,242
Interest		3,683,743
Dividends and tax reclaims		2,728,185
Capital stock sold		962,630
Swap contracts, at value		4,361,761
Other assets		836,666
Total Assets		2,645,002,426
Liabilities
Reverse repurchase agreements (Note 7)		84,953,250
Securities sold short, at value (proceeds: $15,891,331)		16,645,854
Due to broker for futures variation margin		2,749,276
Payable for:
Capital stock redeemed		39,800
Investment securities purchased		245,803,638
Accrued expenses and other liabilities		684,287
Money manager fees		707,691
Dividends payable for short sales		278,463
Distributions		5,156,793
Unrealized depreciation on forward currency contracts		46,226
Total Liabilities		357,065,278
Net Assets	$	2,287,937,148
Shares Outstanding (1,000,000,000 authorized shares, par value $0.001 for each fund)		183,040,068
Net Asset Value Per Share	$	12.50
Components of Net Assets:
Capital stock	$	2,671,602,351
Distributions in excess of net investment income		(81,215,790	)
Accumulated net realized loss on investments		(275,618,119	)
Net unrealized depreciation on investments and foreign currencies		(26,831,294	)
	$	2,287,937,148

See accompanying Notes to Financial Statements.

26

TIFF Multi-Asset Fund

Statement of Operations (unaudited)

	For the Six Months Ended June 30, 2009
Investment Income
Interest	$	1,199,522
Dividends (net of foreign withholding taxes of $720,808)		15,883,018
Total Investment Income		17,082,540
Operating Expenses
Investment advisory fees		1,666,495
Money manager fees		2,282,093
Fund administration fees		804,258
Professional fees		213,486
Consulting and tax services fees		38,260
Chief compliance officer fees		71,726
Insurance		38,240
Registration and filing fees		14,869
Director fees		23,943
Interest (Note 7)		52,763
Dividends on securities sold short		372,664
Miscellaneous fees and other		61,767
Total Operating Expenses		5,640,564
Net Investment Income		11,441,976
Net Realized Gain (Loss) from:
Investments (net of foreign withholding taxes on capital gains of $3,082,277)		(140,915,737	)
Short sales		3,082,277
Swap agreements		22,909,944
Financial futures contracts		42,319,781
Forward currency contracts and foreign currency-related transactions		525,116
Options written		2,508,733
Net Realized Loss		(69,569,886	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		234,625,148
Net Realized and Unrealized Gain on Investments and Foreign Currencies		165,055,262
Net Increase in Net Assets Resulting from Operations	$	176,497,238

See accompanying Notes to Financial Statements.

27

TIFF Multi-Asset Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2009 (Unaudited)			Year Ended December 31, 2008
Increase in Net Assets From Operations
Net investment income	$	11,441,976		$	63,551,222
Net realized gain (loss) on investments and foreign currencies		(69,569,886	)		(164,629,698	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		234,625,148			(616,133,353	)
Net Increase (Decrease) in Net Assets Resulting from Operations		176,497,238			(717,211,829	)
Distributions
From net investment income		(13,239,170	)		(60,242,773	)
From net realized gains		—			(8,553,225	)
Return of capital		(22,931,866	)		(49,722,294	)
Decrease in Net Assets Resulting from Distributions		(36,171,036	)		(118,518,292	)
Capital Share Transactions
Proceeds from shares sold		122,829,271			745,817,759
Proceeds from distributions reinvested		22,314,162			76,276,556
Entry/exit fees		1,007,293			4,397,478
Cost of shares redeemed		(78,012,055	)		(129,930,140	)
Net Increase From Capital Shares Transactions		68,138,671			696,561,653
Total Increase (Decrease) in Net Assets		208,464,873			(139,168,468	)
Net Assets
Beginning of period		2,079,472,275			2,218,640,743
End of period	$	2,287,937,148		$	2,079,472,275
Including undistributed (distributions in excess of) net investment income	$	(81,215,790	)	$	(56,486,730	)
Capital Share Transactions (in shares)
Shares sold		10,622,752			48,615,387
Shares reinvested		1,974,182			5,657,328
Shares redeemed		(7,322,796	)		(9,723,848	)
Net Increase		5,274,138			44,548,867

See accompanying Notes to Financial Statements.

28

TIFF Multi-Asset Fund

Statement of Cash Flows (unaudited)

	Six Months Ended June 30, 2009
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	176,497,238
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(1,131,940,293	)
Investments sold		1,053,682,959
Purchases to cover securities sold short		(21,623,820	)
Securities sold short		28,582,344
(Purchase)/Sale of short term investments, net		(58,308,578	)
Amortization (accretion) of discount and premium, net		5,085,121
Increase in foreign currency		(18,655	)
Increase in interest receivable		(741,180	)
Increase in dividends and tax reclaims receivable		(855,419	)
Increase in deposit at brokers for securities sold short		(1,994,292	)
(Decrease) in interest payable		(4,095	)
Increase in dividends payable for securities sold short		167,368
Decrease in variation margin on financial futures contracts		5,140,699
Increase in accrued expenses and other liabilities		839,769
Net realized (gain) loss		135,324,727
Net change in unrealized (appreciation) depreciation on investments		(251,503,741	)
Net cash from (used in) operating activities		(61,669,848	)
Cash flows from (used in) financing activities
Proceeds from shares sold		122,483,874
Payment on shares redeemed		(77,582,195	)
Cash distributions paid		(8,700,081	)
Increase (decrease) in payable for reverse repurchase agreements		25,468,250
Net cash from (used in) financing activities		61,669,848
Net increase (decrease) in cash
Cash at beginning of period		—
Cash at end of period	$	—
Non cash financing activities not included herein consist of reinvestment of all distributions of:	$	22,314,162
Interest paid:	$	56,858

See accompanying Notes to Financial Statements.

29

TIFF International Equity Fund

June 30, 2009

Fund Expenses (Unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transactions costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions costs were included, your costs would have been higher.

	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During the Period* 1/1/09 – 6/30/09
1) Actual		$1,000		$1,103.10		$7.14
2) Hypothetical		$1,000		$1,018.00		$6.85

* Expenses are equal to the fund’s annualized expense ratio of 1.37% (calculated over a six-month period, which may differ from the fund’s actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

30

TIFF International Equity Fund

June 30, 2009

Financial Highlights

	Six Months Ended 6/30/09 (unaudited)			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05			Year Ended 12/31/04
For a share outstanding throughout each period
Net asset value, beginning of period	$	9.31		$	17.65		$	17.18		$	14.76		$	13.30		$	11.16
Income from investment operations
Net investment income		0.04			0.15			0.56			0.39			0.27			0.15
Net realized and unrealized gain (loss) on investments		0.91			(7.64	)		2.37			3.77			1.67			2.31
Total from investment operations		0.95			(7.49	)		2.93			4.16			1.94			2.46
Less distributions from
Net investment income		—			(0.02	)		(0.98	)		(0.70	)		(0.50	)		(0.34	)
Net realized gains		—			(0.86	)		(1.53	)		(1.06	)		—			—
Total distributions		—			(0.88	)		(2.51	)		(1.76	)		(0.50	)		(0.34	)
Entry/exit fee per share (a)		0.01			0.03			0.05			0.02			0.02			0.02
Net asset value, end of period	$	10.27		$	9.31		$	17.65		$	17.18		$	14.76		$	13.30
Total return (b)		10.31	%(c)		(42.92	)%		17.43	%		28.74	%		14.94	%		22.51	%
Ratios/Supplemental data
Net assets, end of period (000s)	$	184,209		$	180,348		$	400,168		$	295,808		$	241,536		$	195,207
Ratio of expenses to average net assets (d)		1.37	%(e)		0.80	%		0.77	%		0.67	%		0.90	%		1.19	%
Ratio of expenses to average net assets before expense waivers (d)		1.37	%(e)		0.80	%		0.77	%		0.67	%		0.92	%		1.21	%
Ratio of net investment income to average net assets		1.92	%(e)		2.34	%		1.91	%		2.10	%		1.83	%		1.18	%
Portfolio turnover		5.86	%(c)		17.44	%		15.95	%		15.60	%		13.93	%		55.17	%

(a) Calculation based on average shares outstanding.

(b) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member. For certain periods, total return would have been lower had certain expenses not been waived.

(c) Not annualized.

(d) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

(e) Annualized.

See accompanying Notes to Financial Statements.

31

TIFF International Equity Fund / Schedule of Investments (Unaudited)*

June 30, 2009

	Number of Shares		Value
Investments — 98.9% of net assets
Common Stocks — 69.4%
Australia — 4.4%
Alumina Ltd.		168,452	$	193,347
Amcor Ltd.		192,744		773,874
Australia and New Zealand Banking Group Ltd.		28,899		382,035
Bhp Billiton Ltd.		16,976		465,268
Caltex Australia Ltd.		21,151		234,997
Foster's Group Ltd.		339,362		1,406,570
National Australia Bank Ltd.		72,486		1,305,044
Santos Ltd.		49,084		576,615
Telstra Corp. Ltd.		638,750		1,742,872
Wesfarmers Ltd.		57,503		1,046,766
				8,127,388
Austria — 0.1%
Bwin Interactive Entertainment AG (a)		853		37,276
Oesterreichische Post AG		2,035		58,428
				95,704
Belgium — 0.2%
Fortis — Xlon Shares (a)		87,050		296,789
Fortis, Strip Vvpr (a) (b)		39,122		55
				296,844
Brazil — 0.3%
Companhia De Concessoes Rodoviarias		13,600		218,141
Redecard SA		25,000		384,665
				602,806
Canada — 1.1%
AbitibiBowater, Inc.		12,095		6,343
Ace Aviation Holdings, Inc., Class A (a)		7,115		32,420
BCE, Inc.		4,724		97,473
Bell Aliant Regional Communications Income Fund (b) (c) (d)		565		12,800
Bombardier, Inc., Class B		187,533		556,239
Catalyst Paper Corp. (a)		91,463		13,368
Fraser Papers, Inc. (a)		16,670		932
Groupe Aeroplan, Inc.		5,895		41,812
Imperial Oil Ltd.		13,506		523,914
Jazz Air Income Fund (b) (c) (d)		3,206		9,041
Onex Corp.		3,094		53,200
Rogers Communications, Inc., Class B		28,950		744,190
				2,091,732
China — 0.7%
China Construction Bank Corp., Class H		691,000		533,332
China Shenhua Energy Co. Ltd.		166,000		604,897

	Number of Shares		Value
Tsingtao Brewery Co. Ltd.		75,000	$	237,594
				1,375,823
Denmark — 0.9%
Carlsberg A/S, Class B		1,325		85,168
Coloplast A/S, Class B		4,544		313,082
Gn Store Nord A/S (GN Great Nordic) (a)		60,259		241,106
Novo Nordisk A/S, Class B		1,242		67,505
Vestas Wind Systems A/S (a)		8,971		644,906
William Demant Holding (a)		7,496		387,981
				1,739,748
Finland — 0.9%
Metso Oyj		21,683		406,149
Sampo Oyj, Class A		33,024		623,177
Tieto Oyj		8,860		118,059
Upm-Kymmene Oyj		46,282		403,364
Wartsila Oyj Corp.		1,508		48,712
				1,599,461
France — 5.6%
Atos Origin SA (a)		3,776		128,201
AXA SA		16,733		316,343
BNP Paribas		6,862		445,302
Carrefour SA		52,804		2,258,817
Compagnie de Saint-Gobain		33,431		1,117,812
France Telecom SA		52,426		1,191,130
GDF Suez, Strip VVPR (a) (b)		6,615		9
Groupe Eurotunnel SA Registered (a)		9,547		54,236
Lagardere S.C.A.		1,236		41,139
Legrand SA		13,323		291,069
Neopost SA		4,470		401,961
SA des Ciments Vicat		911		52,402
Sanofi-Aventis		8,156		479,664
SCOR SE		13,210		271,294
Societe Generale, Class A		16,451		897,557
Thales SA		9,751		436,362
Total SA		34,446		1,865,670
				10,248,968
Germany — 3.1%
BASF SE		12,808		510,865
Bayerische Motoren Werke AG		6,465		244,164
Daimler AG Registered		13,580		491,351
Deutsche Post AG		9,248		120,874
Deutsche Telekom AG		102,913		1,216,281
E.ON AG		13,287		471,613
Fresenius Medical Care AG & Co.		10,269		458,290
Fresenius Medical Care AG & Co. — ADR		7,467		336,015
RWE AG		23,794		1,878,404
				5,727,857

32

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

	Number of Shares		Value
Hong Kong — 4.1%
Asia Satellite Telecommunications Holdings Ltd.		15,000	$	17,113
China Mobile Ltd.		42,000		421,149
Cosco Pacific Ltd.		370,000		415,237
First Pacific Co.		456,000		263,443
Genting Singapore plc (a)		65,020		30,524
Henderson Land Development Co.		48,000		274,612
Hong Kong & Shanghai Hotels Ltd. (The)		150,503		152,583
Hong Kong Aircraft Engineering Co. Ltd.		13,000		152,095
Hongkong Electric Holdings Ltd.		138,000		767,641
i-Cable Communications Ltd. (a)		416,000		38,657
Jardine Matheson Holdings Ltd.		59,920		1,639,338
Jardine Strategic Holdings Ltd.		61,812		909,551
Midland Holdings Ltd.		138,000		83,054
New World Development Ltd.		380,851		687,464
Next Media Ltd.		308,000		42,143
Silver Grant International Ltd.		140,000		20,858
SmarTone Telecommunications Holdings Ltd.		141,978		87,607
Television Broadcasts Ltd.		53,000		213,840
Wharf (Holdings) Ltd. (The)		256,392		1,083,908
Wheelock & Co. Ltd.		80,000		205,854
				7,506,671
Indonesia — 0.4%
Bank Pan Indonesia Tbk PT (a)		3,267,403		210,611
Bank Permata Tbk PT (a)		5,572		328
Citra Marga Nusaphala Persada Tbk PT		156,500		14,374
Gudang Garam Tbk PT		74,500		91,467
Indofood Sukses Makmur Tbk PT		524,500		96,101
Matahari Putra Prima Tbk PT (a)		1,204,600		84,810
Mulia Industrindo Tbk PT (a) (b)		221,500		6,401
Semen Gresik (Persero) Tbk PT (a)		624,000		298,372
				802,464
Ireland — 0.2%
DCC plc		3,261		67,342
Fyffes plc		180,306		83,650
Independent News & Media plc		148,180		51,960
Paddy Power plc		2,404		56,098
Total Produce plc		79,313		34,510
				293,560
Italy — 2.0%
Banco Popolare Societa Cooperativa (a)		13,698		102,292
Fiat SpA (a)		52,792		535,559
Finmeccanica SpA		4,036		56,952
Intesa Sanpaolo (a)		322,850		1,046,735
Luxottica Group SpA — SPADR (a)		21,353		443,715
Natuzzi SpA — SPADR (a)		6,600		12,540

	Number of Shares		Value
Saipem SpA		24,992	$	610,067
Unicredit SpA (a)		317,072		812,328
				3,620,188
Japan — 16.0%
Ajinomoto Co., Inc.		36,000		284,476
Alfresa Holdings Corp.		4,600		211,726
Astellas Pharma, Inc.		38,900		1,374,105
Bank of Yokohama Ltd. (The)		46,000		245,006
Canon, Inc.		52,550		1,710,343
Dai Nippon Printing Co. Ltd.		24,000		328,085
Dai-Dan Co. Ltd.		19,000		93,653
Dainippon Sumitomo Pharma Co. Ltd.		14,900		130,207
Denso Corp.		11,100		282,958
East Japan Railway Co.		4,900		295,061
Fukuoka Financial Group, Inc.		75,000		334,434
Hitachi Chemical Co. Ltd.		27,400		440,378
Hitachi Ltd.		81,000		250,876
Hitachi Metals Ltd.		10,000		84,401
Isetan Mitsukoshi Holdings Ltd.		36,000		365,506
JS Group Corp.		28,100		432,699
Kao Corp.		89,000		1,939,604
Kawasaki Heavy Industries Ltd.		135,000		370,000
KDDI Corp.		292		1,548,114
Kinden Corp.		16,000		140,191
Kyowa Hakko Kirin Co. Ltd.		37,000		417,297
Marui Group Co. Ltd.		24,900		174,632
Matsushita Electric Works Ltd.		47,772		450,952
Millea Holdings, Inc.		40,900		1,123,305
Mitsubishi Corp.		22,500		413,217
Mitsubishi Tanabe Pharma Corp.		19,000		218,355
Mitsubishi UFJ Financial Group, Inc.		95,900		589,516
Mizuho Financial Group, Inc.		131,000		304,679
Namco Bandai Holdings, Inc.		22,400		245,697
Nec Corp. (a)		5,000		19,521
Nippon Meat Packers, Inc.		9,000		113,506
Nippon Oil Corp.		38,000		223,670
Nippon Suisan Kaisha Ltd.		53,100		139,104
Nippon Telegraph & Telephone Corp.		14,900		606,250
Nitto Denko Corp.		20,800		630,270
NSK Ltd.		38,000		191,835
NTT Data Corp.		48		154,786
NTT DoCoMo, Inc.		233		340,304
Obayashi Corp.		44,000		215,205
OMRON Corp.		13,000		186,931
Onward Holdings Co. Ltd.		24,000		154,554
Secom Co. Ltd.		10,900		442,129
Sekisui House Ltd.		88,000		889,535
Seven & I Holdings Co. Ltd.		59,860		1,404,384
Shimizu Corp.		40,000		173,646
Shiseido Co. Ltd.		13,000		212,706
Sompo Japan Insurance, Inc.		44,000		292,121
Sony Corp.		10,500		271,240

33

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

	Number of Shares		Value
Sumitomo Electric Industries Ltd.		48,500	$	543,694
Sumitomo Forestry Co. Ltd.		29,400		247,647
Sumitomo Mitsui Financial Group, Inc.		10,300		416,515
Taiyo Nippon Sanso Corp.		33,000		313,931
Takeda Pharmaceutical Co. Ltd.		47,500		1,845,690
TDK Corp.		2,400		112,185
Tokyo Electric Power Co., Inc. (The)		8,900		228,766
Tokyo Electron Ltd.		2,600		124,879
Tokyo Gas Co. Ltd.		124,000		443,304
Tokyo Ohka Kogyo Co. Ltd.		5,900		113,696
Toyo Seikan Kaisha Ltd.		15,300		322,443
Toyota Motor Corp.		32,600		1,232,420
West Japan Railway Co.		303		1,001,161
Yamada Denki Co. Ltd.		3,920		227,756
Yamato Holdings Co. Ltd.		48,000		637,729
YASKAWA Electric Corp.		33,000		218,742
				29,491,728
Luxembourg — 0.4%
ArcelorMittal		21,093		692,730
Malaysia — 0.7%
AMMB Holdings Berhad		164,887		158,061
British American Tobacco Malaysia Berhad		10,600		134,825
Bumiputra-Commerce Holdings Berhad		139,499		358,656
Carlsberg Brewery Malaysia Berhad		25,000		26,865
Genting Malaysia Berhad		422,400		323,056
Malaysian Airline System Berhad (a)		50,100		43,546
Multi-Purpose Holdings Berhad		115,400		46,072
Sime Darby Berhad		91,852		181,102
				1,272,183
Mexico — 0.3%
America Movil SA de CV, Series L — ADR		1,625		62,920
Grupo Televisa SA — SPADR		28,100		477,700
Telefonos de Mexico SAB de CV, Series L — SPADR		1,300		21,073
Telmex Internacional SAB de CV, Series L — ADR		1,600		20,240
				581,933
Netherlands — 3.1%
Heineken NV		12,091		449,229
Ing Groep NV — CVA		52,256		525,962
Koninklijke (Royal) KPN NV		34,358		473,309
Koninklijke (Royal) Philips Electronics NV		12,391		229,126
Koninklijke Boskalis Westminster NV — CVA		13,850		314,062
Reed Elsevier NV		77,114		850,436
Royal Dutch Shell plc, Class A		82,952		2,071,371
Royal Dutch Shell plc, Class B		19,813		500,206

	Number of Shares		Value
Wolters Kluwer NV		13,972	$	244,483
				5,658,184
New Zealand — 0.3%
PGG Wrightson Ltd.		138,690		101,102
Telecom Corp. of New Zealand Ltd.		301,290		529,375
				630,477
Norway — 0.3%
DNB NOR ASA (a)		28,888		221,181
StatoilHydro ASA		13,000		256,801
				477,982
Philippines (The) — 1.0%
ABS-CBN Holdings Corp.		376,400		169,249
Ayala Corp.		101,539		555,782
Banco De Oro Unibank, Inc.		68,000		44,402
Benpres Holdings Corp. (a)		1,219,000		49,876
DMCI Holdings, Inc.		394,000		53,109
Globe Telecom, Inc.		20,650		405,731
Jollibee Foods Corp.		102,500		104,322
Philippine Long Distance Telephone Co. — SPADR		8,400		417,648
				1,800,119
Poland — 0.2%
Bank Pekao SA (a)		12,191		440,661
Russia — 0.3%
Lukoil OAO — SPADR		14,000		621,180
Singapore — 1.9%
Great Eastern Holdings Ltd.		37,000		268,462
GuocoLeisure Ltd.		233,000		61,734
Mandarin Oriental International Ltd.		50,881		67,585
Oversea-Chinese Banking Corp.		159,492		733,425
Singapore Telecommunications Ltd.		679,000		1,401,139
STATS Chippac Ltd. (a)		367,000		158,716
United Industrial Corp. Ltd.		28,000		34,661
United Overseas Bank Ltd.		67,000		676,802
Yellow Pages Singapore Ltd.		74,000		17,062
				3,419,586
South Africa — 0.8%
Anglo Platinum Ltd.		994		70,480
AngloGold Ashanti Ltd.		987		36,195
City Lodge Hotels Ltd.		3,166		28,372
Clicks Group Ltd.		17,568		41,825
Discovery Holdings Ltd.		2,892		9,706
FirstRand Ltd.		60,999		111,445
Gold Fields Ltd.		3,352		40,462
Hosken Consolidated Investments Ltd.		12,202		71,959
JD Group Ltd.		3,792		19,932
Nedbank Group Ltd.		14,320		182,548
Pretoria Portland Cement Co. Ltd.		125,885		474,343
RMB Holdings Ltd.		70,729		215,497

34

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

	Number of Shares		Value
Sun International Ltd.		21,134	$	209,314
				1,512,078
South Korea — 0.2%
KB Financial Group, Inc. (a)		1,200		39,965
Korea Electric Power Corp. (a)		950		21,976
POSCO		200		66,236
Samsung Electronics Co. Ltd.		170		78,731
SK Telecom Co. Ltd.		565		77,137
				284,045
Spain — 3.5%
Acciona SA		3,791		466,012
Acerinox SA		33,679		623,313
Banco Santander SA		144,331		1,741,783
Iberdrola SA		190,028		1,545,438
Prosegur, Compania de Seguridad SA		4,756		152,817
Telefonica SA		80,155		1,817,514
Viscofan SA		7,230		154,362
				6,501,239
Sweden — 0.9%
Assa Abloy AB, Class B		25,204		351,314
Hoganas AB, Class B		7,084		76,620
Modern Times Group AB, Class B		1,960		54,690
Svenska Cellulosa AB (SCA), Class B		25,706		270,514
Svenska Handelsbanken AB, Class A		21,659		409,268
Telefonaktiebolaget LM Ericsson, Class B		43,506		425,543
Teliasonera AB		11,794		62,039
				1,649,988
Switzerland — 2.5%
Adecco SA		7,902		329,992
Compagnie Financiere Richemont SA		10,965		228,464
Geberit AG		3,010		370,971
Logitech International SA (a)		14,897		207,467
Novartis AG		57,307		2,328,295
Publigroupe SA		661		49,746
Roche Holding AG		5,400		734,663
Sonova Holding AG Registered		883		71,860
UBS AG Registered (a)		17,584		215,136
				4,536,594
Taiwan — 0.7%
Asustek Computer, Inc. – GDR Registered		47,713		286,755
Chunghwa Telecom Co. Ltd. – ADR		19,928		395,173
Taiwan Semiconductor Manufacturing Co. Ltd.		363,771		604,273
				1,286,201
Thailand — 0.7%
Advanced Info Service Pcl (b)		139,200		363,628
GMM Grammy PCL		104,000		42,736
Kasikornbank PCL		82,700		175,983

	Number of Shares		Value
Land and Houses PCL		420,500	$	66,648
Matichon PCL (b)		218,400		44,231
MBK PCL		36,300		57,002
Post Publishing PCL (b)		193,900		28,456
Siam Cement PCL		82,100		387,969
Thanachart Capital PCL (b)		141,900		57,060
				1,223,713
Turkey — 0.2%
Turkcell Iletisim Hizmetleri A/S – ADR		32,200		446,293
United Kingdom — 11.3%
AMEC plc		8,625		92,864
Anglo American plc – ADR		14,490		212,134
Anglo American plc – Lse Shares		1,653		47,930
Arriva plc		45,508		304,795
Aviva plc		78,193		441,864
BAE Systems plc		95,053		530,589
Barclays plc		88,850		413,839
BG Group plc		70,618		1,186,520
BHP Billiton plc		24,917		562,826
BP plc		339,945		2,690,037
Bradford & Bingley plc		97,457		—
British American Tobacco plc		5,586		154,315
Bunzl plc		15,240		126,241
Cable & Wireless plc		227,929		500,235
Capita Group plc		61,485		724,861
Carnival plc		9,252		245,504
Compass Group plc		179,761		1,012,950
Daily Mail & General Trust NV, Class A		5,811		27,206
Devro plc		42,853		64,555
Diageo plc		34,452		494,763
Enterprise Inns plc		45,603		93,926
GKN plc		126,654		261,888
Glaxosmithkline plc		107,835		1,898,927
Hays plc		100,079		141,493
HMV Group plc		22,914		42,601
Homeserve plc		3,468		85,793
ICAP plc		54,018		402,214
Informa plc		67,366		242,719
International Personal Finance		45,154		54,466
Intertek Group plc		31,647		545,661
Invensys plc		89,457		329,753
ITV plc		260,811		150,541
Ladbrokes plc		46,037		140,228
Lloyds Banking Group plc		117,324		135,022
Northgate plc		5,980		9,807
Provident Financial plc		17,661		231,252
Reckitt Benckiser Group plc		14,906		679,327
Reed Elsevier plc		41,967		312,918
Rexam plc		42,157		197,895
Rio Tinto plc		11,808		411,073

35

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

	Number of Shares		Value
Rolls-Royce Group plc (a)		10,664	$	63,585
Rolls-Royce Group plc, Class C (a)		914,971		1,505
Royal Bank of Scotland Group plc (a)		119,107		75,743
RSA Insurance Group plc		31,684		62,870
Sage Group plc		138,128		405,661
Smiths Group plc		11,791		136,456
Sportingbet plc (a)		84,946		79,847
Stagecoach Group plc		83,662		174,973
Tesco plc		80,951		471,832
Thomas Cook Group plc		98,130		332,792
Tui Travel plc		106,392		406,783
Unilever plc		73,411		1,722,650
Vodafone Group plc		398,510		770,309
WPP plc		25,609		170,328
				21,076,866
United States — 0.0%
NII Holdings, Inc., Class B (a)		3,635		69,319
Total Common Stocks (Cost $150,173,495)				127,802,313
Commingled Investment Vehicles — 15.9%
Exchange-Traded Funds — 1.8%
iShares MSCI Emerging Markets Index Fund		100,600		3,242,338
Private Investment Funds (e) — 14.1%
Convexity Capital Offshore, LP (a) (b) (c) (d)				7,218,931
Lansdowne UK Equity Fund Ltd. (a) (b) (c) (d)		40,375		13,988,868
Lone Dragon Pine, LP (a) (b) (c) (d)				3,218,865
Tosca (a) (b) (c) (d)		27,752		1,612,455
				26,039,119
Total Commingled Investment Vehicles (Cost $23,306,258)				29,281,457
Preferred Stocks — 0.6%
Hyundai Motor Co. Ltd., 3.98% (South Korea)		21,670		511,151
Malaysian Airline System Berhad, 30.0% (Malaysia)		20,000		4,324
Vale SA, 1.46% (Brazil)		42,940		654,126
Total Preferred Stocks (Cost $1,461,460)				1,169,601

	Number of Contracts		Value
Rights — 0.0%
Fortis, Expiring 07/04/14 (Belgium) (a) (b)		87,050	$	—
Warrants — 0.1%
Bank Pan Indonesia Tbk Warrants Expiring 07/10/09 (Indonesia) (a)		1,023,867		24,575
Groupe Eurotunnel SA Registered Warrants Expiring 12/30/11 (France) (a)		1,262,450		200,126
Matahari Putra Prima Tbk Warrants Expiring 07/12/10 (Indonesia) (a)		370,825		763
Total Warrants (Cost $443,620)				225,464

	Interest Rate		Maturity Date		Principal Amount		Value
Short-Term Investments — 12.9%
Repurchase Agreements — 8.0%
State Street Bank & Trust Co. Repurchase Agreement issued on 6/30/09 (proceeds at maturity $14,676,345) (collateralized by US Treasury Bills, due 08/13/09 through 08/20/09 with a principal value of $14,980,000 and a market value of $14,977,004									)
(Cost $14,676,341)		0.010%		07/01/09	$	14,676,341	$	14,676,341
US Treasury Securities — 4.9%
US Treasury Bill (f)				07/09/09		3,000,000		2,999,943
US Treasury Bill (f)				07/30/09		1,000,000		999,874
US Treasury Bill (f)				08/20/09		1,000,000		999,782
US Treasury Bill (f)				09/03/09		1,000,000		999,742
US Treasury Bill (f) (g)				10/08/09		2,000,000		1,998,982
US Treasury Bill (f) (g)				11/12/09		1,000,000		999,107
Total US Treasury Securities (Cost $8,996,056)								8,997,430
Total Short-Term Investments (Cost $23,672,397)								23,673,771
Total Investments – 98.9% (Cost $199,057,230)								182,152,606
Other Assets in Excess of Liabilities – 1.1%								2,056,552
Net Assets – 100.0%							$	184,209,158

36

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

ADR American Depositary Reciept

CVA Certificaaten van aandelen (share certificates)

GDR Global Depositary Reciept

LSE London Stock Exchange

MSCI Morgan Stanley Capital International

SPADR Sponsored ADR

VVPR Verminderde Voorheffing Precompte Réduit (France dividend coupon)

XLON London International Exchange

* Approximately 20% of the fund's total investments are maintained to cover “senior securities transactions” which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund’s “senior securities” holdings to maintain proper coverage for the transactions.

(a) Non income-producing security.

(b) Illiquid security.

(c) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $27,895,137, which represents 15.14% of the fund's net assets.

(d) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2009, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.

Investment	Date of Acquisition		Cost		Value
Bell Aliant Regional Communications Income Fund		07/11/06	$	16,840	$	12,800
Convexity Capital Offshore, LP		02/16/06		7,333,333		7,218,931
Jazz Air Income Fund		03/12/07-05/22/07		23,682		9,041
Lansdowne UK Equity Fund Ltd.		05/31/03		6,434,533		13,988,868
Lone Dragon Pine, LP		03/31/08		5,000,000		3,218,865
Tosca		06/30/04		1,986,683		1,612,455
Total					$	26,060,960

(e) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2009. These positions are therefore grouped into their own industry classification.

(f) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.

(g) Security or a portion thereof is pledged as initial margin for financial futures contracts.

Summary Schedule of Investments

Common Stocks		69.4	%
Private Investment Funds		14.1	%
Short-Term Investments		12.9	%
Exchange-Traded Funds		1.8	%
Preferred Stocks		0.6	%
Warrants		0.1	%
Rights		0.0	%
Total Investments		98.9	%
Other Assets In Excess of Liabilities		1.1	%
Net Assets		100.0	%

37

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

Financial Futures Contracts

Number of Contracts	Type		Initial Notional Value/(Proceeds)			Notional Value at June 30, 2009			Unrealized Appreciation/ (Depreciation)
		Long Financial Futures Contracts
15		September 2009 ASX S&P 200 Index	$	1,178,814		$	1,178,785		$	(29	)
12		September 2009 British Pound		1,231,643			1,234,725			3,082
17		September 2009 CAC 40 Index		757,224			746,933			(10,291	)
118		September 2009 Canadian Dollar		10,579,476			10,159,800			(419,676	)
3		September 2009 DAX Index		516,660			507,077			(9,583	)
115		September 2009 Dow Jones EURO STOXX 50 Index		3,880,285			3,868,637			(11,648	)
15		September 2009 EURO FX GLBX		2,616,617			2,632,500			15,883
38		September 2009 Swiss Franc		4,413,306			4,379,500			(33,806	)
35		September 2009 Topix Index		3,343,266			3,358,852			15,586
67		September 2009 TSE 60 Index		7,244,670			7,224,468			(20,202	)
										(470,684	)
		Short Financial Futures Contracts
13		September 2009 Japanese Yen		(1,656,234	)		(1,688,050	)		(31,816	)
									$	(502,500	)

Swap Contracts

Expiration Date

Counterparty

Pay

Receive

Notional Amount

Net Unrealized Appreciation/ (Depreciation)

Long Total Return Swap Contracts

07/16/2009

Goldman Sachs International

(c)

3 Month LIBOR plus a specified spread

MSCI AC World Index ex USA

$

12,558,325

$

1,803,491

06/30/2010

Barclays Bank, PLC

1 Month LIBOR plus a specified spread

iShares MSCI Emerging Markets Index

6,175,906

14,973

06/30/2010

Goldman Sachs International

(c)

1 Month LIBOR plus a specified spread

MSCI Daily TR Net Emerging Markets

3,477,511

30,686

$

1,849,150

Derivative Disclosure

The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund’s derivative instruments as of June 30, 2009. See Note 3, Derivatives and Other Financial Instruments, for qualitative disclosures. These derivatives are not accounted for as hedging instruments under FASB Statement No. 133. The period-end notional amounts disclosed in the Schedule of Investments are representative of the fund’s derivative activity throughout the reporting period.

The following table lists the fair values of the fund’s derivative holdings as of June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Balance Sheet Location		Foreign Exchange Risk			Equity Risk			Total
Asset Derivatives
Rights		Investments, at value	$	—		$	—		$	—
Warrants		Investments, at value		—			225,464			225,464
Swap Contracts		Swap contracts, at value		—			1,849,150			1,849,150
Futures Contracts		Variation margin*		18,965			15,586			34,551
Total Value – Assets				$18,965			$2,090,200			$2,109,165
Liability Derivatives
Futures Contracts		Variation margin*	$	(485,298	)	$	(51,753	)	$	(537,051	)
Total Value –  Liabilities				$(485,298)			$(51,753)			$(537,051)

* Cumulative appreciation (depreciation) of futures contracts is reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

38

TIFF International Equity Fund / Schedule of Investments (Unaudited)

June 30, 2009

The following table lists the amounts of gains or losses included in net increase in net assets resulting from operations for the six months ended June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Income Statement Location		Foreign Exchange Risk			Equity Risk			Total
Realized Gain (Loss)
Rights		Net realized gain (loss) from Investments	$	—		$	—		$	—
Warrants		Net realized gain (loss) from Investments		—			(67,339	)		(67,339	)
Swap Contracts		Net realized gain (loss) from Swap agreements		—			3,657,282			3,657,282
Futures Contracts		Net realized gain (loss) from Futures contracts		1,793,509			2,075,450			3,868,959
Forward Contracts		Net realized gain (loss) from Forward contracts		(15,652	)		—			(15,652	)
Total Realized Gain (Loss)				$1,777,857			$5,769,312			$7,443,250

The following table lists the change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the six months ended June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Income Statement Location		Foreign Exchange Risk			Equity Risk			Total
Change in Appreciation (Depreciation)
Rights		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies	$	—		$	—		$	—
Warrants		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		—			126,650			126,650
Swap Contracts		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		—			27,816			27,816
Futures Contracts		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies		(1,262,238	)		(169,925	)		(1,432,163	)
Total Change in Appreciation (Depreciation)				$(1,262,238)			$(15,459)			$(1,277,697)

See accompanying Notes to Financial Statements.

39

TIFF International Equity Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2009
Assets
Investments in securities, at value (cost: $184,380,889)	$	167,476,265
Repurchase agreements (cost: $14,676,341)		14,676,341
Cash denominated in foreign currencies (cost: $146,695)		146,199
Receivables for:
Closed swap contracts		38,614
Interest		4
Dividends and tax reclaims		494,138
Swap contracts, at value		1,849,150
Total Assets		184,680,711
Liabilities
Due to broker for futures variation margin		191,884
Payable for:
Investment securities purchased		8
Accrued expenses and other liabilities		169,772
Money manager fees		109,889
Total Liabilities		471,553
Net Assets	$	184,209,158
Shares Outstanding (500,000,000 authorized shares, par value $0.001 for each fund)		17,930,543
Net Asset Value Per Share	$	10.27
Components of Net Assets:
Capital stock	$	215,825,216
Distributions in excess of net investment income		(10,526,305	)
Accumulated net realized loss on investments		(5,733,976	)
Net unrealized depreciation on investments and foreign currencies		(15,355,777	)
	$	184,209,158

See accompanying Notes to Financial Statements.

40

TIFF International Equity Fund

Statement of Operations (Unaudited)

	For the Six Months Ended June 30, 2009
Investment Income
Interest	$	13,064
Dividends (net of foreign withholding taxes of $247,932)		2,682,498
Total Investment Income		2,695,562
Operating Expenses
Investment advisory fees		124,895
Money manager fees		796,139
Fund administration fees		111,215
Professional fees		42,942
Consulting and tax services fees		10,742
Chief compliance officer fees		5,751
Insurance		5,159
Registration and filing fees		11,666
Director fees		1,922
Miscellaneous fees and other		12,206
Total Operating Expenses		1,122,637
Net Investment Income		1,572,925
Net Realized Gain (Loss) from:
Investments (net of foreign withholding taxes on capital gains of $11)		(7,035,196	)
Swap agreements		3,657,282
Financial futures contracts		3,868,959
Forward currency contracts and foreign currency-related transactions		(206,700	)
Net Realized Gain		284,345
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		13,846,825
Net Realized and Unrealized Gain on Investments and Foreign Currencies		14,131,170
Net Increase in Net Assets Resulting from Operations	$	15,704,095

See accompanying Notes to Financial Statements.

41

TIFF International Equity Fund

Statement of Changes in Net Assets

	Six Months Ended June 30. 2009 (Unaudited)			Year Ended December 31, 2008
Increase in Net Assets From Operations:
Net investment income	$	1,572,925		$	7,077,743
Net realized gain (loss) on investments and foreign currencies		284,345			(4,609,351	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		13,846,825			(151,183,633	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,704,095			(148,715,241	)
Distributions
From net investment income		—			(400,022	)
From net realized gains		—			(16,523,737	)
Decrease in Net Assets Resulting from Distributions		—			(16,923,759	)
Capital Share Transactions
Proceeds from shares sold		225,990			10,522,964
Proceeds from distributions reinvested		—			14,801,779
Entry/exit fees		92,920			680,919
Cost of shares redeemed		(12,161,695	)		(80,186,676	)
Net Decrease From Capital Shares Transactions		(11,842,785	)		(54,181,014	)
Total Increase (Decrease) in Net Assets		3,861,310			(219,820,014	)
Net Assets
Beginning of period		180,347,848			400,167,862
End of period	$	184,209,158		$	180,347,848
Including undistributed (distributions in excess of) net investment income	$	(10,526,305	)	$	(12,099,230	)
Capital Share Transactions (in shares)
Shares sold		22,567			973,195
Shares reinvested		—			1,333,445
Shares redeemed		(1,468,041	)		(5,597,825	)
Net Decrease		(1,445,474	)		(3,291,185	)

See accompanying Notes to Financial Statements.

42

TIFF International Equity Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2009
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	15,704,095
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(13,713,955	)
Investments sold		28,592,564
(Purchase)/Sale of short-term investments, net		(12,514,812	)
Decrease in foreign currency		26,296
Increase in interest receivable		(2	)
Increase in dividends and tax reclaims receivable		(211,215	)
Decrease in variation margin on financial futures contracts		209,564
Increase in accrued expenses and other liabilities		92,222
Net realized (gain) loss		7,035,196
Net change in unrealized (appreciation) depreciation on investments		(15,337,093	)
Net cash from (used in) operating activities		9,882,860
Cash flows from (used in) financing activities
Proceeds from shares sold		3,227,698
Payment on shares redeemed		(12,070,482	)
Cash distributions paid		(1,040,076	)
Net cash from (used in) financing activities		(9,882,860	)
Net increase (decrease) in cash
Cash at beginning of period		—
Cash at end of period	$	—

See accompanying Notes to Financial Statements.

43

TIFF US Equity Fund

June 30, 2009

Fund Expenses (unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transactions costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions costs were included, your costs would have been higher.

	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During the Period* 1/1/09 – 6/30/09
1) Actual	$	1,000	$	1,075.40	$	7.51
2) Hypothetical	$	1,000	$	1,017.55	$	7.30

* Expenses are equal to the fund’s annualized expense ratio of 1.46% (calculated over a six-month period, which may differ from the fund’s actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one half year period). The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

44

TIFF US Equity Fund

June 30, 2009

Financial Highlights

	Six Months Ended 6/30/09 (unaudited)			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05			Year Ended 12/31/04
For a share outstanding throughout each period
Net asset value, beginning of year	$	8.35		$	13.39		$	14.90		$	14.07		$	14.49		$	12.95
Income (loss) from investment operations
Net investment income		(0.05	)		0.01			0.11			0.10			0.07	(a)		0.07
Net realized and unrealized gain (loss) on investments		0.68			(4.83	)		0.33			2.35			0.88			1.57
Total from investment operations		0.63			(4.82	)		0.44			2.45			0.95			1.64
Less distributions from
Net investment income		—			(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.11	)
Net realized gains		—			(0.11	)		(1.82	)		(1.53	)		(1.21	)		—
Total distributions		—			(0.22	)		(1.96	)		(1.63	)		(1.38	)		(0.11	)
Entry/exit fee per share (b)		—	(c)		—	(c)		0.01			0.01			0.01			0.01
Net asset value, end of year	$	8.98		$	8.35		$	13.39		$	14.90		$	14.07		$	14.49
Total return (d)		7.54	%(e)		(36.39	)%		2.84	%		17.68	%		6.71	%		12.75	%
Ratios/supplemental data
Net assets, end of year (000s)	$	121,936		$	127,371		$	227,588		$	216,369		$	199,339		$	229,770
Ratio of expenses to average net assets (f)		1.46	%(g)		0.68	%		0.73	%		0.74	%		0.72	%		0.73	%
Ratio of expenses to average net assets before expense waivers (f)		1.46	%(g)		0.68	%		0.73	%		0.74	%		0.73	%		0.74	%
Ratio of net investment income to average net assets		(0.43	)%(g)		0.31	%		0.56	%		0.63	%		0.48	%(a)		0.48	%
Portfolio turnover		13.46	%(e)		33.87	%		37.54	%		34.50	%		32.85	%		57.49	%

(a) Investment income per share reflects a special dividend which amounted to $0.04 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.21%.

(b) Calculation based on average shares outstanding.

(c) Rounds to less than $0.01.

(d) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member. For certain periods, total return would have been lower had certain expenses not been waived.

(e) Not annualized.

(f) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles; such fees and expenses are reflected in the commingled investment vehicles’ total return.

(g) Annualized.

See accompanying Notes to Financial Statements.

45

TIFF US Equity Fund / Schedule of Investments (unaudited)*

June 30, 2009

	Number of Shares		Value
Investments — 99.7% of net assets
Common Stocks — 71.4%
Aerospace & Defense — 2.0%
AAR Corp. (a)		69,815	$	1,120,531
General Dynamics Corp.		2,300		127,397
Goodrich Corp.		4,900		244,853
L-3 Communications Holdings, Inc.		4,200		291,396
Northrop Grumman Corp.		7,900		360,872
Raytheon Co.		8,000		355,440
				2,500,489
Beverages — 1.9%
Coca-Cola Enterprises, Inc.		7,600		126,540
Constellation Brands, Inc., Class A (a)		139,400		1,767,592
PepsiCo, Inc.		6,800		373,728
				2,267,860
Biotechnology — 0.7%
Amgen, Inc. (a)		10,300		545,282
Biogen Idec, Inc. (a)		5,500		248,325
Gilead Sciences, Inc. (a)		2,400		112,416
				906,023
Capital Markets — 1.3%
Ameriprise Financial, Inc.		12,700		308,229
Franklin Resources, Inc.		5,500		396,055
Goldman Sachs Group, Inc. (The)		1,000		147,440
Morgan Stanley		7,600		216,676
T. Rowe Price Group, Inc.		6,700		279,189
TD Ameritrade Holding Corp. (a)		12,400		217,496
				1,565,085
Chemicals — 2.4%
Ecolab, Inc.		7,300		284,627
International Flavors & Fragrances, Inc.		24,500		801,640
Nalco Holding Co.		106,468		1,792,921
				2,879,188
Commercial Banks — 1.6%
BB&T Corp.		5,800		127,484
North Valley Bancorp		69,300		344,421
Prosperity Bancshares, Inc.		46,187		1,377,758
South Financial Group, Inc. (The)		64,000		76,160
				1,925,823
Communications Equipment — 0.6%
Cisco Systems, Inc. (a)		29,900		557,336
Research In Motion Ltd. (Canada) (a)		2,500		177,625
				734,961
Computers & Peripherals — 2.4%
Apple, Inc. (a)		2,400		341,832
Dell, Inc. (a)		29,700		407,781
Hewlett-Packard Co.		16,300		629,995

	Number of Shares		Value
International Business Machines Corp. (IBM)		3,200	$	334,144
QLogic Corp. (a)		80,000		1,014,400
Western Digital Corp. (a)		6,600		174,900
				2,903,052
Diversified Consumer Services — 3.8%
Apollo Group, Inc., Class A (a)		4,000		284,480
DeVry, Inc.		43,200		2,161,728
ITT Educational Services, Inc. (a)		22,100		2,224,586
				4,670,794
Diversified Financial Services — 0.5%
Moody’s Corp.		12,400		326,740
NYSE Euronext		11,800		321,550
				648,290
Diversified Telecommunication Services — 1.4%
AT&T, Inc.		31,000		770,040
General Communications, Inc., Class A (a)		94,100		652,113
Verizon Communications, Inc.		10,100		310,373
				1,732,526
Electric Utilities — 2.2%
Edison International		11,900		374,374
FirstEnergy Corp.		6,100		236,375
NV Energy, Inc.		188,000		2,028,520
				2,639,269
Electronic Equipment, Instruments & Components — 3.3%
Checkpoint Systems, Inc. (a)		192,700		3,023,463
Rogers Corp. (a)		45,000		910,350
Tyco Electronics Ltd. (Switzerland)		6,800		126,412
				4,060,225
Energy Equipment & Services — 2.2%
Cal Dive International, Inc. (a)		206,700		1,783,821
Tidewater, Inc.		21,000		900,270
				2,684,091
Food & Staples Retailing — 0.8%
Geerlings & Wade, Inc. (a)		66,300		6,630
Kroger Co. (The)		14,100		310,905
Safeway, Inc.		12,400		252,588
Sysco Corp.		16,100		361,928
				932,051
Food Products — 0.7%
Archer-Daniels-Midland Co.		14,500		388,165
Campbell Soup Co.		4,300		126,506
ConAgra Foods, Inc.		20,400		388,824
				903,495
Health Care Equipment & Supplies — 1.8%
Accuray, Inc. (a)		144,294		962,441
Cooper Companies, Inc. (The)		51,198		1,266,126

46

TIFF US Equity Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
PharmChem, Inc. (a) (b)		269,200	$	350
				2,228,917
Health Care Providers & Services — 4.3%
Aetna, Inc.		7,600		190,380
AmerisourceBergen Corp.		15,800		280,292
Cardinal Health, Inc.		10,200		311,610
Lincare Holdings, Inc. (a)		20,000		470,400
McKesson Corp.		7,600		334,400
Owens & Minor, Inc.		20,800		911,456
UnitedHealth Group, Inc.		16,300		407,174
Universal Health Services, Inc., Class B		36,950		1,805,008
WellPoint, Inc. (a)		9,700		493,633
				5,204,353
Hotels, Restaurants & Leisure — 0.9%
California Pizza Kitchen, Inc. (a)		50,500		671,145
McDonald’s Corp.		5,700		327,693
Yum! Brands, Inc.		4,200		140,028
				1,138,866
Household Products — 0.8%
Kimberly-Clark Corp.		3,700		193,991
Procter & Gamble Co. (The)		14,600		746,060
				940,051
Independent Power Producers & Energy Traders — 0.1%
NRG Energy, Inc. (a)		5,600		145,376
Industrial Conglomerates — 0.2%
Tyco International Ltd. (Switzerland)		11,900		309,162
Insurance — 5.3%
Aflac, Inc.		9,300		289,137
Allstate Corp. (The)		12,200		297,680
Arthur J. Gallagher & Co.		50,000		1,067,000
Brown & Brown, Inc.		60,000		1,195,800
Chubb Corp.		7,700		307,076
Progressive Corp. (The) (a)		15,000		226,650
Prudential Financial, Inc.		3,800		141,436
Travelers Companies, Inc. (The)		9,900		406,296
Unum Group		8,300		131,638
Willis Group Holdings Ltd. (United Kingdom)		94,510		2,431,742
				6,494,455
Internet Software & Services — 0.4%
Google, Inc., Class A (a)		1,100		463,749
IT Services — 0.4%
Computer Sciences Corp. (a)		6,800		301,240
Visa, Inc., Class A		2,800		174,328
				475,568
Life Sciences Tools & Services — 0.8%
Thermo Fisher Scientific, Inc. (a)		23,400		954,018

	Number of Shares		Value
Machinery — 1.3%
Cummins, Inc.		8,200	$	288,722
Dover Corp.		6,300		208,467
John Bean Technologies Corp.		79,300		992,836
Parker-Hannifin Corp.		3,500		150,360
				1,640,385
Media — 2.0%
Comcast Corp., Class A		12,400		179,676
DIRECTV Group, Inc. (The) (a)		14,700		363,237
Live Nation, Inc. (a)		256,669		1,247,411
Omnicom Group, Inc.		4,500		142,110
Time Warner Cable, Inc.		3,631		114,994
Time Warner, Inc.		14,466		364,399
				2,411,827
Metals & Mining — 1.2%
Alcoa, Inc.		13,400		138,422
Haynes International, Inc. (a)		42,000		995,400
Pacific Rim Mining Corp. (Canada) (a) (c) (d)		35,000		9,450
Southern Copper Corp.		16,700		341,348
				1,484,620
Multi-Utilities — 1.2%
DTE Energy Co.		4,600		147,200
OGE Energy Corp.		30,000		849,600
Public Service Enterprise Group, Inc.		5,800		189,254
Sempra Energy		6,900		342,447
				1,528,501
Multiline Retail — 2.3%
Big Lots, Inc. (a)		110,125		2,315,929
Saks, Inc. (a)		100,000		443,000
				2,758,929
Office Electronics — 1.6%
Zebra Technologies Corp., Class A (a)		80,600		1,906,996
Oil, Gas & Consumable Fuels — 5.3%
Chevron Corp.		13,500		894,375
ConocoPhillips		14,700		618,282
Encore Acquisition Co. (a)		56,900		1,755,365
Exxon Mobil Corp.		25,500		1,782,705
Marathon Oil Corp.		11,500		346,495
Murphy Oil Corp.		6,800		369,376
Stone Energy Corp. (a)		53,700		398,454
Valero Energy Corp.		14,500		244,905
				6,409,957
Pharmaceuticals — 2.2%
Eli Lilly & Co.		3,900		135,096
Forest Laboratories, Inc. (a)		12,100		303,831
Johnson & Johnson		12,000		681,600
Pfizer, Inc.		50,100		751,500

47

TIFF US Equity Fund / Schedule of Investments (unaudited)

June 30, 2009

	Number of Shares		Value
Salix Pharmaceuticals Ltd. (a)		78,635	$	776,127
				2,648,154
Road & Rail — 2.8%
Avis Budget Group, Inc. (a)		218,500		1,234,525
CSX Corp.		4,400		152,372
Kansas City Southern (a)		98,200		1,582,002
Norfolk Southern Corp.		4,600		173,282
Union Pacific Corp.		6,200		322,772
				3,464,953
Semiconductors & Semiconductor Equipment — 1.9%
Cabot Microelectronics Corp. (a)		58,057		1,642,433
Intel Corp.		13,600		225,080
Texas Instruments, Inc.		22,400		477,120
				2,344,633
Software — 1.6%
Microsoft Corp.		47,400		1,126,698
NexPrise, Inc. (a) (b)		28,553		4,283
Oracle Corp.		18,700		400,554
Preview Systems, Inc. (a) (b)		66,800		334
Symantec Corp. (a)		23,900		371,884
				1,903,753
Specialty Retail — 3.5%
Gap, Inc. (The)		20,800		341,120
Home Depot, Inc. (The)		8,400		198,492
PetSmart, Inc.		99,200		2,128,832
Ross Stores, Inc.		4,900		189,140
Sally Beauty Holdings, Inc. (a)		114,641		729,117
Sherwin-Williams Co. (The)		4,300		231,125
TJX Companies, Inc. (The)		12,800		402,688
				4,220,514
Textiles, Apparel & Luxury Goods — 1.2%
Coach, Inc.		14,100		379,008
Hanesbrands, Inc. (a)		71,122		1,067,541
				1,446,549
Thrifts & Mortgage Finance — 0.3%
Hudson City Bancorp, Inc.		25,900		344,211
Tobacco — 0.2%
Reynolds American, Inc.		7,700		297,374
Total Common Stocks (Cost $94,479,909)				87,119,093
Commingled Investment Vehicles (e) — 17.9%
Long/Short Equity Fund — 17.8%
Adage Capital Partners, LP (a) (b) (c) (d)				21,779,630
Other — 0.1%
Gotham Partners, LP (a) (b) (c) (d)				82,265
Total Commingled Investment Vehicles (Cost $18,586,812)				21,861,895

	Interest Rate		Maturity Date		Principal Amount		Value
Short-Term Investments — 10.4%
Repurchase Agreement — 3.0%
State Street Bank & Trust Co. Repurchase Agreement issued on 06/30/09 (proceeds at maturity $3,594,996) (collateralized by US Treasury Bills, due 08/13/09 through 08/20/09 with a principal value of $3,680,000 and a market value of $3,679,264)
(Cost $3,594,995)		0.010%		07/01/09	$	3,594,995	$	3,594,995
US Treasury Securities — 7.4%
US Treasury Bill (f)				07/30/09		3,000,000		2,999,622
US Treasury Bill (f)				08/20/09		1,000,000		999,782
US Treasury Bill (f) (g)				09/10/09		2,000,000		1,999,350
US Treasury Bill (f) (g)				10/15/09		1,000,000		999,441
US Treasury Bill (f) (g)				11/12/09		2,000,000		1,998,214
Total US Treasury Securities (Cost $8,995,293)								8,996,409
Total Short-Term Investments (Cost $12,590,288)								12,591,404
Total Investments – 99.7% (Cost $125,657,009)								121,572,392
Other Assets in Excess of Liabilities – 0.3%								363,771
Net Assets – 100.0%							$	121,936,163

48

TIFF US Equity Fund / Schedule of Investments (unaudited)

June 30, 2009

* Approximately 40% of the fund’s total investments are maintained to cover “senior securities transactions” which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund’s “senior securities” holdings to maintain proper coverage for the transactions.

(a) Non income-producing security.

(b) Illiquid security.

(c) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $21,871,679, which represents 17.94% of the fund’s net assets.

(d) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2009, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund’s net assets. All of the below securities are illiquid, with the exception of Pacific Rim Mining Corp. (Canada). TIP’s board of directors deemed Pacific Rim Mining Corp. (Canada) to be liquid. The below list does not include securities eligible for resale without registration under Rule 144A of the Securities Act of 1933. These securities may also be deemed to be restricted.

Investment	Date of Acquisition		Cost		Value
Adage Capital Partners, LP		01/01/02 – 06/30/03	$	17,936,090	$	21,779,630
Gotham Partners, LP		06/29/97		650,722		82,265
Pacific Rim Mining Corp. (Canada)		06/01/04		100,800		9,450
Total					$	21,871,345

(e) Portfolio holdings information of the Commingled Investment Vehicles is not available as of June 30, 2009. These positions are therefore grouped into their own industry classification.

(f) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.

(g) Security or a portion thereof is pledged as initial margin for financial futures contracts.

Summary Schedule of Investments

Common Stocks		71.4	%
Long/Short Equity Funds		17.8	%
Short-Term Investments		10.4	%
Other		0.1	%
Total Investments		99.7	%
Other Assets In Excess of Liabilities		0.3	%
Net Assets		100.0	%

Financial Futures Contracts

Number of Contracts	Type		Initial Notional Value/(Proceeds)			Notional Value at June 30, 2009			Unrealized Appreciation/ (Depreciation)
		Long Financial Futures Contracts
136		September 2009 S&P 500 Index	$	30,779,853		$	31,127,000		$	347,147
		Short Financial Futures Contracts
225		September 2009 Russell 2000 Index		(11,318,425	)		(11,412,000	)		(93,575	)
18		September 2009 S&P Midcap 400 Index		(5,119,122	)		(5,190,300	)		(71,178	)
										(164,753	)
									$	182,394

49

TIFF US Equity Fund / Schedule of Investments (unaudited)

June 30, 2009

Derivative Disclosure

The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund’s derivative instruments as of June 30, 2009. See Note 3, Derivatives and Other Financial Instruments, for qualitative disclosures. These derivatives are not accounted for as hedging instruments under FASB Statement No. 133. The period-end notional amounts disclosed in the Schedule of Investments are representative of the fund’s derivative activity throughout the reporting period.

The following table lists the fair values of the fund’s derivative holdings as of June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Balance Sheet Location		Equity Risk			Total
Asset Derivatives
Futures Contracts		Variation Margin*	$	347,147		$	347,147
Total Value – Assets				347,147			347,147
Liability Derivatives
Futures Contracts		Variation Margin*	$	(164,753	)	$	(164,753	)
Total Value – Liabilities				$(164,753)			$(164,753)

* Cumulative appreciation (depreciation) of futures contracts is reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The following table lists the amounts of gains or losses included in net increase in net assets resulting from operations for the six months ended June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Income Statement Location		Equity Risk			Total
Realized Gain (Loss)
Futures Contracts		Net realized gain (loss) from Futures contracts	$	(326,526	)	$	(326,526	)
Total Realized Gain (Loss)				$(326,526)			$(326,526)

The following table lists the change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the six months ended June 30, 2009, grouped by contract type and risk exposure category as defined in FASB Statement No. 161.

Derivative Type	Income Statement Location		Equity Risk		Total
Change in Appreciation (Depreciation)
Futures Contracts		Change in unrealized appreciation (depreciation) on Investments and Foreign Currencies	$	334,800	$	334,800
Total Change in Appreciation (Depreciation)				$334,800		$334,800

See accompanying Notes to Financial Statements.

50

TIFF US Equity Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2009
Assets
Investments in securities, at value (cost: $122,062,014)	$	117,977,397
Repurchase agreements (cost: $3,594,995)		3,594,995
Receivables for:
Investment securities sold		632,848
Interest		1
Dividends and tax reclaims		99,409
Capital stock sold		6,883
Other assets		334,758
Total Assets		122,646,291
Liabilities
Due to broker for futures variation margin		157,800
Payable for:
Investment securities purchased		370,366
Accrued expenses		75,290
Money manager fees		106,672
Total Liabilities		710,128
Net Assets	$	121,936,163
Shares Outstanding (500,000,000 authorized shares, par value $0.001 for each fund)		13,573,449
Net Asset Value Per Share	$	8.98
Components of Net Assets:
Capital stock	$	174,674,980
Distributions in excess of net investment income		(3,857,734	)
Accumulated net realized loss on investments		(44,978,863	)
Net unrealized depreciation on investments and foreign currencies		(3,902,220	)
	$	121,936,163

See accompanying Notes to Financial Statements.

51

TIFF US Equity Fund

Statement of Operations (Unaudited)

	For the Six Months Ended June 30, 2009
Investment Income
Interest	$	21,778
Dividends (net of foreign withholding taxes of $649)		595,194
Total Investment Income		616,972
Operating Expenses
Investment advisory fees		89,862
Money manager fees		644,128
Fund administration fees		63,696
Professional fees		36,677
Consulting and tax services fees		10,120
Chief compliance officer fees		4,199
Insurance		2,826
Registration and filing fees		11,306
Director fees		1,403
Miscellaneous fees and other		10,294
Total Operating Expenses		874,511
Net Investment Loss		(257,539	)
Net Realized Gain (Loss) from:
Investments		(11,130,299	)
Financial futures contracts		(326,526	)
Forward currency contracts and foreign currency-related transactions		117
Net Realized Loss		(11,456,708	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		20,502,378
Net Realized and Unrealized Gain on Investments and Foreign Currencies		9,045,670
Net Increase in Net Assets Resulting from Operations	$	8,788,131

See accompanying Notes to Financial Statements.

52

TIFF US Equity Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2009 (Unaudited)			Year Ended December 31, 2008
Increase in Net Assets From Operations
Net investment income (loss)	$	(257,539	)	$	564,888
Net realized gain (loss) on investments and foreign currencies		(11,456,708	)		(23,208,219	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		20,502,378			(59,073,829	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,788,131			(81,717,160	)
Distributions
From net investment income		—			(1,787,346	)
From net realized gains		—			(1,810,016	)
Decrease in Net Assets Resulting from Distributions		—			(3,597,362	)
Capital Share Transactions
Proceeds from shares sold		1,315,621			5,675,820
Proceeds from distributions reinvested		—			3,161,387
Entry/exit fees		42,390			73,759
Cost of shares redeemed		(15,580,644	)		(23,813,427	)
Net Decrease From Capital Shares Transactions		(14,222,633	)		(14,902,461	)
Total Decrease in Net Assets		(5,434,502	)		(100,216,983	)
Net Assets
Beginning of period		127,370,665			227,587,648
End of period	$	121,936,163		$	127,370,665
Including undistributed (distributions in excess of) net investment income	$	(3,857,734	)	$	(3,600,195	)
Capital Share Transactions (in shares)
Shares sold		154,619			483,376
Shares reinvested		—			291,714
Shares redeemed		(1,838,478	)		(2,516,157	)
Net Decrease		(1,683,859	)		(1,741,067	)

See accompanying Notes to Financial Statements.

53

TIFF US Equity Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2009
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	8,788,131
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(13,277,927	)
Investments sold		29,599,591
(Purchase)/Sale of short term investments, net		(1,936,973	)
Decrease in dividends and tax reclaims receivable		49,726
Increase in other assets		(334,758	)
Decrease in variation margin on financial futures contracts		277,350
Increase in accrued expenses and other liabilities		101,704
Net realized (gain) loss		11,130,299
Net change in unrealized (appreciation) depreciation on investments		(20,167,627	)
Net cash from (used in) operating activities		14,229,516
Cash flows from (used in) financing activities
Proceeds from shares sold		1,312,176
Payment on shares redeemed		(15,541,692	)
Net cash from (used in) financing activities		(14,229,516	)
Net increase (decrease) in cash
Cash at beginning of period		—
Cash at end of period	$	—

See accompanying Notes to Financial Statements.

54

TIFF Short-Term Fund

June 30, 2009

Fund Expenses (unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transactions costs and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactions costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 1/1/09		Ending Account Value 6/30/09		Expenses Paid During the Period* 1/1/09-6/30/09
1) Actual	$	1,000	$	1,000.90	$	0.84
2) Hypothetical	$	1,000	$	1,023.95	$	0.85

* Expenses are equal to the fund’s annualized expense ratio of 0.17% (calculated over a six-month period, which may differ from the fund’s actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

55

TIFF Short-Term Fund

June 30, 2009

Financial Highlights

	Six Months Ended 6/30/09 (unaudited)			Year Ended 12/31/08			Year Ended 12/31/07			Year Ended 12/31/06			Year Ended 12/31/05			Year Ended 12/31/04
For a share outstanding throughout each period
Net asset value, beginning of year	$	9.89		$	9.78		$	9.74		$	9.76		$	9.79		$	9.83
Income from investment operations
Net investment income		0.01			0.18			0.44			0.47			0.31			0.12
Net realized and unrealized gain (loss) on investments		—	(a)		0.11			0.04			(0.02	)		(0.03	)		(0.03	)
Total from investment operations		0.01			0.29			0.48			0.45			0.28			0.09
Less distributions from
Net investment income		(0.01	)		(0.18	)		(0.44	)		(0.47	)		(0.31	)		(0.13	)
Net asset value, end of year	$	9.89		$	9.89		$	9.78		$	9.74		$	9.76		$	9.79
Total return (b)		0.09	%(c)		2.97	%		5.03	%		4.72	%		2.93	%		0.92	%
Ratios/supplemental data
Net assets, end of year (000s)	$	239,674		$	219,820		$	159,546		$	99,244		$	116,943		$	91,073
Ratio of expenses to average net assets		0.17	%(d)		0.20	%		0.21	%		0.19	%		0.21	%		0.31	%
Ratio of expenses to average net assets before expense waivers		0.17	%(d)		0.20	%		0.21	%		0.19	%		0.21	%		0.36	%
Ratio of net investment income to average net assets		0.19	%(d)		1.75	%		4.53	%		4.64	%		3.12	%		1.19	%

(a) Rounds to less than $0.01.

(b) Total return assumes dividend reinvestment. For certain periods, total return would have been lower had certain expenses not been waived.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

56

TIFF Short-Term Fund / Schedule of Investments (unaudited)

June 30, 2009

	Interest Rate			Maturity Date		Principal Amount		Value
Investments — 101.0% of net assets
Short-Term Investments — 101.0%
Repurchase Agreement — 1.4%
State Street Bank & Trust Co. Repurchase Agreement issued on 06/30/09 (proceeds at maturity $3,481,807) (collateralized by a US Treasury Bill, due 08/13/09 with a principal value of $3,555,000 and a market value of $3,554,289)
(Cost $3,481,806)		0.010	%		07/01/09	$	3,481,806	$	3,481,806
US Treasury Securities — 99.6%
US Treasury Bill (a)					09/10/09		2,000,000		1,999,350
US Treasury Bill (a)					10/22/09		3,000,000		2,998,116
US Treasury Bill (a)					11/05/09		2,000,000		1,998,504
US Treasury Bill (a)					11/12/09		1,000,000		999,107
US Treasury Bill (a)					11/27/09		102,000,000		101,883,924
US Treasury Bill (a)					12/03/09		22,000,000		21,974,238
US Treasury Bill (a)					12/17/09		3,000,000		2,995,353
US Treasury Bill (a)					12/24/09		80,000,000		79,867,040
US Treasury Bill (a)					12/31/09		24,000,000		23,958,747
Total US Treasury Securities (Cost $238,678,702)									238,674,379
Total Short-Term Investments (Cost $242,160,508)									242,156,185
Total Investments – 101.0% (Cost $242,160,508)									242,156,185
Liabilities in Excess of Other Assets – (1.0%)									(2,481,919	)
Net Assets – 100.0%								$	239,674,266

(a) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.

Summary Schedule of Investments

Short-Term Investments		101.0	%
Total Investments		101.0	%
Liabilities in Excess of Other Assets		(1.0	)%
Net Assets		100.0	%

See accompanying Notes to Financial Statements.

57

TIFF Short-Term Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2009
Assets
Investments in securities, at value (cost: $238,678,702)	$	238,674,379
Repurchase agreements (cost: $3,481,806)		3,481,806
Receivables for:
Investment securities sold		19,987,800
Interest		1
Capital stock sold		1,724,166
Total Assets		263,868,152
Liabilities
Payable for:
Capital stock repurchased		144,000
Investment securities purchased		23,959,313
Accrued expenses and other liabilities		85,410
Distributions		5,163
Total Liabilities		24,193,886
Net Assets	$	239,674,266
Shares Outstanding (500,000,000 authorized shares, par value $0.001 for each fund)		24,227,848
Net Asset Value Per Share	$	9.89
Components of Net Assets:
Capital stock	$	240,316,313
Undistributed net investment income		12,802
Accumulated net realized loss on investments		(650,527	)
Net unrealized depreciation on investments and foreign currencies		(4,322	)
	$	239,674,266

See accompanying Notes to Financial Statements.

58

TIFF Short-Term Fund

Statement of Operations (Unaudited)

	For the Six Months Ended June 30, 2009
Investment Income
Interest	$	411,627
Total Investment Income		411,627
Operating Expenses
Investment advisory fees		34,964
Fund administration fees		87,509
Professional fees		25,827
Consulting and tax services fees		10,179
Chief compliance officer fees		8,334
Insurance		2,137
Registration and filing fees		12,420
Director fees		2,733
Miscellaneous fees and other		8,247
Total Operating Expenses		192,350
Net Investment Income		219,277
Net Realized Gain (Loss) from:
Investments		377,946
Net Realized Gain		377,946
Net Change in Unrealized Appreciation (Depreciation) on Investments		(329,377	)
Net Realized and Unrealized Gain on Investments		48,569
Net Increase in Net Assets Resulting from Operations	$	267,846

See accompanying Notes to Financial Statements.

59

TIFF Short-Term Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2009 (Unaudited)			Year Ended December 31, 2008
Increase in Net Assets From Operations
Net investment income	$	219,277		$	3,090,273
Net realized gain (loss) on investments		377,946			2,020,312
Net change in unrealized appreciation (depreciation) on investments		(329,377	)		137,916
Net Increase (Decrease) in Net Assets Resulting from Operations		267,846			5,248,501
Distributions
From net investment income		(208,137	)		(3,091,082	)
Decrease in Net Assets Resulting from Distributions		(208,137	)		(3,091,082	)
Capital Share Transactions
Proceeds from shares sold		113,421,628			266,053,761
Proceeds from distributions reinvested		177,382			2,518,887
Cost of shares redeemed		(93,804,300	)		(210,456,393	)
Net Increase (Decrease) From Capital Shares Transactions		19,794,710			58,116,255
Total Increase (Decrease) in Net Assets		19,854,419			60,273,674
Net Assets
Beginning of year		219,819,847			159,546,173
End of year	$	239,674,266		$	219,819,847
Including undistributed (distributions in excess of) net investment income	$	12,802		$	1,662
Capital Share Transactions (in shares)
Shares sold		11,469,932			27,053,714
Shares reinvested		17,940			256,544
Shares redeemed		(9,485,646	)		(21,396,173	)
Net Increase (Decrease)		2,002,226			5,914,085

See accompanying Notes to Financial Statements.

60

TIFF Short-Term Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2009
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	267,846
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
(Purchase)/Sale of short term investments, net		(15,359,990	)
Increase in interest receivable		(1	)
Increase in accrued expenses and other liabilities		13,129
Net realized (gain) loss		(377,946	)
Net change in unrealized (appreciation) depreciation on investments		329,377
Net cash from (used in) operating activities		(15,127,585	)
Cash flows from (used in) financing activities
Proceeds from shares sold		111,824,727
Payment on shares redeemed		(96,660,300	)
Cash distributions paid		(36,842	)
Increase (decrease) in payable for reverse repurchase agreements
Net cash from (used in) financing activities		15,127,585
Net increase (decrease) in cash
Cash at beginning of period		—
Cash at end of period	$	—
Non cash financing activities not included herein consist of reinvestment of all distributions of:	$	177,382

See accompanying Notes to Financial Statements.

61

Notes to Financial Statements (unaudited)

June 30, 2009

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 (the “1940 Act”), as an open-end management investment company. TIP consists of four mutual funds at present: TIFF Multi-Asset Fund (Multi-Asset Fund), TIFF International Equity Fund (International Equity Fund), TIFF US Equity Fund (US Equity Fund), and TIFF Short-Term Fund (Short-Term Fund), collectively referred to as the “funds.”

Investment Objectives

Fund	Investment Objectives
Multi-Asset	Attain a growing stream of current income and appreciation of principal that at least offset inflation.
International Equity	Attain appreciation of principal that at least offsets inflation.
US Equity	Attain a growing stream of current income and appreciation of principal that at least offset inflation.
Short-Term	Attain as high a rate of current income as is consistent with ensuring that the fund’s risk of principal loss does not exceed that of a portfolio invested in six-month US Treasury bills.

2.  Summary of Significant Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

Valuation of Investments

Generally, the following valuation policies are applied to securities for which market quotations are readily available. Securities listed on a securities exchange for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services and are deemed representative of market values at the close of the market. Unlisted securities or securities for which over-the-counter market quotations are readily available are valued at the latest bid price. Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Exchange-traded and over-the-counter options and futures contracts are valued at the last posted settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short future and written option sales contracts). Forward foreign currency exchange contracts are valued at their respective fair market values. Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value.

Certain funds employ a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) and the time at which net asset values of the funds are determined. If the funds’ valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

Certain funds invest in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by the funds are generally not securities for which market quotations are readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The TIP board of directors has approved valuation procedures pursuant to which the funds value their interests in private investment funds at “fair value.” If a private investment fund does not provide a value to a fund on a timely basis, the fund determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time the fund values its portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that a fund could reasonably expect to receive from the private investment fund if the fund’s interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that the fund believes is reliable.

62

Notes to Financial Statements (unaudited)

June 30, 2009

Securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith under procedures established by TIP’s board of directors. Such procedures use fundamental valuation methods, which may include, but are not limited to, the analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

Financial Accounting Standards No. 157

In accordance with Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments)

The funds adopted FASB Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Deceased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”), effective April 1, 2009. FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157 when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly.

63

Notes to Financial Statements (unaudited)

June 30, 2009

The following is a summary of the inputs used as of June 30, 2009 in valuing the funds’ investments carried at fair value:

Multi-Asset Fund

Valuation Inputs	Level 1			Level 2			Level 3		Total
Assets
Common Stocks*	$	571,057,838		$	357,493,250		$	—	$	928,551,088
Subordinated Convertible Notes		—			997,878			—		997,878
Corporate Bonds		—			44,674,619			—		44,674,619
Asset-Backed Securities		—			25,188,170			—		25,188,170
Mortgage-Backed Securities		—			88,147,260			—		88,147,260
US Treasury Securities		314,795,904			—			—		314,795,904
Exchange-Traded Funds and Mutual Funds		101,651,115			—			—		101,651,115
Private Investment Funds		—			—			296,620,833		296,620,833
Preferred Stocks		1,394,040			2,398,897			—		3,792,937
Purchased Options		7,275,000			161,250			—		7,436,250
Rights		—			95,294			—		95,294
Warrants		—			477,806			—		477,806
Short-Term Investments		617,277,748			—			—		617,277,748
Total Investments in Securities		$1,613,451,645			$519,634,424			$296,620,833		$2,429,706,902
Financial Futures Contracts		3,413,316			—			—		3,413,316
Swap Contracts		—			4,361,761			—		4,361,761
Total Other Financial Instruments		$3,413,316		$	4,361,761			$ —		$7,775,077
Total Assets		$1,616,864,961			$523,996,185			$296,620,833		$2,437,481,979
Liabilities
Common Stocks*	$	(13,463,012	)	$	(3,182,842	)	$	—	$	(16,645,854	)
Total Securities Sold Short		$(13,463,012)			$(3,182,842)			$ —		$(16,645,854)
Financial Futures Contracts		(4,451,348	)		—			—		(4,451,348	)
Forward Currency Contracts		(46,226	)		—			—		(46,226	)
Total Other Financial Instruments		$(4,497,574)			$ —			$ —		$(4,497,574)
Total Liabilities		$(17,960,586)			$(3,182,842)			$ —		$(21,143,428)

* Securities categorized as Level 2 include listed foreign equities whose values have been adjusted with factors to reflect changes to foreign markets after market close.

International Equity Fund

Valuation Inputs	Level 1			Level 2		Level 3		Total
Assets
Common Stocks*	$	8,753,293		$	119,049,020	$	—	$	127,802,313
Exchange-Traded Funds		3,242,338			—		—		3,242,338
Private Investment Funds		—			—		26,039,119		26,039,119
Preferred Stocks		—			1,169,601		—		1,169,601
Rights		—			0		—		0
Warrants		—			225,464		—		225,464
Short-Term Investments		23,673,771			—		—		23,673,771
Total Investments in Securities		$35,669,402			$120,444,085		$26,039,119		$182,152,606
Financial Futures Contracts		34,551			—		—		34,551
Swap Contracts		—			1,849,150		—		1,849,150
Total Other Financial Instruments		$34,551			$1,849,150		$ —		$1,883,701
Total Assets		$35,703,953			$122,293,235		$26,039,119		$184,036,307
Liabilities
Financial Futures Contracts	$	(537,051	)	$	—	$	—	$	(537,051	)
Total Other Financial Instruments		$(537,051)			$ —		$ —		$(537,051)
Total Liabilities		$(537,051)			$ —		$ —		$(537,051)

* Securities categorized as Level 2 include listed foreign equities whose values have been adjusted with factors to reflect changes to foreign markets after market close.

64

Notes to Financial Statements (unaudited)

June 30, 2009

US Equity Fund

Valuation Inputs	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	87,118,759		$	334	$	—	$	87,119,093
Commingled Investment Vehicles		—			—		21,861,895		21,861,895
Short-Term Investments		12,591,404			—		—		12,591,404
Total Investments in Securities		$99,710,163			$334		$21,861,895		$121,572,392
Financial Futures Contracts		347,147			—		—		347,147
Total Other Financial Instruments		$347,147			$ —		$ —		$347,147
Total Assets		$100,057,310			$334		$21,861,895		$121,919,539
Liabilities
Financial Futures Contracts	$	(164,753	)	$	—	$	—	$	(164,753	)
Total Other Financial Instruments		$(164,753)			$ —		$ —		$(164,753)
Total Liabilities		$(164,753)			$ —		$ —		$(164,753)

Short-Term Fund

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets
Short-Term Investments	$	242,156,185	$	—	$	—	$	242,156,185
Total Investments in Securities		$242,156,185		$ —		$ —		$242,156,185
Total Assets		$242,156,185		$ —		$ —		$242,156,185

The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value:

Multi-Asset Fund

Investments in Securities	Balance as of December 31, 2008		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net purchases (sales)			Net Transfers in and / or out of Level 3		Balance as of June 30, 2009		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 6/30/09 for the period ended 6/30/09
Common Stocks	$	7,600	$	—		$	(7,600	)	$	—		$	—	$	—	$	(7,600	)
Private Investment Funds		317,364,856		(9,545,788	)		35,622,648			(46,820,883	)		—		296,620,833		26,076,860
Total		$317,372,456		$(9,545,788)			$35,615,048			$(46,820,883)			$ —		$296,620,833		$26,069,260

International Equity Fund

Investments in Securities	Balance as of December 31, 2008		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Net purchases (sales)			Net Transfers in and/or out of Level 3		Balance as of June 30, 2009		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 6/30/09 for the period ended 6/30/09
Private Investment Funds	$	31,771,921	$	1,762,157	$	2,212,649	$	(9,707,608	)	$	—	$	26,039,119	$	3,974,806

65

Notes to Financial Statements (unaudited)

June 30, 2009

US Equity Fund

Investments in Securities	Balance as of December 31, 2008		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net purchases (sales)			Net Transfers in and/or out of Level 3		Balance as of June 30, 2009		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 6/30/09 for the period ended 6/30/09
Commingled Investment Vehicles	$	35,655,540	$	(2,736,427	)	$	4,206,355	$	(15,263,573	)	$	—	$	21,861,895	$	1,469,928

Financial Accounting Standards No. 161

The funds adopted FASB Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133” (“FAS 161”), effective January 1, 2009. FAS 161 requires enhanced disclosures about (a) how and why the funds use derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect the funds’ financial position, financial performance, and cash flows.

Investment Transactions and Investment Income

Securities transactions are recorded on the trade date (the date on which the buy or sell order is executed) for financial reporting purposes. Interest income and expenses are recorded on an accrual basis. The funds accrete discounts or amortize premiums using the yield-to-maturity method on a daily basis, except for mortgage-backed securities that record paydowns. The funds recognize paydown gains and losses for such securities and reflect them in investment income. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the funds, using reasonable diligence, become aware of such dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. The funds use the specific identification method for determining realized gain or loss on sales of securities and foreign currency transactions.

Income Taxes

There is no provision for federal income or excise tax since each fund has elected to be taxed as a regulated investment company (“RIC”) and intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to RICs and to distribute substantially all of its taxable income. The funds may be subject to foreign taxes on income, gains on investments, or currency repatriation. The funds accrue such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned and gains are recognized.

The funds are subject to the provisions of Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109.” FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The funds did not have any unrecognized tax benefits at June 30, 2009, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the six months ended June 30, 2009, the funds did not incur any such interest or penalties. The funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years.

Expenses

Expenses directly attributable to a fund are charged to that fund’s operations; expenses that are applicable to all funds are allocated among them based on their relative average daily net assets.

66

Notes to Financial Statements (unaudited)

June 30, 2009

Dividends to Members

It is the policy of all funds to declare dividends according to the following schedule:

Fund	Dividends from Net Investment Income	Capital Gains Distributions
Multi-Asset	Quarterly	Annually
International Equity	Semi-annually	Annually
US Equity	Quarterly	Annually
Short-Term	Monthly	Annually

The Multi-Asset Fund has adopted a managed distribution policy that aims, on a best efforts basis, to distribute approximately 5% of its net assets in the form of dividends and distributions each year. Pursuant to this policy, the fund may make distributions that are ultimately characterized as return of capital.

Dividends from net short-term capital gains and net long-term capital gains of each fund, if any, are normally declared and paid in December, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code. To the extent that a net realized capital gain could be reduced by a capital loss carryover, such gain will not be distributed. Dividends and distributions are recorded on the ex-dividend date.

Foreign Currency Translation

The books and records of the funds are maintained in US dollars. Foreign currency amounts are translated into US dollars on the following basis:

(i) the foreign currency value of investments and other assets and liabilities denominated in foreign currency are translated into US dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date.

(ii) purchases and sales of investments, income, and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.

The resulting net unrealized foreign currency gain or loss is included in the Statement of Operations.

The funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the funds do isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon the sale or maturity of foreign-currency denominated debt obligations pursuant to US federal income tax regulations; such amount is categorized as foreign currency gain or loss for income tax reporting purposes.

Net realized gains and losses from foreign currency-related transactions represent net gains and losses from sales and maturities of forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of net investment income accrued and the US dollar amount actually received.

Net Asset Value

The net asset value per share is calculated on a daily basis by dividing the assets of each fund, less its liabilities, by the number of outstanding shares of the fund.

3.  Derivatives and Other Financial Instruments (applicable to Multi-Asset, International Equity, and US Equity Funds)

The funds may employ derivatives strategies, such as futures, options on futures, buying and selling options, swaps (including interest rate, currency, total return, index and credit default swaps) and caps, floors and collars related to such swaps. Derivatives may be used for “hedging,” which means that they may be used when the manager seeks to protect a fund’s investments from a decline in value, which could result from changes in interest rates, market prices, currency fluctuations and other market factors. Derivative strategies also may be used when the manager seeks to increase liquidity, implement a tax or cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of a fund’s portfolio investments and/or for purposes of total return. However derivatives are used, their successful use is not assured and will depend upon the manager’s ability to predict and understand relevant market movements. See the Schedules of Investments for quantitative disclosures.

67

Notes to Financial Statements (unaudited)

June 30, 2009

Cover for Strategies Using Derivative Instruments

Transactions using derivative instruments, including but not limited to put and call options written (sold) by a fund, futures contracts, options on futures contracts, and swaps, expose a fund to an obligation to another party and may give rise to a form of leverage. It is each fund’s policy to segregate assets to cover derivative transactions that might be deemed to create leverage under Section 18 of the 1940 Act. In that regard, a fund will not enter into any such transactions unless it has covered such transactions by owning and segregating either (1) an offsetting (“covered”) position in securities, currencies, or other derivative instruments or (2) cash and/or liquid securities with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (1) above. When a fund is required to segregate cash or liquid securities, it will instruct its custodian as to which cash holdings or liquid assets are to be marked on the books of the fund or its custodian as segregated for purposes of Section 18 of the 1940 Act. The funds will monitor the amount of these segregated assets on a daily basis and no fund will enter into additional transactions that would require the segregation of cash or liquid securities unless the fund holds a sufficient amount of cash or liquid securities that can be segregated.

Forward Currency Contracts

The funds may enter into forward currency contracts in connection with managing the foreign currency exchange risk to which they may be subject in the normal course of pursuing their investment objectives. The primary objective of such transactions is to protect (hedge) against a decrease in the US dollar equivalent value of its foreign securities or the payments thereon that may result from an adverse change in foreign currency exchange rates. However, such transactions may also be used to generate income for a fund or otherwise increase its total return or reduce benchmark risk.

A forward currency contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, which is individually negotiated and privately traded by currency traders and their customers in the interbank market. 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. A fund may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in net realized gain/(loss) from forward currency contracts on the Statement of Operations. 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.

Forward currency contracts held by the funds are fully collateralized by other securities, as disclosed in the accompanying Schedules of Investments (if applicable). The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.

Financial Futures Contracts

The funds may be subject to equity price risk, interest rate risk, and foreign currency exchange risk in the normal course of pursuing their investment objectives. Each fund may use futures contracts to manage its market exposures and its exposure to fluctuations in currency values. Futures contracts are primarily used to increase or decrease the funds’ exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk. Such risks include the imperfect correlation between the price of a derivative and that of the underlying security and the possibility of an illiquid secondary market for these securities. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instrument at a set price for delivery at a future date. At the time a futures contract is purchased or sold, the fund must allocate cash or securities as a deposit payment (“initial margin”). An outstanding futures contract is valued daily, and the payment in cash of “variation margin” will be required, a process known as “marking to the market.” Each day the fund will be required to provide (or will be entitled to receive) variation margin in an amount equal to any decline (in the case of a long futures position) or increase (in the case of a short futures position) in the contract’s value since the preceding day. The daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities. When the contracts are closed, a realized gain or loss is recorded as net realized gain (loss) from financial futures contracts in the Statement of Operations, equal to the difference between the opening and closing values of the contracts.

68

Notes to Financial Statements (unaudited)

June 30, 2009

US futures contracts have been designed by exchanges that have been designated as “contract markets” by the Commodity Futures Trading Commission (“CFTC”) and such contracts must be executed through a futures commission merchant or brokerage firm that is a member of the relevant contract market. Futures contracts trade on a number of exchange markets, and through their clearing corporations the exchanges guarantee performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Securities designated as collateral for market value on futures contracts are noted in the Schedules of Investments (as applicable).

Short Selling

The funds may sell securities they do not own in anticipation of a decline in the market price of such securities or in order to hedge portfolio positions. A fund generally will borrow the security sold in order to make delivery to the buyer. Upon entering into a short position, a fund records the proceeds as a deposit with broker in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities sold under the short sale agreement. The cash is retained by the fund’s broker as collateral for the short position. The liability is marked to market while it remains open to reflect the current settlement obligation. Until the security is replaced, the fund is required to pay the lender any dividend or interest earned on the security. Such payments are recorded as expenses to the fund. When a closing purchase is entered into by a fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is realized.

In “short selling,” a fund sells borrowed securities which must at some date be repurchased and returned to the lender. If the market value of securities sold short increases, the fund may realize losses upon repurchase in amounts which may exceed the liability on the Statement of Assets and Liabilities. Further, in unusual circumstances, the fund may be unable to repurchase securities to close its short position except at prices significantly above those previously quoted in the market.

Options

The funds may be subject to equity price risk, interest rate risk, and foreign currency exchange risk in the normal course of pursuing their investment objectives. The funds may use option contracts to manage market exposures and exposure to fluctuation in interest rates and currency values. Option contracts are primarily used to increase or decrease the fund's exposure to the underlying instrument and may serve as hedges for other fund investments.

Generally, an option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy a specified security, currency or other instrument (an “underlying instrument”) from the writer of the option (in the case of a call option), or to sell a specified security, currency, or other instrument to the writer of the option (in the case of put option) at a designated price during the term of the option or at the expiration date of the option. Put and call options that a fund may purchase or write may be traded on a national securities exchange or in the over-the-counter (OTC) market. All option positions entered into on a national securities exchange are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. There can be no assurance that a liquid secondary market will exist for any option purchased or sold.

As the buyer of a call option, the fund has a right to buy the underlying instrument (e.g., a security) at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). The fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire unexercised. As the buyer of a put option, a fund has the right to sell the underlying instrument at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). Like a call option, a fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire unexercised. When buying options, a fund’s potential loss is limited to the cost (premium plus transaction costs) of the option.

As the writer of a put option, a fund retains the risk of loss should the underlying instrument decline in value. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, the fund, as the writer of the put option, will be required to buy the instrument at the exercise price. The fund will incur a loss to the extent that the current market value of the underlying instrument is less than the exercise price of the put option. However, the loss will be offset at least in part by the premium received from the sale of the put. If a put option written by the fund expires unexercised, the fund will realize a gain in the amount of the premium received.

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 unexercised, 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.

69

Notes to Financial Statements (unaudited)

June 30, 2009

Interest Only Securities

Interest only securities (IOs) entitle the holder to the interest payments in a pool of mortgages, Treasury bonds, or other bonds. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a portfolio may fail to recoup fully its initial investment in an IO. The fair market value of these securities is volatile in response to changes in interest rates.

Swap Agreements

Depending on their structure, swap agreements may increase or decrease a fund’s exposure to equity markets, interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset.

Each fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the fund and its counterparty are netted out, with the fund receiving or paying, as the case may be, only the net difference in the two payments. The risk of loss to a fund for swap transactions on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the fund, the risk of loss to the fund is loss of the net amount that the fund is entitled to receive. If the fund is obligated to pay the net amount, the fund’s risk of loss is that net amount.

Upon entering into a swap agreement, the fund may be required to pledge to the swap counterparty an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to the fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the fund, the amount pledged by the counterparty and available to the fund may not be sufficient to cover all the amounts due to the fund and the fund may sustain a loss.

The fund records a net receivable or payable for the amount expected to be received or paid in the period. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation (depreciation) on investments. The swap is valued at fair market value as determined by valuation models developed and approved in accordance with the fund’s valuation procedures.

Equity or Total Return Swaps.  An equity swap or total return swap is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying security taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a spread to a floating rate, calculated based on the notional amount.

Credit default swaps.  A fund may be a buyer or seller of credit default swaps. The “buyer” in a credit default swap agreement is obligated to pay the “seller” a periodic stream of payments over the term of the agreement in return for a payment by the “seller” that is contingent upon the occurrence of a credit event with respect to an underlying reference debt obligation. Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration, or modified restructuring of the reference debt obligation. The contingent payment by the seller generally is the face amount of the debt obligation in exchange for the physical delivery of the reference debt obligation or a cash payment equal to the then current market value of that debt obligation. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. Each party is subject to the risk that the other party to the agreement will not meet its obligations, if and when due.

A fund may buy credit default swaps in order to try to hedge against a decline in the value of its portfolio debt securities due to a credit event. A fund may sell credit default swaps, to receive periodic payments but in doing so is exposed to the risk that the value of the reference debt obligation may decline due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. A fund may also sell credit default swaps in order to gain exposure that is similar to owning the reference debt obligation. As the seller, the fund would effectively add leverage to its portfolio because, in addition to its total assets, the fund would be subject to the risk that there would be a credit event and the fund would have to make a substantial payment.

70

Notes to Financial Statements (unaudited)

June 30, 2009

4.  Investment Advisory Agreement, Money Manager Agreements, and Other Transactions with Affiliates

TIP’s board of directors has approved investment advisory agreements with TIFF Advisory Services, Inc. (“TAS”). Each fund pays TAS a monthly fee calculated by applying the annual rates set forth below to such fund’s average daily net assets for the month:

Assets	Multi-Asset Fund			International Equity Fund			US Equity Fund			Short-Term Fund
On the first $500 million		0.20	%		0.15	%		0.15	%		0.03	%
On the next $500 million		0.18	%		0.13	%		0.13	%		0.03	%
On the next $500 million		0.15	%		0.11	%		0.11	%		0.02	%
On the next $500 million		0.13	%		0.09	%		0.09	%		0.02	%
On the next $500 million		0.11	%		0.07	%		0.07	%		0.01	%
On the remainder (> $2.5 billion)		0.09	%		0.05	%		0.05	%		0.01	%

TIP’s board of directors has approved money manager agreements with each of the money managers. Certain 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, usually proportionately, to reflect actual investment performance over the applicable time period relative to a chosen benchmark rate of return. Other money managers will receive management fees equal to a specified percentage per annum of the assets under management with a single rate or on a descending scale. Money managers who provide services to the funds and their fees as a percent of assets managed during the six months ended June 30, 2009 were as follows:

	Minimum			Maximum			Effective Fee Rate
Multi-Asset Fund
Aronson + Johnson + Ortiz LP (a)		0.10	%		0.80	%		0.73	%
Brookfield Redding, LLC (a)		0.50	%		2.50	%		2.30	%
Marathon Asset Management, LLP (a)		0.15	%		(b)			0.30	%
Mondrian Investment Partners Limited		0.30	%		0.43	%		0.35	%
Shapiro Capital Management LLC (a)		0.50	%		0.95	%		0.99	%
Smith Breeden Associates, Inc. (a)		0.10	%		0.85	%		0.10	%
Southeastern Asset Management, Inc.-Global (c)		1.00	%		1.00	%		1.00	%
Southeastern Asset Management, Inc.-Japan (c)		1.00	%		1.50	%		1.50	%
Wellington Management Company, LLP-HighYield (d)		0.35	%		0.45	%		0.44	%
Wellington Management Company, LLP-Natural Resources		0.35	%		0.45	%		0.40	%
Westport Asset Management, Inc. (a)		0.15	%		2.00	%		1.67	%
International Equity Fund
Marathon Asset Management, LLP (a)		0.15	%		1.60	%		1.99	%
Mondrian Investment Partners Limited		0.33	%		0.55	%		0.53	%
US Equity Fund
Aronson + Johnson + Ortiz LP (a)		0.10	%		0.80	%		0.80	%
Shapiro Capital Management LLC (a)		0.50	%		0.95	%		0.96	%
Westport Asset Management, Inc. (a)		0.15	%		2.00	%		3.42	%

(a) Money manager receives a fee that includes a performance component. The effective fee may fall outside of the minimum and maximum range, because performance fees are based on either assets or performance from a period prior to when they are accrued.

(b) With respect to fund assets managed prior to October 31, 2008, Marathon’s fee is based on performance. Its fee formula with respect to such assets entails a floor of 15 basis points, a cap of 160 basis points, and a fulcrum fee of 88 basis points. With respect to assets allocated to Marathon on or after October 31, 2008, which represented approximately one-third of the fund assets allocated to Marathon as of that date, Marathon’s compensation entails an asset-backed fee of 0.35% per year and a performance fee, pursuant to which Marathon will receive 20% of the amount by which the annualized return generated by the portfolio exceeds that of the MSCI ACW Index, measured over a rolling sixty-month period, multiplied by the average daily net asset value of such assets over the same sixty-month period.

(c) Money manager portfolio inception was June 24, 2009.

(d) Money manager portfolio inception was June 29, 2009.

71

Notes to Financial Statements (unaudited)

June 30, 2009

With respect to the funds’ investments in other registered investment companies, private investment funds, investment partnerships, and other commingled investment vehicles, the funds bear their ratable share of each such entity’s expenses and would also be subject to their share of the management and performance fees, if any, charged by such entity. The funds’ share of management and performance fees charged by such entities is in addition to fees paid by the respective fund to TAS and money managers.

TIP has designated Mr. Christian A. Szautner as its Chief Compliance Officer (“CCO”). Mr. Szautner is an employee of TAS and also serves as TAS’s CCO. For his services to TIP, which include the monitoring of TIP’s compliance program pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), TIP reimburses TAS for a portion of the costs related to Mr. Szautner. Each fund pays a pro rata portion of such costs based on its share of TIP’s net assets.

Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing core fund administration, fund accounting, domestic custody, and transfer agent services of 0.07% per annum on the average daily net assets of TIP. Fees paid for non-core services rendered by State Street, which include but are not limited to foreign custody, transactional fees, and out-of-pocket expenses, are based upon assets of TIP and/or on transactions entered into by TIP during the period. Fees for such services paid to State Street by TIP are reflected as fund administration fees in the Statement of Operations.

Effective July 1, 2009, TAS provides certain administrative services, which previously had been provided in substantial part by a third party service provider, to TIP under a Services Agreement. For these services, each fund pays a monthly fee calculated by applying the following annual rates to such fund’s average daily net assets for the month: 0.02% for Multi-Asset, International Equity, and US Equity Funds, respectively, and 0.01% for Short-Term Fund.

5.  Investment Transactions

Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the six months ended June 30, 2009, were as follows:

Non-US Government Securities
Fund	Purchases		Sales
Multi-Asset	$	505,789,145	$	432,587,501
International Equity		8,874,677		25,802,691
US Equity		13,614,801		30,191,756

US Government Securities
Fund	Purchases		Sales
Multi-Asset	$	792,932,666	$	777,965,319

For federal income tax purposes, the cost of securities owned at June 30, 2009, has been estimated since the final tax characteristic cannot be determined until fiscal year end. The cost of securities, the aggregate gross unrealized appreciation (depreciation), and the net unrealized appreciation (depreciation) on securities owned June 30, 2009, for each fund are as follows:

Fund	Gross Appreciation		Gross Depreciation			Net Unrealized Appreciation/ (Depreciation)			Cost
Multi-Asset	$	168,342,759	$	(319,614,315	)	$	(151,271,556	)	$	2,580,978,458
International Equity		19,527,010		(48,366,137	)		(28,839,127	)		210,991,733
US Equity		16,919,702		(27,545,292	)		(10,625,590	)		132,197,982
Short-Term		3,060		(7,383	)		(4,323	)		242,160,508

6.  Federal Tax Information

Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2009.

72

Notes to Financial Statements (unaudited)

June 30, 2009

7.  Repurchase and Reverse Repurchase Agreements

Each fund may enter into repurchase agreements under which a member bank of the Federal Reserve System or a securities firm that is a primary or reporting dealer in US government securities agrees, upon entering into a contract, to sell US government securities to a fund and repurchase such securities from such fund at a mutually agreed upon price and date.

Each fund is also permitted to enter into reverse repurchase agreements under which a member bank of the Federal Reserve System or a primary or reporting dealer in US government securities purchases US government securities from a fund and such fund agrees to repurchase the securities at an agreed upon price and date. The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Open reverse repurchase agreements at June 30, 2009 were as follows:

Description	Face Value
Multi-Asset Fund
JP Morgan Chase & Co., (1.90%), dated 06/09/09, to be repurchased on 12/31/50(a)	$	43,268,250
JP Morgan Chase & Co., 0.35%, dated 06/23/09, to be repurchased on 07/01/09 at $41,688,242		41,685,000
Total reverse repurchase agreements	$	84,953,250
Average balance outstanding	$	68,734,010
Average interest rate		0.15	%

(a) Reverse repurchase agreement interest rate resets every one to three days. The Fund may terminate the agreement at any time without penalty. Interest rate disclosed is as of June 30, 2009.

Each fund will engage in repurchase and reverse repurchase transactions with parties approved by TAS or the relevant money manager on the basis of such party’s creditworthiness. Securities pledged as collateral for repurchase agreements are held by the custodial bank until maturity of the repurchase agreements. In connection with reverse repurchase agreements, the funds establish segregated accounts with their custodian in which the funds maintain cash, US government securities, or other liquid high grade debt obligations in the name of the counterparty equal in value to its obligation. The funds may also invest in tri-party repurchase agreements for which securities held as collateral are maintained in a segregated account by the broker’s custodian bank until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the funds require that the market value of the collateral, including accrued interest thereon, be at least equal to the value of the securities sold or purchased in order to protect against loss in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral may be delayed or limited.

8.  Capital Share Transactions

The funds may charge entry or exit fees on subscriptions or redemptions, respectively. While there are no sales commissions (loads) or 12b-1 fees, the Multi-Asset Fund assesses entry and exit fees of 0.50% of capital invested or redeemed; the International Equity Fund assesses entry and exit fees of 0.75%; and the US Equity Fund assesses entry and exit fees of 0.25%. These fees, which are paid to the funds directly, not to TAS or other vendors supplying services to the funds, are designed to allocate transaction costs associated with purchases and redemptions of a fund’s shares. These fees are deducted from the amount invested or redeemed; they cannot be paid separately. Entry and exit fees may be waived at TAS’s discretion when the purchase or redemption will not result in significant transaction costs for the affected fund (e.g., for transactions involving in-kind purchases and redemptions). Such fees are retained by the funds and included in proceeds from shares sold or deducted from distributions for redemptions.

9.  Delayed Delivery Transactions

The funds may purchase or sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The funds identify these securities in their records as segregated with a value at least equal to the amount of the purchase commitment.

The Multi-Asset Fund enters into “TBA” (to be announced) purchase commitments to purchase mortgage-backed securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price has been established, the principal value has not been finalized. However, the principal amount delivered will not differ more than 0.01% from the commitment. TBA purchase commitments may be considered securities in themselves and involve a risk of loss if the value of the security

73

Notes to Financial Statements (unaudited)

June 30, 2009

to be purchased declines prior to the settlement date, which risk is in addition to the risk of decline in the value of the funds’ other assets. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts.

Although the fund will generally enter into TBA purchase commitments with the intention of acquiring securities for its portfolio, the fund may dispose of a commitment prior to settlement if the respective money manager deems it appropriate to do so.

The Multi-Asset Fund enters into TBA sale commitments to hedge the portfolio or to sell mortgage-backed securities the fund owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment (deliverable on or before the sale commitment date), are held as “cover” for the transaction.

TBA commitments are valued at the current market value of the underlying securities, generally according to the procedures described under Valuation of Investments in Note 2. The contracts are marked to market daily, and the change in market value is recorded by the fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the fund realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the fund delivers securities under the commitment, the fund realizes a gain or loss from the sale of the securities upon the unit price established at the date the commitment was entered into.

10.  Concentration of Risks

The funds may engage in transactions with counterparties, including but not limited to repurchase and reverse repurchase agreements, forward contracts, futures and options, and total return, credit default, interest rate, and currency swaps. A fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations.

The Multi-Asset, International Equity, and US Equity Funds invest in private investment funds that entail liquidity risk to the extent they are difficult to sell or convert to cash quickly at favorable prices.

The Multi-Asset Fund invests in fixed income securities issued by banks and other financial companies, the market values of which may change in response to interest rate fluctuations. Although the fund generally maintains a diversified portfolio, the ability of the issuers of the respective fund’s portfolio securities to meet their obligations may be affected by changing business and economic conditions in a specific industry, state, or region.

The Multi-Asset, International Equity, and US Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Multi-Asset Fund invests in asset-backed and mortgage-backed securities. These investments may involve credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic conditions.

11.  Fundamental Members

The schedule below shows the number of members each owning 25% or more of a fund and the total percentage of the fund held by such members as of June 30, 2009.

Fund	Number			% of Fund Held
International Equity		1	(a)		53

(a) A Director of the Fund serves as an officer of this member.

From time to time, a fund may have members that hold significant portions of the respective fund’s outstanding shares. Investment activities of such members could have a material impact on those funds.

12.  Indemnifications

In the normal course of business, the funds enter into contracts that provide general indemnifications. The funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

74

Notes to Financial Statements (unaudited)

June 30, 2009

13.  Subsequent Events

In accordance with the provisions set forth in FASB Statement of Financial Accounting Standards No. 165 “Subsequent Events,” adopted by the funds as of June 30, 2009, management has evaluated the possibility of subsequent events existing in the funds’ financial statements through August 26, 2009. Management has determined that there are no material events that would require recognition or disclosure in the fund’s financial statements.

75

Additional Information (unaudited)

June 30, 2009

Proxy Voting Policy and Voting Record

A description of the policies and procedures that TIP uses to determine how to vote proxies relating to portfolio securities is available on TIFF’s website at http://www.tiff.org and without charge, upon request, by calling 800-984-0084. This information is also available on the website of the US Securities and Exchange Commission (“SEC”) at http://www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available on the websites noted above and without charge, upon request, by calling 800-984-0084.

Quarterly Reporting

TIP files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. TIP’s Form N-Q is available without charge, upon request, by calling 800-984-0084. This information is also available on the website of the US Securities and Exchange Commission at http://www.sec.gov. TIP’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. In addition TIP’s portfolio holdings are available on a monthly basis on the TIFF website at http://www.tiff.org.

76

Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

During an in-person meeting held on June 16-17, 2009, the directors, including all of the directors who are not “interested persons” of TIP (the “independent directors”), as that term is defined in the Investment Company Act of 1940 (the “1940 Act”), evaluated the renewal of the Advisory Agreements between each of the TIP funds and TIFF Advisory Services, Inc. (“TAS”) (as the advisor), as well as the Money Manager Agreements between each of TIFF Multi-Asset Fund, TIFF International Equity Fund, and TIFF US Equity Fund and the money managers (as sub-advisors). The Advisory Agreements and the Money Manager Agreements are collectively referred to herein as “advisory agreements.”

The Board requested and received information from TAS and the money managers in advance of the meeting, which the independent directors reviewed separately in executive sessions with their independent counsel. The materials provided included information regarding personnel and services, investment strategies, certain portfolio holdings, portfolio management, fees and expenses, and performance. Information about brokerage practices was also supplied, including allocation methodology, best execution, commission rates, and commission recapture or soft dollar programs. Extensive information with respect to compliance and administration was supplied such as information on the compliance program, including codes of ethics and business continuity procedures, as well as information concerning any material violations of such program, chief compliance officer background, disclosure about regulatory examinations or other inquiries, and litigation proceedings affecting TAS or the money managers.

In addition, the Board considered the following: (1) a memorandum from counsel for the independent directors setting forth the Board’s fiduciary duties and responsibilities under the 1940 Act and the factors the Board should consider in its evaluation of the advisory agreements; (2) responses by TAS and each money manager to questionnaires prepared by counsel for the independent directors requesting information necessary for the directors’ evaluation of the advisory agreements; (3) a Lipper Inc. (“Lipper”) report comparing the performance of each fund to the performance of its applicable benchmark(s) and peer groups, and comparing each fund’s advisory fees and expenses to those of its peer groups; (4) information from TAS regarding the fees charged by TAS to each fund; (5) Money Manager Profiles detailing the individual portfolio managers and fee schedule for each money manager; (6) the ten highest aggregate brokerage commissions report by manager for the year ended December 31, 2008; and (7) financial statements of TAS.

Nature, Extent, and Quality of Services

The Board considered a number of factors in evaluating TAS and the money managers. It noted that information is received at regular meetings throughout the year related to the services rendered by TAS and the money managers as well as the funds’ performance, expense and compliance information. It also noted information received between regular meetings as the need arises. The Board’s evaluation of the services provided by TAS and the money managers took into account the Board’s knowledge and familiarity gained as Board members, including the scope and quality of TAS’s investment management capabilities in selecting money managers, allocating fund assets across managers and asset classes, managing certain asset types in-house (e.g., TIPS, Treasuries, futures contracts, and derivatives), and its compliance responsibilities. The Board also considered each money manager’s skills and experience in managing the underlying portfolios given the particular universe of asset types available to the manager, its trading acumen, and performance tendencies in various market cycles. The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services provided under the advisory agreements by TAS and each of the money managers.

Profitability

In addition, the Board considered the profitability of TAS as the investment advisor and the likelihood that TAS would remain financially viable moving forward. The Board did not specifically consider the profitability of each money manager resulting from its relationship with the fund because none of the money managers was affiliated with TAS or any TIP fund except by virtue of serving as a money manager, and the fees paid to each money manager by TIP were negotiated on an arm’s-length basis in a competitive marketplace.

Results of Review of Advisory Agreements

After hearing responses from TAS to questions from the Board and further discussion, the Board voted on June 17, 2009 to re-approve the advisory agreements, except with respect to Smith Breeden Associates, Inc. (“Smith Breeden”). In the case of Smith Breeden, a new form of advisory agreement was approved in lieu of re-approving the existing advisory agreement, as described below. The Board based its evaluation on the material factors presented to it at the meeting and discussed below, including: (1) the terms of the agreements; (2) the reasonableness of the advisory and money manager fees in light of the nature and quality of the advisory services provided and any additional benefits received by TAS or the money managers in connection with providing services to the funds; (3) the nature, quality, and extent of the services performed by TAS and each of the money managers, as well as the cost to TAS of providing such services; (4) the contribution of each money manager towards the overall performance of the relevant fund; (5) the fees charged by TAS and each of the money managers; and (6) the overall

77

Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

organization and experience of TAS and each of the money managers. Prior to a vote being taken to re-approve the advisory agreements, the independent directors met separately in executive session to discuss the appropriateness of the agreements and other considerations. In their deliberations with respect to these matters, the independent directors were advised by their independent legal counsel. The independent directors weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. The independent directors concluded that the advisory agreements were reasonable, fair, and in the best interests of the funds and their members, and that the fees provided in such agreements were fair and reasonable. In reaching its conclusion to re-approve the advisory agreements, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward past and future long-term considerations.

While attention was given to all information furnished, the following discusses the primary factors relevant to the Board’s decisions. In each case, the Board concluded that the funds’ performance was acceptable and that the funds’ advisory fees and total expenses were reasonable in light of the quality and nature of services provided.

TIFF Multi-Asset Fund Performance, Fees, and Expenses (including Potential Economies of Scale)

Money Managers and Benchmarks:	Aronson+Johnson+Ortiz LP S&P 500 Index
	Brookfield Redding LLC MSCI US REIT Index
	Marathon Asset Management, LLP MSCI All Country World Index
	Mondrian Investment Partners Limited MSCI All Country World Index
	Shapiro Capital Management LLC Russell 2000 Index
	Smith Breeden Associates, Inc. Weighted average of the Citigroup 10-year Treasury Index (33%) and the 10-year US Treasury Inflation Protection Security (67%) *
	Wellington Management Company, LLP (“Wellington Management”) Resource-Related Sectors of the MSCI World Index
	Westport Asset Management, Inc. Russell 2000 Index

* Note: effective July 1, 2009, the benchmark for Smith Breeden’s portfolio became the Barclays Capital US Government Inflation Linked Bonds Index.

The Board reviewed Multi-Asset Fund’s performance against its benchmarks (the Multi-Asset Fund (“MAF”) Constructed Benchmark, based on the normal allocation to each asset class, and CPI + 5% per annum), and two peer groups. The first peer group consisted of retail and institutional global flexible portfolio funds as classified by Lipper (the “Lipper MAF peer universe”), and the second peer group consisted of the fund and nine global flexible portfolio funds as classified by Lipper (the “Lipper MAF peer group”). The Board considered TAS’s implementation of the fund’s investment strategy across multiple asset classes and money managers. The fund’s returns exceeded the MAF Constructed Benchmark for the annualized trailing one-, three-, five-, ten-year and since-inception periods ending March 31, 2009. However, the fund was significantly behind the CPI + 5% benchmark for the one-, three-, five-, and ten-year periods ending March 31, 2009, and behind, but less so, for the since-inception period ending March 31, 2009. The fund’s returns exceeded the average of the Lipper MAF peer universe and the Lipper MAF peer group for all of the periods provided by Lipper (one-, three-, five- and ten-year periods ended March 31, 2009).

The Board also reviewed the fees and expenses of Multi-Asset Fund against selected funds within two peer groups (consisting only of institutional funds) provided by Lipper. The first expense group (“MAF expense group 1”), consisted of the fund and nine global flexible portfolio funds as classified by Lipper; the second expense group (“MAF expense group 2”) consisted of the fund and two other global flexible fund-of-funds. The Board noted that the actual advisory fee of the fund was well below both the expense group median and expense group average for both the MAF expense group 1 and the MAF expense group 2.

78

Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

The total expenses of the fund excluding the underlying fund expenses were also well below the MAF expense group median and expense group average for both the MAF expense group 1 and the MAF expense group 2. Total expenses including the underlying fund expenses of the fund exceeded slightly the median and the average of the MAF expense group 1, but were less than the average of MAF expense group 2 and were equal with the median of MAF expense group 2.

The Board noted that TAS’s fee schedule and the fee schedules of two money managers included breakpoints that could enable the fund to benefit from economies of scale. Certain other money managers received performance-based fees, which the Board felt appropriately aligned the money managers’ interests with those of shareholders. One money manager’s fee schedule included both breakpoint and performance-based fees.

With respect to one of the money managers, Smith Breeden, the Board considered and approved a new advisory agreement in lieu of re-approving the existing agreement, as discussed below. The primary purpose for approving a new agreement for Smith Breeden was to approve a change in Smith Breeden’s performance benchmark. In addition, certain updating changes were included in the new agreement. The Board also considered and approved an amendment to the existing advisory agreement with Wellington Management, as discussed below.

TIFF International Equity Fund Performance, Fees, and Expenses (including Potential Economies of Scale)

Money Managers and Benchmarks:	Marathon Asset Management, LLP MSCI All Country World ex US Index
	Mondrian Investment Partners Limited MSCI All Country World ex US Index

The Board reviewed International Equity Fund’s performance against its benchmark (MSCI All Country World ex US Index), and two peer groups. The first peer group consisted of all retail and institutional international multi-cap value funds as classified by Lipper (the “Lipper IEF peer universe”), and the second peer group consisted of the fund and eight other international multi-cap value funds, as classified by Lipper (the “Lipper IEF peer group”). The Board considered TAS’s implementation of the fund’s investment strategy across multiple money managers. As of March 31, 2009, the fund was ahead of its benchmark for the one-, three-, five-, and ten-year and since-inception periods. The fund’s return exceeded the average of the Lipper IEF peer universe and the Lipper IEF peer group for all periods provided by Lipper (one-, three-, five-, and ten-year periods ended March 31, 2009).

The Board reviewed the fees and expenses of International Equity Fund against two peer groups (consisting only of institutional funds) provided by Lipper. The first expense group consisted of the fund and nine other international multi-cap value funds as classified by Lipper (“IEF expense group 1”), and the second expense group consisted of the fund, one other international multi-cap value fund and one international small/mid-cap core fund as classified by Lipper (“IEF expense group 2”). The Board noted that the actual advisory fee of the fund was well below the expense group average and median for IEF expense group 1 and was below the expense group average and at the median for IEF expense group 2. The total expenses of the fund excluding the underlying fund expenses were well below the IEF expense group median and expense group average for both the IEF expense group 1 and IEF expense group 2; however, the total expenses including the underlying fund expenses of the fund exceeded the median and the average of the IEF expense group for both the IEF expense group 1 and IEF expense group 2.

The Board noted that TAS’s fee schedule and the fee schedule of one money manager included breakpoints that could enable the fund to benefit from economies of scale should fund assets grow. The other money manager received performance-based fees, which the Board felt appropriately aligned the money manager’s interests with those of shareholders.

TIFF US Equity Fund Performance, Fees, and Expenses (including Potential Economies of Scale)

Money Managers and Benchmarks:	Aronson+Johnson+Ortiz LP S&P 500 Index
	Shapiro Capital Management LLC Russell 2000 Index
	Westport Asset Management, Inc. Russell 2000 Index

The Board reviewed US Equity Fund’s performance against its benchmark (Dow Jones Wilshire 5000 Composite Index), and two peer groups. The first peer group consisted of all retail and institutional multi-cap core funds as classified by Lipper (the “Lipper USEF peer universe”), and the second peer group consisted of the fund and 12 other multi-cap core funds as classified

79

Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

by Lipper (the “Lipper USEF peer group”). The Board considered TAS’s implementation of the fund’s investment strategy across multiple money managers. As of March 31, 2009, the fund was ahead of its benchmark for the one-, three-, five-, and ten-year and since-inception periods. The fund’s return exceeded the average of the Lipper USEF peer universe and the Lipper USEF peer group for the one-, three-, and five-year periods ended March 31, 2009; however, for the ten-year period ended March 31, 2009, the fund was ahead of the average of the Lipper USEF peer universe, but lagged the average of the Lipper USEF peer group. The Board also considered information from TAS concerning its evaluation of the money managers’ investment processes and performance.

The Board reviewed the fees and expenses of US Equity Fund against two peer groups (consisting only of institutional funds) provided by Lipper. The first expense group (the “USEF expense group 1”) consisted of the fund and 12 other multi-cap core funds as classified by Lipper, and the second expense group (the “USEF expense group 2”) consisted of the fund, one real estate fund and one flexible portfolio fund as classified by Lipper. The Board noted that the actual advisory fee of the fund was well below both the expense group median and expense group average for both the USEF expense group 1 and USEF expense group 2. The total expenses of the fund excluding the underlying fund expenses were well below the expense group median and expense group average for both the USEF expense group 1 and USEF expense group 2; however, the total expenses including the underlying fund expenses of the fund exceeded slightly the median and the average of the USEF expense group 1 but were well below the average and median of USEF expense group 2.

The Board noted that TAS’s fee schedule included breakpoints that could enable the fund to benefit from economies of scale should fund assets grow. The money managers received performance-based fees, which the Board felt appropriately aligned the money managers’ interests with those of shareholders.

TIFF Short-Term Fund Performance, Fees, and Expenses

The Board reviewed Short-Term Fund’s performance against its benchmarks (Merrill Lynch US 6-Month Treasury Bill Index (the “Index”) and the same Index less 50 basis points per annum), and two peer groups. The first peer group consisted of all retail and institutional ultra-short obligation funds as classified by Lipper (the “Lipper STF peer universe”), and the second peer group consisted of the fund and six other ultra-short obligation funds as classified by Lipper (the “Lipper STF peer group”). The Board considered TAS’s internal management of the fund since 2004. The fund slightly underperformed the Index, which does not reflect any fees or expenses, for the one-, three-, five-, ten-year, and since-inception periods ended March 31, 2009, and slightly outperformed the same Index less 50 basis points per annum for the same periods. These results were consistent with the Board’s expectations of the fund’s performance relative to each benchmark. The fund’s returns exceeded the average of the Lipper STF peer universe and the Lipper STF peer group for all periods provided by Lipper (one-, three-, five-, and ten-year periods ended March 31, 2009).

The Board reviewed the fees and expenses of Short-Term Fund against the funds within the Lipper STF peer group (the “STF expense group”), noting that the actual advisory fee and total expenses of the fund were well below both the STF expense group median and STF expense group average. The Board noted that TAS’s fee schedule included breakpoints that could enable the fund to benefit from economies of scale should fund assets grow.

Approval of New Advisory Agreements and Amendment to Advisory Agreement

During the in-person meeting held on June 16-17, 2009, the Board also evaluated and approved new Money Manager Agreements for Multi-Asset Fund with new money manager Southeastern Asset Management, Inc. (“Southeastern”), effective June 18, 2009, and with existing money manager Smith Breeden, effective July 1, 2009. These Money Manager Agreements are referred to herein as “advisory agreement(s).” The independent directors also approved an amendment to the advisory agreement with Wellington Management, effective June 25, 2009.

Southeastern

TAS recommended to the Board that Southeastern be added as a money manager of Multi-Asset Fund. It was noted that TAS expected to allocate two investment mandates to Southeastern, a global equity mandate and a Japan equity mandate. In considering the advisory agreement with Southeastern for Multi-Asset Fund, the Board requested and considered a wide range of information from TAS and Southeastern in advance of the meeting. The Board considered information regarding Southeastern’s personnel and services, investment strategies and philosophies, portfolio management, fees and expenses, and performance. Information about brokerage practices was also provided, including allocation methodology, best execution, commission rates, and commission recapture or soft dollar programs. It was noted that Southeastern had no soft dollar arrangements in place. In addition, the Board considered extensive information with respect to compliance and administration at Southeastern, including code of ethics and business continuity procedures, as well as information concerning any material violations of the compliance program, the background of Southeastern’s chief compliance officer, and disclosure about regulatory

80

Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

examinations or other inquiries and litigation proceedings affecting Southeastern. The Board also considered a memorandum from counsel for the independent directors setting forth the Board’s fiduciary duties and responsibilities under the 1940 Act and the factors the Board should consider in its evaluation of advisory agreements; Southeastern’s responses to a questionnaire prepared by counsel to the independent directors requesting information necessary for the directors’ evaluation of the advisory agreement; and information detailing the individual portfolio managers at Southeastern and Southeastern’s fee schedules.

The Board considered a number of additional factors in evaluating the advisory agreement with Southeastern on behalf of Multi-Asset Fund. The Board considered information describing the addition of Southeastern to Multi-Asset Fund; the advisory services Southeastern will provide to Multi-Asset Fund; the potential benefits of including Southeastern as a money manager to Multi-Asset Fund; and other information deemed relevant. The potential benefits of adding Southeastern as a money manager of Multi-Asset Fund were identified as: (i) concentrated investment philosophy and disciplined security selection process; (ii) active management style; (iii) staff expertise in global investing; (iv) culture of ownership and upstanding ethics; and (v) attractive historical long term returns. The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services expected to be provided under the advisory agreement with Southeastern. The Board did not specifically consider the profitability of Southeastern expected to result from its relationship with Multi-Asset Fund because Southeastern is not affiliated with TAS or TIP except by virtue of serving as a money manager, and the fees to be paid to Southeastern were negotiated on an arm’s-length basis in a competitive marketplace.

The Board based its evaluation on the material factors presented to it at this meeting and discussed above, including: (i) the terms of the agreement; (ii) the reasonableness of the money manager’s fee in light of the nature and quality of the services to be provided and any additional benefits to be received by Southeastern in connection with providing services to Multi-Asset Fund; (iii) the nature, quality, and extent of the services expected to be performed by Southeastern; (iv) the overall organization and experience of Southeastern; and (v) the nature and expected effects of adding Southeastern as a money manager of Multi-Asset Fund. The Board noted in particular that Southeastern’s performance history was mixed, outperforming the S&P 500 Index over long-term and short-term periods while underperforming over medium-term periods, and concluded that, overall, the performance history was satisfactory. In addition, the Board noted the asset-based fee schedules for both the global equity and Japan equity mandates and the breakpoints included in the Japan equity mandate fee schedule. Although the fee schedule for the global equity mandate did not include breakpoints, it was consistent with Southeastern’s published standard fee schedule for similarly-sized global equity accounts. In arriving at its decision to approve the advisory agreement with Southeastern, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward future long-term considerations.

After carefully considering the information summarized above and all factors deemed to be relevant, the Board, including the independent directors, unanimously voted to approve the advisory agreement with Southeastern for Multi-Asset Fund. Prior to a vote being taken, the independent directors met separately in executive session to discuss the appropriateness of the agreement and other considerations. In their deliberations with respect to these matters, the independent directors were advised by their independent legal counsel. The independent directors weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of the investment advisory contracts. The Board, including the independent directors, concluded that the advisory agreement with Southeastern was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fee provided in such agreement was fair and reasonable. In the Board’s view, approving the advisory agreement with Southeastern was desirable and in the best interests of Multi-Asset Fund and its members.

Smith Breeden

The new advisory agreement with Smith Breeden revises the performance benchmark for purposes of determining excess returns under the performance fee formula applicable to Smith Breeden and updates certain other contractual provisions in accordance with TIP’s standard form of money manager agreement. The new advisory agreement does not alter the fee formula applicable to Smith Breeden, other than the performance benchmark. In considering the new advisory agreement with Smith Breeden in connection with their annual review of TIP’s advisory agreements and fees (the “Annual Review”), the Board requested and considered a wide range of information of the type they regularly consider when determining whether to continue such advisory agreements as in effect from year to year. A discussion of the Board's consideration of the existing advisory agreements at the June 2009 meeting is included above.

In approving the new advisory agreement with Smith Breeden at the June 16-17, 2009 meeting, the Board considered the information provided and the factors to be considered in connection with the review of the advisory agreement at the Annual Review, as well as such other information as the Board considered appropriate. The Board noted that the proposed change to

81

Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

Smith Breeden’s performance benchmark had been recommended by TAS and coincided with changes to the MAF Constructed Benchmark scheduled to go into effect on July 1, 2009, increasing the MAF Constructed Benchmark’s normal weight to Treasury inflation protection bonds.

In evaluating the new advisory agreement with Smith Breeden at the June 16-17, 2009 meeting, the Board considered a number of additional factors. The Board based its evaluation on the material factors presented to it at this meeting and discussed above, including: (i) the terms of the new advisory agreement; (ii) the reasonableness of the money manager’s fees in light of the nature and quality of the money manager services provided by Smith Breeden and any additional benefits received by Smith Breeden in connection with providing services to Multi-Asset Fund; (iii) the nature, quality, and extent of the services performed by Smith Breeden; (iv) the overall organization and experience of Smith Breeden; and (v) the nature and expected effects of the new performance benchmark on Smith Breeden’s portfolio. The Board noted that the level of assets currently under management is not sufficient to take advantage of the breakpoints in the advisory fee schedule. In arriving at its decision, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward past and future long-term considerations.

After carefully considering the information summarized above and all factors deemed to be relevant, the Board, including the independent directors, unanimously voted to approve the new advisory agreement with Smith Breeden for Multi-Asset Fund. The previous advisory agreement with Smith Breeden terminated in accordance with its terms on June 30, 2009. Prior to a vote being taken to approve the new advisory agreement, the independent directors met separately in executive session to discuss the appropriateness of the agreement and other considerations. In their deliberations with respect to these matters, the independent directors were advised by their independent legal counsel. The independent directors weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. The Board, including the independent directors, concluded that the new advisory agreement with Smith Breeden was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fees provided in such agreement were fair and reasonable.

Wellington Management

At its meeting held on June 16-17, 2009, in connection with the Annual Review, the directors, including all of the independent directors, approved continuance of the existing advisory agreement with Wellington Management, as described above. In addition, TAS recommended, and the Board approved, Amendment No. 3 to the advisory agreement (“Amendment No. 3”) in connection with a planned allocation to Wellington Management of additional Multi-Asset Fund assets to be managed in accordance with a high yield bond mandate. An amendment to the advisory agreement was necessary prior to funding the new high yield bond mandate to add a fee schedule to the agreement with respect to such assets. The amendment also updates certain other contractual provisions in accordance with TIP’s standard form of money manager agreement.

In considering Amendment No. 3, the Board requested and considered a wide range of information of the type they regularly consider when determining whether to continue a fund's money manager agreement as in effect from year to year. In approving Amendment No. 3, the Board considered the information provided and the factors to be considered in connection with the review of the advisory agreement at the Annual Review, as well as such other information as the Board considered appropriate. The Board noted that Amendment No. 3 had been recommended by TAS and coincided with changes to the MAF Constructed Benchmark scheduled to go into effect on July 1, 2009, increasing the MAF Constructed Benchmark’s normal weight to high yield bonds.

In evaluating Amendment No. 3 at the June 16-17, 2009 meeting, the Board considered a number of additional factors, including information regarding Wellington Management’s (i) approach to high yield bond investing; (ii) staff expertise in high yield bond investing; and (iii) benchmark performance and core high yield composite investment returns. The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services currently being provided, and expected to be provided with respect to the high yield bond mandate, by Wellington Management.

The Board based its evaluation on the material factors presented to it at the meeting and discussed above, including: (i) the terms of the agreement, including Amendment No. 3; (ii) the reasonableness of the money manager’s fees in light of the nature and quality of the money manager services provided and to be provided by Wellington Management and any additional benefits received or to be received by Wellington Management in connection with providing services to Multi-Asset Fund; (iii) the nature, quality, and extent of the services performed and to be performed by Wellington Management; (iv) the overall organization and experience of Wellington Management; and (v) the nature and expected effects on Multi-Asset Fund of adding the high yield bond mandate. The Board noted that Wellington Management’s core high yield bond composite performance history was favorable versus a custom benchmark. It also noted the asset-based fee schedule with respect to the high yield bond mandate,

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Approval of the Advisory Agreements and Money Manager Agreements (unaudited)

June 30, 2009

as set forth in Amendment No. 3, included breakpoints. In arriving at its decision, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward future long-term considerations.

After carefully considering the information summarized above and other factors deemed to be relevant, the Board, including the independent directors, unanimously voted to approve Amendment No. 3 for Multi-Asset Fund. Prior to a vote being taken to approve Amendment No.3 for Multi-Asset Fund, the independent directors met separately in executive session to discuss the appropriateness of the amendment and other considerations. In their deliberations with respect to these matters, the independent directors were advised by their independent legal counsel. The independent directors weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. The Board, including the independent directors, concluded that Amendment No. 3 was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fees provided in such amended fee schedule were fair and reasonable.

83

Directors and Principal Officers (unaudited)

The board of directors of TIP comprises experienced institutional investors, including the chief investment officers of leading endowments and foundations. Among responsibilities of the board of directors are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new directors; and electing TIP officers.

Each director services the fund until his or her termination; or until the director’s retirement, resignation, or death; or otherwise as specified in TIP’s Bylaws. The table on these two pages shows information for each director and executive officer of the fund. The mailing address of the directors and officers is Four Tower Bridge, 200 Barr Harbor Drive, Suite 100, West Conshohocken, PA, 19428.

The Statement of Additional Information has additional information regarding the board of directors. A copy is available by calling 800-984-0084. This information is also available upon request without charge on the website of the US Securities and Exchange Commission at http://www.sec.gov.

Independent Directors

Suzanne Brenner
Born 1958 Director since July 2003 4 funds overseen	Principal Occupation(s) During the Past Five Years: Chief Investment Officer, The Metropolitan Museum of Art (2007 – present) (Deputy CIO and Associate Treasurer prior thereto). Other Directorships: 100 Women in Hedge Funds.
Sheryl L. Johns
Born 1956 Director since April 1996 4 funds overseen	Principal Occupation(s) During the Past Five Years: Executive Vice President, Houston Endowment Inc., a private foundation. Other Directorships: TIFF Education Foundation.
William McCalpin
Born 1957 Director since February 2008 Board Chair since 2008 4 funds overseen	Principal Occupation(s) During the Past Five Years: Chair of The Janus Funds (2008 – present). Formerly Executive Vice President and Chief Operating Officer, Rockefeller Brothers Fund, a private foundation (1998 – 2006). Other Directorships: The Janus Funds, FB Heron Foundation, Association.

Principal Officers

Richard J. Flannery
Born 1957 President and CEO since September 2003	Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc. (2004 – present). President and CEO, TIFF Investment Program, Inc. (2003 – present). Directorships: TIFF Advisory Services, Inc.
Tina M. Leiter
Born 1966 Secretary since June 2003	Principal Occupation(s) During the Past Five Years: Deputy Compliance Officer (2008 – present), Secretary (2004 – present), Chief Compliance Officer (2004 – 2008), TIFF Advisory Services, Inc.
Dawn I. Lezon
Born 1965 CFO and Treasurer since January 2009 (Vice President and Assistant Treasurer, September 2006 – December 2008)	Principal Occupation(s) During the Past Five Years: Vice President/Treasurer, TIFF Advisory Services, Inc. (2006 – present). Partner, Crane, Tonelli, Rosenberg & Co., LLP, public accounting firm (1998 – 2006).

84

Directors and Principal Officers (unaudited)

Kelly A. Lundstrom
Born 1964 Vice President since September 2006	Principal Occupation(s) During the Past Five Years: Vice President, TIFF Advisory Services, Inc. (2006 – present).
Richelle S. Maestro
Born 1957 Vice President and Chief Legal Officer since March 2006	Principal Occupation(s) During the Past Five Years: Vice President/General Counsel, TIFF Advisory Services, Inc. (2005 – present). Executive Vice President/General Counsel, Delaware Investments (2003 – 2005).
David A. Salem
Born 1956 Vice President and CIO since December 2002 (President prior thereto)	Principal Occupation(s) During the Past Five Years: President/Chief Investment Officer, TIFF Advisory Services, Inc. (1993 – present) (CEO 1993 – 2004). Directorships: TIFF Advisory Services, Inc., TIFF Education Foundation.
Christian A. Szautner
Born 1972 CCO since July 2008	Principal Occupation(s) During the Past Five Years: Vice President/Chief Compliance Officer, TIFF Advisory Services, Inc. (2008 – present). Partner, Ballard Spahr Andrews & Ingersoll, LLP (2005 – 2008). Associate, Ballard Spahr Andrews & Ingersoll, LLP (1997 – 2005).

85

TIFF Investment Program

ADVISOR
TIFF Advisory Services, Inc.
Four Tower Bridge
200 Barr Harbor Drive, Suite 100
West Conshohocken, PA 19428
phone    610-684-8000
fax        610-684-8080

CUSTODIAN
ACCOUNTING AGENT
TRANSFER AGENT
DIVIDEND DISBURSING AGENT
FUND ADMINISTRATOR
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

FUND DISTRIBUTOR
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, WI 53202

FUND COUNSEL
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103

INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
Two Commerce Square
Suite 4000
2001 Market Street
Philadelphia, PA 19103

MONEY MANAGERS AND CIV MANAGERS

TIFF Multi-Asset Fund
Aronson + Johnson + Ortiz LP
Brookfield Redding, LLC
Canyon Capital Advisors LLC (CIV)
Convexity Capital Management LP (CIV)
Farallon Capital Management, LLC (CIV)
Joho Capital, LLC (CIV)
Lansdowne Partners Limited (CIV)
Lone Pine Capital LLC (CIV)
Marathon Asset Management, LLP
Maverick Capital, Ltd. (CIV)
Mondrian Investment Partners Limited
Och-Ziff Capital Management Group (CIV)
Regiment Capital Management, LLC (CIV)
Shapiro Capital Management LLC
Sleep, Zakaria & Company, Ltd. (CIV)
Smith Breeden Associates, Inc.
Southeastern Asset Management, Inc.
TIFF Advisory Services, Inc.
Toscafund Asset Management LLC (CIV)
Wellington Management Company, LLP
Westport Asset Management, Inc.

TIFF International Equity Fund
Convexity Capital Management LP (CIV)
Lansdowne Partners Limited (CIV)
Lone Pine Capital LLC (CIV)
Marathon Asset Management, LLP
Mondrian Investment Partners Limited
TIFF Advisory Services, Inc.
Toscafund Asset Management LLC (CIV)

TIFF US Equity Fund
Adage Capital Management, LP (CIV)
Aronson+Johnson+Ortiz LP
Shapiro Capital Management LLC
TIFF Advisory Services, Inc.
Westport Asset Management, Inc.

TIFF Short-Term Fund
TIFF Advisory Services, Inc.

Investors should consider the investment objectives, risks and charges and expenses of a fund carefully before investing. The prospectus contains this and other information about the funds. A prospectus may be obtained by contacting TIFF at 800-984-0084 or by visiting TIFF’s website at www.tiff.org. Please read the prospectus carefully before investing. The SEC does not approve or disapprove of the securities mentioned in this report. Mutual fund investing involves risk. Principal loss is possible.

Item 2. Code of Ethics

Not Applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not Applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not Applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Included in Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedure for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the“Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1) Code of Ethics is not applicable to this filing.

(a)(2) Certification of Chief Executive Officer and Chief Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.

(a)(3) Not Applicable to this filing.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  TIFF Investment Program, Inc.

By (Signature and Title)  /s/ Richard J. Flannery
 Richard J. Flannery
 President and Chief Executive Officer

Date  8/26/2009

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)  Richard J. Flannery
 Richard J. Flannery
 President and Chief Executive Officer

Date  8/26/2009

By (Signature and Title)  Dawn I. Lezon
  Dawn I. Lezon Treasurer and Chief Financial Officer

Date  8/26/2009

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EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Richard J. Flannery, certify that:

1. I have reviewed this report on Form N-CSR of TIFF Investment Program, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’sinternal control over financial reporting.

Date:	8/26/2009	/s/  Richard J. Flannery
		Richard J. Flannery
		President and Chief Executive Officer

EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Dawn I. Lezon, certify that:

1. I have reviewed this report on Form N-CSR of TIFF Investment Program, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’sinternal control over financial reporting.

Date:	8/26/2009	/s/ Dawn I. Lezon
		Dawn I. Lezon Treasurer and Chief Financial Officer

EX-99.906CERT 6 v155723_ex99-906cert.htm

EX-99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the TIFF Investment Program, Inc. (the “Fund”) on Form N-CSR for the period ending June 30, 2009, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:	8/26/2009	/s/ Richard J. Flannery
		Richard J. Flannery
		President and Chief Executive Officer

Date:	8/26/2009	/s/ Dawn I. Lezon
		Dawn I. Lezon Treasurer and Chief Financial Officer

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.CERT

  
    Unassociated Document
    
    
    
    
    
    

EX-99.906CERT

EX-99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the TIFF Investment Program, Inc. (the “Fund”) on Form N-CSR for the period ending June 30, 2009, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:	8/26/2009	/s/ Richard J. Flannery
		Richard J. Flannery
		President and Chief Executive Officer

Date:	8/26/2009	/s/ Dawn I. Lezon
		Dawn I. Lezon Treasurer and Chief Financial Officer

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.