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
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TIFF Investment Program, Inc.
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(Exact name of registrant as specified in charter)
Four Tower Bridge, 200 Barr Harbor Drive, Suite 100,
West Conshohocken, PA 19428
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(Address of chief executive offices) (Zip code)
Richard J. Flannery
President and Chief Executive Officer
TIFF Advisory Services, Inc.
Four Tower Bridge, 200 Barr Harbor Drive, Suite 100, West Conshohocken, PA 19428
with a copy to:
Stephen Bier
Dechert LLP
30 Rockefeller Plaza
New York, NY 10112-2200
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(Name and address of agent for service)
Registrant's telephone number, including area code: 610.684.8200
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Date of fiscal year end: 12/31/07
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Date of reporting period: 1/1/2007-6/30/2007
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ITEM 1. REPORTS TO STOCKHOLDERS.
(Semi-Annual Report for the period 1/1/07 through 6/30/07 is filed herewith)
SEMI-ANNUAL REPORT [LOGO]
JUNE 30, 2007 (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 multi-manager, 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.
As investment advisor to the 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 within the
marketable investments sector.
FINANCIAL STATEMENTS
TIP is pleased to provide this Semi-Annual Report for the period ended June 30,
2007. 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 24, 2007
CONTENTS
TIFF Multi-Asset Fund
o Fund Expenses .......................................................... 2
o Financial Highlights ................................................... 3
o Summary of Portfolio Holdings .......................................... 3
TIFF International Equity Fund
o Fund Expenses .......................................................... 4
o Financial Highlights ................................................... 5
o Summary of Portfolio Holdings .......................................... 5
TIFF US Equity Fund
o Fund Expenses .......................................................... 6
o Financial Highlights ................................................... 7
o Summary of Portfolio Holdings .......................................... 7
TIFF Short-Term Fund
o Fund Expenses .......................................................... 8
o Financial Highlights ................................................... 9
o Summary of Portfolio Holdings .......................................... 9
Schedules of Investments ................................................. 10
Statements of Assets and Liabilities ..................................... 34
Statements of Operations ................................................. 35
Statements of Changes in Net Assets ...................................... 36
Statements of Cash Flows ................................................. 38
Notes to Financial Statements ............................................ 39
Additional Information ................................................... 49
Approval of the Investment Advisory and Money Manager Agreements ......... 50
Directors and Principal Officers ......................................... 54
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Copyright (C) 2007 -- All rights reserved -- This report may not be reproduced
or distributed without written permission from TIFF.
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TIFF MULTI-ASSET FUND -- FUND EXPENSES (UNAUDITED) JUNE 30, 2007
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, 2007 to June 30, 2007.
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 transactional 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 transactional
costs were included, your costs would have been higher.
INCLUDING INTEREST AND EXCLUDING INTEREST AND
DIVIDEND EXPENSE * DIVIDEND EXPENSE **
- --------------------------------------------------------------------------------------------------------------------
EXPENSES EXPENSES
BEGINNING ENDING PAID DURING BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT PERIOD ACCOUNT ACCOUNT PERIOD
VALUE VALUE 1/1/07- VALUE VALUE 1/1/07-
1/1/07 6/30/07 6/30/07 1/1/07 6/30/07 6/30/07
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1) Actual $1,000 $1,084.10 $3.51 $1,000 $1,084.10 $3.05
2) Hypothetical $1,000 $1,021.42 $3.41 $1,000 $1,021.83 $2.96
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* Expenses are equal to the fund's annualized expense ratio of 0.68% (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 0.59%. THE EXPENSE RATIO DOES NOT INCLUDE THE FEES AND EXPENSES
ASSOCIATED WITH INVESTMENTS MADE IN COMMINGLED INVESTMENT VEHICLES; SUCH FEES AND EXPENSES ARE REFLECTED IN THE
FUND'S TOTAL RETURN.
** Interest expense is interest on reverse repurchase agreements (see Note 7); dividend expense is dividends paid
on securities sold short.
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TIFF MULTI-ASSET FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2007
Six Months
Ended Year Year Year Year Year
6/30/07 Ended Ended Ended Ended Ended
(unaudited) 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02
For a share outstanding throughout each period
Net asset value, beginning of period $16.29 $14.92 $14.24 $13.19 $10.61 $11.59
-----------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income 0.25(a) 0.36(a) 0.26(a) 0.20(a) 0.21 0.20
Net realized and unrealized gain (loss) on investments
and foreign currencies 1.10 2.03 1.38 1.67 2.57 (0.96)
-----------------------------------------------------------------------
Total from investment operations 1.35 2.39 1.64 1.87 2.78 (0.76)
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LESS DISTRIBUTIONS FROM
Net investment income (0.24) (0.49) (0.45) (0.28) (0.22) (0.24)
Net realized gains -- (0.56) (0.53) (0.57) -- --
-----------------------------------------------------------------------
Total distributions (0.24) (1.05) (0.98) (0.85) (0.22) (0.24)
-----------------------------------------------------------------------
Entry/exit fee per share (a) 0.02 0.03 0.02 0.03 0.02 0.02
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Net asset value, end of period $17.42 $16.29 $ 14.92 $ 14.24 $ 13.19 $10.61
=======================================================================
TOTAL RETURN (b) 8.41%(c) 16.53% 11.73% 14.57% 26.65%
(6.33%)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000s) $2,065,258 $1,599,583 $1,058,133 $705,800 $422,094 $250,536
Ratio of expenses to average net assets (d) 0.68%(e) 0.67% 0.86% 0.77% 0.75% 0.76%
Ratio of expenses to average net assets, excluding
interest and dividend expense (d) 0.59%(e) 0.53% 0.71% 0.72% 0.72% 0.76%
Ratio of net investment income to average net assets 2.93%(e) 2.26% 1.75% 1.45% 1.57% 1.44%
Portfolio turnover 30.92%(c) 61.82% 72.70% 103.35% 116.53% 128.81%
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(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
mem ber's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the
period, would be lower by the amount of entry and exit fees paid by the member.
(c) Not annualized.
(d) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles;
such fees and expenses are reflected in the fund's total return.
(e) Annualized.
See accompanying Notes to Financial Statements.
TIFF MULTI-ASSET FUND -- SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
AS A % OF TOTAL INVESTMENTS:
US Government Obligations (short-term) 24.4
US Government Obligations (long-term) 15.2
Commingled Investment Vehicles 12.4
Financials 10.1
Energy 7.4
Consumer Discretionary 5.1
Materials 4.5
Industrials 4.0
Telecommunication Services 2.7
Healthcare 2.7
Information Technology 2.7
Commodity Linked Investments 2.7
Consumer Staples 2.5
Repurchase Agreements 1.6
Utilities 0.8
Mortgage-Backed Securities 0.8
Asset-Backed Securities 0.4
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100.0
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TIFF INTERNATIONAL EQUITY FUND -- FUND EXPENSES (UNAUDITED) JUNE 30, 2007
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, 2007 to June 30,
2007.
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 transactional 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 transactional
costs were included, your costs would have been higher.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE PERIOD*
1/1/07 6/30/07 1/1/07-6/30/07
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1) Actual $1,000 $1,137.50 $4.45
2) Hypothetical $1,000 $1,020.63 $4.21
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* Expenses are equal to the fund's annualized expense ratio of 0.86%
(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 FUND'S TOTAL RETURN.
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TIFF INTERNATIONAL EQUITY FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2007
Six Months
Ended Year Year Year Year Year
6/30/07 Ended Ended Ended Ended Ended
(unaudited) 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02
For a share outstanding throughout each period
Net asset value, beginning of period $17.18 $14.76 $13.30 $11.16 $8.02 $9.09
-----------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income 0.21 0.39 0.27 0.15 0.16 0.06
Net realized and unrealized gain (loss) on investments
and foreign currencies 2.14 3.77 1.67 2.31 3.13 (1.08)
-----------------------------------------------------------------------
Total from investment operations 2.35 4.16 1.94 2.46 3.29 (1.02)
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LESS DISTRIBUTIONS FROM
Net investment income (0.24) (0.70) (0.50) (0.34) (0.15) (0.05)
Net realized gains -- (1.06) -- -- -- --
-----------------------------------------------------------------------
Total distributions (0.24) (1.76) (0.50) (0.34) (0.15) (0.05)
-----------------------------------------------------------------------
Entry/exit fee per share (a) 0.01 0.02 0.02 0.02 --(b) --(b)
-----------------------------------------------------------------------
Net asset value, end of period $19.30 $17.18 $14.76 $13.30 $11.16 $8.02
=======================================================================
TOTAL RETURN (c) 13.75%(d) 28.74% 14.94% 22.51% 41.33% (11.24%)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000s) $321,352 $295,808 $241,536 $195,207 $168,607 $123,219
Ratio of expenses to average net assets (e) 0.86%(f) 0.67% 0.90% 1.19% 1.17% 1.38%
Ratio of expenses to average net assets before expense
waivers (e) 0.86%(f) 0.67% 0.92% 1.21% 1.17% 1.38%
Ratio of net investment income to average net assets 2.44%(f) 2.10% 1.83% 1.18% 1.41% 0.67%
Portfolio turnover 6.95%(d) 15.60% 13.93% 55.17% 48.98% 48.07%
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(a) Calculation based on average shares outstanding.
(b) Rounds to less than $0.01.
(c) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a
mem ber's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the
period, would be lower by the amount of entry and exit fees paid by the member. For certain periods, total return would have
been lower had certain expenses not been waived.
(d) Not annualized.
(e) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles;
such fees and expenses are reflected in the fund's total return.
(f) Annualized.
See accompanying Notes to Financial Statements.
TIFF INTERNATIONAL EQUITY FUND -- SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
AS A % OF TOTAL INVESTMENTS:
Financials 22.6
Consumer Discretionary 12.7
Industrials 12.5
Telecommunication Services 8.4
Materials 7.7
Energy 7.5
Consumer Staples 7.3
Healthcare 6.2
Information Technology 4.3
Utilities 3.5
Repurchase Agreements 3.1
Commingled Investment Vehicles 2.3
US Government Obligations (short-term) 1.9
-----
100.0
=====
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TIFF US EQUITY FUND -- FUND EXPENSES (UNAUDITED) JUNE 30, 2007
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, 2007 to June 30, 2007.
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 transactional 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 transactional
costs were included, your costs would have been higher.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE PERIOD*
1/1/07 6/30/07 1/1/07-6/30/07
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1) Actual $1,000 $1,084.70 $3.77
2) Hypothetical $1,000 $1,021.17 $3.66
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* Expenses are equal to the fund's annualized expense ratio of 0.73%
(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 FUND'S TOTAL RETURN.
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TIFF US EQUITY FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2007
Six Months
Ended Year Year Year Year Year
6/30/07 Ended Ended Ended Ended Ended
(unaudited) 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02
For a share outstanding throughout each period
Net asset value, beginning of period $14.90 $14.07 $14.49 $12.95 $9.59 $12.08
-----------------------------------------------------------------------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income 0.05 0.10 0.07(a) 0.07 0.02 --(b)
Net realized and unrealized gain (loss) on investments
and foreign currencies 1.21 2.35 0.88 1.57 3.36 (2.49)
-----------------------------------------------------------------------
Total from investment operations 1.26 2.45 0.95 1.64 3.38 (2.49)
-----------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income (0.04) (0.10) (0.17) (0.11) (0.02) --
Net realized gains -- (1.53) (1.21) -- -- --
-----------------------------------------------------------------------
Total distributions (0.04) (1.63) (1.38) (0.11) (0.02)--
-----------------------------------------------------------------------
Entry/exit fee per share (c) --(b) 0.01 0.01 0.01 --(b) --(b)
-----------------------------------------------------------------------
Net asset value, end of period $16.12 $14.90 $14.07 $14.49 $12.95 $9.59
-----------------------------------------------------------------------
TOTAL RETURN (c) 8.47%(e) 17.68% 6.71% 12.75% 35.24% (20.61%)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000s) $252,107 $216,369 $199,339 $229,770 $232,498 $174,477
Ratio of expenses to average net assets (f) 0.73%(g) 0.74% 0.72% 0.73% 0.85% 1.22%
Ratio of expenses to average net assets before expense
waivers (f) 0.73%(g) 0.74% 0.73% 0.74% 0.85% 1.22%
Ratio of net investment income to average net assets 0.54%(g) 0.63% 0.48%(a) 0.48% 0.19% --(b)
Portfolio turnover 18.99%(e) 34.50% 32.85% 57.49% 60.32% 60.45%
- --------------------------------------------------------------------------------------------------------------------------------
(a) Investment income per share reflects a special dividend which amounted to $0.04 per share. Excluding the special dividends ,
the ratio of net investment income to average net assets would have been 0.21%.
(b) Rounds to less than 0.01% or $0.01 as applicable.
(c) Calculation based on average shares outstanding.
(d) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, a
mem ber's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the
period, would be lower by the amount of entry and exit fees paid by the member. For certain periods, total return would have
been lower had certain expenses not been waived.
(e) Not annualized.
(f) The expense ratio does not include the fees and expenses associated with investments made in commingled investment vehicles;
such fees and expenses are reflected in the fund's total return.
(g) Annualized.
See accompanying Notes to Financial Statements.
TIFF US EQUITY FUND -- SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
AS A % OF TOTAL INVESTMENTS:
Financials 15.3
Information Technology 13.6
Consumer Discretionary 13.2
US Government Obligations (short-term) 12.6
Healthcare 11.6
Industrials 7.4
Energy 6.2
Commingled Investment Vehicles 5.9
Repurchase Agreements 3.5
Consumer Staples 3.2
Materials 3.0
Utilities 2.6
Telecommunication Services 1.9
-----
100.0
=====
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TIFF SHORT-TERM FUND -- FUND EXPENSES (UNAUDITED) JUNE 30, 2007
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, 2007 to June 30, 2007.
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 transactional costs. Therefore, the
second line of the table is useful in comparing ongoing costs only, and will
not help you determine the relative total costs of owning different funds.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE PERIOD*
1/1/07 6/30/07 1/1/07-6/30/07
- -------------------------------------------------------------------------------
1) Actual $1,000 $1,024.60 $1.05
2) Hypothetical $1,000 $1,023.75 $1.05
- -------------------------------------------------------------------------------
* Expenses are equal to the fund's annualized expense ratio of 0.21%
(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).
- ----------------------------------------------------------------------------------------------------------------------------------
TIFF SHORT-TERM FUND -- FINANCIAL HIGHLIGHTS JUNE 30, 2007
Six Months
Ended Year Year Year Year Year
6/30/07 Ended Ended Ended Ended Ended
(unaudited) 12/31/06 12/31/05 12/31/04 12/31/03 12/31/02
For a share outstanding throughout each period
Net asset value, beginning of period $9.74 $9.76 $9.79 $9.83 $9.97 $10.02
---------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.23 0.47 0.31 0.12 0.16 0.24
Net realized and unrealized gain (loss) on investments 0.01 (0.02) (0.03) (0.03) (0.07) (0.03)
---------------------------------------------------------------------
Total from investment operations 0.24 0.45 0.28 0.09 0.09 0.21
---------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income (0.23) (0.47) (0.31) (0.13) (0.23) (0.24)
Return of capital -- -- -- -- -- (0.02)
---------------------------------------------------------------------
Total distributions (0.23) (0.47) (0.31) (0.13) (0.23) (0.26)
---------------------------------------------------------------------
Net asset value, end of period $9.75 $9.74 $9.76 $9.79 $9.83 $9.97
=====================================================================
TOTAL RETURN (a) 2.46%(b) 4.72% 2.93% 0.92% 0.88% 2.11%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000s) $130,062 $99,244 $116,943 $91,073 $128,660 $171,209
Ratio of expenses to average net assets 0.21%(c) 0.19% 0.21% 0.31% 0.35% 0.35%
Ratio of expenses to average net assets before expense
waivers 0.21%(c) 0.19% 0.21% 0.36% 0.39% 0.38%
Ratio of net investment income to average net assets 4.84%(c) 4.64% 3.12% 1.19% 1.76% 2.30%
Portfolio turnover --(d) --(d) --(d) --(d) 288.22% 87.15%
- -----------------------------------------------------------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment. For certain periods, total return would have been lower had certain expenses not
been waived.
(b) Not annualized.
(c) Annualized.
(d) Due to change in investment policies the fund no longer purchases or sells securities with greater than one year to matu
rity; therefore under SEC rules for the calculation of portfolio turnover, the transactions entered into by the fund do not
constitute portfolio turnover.
See accompanying Notes to Financial Statements.
TIFF SHORT-TERM FUND -- SUMMARY OF PORTFOLIO HOLDINGS (UNAUDITED)
AS A % OF TOTAL INVESTMENTS:
US Government Obligations (short-term) 99.2
Time Deposits 0.8
-----
100.0
=====
TIFF MULTI-ASSET FUND/SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2007
NUMBER
OF SHARES VALUE
COMMON STOCKS -- 38.1%
US COMMON STOCKS -- 15.8%
AEROSPACE AND DEFENSE -- 0.2%
Boeing Co. 2,500 $ 240,401
Honeywell International, Inc. 14,800 832,944
Lockheed Martin Corp. 7,400 696,562
Northrop Grumman Corp. 8,200 638,534
Precision Castparts Corp. 3,500 424,760
Raytheon Co. 22,300 1,201,747
--------------
4,034,948
--------------
AIRLINES -- 0.2%
AMR Corp. (a) 80,600 2,123,810
Northwest Airlines Corp. - BSE Shares (a) 40,000 888,000
Northwest Airlines Corp. - NYSE Shares (a) 37,300 93
US Airways Group, Inc. (a) 20,500 620,535
--------------
3,632,438
--------------
AUTOMOBILES -- 0.1%
Fleetwood Enterprises, Inc. (a) 106,700 965,635
Harley-Davidson, Inc. 3,500 208,635
--------------
1,174,270
--------------
BEVERAGES -- 0.0%
Coca-Cola Co. (The) 4,400 230,164
PepsiCo, Inc. 8,200 531,770
--------------
761,934
--------------
BIOTECHNOLOGY -- 0.0%
Gilead Sciences, Inc. (a) 10,600 410,962
--------------
CAPITAL MARKETS -- 0.3%
Ameriprise Financial, Inc. 4,440 282,251
Franklin Resources, Inc. 1,800 238,446
Goldman Sachs Group, Inc. 4,900 1,062,075
Lehman Brothers Holdings, Inc. 4,800 357,696
Mellon Financial Corp. 49,800 2,191,200
Merrill Lynch & Co., Inc. 10,700 894,306
Morgan Stanley 12,600 1,056,888
--------------
6,082,862
--------------
CHEMICALS -- 0.1%
Dow Chemical Co. (The) 9,100 402,402
Scotts Miracle-Gro Co. (The) 50,200 2,155,588
--------------
2,557,990
--------------
COMMERCIAL BANKS -- 0.2%
Comerica, Inc. 8,200 487,654
Wachovia Corp. 76,000 3,895,000
Wells Fargo & Co. 9,500 334,115
--------------
4,716,769
--------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Learning Tree International, Inc. (a) 3,900 51,090
Pitney Bowes, Inc. 61,400 2,874,748
Viad Corp. 50,500 2,129,585
Watson Wyatt Worldwide, Inc. 37,300 1,882,904
--------------
6,938,327
--------------
COMMUNICATIONS EQUIPMENT -- 0.1%
Cisco Systems, Inc. (a) 40,500 1,127,925
--------------
COMPUTERS & PERIPHERALS -- 0.4%
Dell, Inc. (a) 49,200 1,404,660
EMC Corp. (a) 14,800 267,880
Hewlett-Packard Co. 92,900 4,145,198
International Business Machines (IBM) 8,000 842,000
Sun Microsystems, Inc. (a) 478,400 2,516,384
--------------
9,176,122
--------------
CONSUMER FINANCE -- 0.1%
American Express Co. 25,900 1,584,562
--------------
CONTAINERS AND PACKAGING -- 0.1%
Smurfit-Stone Container Corp. (a) 100,100 1,332,331
--------------
DISTRIBUTORS -- 0.2%
Genuine Parts Co. 66,800 3,313,280
--------------
DIVERSIFIED FINANCIAL SERVICES -- 0.7%
Bank of America Corp. 88,200 4,312,098
CIT Group, Inc. 6,700 367,361
Citigroup, Inc. 108,900 5,585,481
JPMorgan Chase & Co. 27,500 1,332,375
Moody's Corp. 42,100 2,618,620
--------------
14,215,935
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.4%
AT&T, Inc. 25,837 1,072,235
Cincinnati Bell, Inc. (a) 195,200 1,128,256
Embarq Corp. 5,179 328,193
Level 3 Communications, Inc. (a) 179,000 1,047,150
Verizon Communications, Inc. 122,100 5,026,857
Windstream Corp. 36,187 534,120
--------------
9,136,811
--------------
ELECTRIC UTILITIES -- 0.1%
American Electric Power Co., Inc. 4,600 207,184
Edison International 9,600 538,752
FirstEnergy Corp. 9,900 640,827
--------------
1,386,763
--------------
ELECTRICAL EQUIPMENT -- 0.1%
Superior Essex, Inc. (a) 65,200 2,435,220
--------------
ENERGY EQUIPMENT & SERVICES -- 0.4%
Baker Hughes, Inc. 43,400 3,651,242
GlobalSantaFe Corp. 28,175 2,035,644
Halliburton Co. 65,500 2,259,750
--------------
7,946,636
--------------
FOOD & STAPLES RETAILING -- 0.5%
Costco Wholesale Corp. 114,900 6,723,948
Kroger Co. (The) 78,200 2,199,766
Safeway, Inc. 16,800 571,704
--------------
9,495,418
--------------
FOOD PRODUCTS -- 0.4%
ConAgra Foods, Inc. 141,800 3,808,748
General Mills, Inc. 10,500 613,410
H.J. Heinz Co. 65,000 3,085,550
Kraft Foods, Inc., Class A 19,647 692,557
--------------
8,200,265
--------------
GAS UTILITIES -- 0.1%
Equitable Resources, Inc. 26,500 1,313,340
--------------
HEALTHCARE PROVIDERS & SERVICES -- 0.5%
Aetna, Inc. 14,000 691,600
AmerisourceBergen Corp. 9,100 450,177
Cardinal Health, Inc. 8,800 621,632
CIGNA Corp. 11,700 610,974
Express Scripts, Inc. (a) 5,800 290,058
McKesson Corp. 10,100 602,364
Medco Health Solutions, Inc. (a) 5,200 405,548
Sunrise Senior Living, Inc. (a) 122,500 4,898,775
Wellpoint, Inc. (a) 9,600 766,368
--------------
9,337,496
--------------
HOTELS, RESTAURANTS & LEISURE -- 0.0%
McDonald's Corp. 7,200 365,472
Yum! Brands, Inc. 18,800 615,136
--------------
980,608
--------------
HOUSEHOLD DURABLES -- 0.1%
American Greetings Corp., Class A 85,600 2,425,048
--------------
HOUSEHOLD PRODUCTS -- 0.0%
Kimberly-Clark Corp. 7,900 528,431
Procter & Gamble Co. 7,100 434,449
--------------
962,880
--------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.0%
Constellation Energy Group, Inc. 2,500 217,925
--------------
INDUSTRIAL CONGLOMERATES -- 0.4%
3M Co. 32,700 2,838,033
General Electric Co. 155,800 5,964,024
--------------
8,802,057
--------------
INSURANCE -- 0.4%
Allstate Corp. (The) 12,000 738,120
Berkshire Hathaway, Inc., Class B (a) 1,171 4,221,455
Chubb Corp. 3,800 205,732
Loews Corp. 11,500 586,270
MBIA, Inc. 18,900 1,175,958
Mercury General Corp. 22,500 1,239,975
Principal Financial Group 4,700 273,963
Travelers Companies, Inc. (The) 11,900 636,650
--------------
9,078,123
--------------
INTERNET & CATALOG RETAIL -- 0.3%
Amazon.com, Inc. (a) 22,200 1,518,702
Blue Nile, Inc. (a) 28,200 1,703,280
Liberty Media Holding Corp., Interactive Series A (Tracking Stock) (a)(b) 43,050 961,306
Priceline.com, Inc. (a) 28,000 1,924,720
--------------
6,108,008
--------------
IT SERVICES -- 0.2%
Automatic Data Processing, Inc. 7,000 339,290
Computer Sciences Corp. (a) 1,600 94,640
DST Systems, Inc. (a) 15,900 1,259,439
Fiserv, Inc. (a) 8,800 499,840
Forrester Research, Inc. (a) 7,400 208,162
Gartner Group, Inc., Class A (a) 108,200 2,660,638
--------------
5,062,009
--------------
LEISURE EQUIPMENT & PRODUCTS -- 0.0%
Mattel, Inc. 700 17,703
--------------
MACHINERY -- 0.1%
Caterpillar, Inc. 7,200 563,760
Eaton Corp. 2,600 241,800
Ingersoll-Rand Co. Ltd. 11,000 603,020
Parker-Hannifin Corp. 6,000 587,460
--------------
1,996,040
--------------
MEDIA -- 1.5%
Cablevision Systems Corp. (a) 245,000 8,866,550
CBS Corp., Class A 17,300 576,609
CBS Corp., Class B 110,200 3,671,864
Clear Channel Communications, Inc. 99,700 3,770,654
DIRECTV Group, Inc. (The) (a) 23,900 552,329
Discovery Holding Co., Class A (a) 58,000 1,333,420
EchoStar Communications Corp., Class A (a) 10,900 472,733
Liberty Global, Inc., Class A (a) 92,967 3,815,366
Liberty Global, Inc., Class C (a) 81,167 3,189,863
Liberty Media Holding Corp., Capital Series A (Tracking Stock) (a)(b) 8,750 1,029,700
Live Nation, Inc. (a) 2,750 61,545
McGraw-Hill Companies, Inc. (The) 9,700 660,376
Primedia, Inc. (a) 418,300 1,192,155
Sun-Times Media Group, Inc. 62,315 327,154
Time Warner, Inc. 42,900 902,616
--------------
30,422,934
--------------
METALS AND MINING -- 0.6%
Alcoa, Inc. 160,300 6,496,959
Freeport-McMoRan Copper & Gold, Inc. 34,700 2,873,854
Newmont Mining Corp. 49,300 1,925,658
Nucor Corp. 9,800 574,770
Southern Copper Corp. 3,500 329,910
--------------
12,201,151
--------------
MULTILINE RETAIL -- 0.1%
99 Cents Only Stores (a) 33,700 441,807
JC Penney Co., Inc. 6,400 463,232
Kohl's Corp. (a) 9,000 639,270
Nordstrom, Inc. 4,600 235,152
--------------
1,779,461
--------------
MULTI-UTILITIES -- 0.0%
Public Service Enterprise Group, Inc. 1,700 149,226
--------------
OFFICE ELECTRONICS -- 0.2%
Xerox Corp. (a) 177,700 3,283,896
--------------
OIL, GAS & CONSUMABLE FUELS -- 2.5%
Chevron Corp. 79,100 6,663,384
ConocoPhillips 48,624 3,816,984
Consol Energy, Inc. 70,400 3,246,144
Denbury Resources, Inc. (a) 44,600 1,672,500
Devon Energy Corp. 18,400 1,440,536
EOG Resources, Inc. 76,600 5,596,396
Exxon Mobil Corp. 107,460 9,013,745
Marathon Oil Corp. 14,000 839,440
Newfield Exploration Co. (a) 46,600 2,122,630
Noble Energy, Inc. 27,700 1,728,203
Peabody Energy Corp. 50,400 2,438,352
Ultra Petroleum Corp. (a) 29,500 1,629,580
Valero Energy Corp. 106,000 7,829,160
XTO Energy, Inc. 70,766 4,253,037
--------------
52,290,091
--------------
PAPER & FOREST PRODUCTS -- 0.1%
Bowater, Inc. 54,300 1,354,785
--------------
PERSONAL PRODUCTS -- 0.0%
Estee Lauder Companies, Inc. (The), Class A 9,100 414,141
--------------
PHARMACEUTICALS -- 0.8%
Bristol-Myers Squibb Co. 42,400 1,338,144
Forest Laboratories, Inc. (a) 7,000 319,550
Johnson & Johnson 15,400 948,948
Merck & Co., Inc. 59,800 2,978,040
Pfizer, Inc. 181,900 4,651,183
Schering-Plough Corp. 52,400 1,595,056
Wyeth 86,900 4,982,846
--------------
16,813,767
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS) -- 1.5%
Alexandria Real Estate Equities, Inc. 20,000 1,936,400
Cogdell Spencer, Inc. 35,800 737,122
DCT Industrial Trust, Inc. 34,900 375,524
Digital Realty Trust, Inc. 47,300 1,782,264
Douglas Emmett, Inc. 42,100 1,041,554
Essex Property Trust, Inc. 7,900 918,770
Potlatch Corp. 20,600 886,830
Public Storage, Inc. 42,700 3,280,214
Rayonier, Inc. 42,500 1,918,450
Simon Property Group, Inc. 33,300 3,098,232
SL Green Realty Corp. 45,900 5,686,551
Ventas, Inc. 99,400 3,603,250
Vornado Realty Trust 45,300 4,975,752
--------------
30,240,913
--------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1%
Forest City Enterprises, Inc., Class A 21,700 1,334,116
--------------
ROAD & RAIL -- 0.2%
Kansas City Southern (a) 74,800 2,807,992
Norfolk Southern Corp. 6,700 352,219
Union Pacific Corp. 4,000 460,600
--------------
3,620,811
--------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1%
Applied Materials, Inc. 32,900 653,723
LSI Corp. (a) 226,472 1,700,805
Texas Instruments, Inc. 13,200 496,716
--------------
2,851,244
--------------
SOFTWARE -- 0.5%
Intuit, Inc. (a) 11,000 330,880
Microsoft Corp. 261,400 7,703,458
Oracle Corp. (a) 134,500 2,650,995
Symantec Corp. (a) 18,300 369,660
--------------
11,054,993
--------------
SPECIALTY RETAIL -- 0.0%
Blockbuster, Inc., Class B (a) 157,500 615,825
--------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.1%
Coach, Inc. (a) 13,100 620,809
Hanes Brands, Inc. (a) 19,500 527,085
Nike, Inc., Class B 11,600 676,164
--------------
1,824,058
--------------
THRIFTS & MORTGAGE FINANCE -- 0.1%
Countrywide Financial Corp. 14,500 527,075
MGIC Investment Corp. 11,600 659,576
Washington Mutual, Inc. 17,800 758,992
--------------
1,945,643
--------------
TOBACCO -- 0.1%
Altria Group, Inc. 29,800 2,090,172
Reynolds American, Inc. 3,600 234,720
--------------
2,324,892
--------------
WIRELESS TELECOMMUNICATION SERVICES -- 0.3%
American Tower Corp., Class A (a) 47,500 1,995,000
NII Holdings, Inc., Class B (a) 20,400 1,647,096
SBA Communications Corp., Class A (a) 64,100 2,153,119
Sprint Nextel Corp. 28,800 596,448
--------------
6,391,663
--------------
Total US Common Stocks
(Cost $263,493,898) 326,876,615
--------------
FOREIGN COMMON STOCKS -- 22.4%
AUSTRALIA -- 1.0%
Alumina Ltd. 394,454 2,613,180
Amcor Ltd. 349,771 2,210,214
Australia and New Zealand Banking Group Ltd. 52,857 1,295,924
Caltex Australia Ltd. 22,300 447,282
Foster's Group Ltd. 308,892 1,670,054
Iluka Resources Ltd. 29,422 153,093
National Australia Bank Ltd. 131,961 4,577,537
Rinker Group Ltd. 31,900 509,394
Santos Ltd. 101,488 1,198,461
Telstra Corp. Ltd. 965,304 3,748,389
Westfield Group 151,500 2,553,611
--------------
20,977,139
--------------
BELGIUM -- 0.1%
Fortis 59,000 2,499,574
--------------
BERMUDA -- 0.1%
Lazard Ltd., Class A 19,700 887,091
Pacific Century Premium Developments Ltd. 997,800 325,435
--------------
1,212,526
--------------
BRAZIL -- 0.7%
Cia Vale do Rio Doce - ADR 18,086 805,731
Cia Vale do Rio Doce - SPADR 236,200 8,904,740
CPFL Energia SA 48,000 964,479
Petroleo Brasileiro SA - ADR 27,700 3,359,179
--------------
14,034,129
--------------
CaNADA -- 3.6%
Abitibi-Consolidated, Inc. (a) 137,600 401,724
Ace Aviation Holdings, Inc., Class A (a) 34,500 869,908
Aeroplane Income Fund Registered, Class D (c)(d) 20,305 404,670
Alcan, Inc. - NYSE Shares 7,000 569,100
Alcan, Inc. - TSE Shares 32,200 2,626,782
Barrick Gold Corp. 43,116 1,253,382
BCE, Inc. 28,272 1,070,634
Bell Aliant Regional Communications Income Fund (c)(d) 1,558 45,851
Boardwalk Real Estate Investment Trust - REIT 166,100 7,585,792
Bombardier, Inc., Class B (a) 863,400 5,187,289
BPO Properties Ltd. 10,600 691,674
Brookfield Asset Management, Inc., Class A 14,850 592,515
Cameco Corp. 123,700 6,276,538
Canadian Natural Resources Ltd. 127,700 8,484,962
Dundee - REIT 37,966 1,639,461
EnCana Corp. 113,100 6,956,406
Fraser Papers, Inc. (a) 39,400 225,618
Imperial Oil Ltd. 74,100 3,449,537
IPC US Real Estate Investment Trust - REIT 104,300 1,198,434
Jazz Air Income Fund (c)(d) 8,875 68,234
Nortel Networks Corp. (a) 61,590 1,484,751
Onex Corp. 13,500 466,369
Petro-Canada - NYSE Shares 4,200 223,272
Petro-Canada - TSE Shares 40,942 2,181,139
Research In Motion Ltd. (a) 2,000 399,980
Rogers Communications, Inc., Class B - NYSE Shares 9,000 382,410
Rogers Communications, Inc., Class B - TSE Shares 147,900 6,306,142
Suncor Energy, Inc. 47,484 4,277,460
Talisman Energy, Inc. 271,400 5,248,383
Western Oil Sands, Inc., Class A (a) 91,187 3,038,853
--------------
73,607,270
--------------
CaYMAN ISLANDS -- 0.1%
Greentown China Holdings Ltd. 655,600 1,428,781
--------------
CHINA -- 0.2%
Aluminum Corp. of China Ltd. - ADR 76,300 3,258,010
Tsingtao Brewery Co. Ltd. 318,000 770,826
--------------
4,028,836
--------------
DENMARK -- 0.2%
Coloplast A/S, Class B 7,100 575,866
GN Store Nord A/S (GN Great Nordic) (a) 38,900 457,743
Vestas Wind Systems A/S (a) 18,133 1,187,668
William Demant Holding (a) 12,500 1,233,642
--------------
3,454,919
--------------
FINLAND -- 0.3%
Metso Oyj 26,130 1,534,487
Sampo Oyj, Class A 47,900 1,376,988
Tietoenator Oyj 14,400 464,025
UPM-Kymmene Oyj 69,968 1,727,059
Wartsila Oyj Corp., Class B 3,080 202,439
--------------
5,304,998
--------------
FRANCE -- 1.3%
Alcatel Lucent - SPADR 117,776 1,648,864
Atos Origin SA (a) 5,100 318,359
AXA SA 26,900 1,154,298
BNP Paribas 10,370 1,235,413
Carrefour SA 46,776 3,281,012
Compagnie de Saint-Gobain 3,840 429,788
France Telecom SA 37,825 1,038,737
Groupe Danone 11,600 936,235
Lagardere S.C.A 2,220 192,925
Renault SA 14,307 2,293,750
SA des Ciments Vicat 1,390 172,751
Sanofi-Aventis 10,404 840,110
SCOR 22,592 613,209
Societe Generale, Class A 11,903 2,199,530
Suez SA, Strip VVPR (a)(c) 10,248 139
Thales SA 16,100 982,850
Total SA 60,547 4,914,996
Total SA - SPADR 64,800 5,247,504
--------------
27,500,470
--------------
GERMANY -- 0.9%
BASF AG 10,600 1,391,832
Bayer AG 40,776 3,089,078
Bayerische Motoren Werke AG 11,500 746,099
Colonia Real Estate AG (a) 38,673 1,629,771
DaimlerChrysler AG 14,700 1,357,253
Deutsche Post AG 16,200 526,350
Deutsche Telekom AG 92,308 1,707,384
E.ON AG 7,300 1,226,616
Franconofurt AG 2,300 38,886
Fraport AG 15,200 1,083,071
Fresenius Medical Care AG & Co. 31,500 1,453,949
RWE AG 26,928 2,875,319
Vivacon AG 56,000 2,263,681
--------------
19,389,289
--------------
HONG KONG -- 0.8%
Asia Satellite Telecommunications Holdings Ltd. 31,000 63,812
China Mobile Ltd. 93,500 1,007,384
First Pacific Co. 1,762,000 1,276,306
Henderson Land Development Co. 246,000 1,675,663
Hong Kong & Shanghai Hotels Ltd. (The) 613,892 1,085,148
Hong Kong Aircraft Engineering Co. Ltd. 80,400 1,224,130
Hong Kong Electric Holdings Ltd. 276,700 1,396,115
i-CABLE Communications Ltd. 1,071,000 227,665
New World Development Ltd. 2,028,049 5,074,605
Next Media Ltd. 838,000 286,184
Silver Grant International Ltd. 372,000 103,874
SmarTone Telecommunications Holdings Ltd. 534,000 618,414
Television Broadcasts Ltd. 226,000 1,589,788
Wheelock & Co. Ltd. 384,000 989,627
Wheelock Properties Ltd. 285,000 336,595
--------------
16,955,310
--------------
INDONESIA -- 0.2%
Bank Pan Indonesia Tbk PT (a) 13,748,708 972,545
Gudang Garam Tbk PT 230,000 282,932
Indofood Sukses Makmur Tbk PT 2,307,000 516,493
Matahari Putra Prima Tbk PT 4,034,800 361,878
Semen Gresik Persero Tbk PT 235,000 1,345,601
--------------
3,479,449
--------------
IRELAND -- 0.1%
Blackrock International Land plc (a) 96,100 63,340
Fyffes plc 93,400 110,945
Independent News & Media plc 214,400 1,078,749
Total Produce plc (a) 98,400 102,576
--------------
1,355,610
--------------
ISLE OF MAN -- 0.0%
Unitech Corporate Parks plc (a) 174,600 318,267
--------------
ISRAEL -- 0.0%
Bank Hapoalim B.M 136,383 666,642
--------------
ITALY -- 0.6%
Banca Popolare Italiana (a) 37,672 576,740
Fiat SpA 62,100 1,847,348
Intesa Sanpaolo 396,669 2,942,482
Luxottica Group SpA - SPADR 32,900 1,271,256
Natuzzi SpA - SPADR (a) 4,400 34,980
Risanamento SpA (a) 85,500 628,353
Saipem SpA 50,900 1,739,080
Seat Pagine Gaille 946,490 565,753
UniCredito Italiano SpA 388,733 3,458,360
--------------
13,064,352
--------------
JAPAN -- 2.0%
Ajinomoto Co., Inc. 37,000 426,694
Alfresa Holdings Corp. 6,000 418,383
Astellas Pharma, Inc. 47,400 2,062,011
Bank of Yokohama Ltd. (The) 41,000 286,898
Bridgestone Corp. 26,500 568,230
Canon, Inc. 42,000 2,464,706
Chiba Bank Ltd. (The) 28,000 248,511
Dai Nippon Printing Co. Ltd. 27,000 402,931
Daifuku Co. Ltd. 7,500 103,221
East Japan Railway Co. 136 1,046,493
Ebara Corp. 31,000 142,313
FamilyMart Co. Ltd. 21,600 569,245
FUJIFILM Holdings Corp. 21,000 939,163
Fujitsu Frontech Ltd. 4,600 40,218
Fukuoka Financial Group, Inc. (a) 62,000 408,995
Hitachi Ltd. 66,000 466,694
Isetan Co. Ltd. 9,400 154,236
JS Group Corp. 23,000 465,645
K.K. DaVinci Advisors (a) 560 488,946
Kao Corp. 38,000 984,101
Kawasaki Heavy Industries Ltd. 120,000 489,341
KDDI Corp. 79 585,326
Kinden Corp. 23,000 199,539
Kirin Brewery Co. Ltd. 48,000 718,669
Marui Co. Ltd. 32,600 411,709
Matsushita Electric Industrial 8,000 158,588
Matsushita Electric Works Ltd. 58,114 741,744
Millea Holdings, Inc. 18,600 763,322
Mitsubishi Corp. 33,900 885,836
Mitsubishi UFJ Financial Group, Inc. 52 573,083
Mitsui Fudosan Co. Ltd. 16,700 468,639
Mizuho Financial Group, Inc. 82 566,192
Namco Bandai Holdings, Inc. 33,050 522,093
NEC Corp. 73,000 377,880
Nintendo Co. Ltd. 1,600 584,354
Nippon Meat Packers, Inc. 31,000 374,993
Nippon Mining Holdings, Inc. 3,000 28,691
Nippon Oil Corp. 49,000 454,700
Nippon Suisan Kaisha Ltd. 60,000 383,703
Nisshinbo Industries, Inc. 9,000 125,553
Nitto Denko Corp. 1,900 95,984
Noritake Co. Ltd. 10,000 46,424
NTT Corp. 561 2,485,945
NTT DoCoMo, Inc. 307 485,543
Ohbayashi Corp. 22,000 119,965
Onward Kashiyama Co. Ltd. 26,000 330,918
Promise Co. Ltd. 1,350 41,642
Ricoh Co. Ltd. 20,000 461,578
Rohm Co. Ltd. 400 35,574
Ryosan Co. Ltd. 3,000 74,049
Sankyo Co. Ltd. 3,000 126,364
Secom Co. Ltd. 15,000 706,518
Sekisui House Ltd. 41,000 545,979
Seven & I Holdings Co. Ltd. 18,980 541,650
Shimizu Corp. 44,000 254,475
Shiseido Co. Ltd. 15,000 320,216
Sompo Japan Insurance, Inc. 37,000 453,089
Sony Corp. 14,200 729,676
Sumitomo Electric Industries Ltd. 32,000 475,503
Sumitomo Forestry Co. Ltd. 38,000 367,125
Sumitomo Metal Mining Co. Ltd. 22,000 475,292
Sumitomo Mitsui Financial Group, Inc. 104 969,188
Sumitomo Trust & Banking Co. Ltd. 54,000 511,775
Taiyo Nippon Sanso Corp. 52,000 401,349
Takeda Pharmaceutical Co. Ltd. 35,600 2,297,531
Tanabe Seiyaku Co. Ltd. 32,000 380,763
TDK Corp. 6,700 647,586
Tokyo Electric Power Co. Inc. (The) 13,400 430,689
Tokyo Gas Co. Ltd. 188,000 890,778
Tokyo Ohka Kogyo Co. Ltd. 9,000 201,584
Toppan Forms Co. Ltd. 21,200 255,551
Toyo Seikan Kaisha Ltd. 14,000 270,403
Toyota Motor Corp. 6,700 422,460
West Japan Railway Co. 439 2,045,222
Yamaha Motor Co. Ltd. 3,000 86,847
Yamatake Corp. 10,000 305,342
Yamato Holdings Co. Ltd. 34,000 480,305
--------------
41,872,471
--------------
LUXEMBOURG -- 0.1%
Orco Property Group 10,800 1,702,683
--------------
MALAYSIA -- 0.3%
British American Tobacco Malaysia Berhad 36,800 479,477
Bumiputra-Commerce Holdings Berhad 635,169 2,150,115
Carlsberg Brewery Malaysia Berhad 138,000 193,390
Kumpulan Guthrie Berhad 199,000 371,579
Malaysian Airlines System Berhad (a) 120,000 204,812
Multi-Purpose Holdings Berhad 390,000 251,015
Resorts World Berhad 1,721,000 1,723,247
Sime Darby Berhad 290,500 808,030
--------------
6,181,665
--------------
MEXICO -- 0.0%
America Movil SA de CV, Series L - ADR 3,700 229,141
Telefonos de Mexico SA de CV, Series L - SPADR 2,600 98,514
--------------
327,655
--------------
NETHERLANDS -- 1.3%
Arcelor Mittal 31,386 1,961,728
Arcelor Mittal, Class A 68,039 4,245,634
Heineken NV 20,475 1,202,639
ING Groep NV - CVA 88,568 3,900,121
Koninklijke (Royal) KNP NV 58,600 971,985
Koninklijke (Royal) Philips Electronics NV 27,300 1,157,328
Koninklijke Boskalis Westminster NV 22,776 905,472
Reed Elsevier NV 98,668 1,880,913
Royal Dutch Shell plc, Class A 128,192 5,238,009
Royal Dutch Shell plc, Class A - ADR 25,600 2,078,720
Royal Dutch Shell plc, Class B 28,522 1,191,046
Royal Dutch Shell plc, Class B - ADR 19,822 1,652,164
Vedior NV - CVA 8,500 254,024
Wolters Kluwer NV 22,110 674,660
--------------
27,314,443
--------------
NEW ZEALAND -- 0.1%
Telecom Corp. of New Zealand Ltd. 623,968 2,188,249
--------------
NORWAY -- 0.1%
DNB NOR ASA 43,000 551,554
Statoil ASA 22,100 683,994
--------------
1,235,548
--------------
PHILIPPINES (THE) -- 0.4%
ABS-CBN Broadcasting Corp. 838,400 578,077
Ayala Corp. 350,971 4,124,021
Banco de Oro-EPCI, Inc. 131,400 196,958
Benpres Holdings Corp. (a) 2,526,000 288,868
DMCI Holdings, Inc. 1,010,000 204,604
Globe Telecom, Inc. 87,900 2,571,341
Jollibee Foods Corp. 531,600 603,147
--------------
8,567,016
--------------
RUSSIA -- 0.3%
LUKOIL - SPADR 33,100 2,538,770
Oao Gazprom - SPADR 60,200 2,494,382
Oao Rosneft Oil Co. - GDR 201,673 1,590,181
--------------
6,623,333
--------------
SINGAPORE -- 1.1%
Ascott Group Ltd. (The) 585,100 698,807
BIL International Ltd. 833,000 854,225
Capitaland Ltd. 136,000 718,511
City Developments Ltd. - REIT 161,400 1,825,456
Fraser & Neave Ltd. 559,600 1,993,609
Great Eastern Holdings Ltd. 133,000 1,605,865
Jardine Matheson Holdings Ltd. 202,200 4,812,360
Jardine Strategic Holdings Ltd. 259,500 3,451,350
Keppel Land Ltd. 303,400 1,735,427
Mandarin Oriental International Ltd. 200,000 446,000
Oversea-Chinese Banking Corp. 316,800 1,891,285
Singapore Land Ltd. 75,000 558,894
Stats Chippac Ltd. (a) 1,384,000 1,591,560
United Industrial Corp. Ltd. 75,000 171,560
Yanlord Land Group Ltd. 370,000 754,466
Yellow Pages Singapore Ltd. 97,000 86,741
--------------
23,196,116
--------------
SOUTH AFRICA -- 0.6%
Anglo Platinum Ltd. 30,476 5,004,285
City Lodge Hotels Ltd. 12,529 141,681
FirstRand Ltd. 217,617 684,291
Gold Fields Ltd. 124,669 1,933,303
Hosken Consolidated Investments Ltd. (a) 33,000 371,194
JD Group Ltd. 13,740 137,927
Nedbank Group Ltd. 44,599 827,765
New Clicks Holdings Ltd. 59,500 121,823
RMB Holdings Ltd. 236,100 1,102,674
Standard Bank Group Ltd. 91,977 1,280,367
Sun International Ltd. 86,236 1,781,938
--------------
13,387,248
--------------
SOUTH KOREA -- 0.1%
Daelim Industrial Co. Ltd. 9,939 1,478,462
Hyundai Motor Co. 430 33,911
Kookmin Bank 730 63,949
Korea Electric Power Corp. 460 20,409
POSCO 100 47,983
Samsung Electronics Co. Ltd. 80 48,874
--------------
1,693,588
--------------
SPAIN -- 0.8%
Acciona SA 7,400 2,008,216
Acerinox SA 50,960 1,241,542
Banco Popular Espanol SA 57,550 1,070,998
Banco Santander Central Hispano SA 164,361 3,023,824
Iberdrola SA 36,054 2,013,350
Prosegur, Compania de Seguridad SA 7,200 275,781
Sogecable SA (a) 4,670 195,489
Telefonica SA 247,491 5,501,345
Viscofan SA 11,200 259,691
--------------
15,590,236
--------------
SWEDEN -- 0.2%
Assa Abloy AB 35,800 789,631
Ericsson, Class B 257,000 1,025,188
Hoganas AB, Class B 10,700 317,484
Modern Times Group MTG AB, Class B 2,150 138,903
Svenska Cellulosa AB (SCA) - Class B 47,000 787,008
Svenska Handelsbanken, Class A 35,800 1,002,456
--------------
4,060,670
--------------
SWITZERLAND -- 0.5%
Adecco SA 12,000 926,276
Compagnie Financiere Richemonte AG (UNIT) 22,200 1,326,199
Geberit AG 4,500 767,798
Logitech International SA (a) 24,330 644,699
Novartis AG 95,472 5,373,924
Phonak Holding AG 1,760 158,117
PubliGroupe SA 700 241,531
Roche Holding AG 5,120 908,254
--------------
10,346,798
--------------
TAIWAN -- 0.1%
Asustek Computer, Inc. - GDR 214,412 585,308
Chunghwa Telecom Co. Ltd. - ADR 63,800 1,203,268
Taiwan Semiconductor Manufacturing Co. Ltd. 261,300 563,445
Taiwan Semiconductor Manufacturing Co. Ltd. - SPADR 7,336 81,655
--------------
2,433,676
--------------
THAILAND -- 0.3%
Advanced Info Service PCL 806,700 2,019,684
GMM Grammy PCL - NVDR (a) 474,000 109,849
Kasikornbank PCL 340,000 752,919
Matichon PCL 76,000 18,051
MBK PCL 108,000 167,357
Siam Cement PCL 134,700 1,045,409
Siam Cement PCL - NVDR (a) 196,100 1,476,333
Thanachart Capital PCL 353,000 148,255
--------------
5,737,857
--------------
UNITED KINGDOM -- 3.9%
AMEC plc 21,910 257,083
Anglo American plc - JSE Shares 24,356 1,402,024
Anglo American plc - LSE Shares 29,946 1,752,957
Arriva plc 77,200 1,058,536
Aviva plc 89,176 1,324,305
BAE Systems plc 178,520 1,446,373
Barclays plc 94,100 1,305,880
BG Group plc 61,047 1,002,206
BP plc 460,523 5,548,045
BP plc - SPADR 70,200 5,064,228
BT Group plc 79,800 530,257
Bunzl plc 26,289 363,900
Cable & Wireless plc 366,400 1,423,139
Capita Group plc 103,800 1,504,379
Carnival plc 15,600 742,841
Compass Group plc 112,300 776,352
Daily Mail & General Trust NV - Class A 8,720 133,117
Devro plc 75,400 169,176
Diageo plc 58,900 1,223,501
Enodis plc 174,100 686,176
Enterprise Inns plc 51,200 705,107
First Choice Holidays plc 86,800 552,323
GKN plc 229,200 1,828,125
GlaxoSmithKline plc 286,741 7,511,492
Hanson plc 76,600 1,655,689
Hays plc 127,040 433,033
HBOS plc 203,856 4,009,750
HMV Group plc 14,000 33,315
Homeserve plc 6,510 233,121
ICAP plc 101,300 998,455
Informa plc 83,500 928,218
Intertek Group plc 48,700 954,815
Invensys plc (a) 123,170 937,891
INVESCO plc 57,440 740,452
ITV plc 219,300 499,676
Ladbrokes plc 36,511 315,778
Lloyds TSB Group plc 350,369 3,915,697
Northgate plc 7,370 150,989
Provident Financial plc 53,500 746,865
Reckitt Benckiser plc 25,100 1,374,367
Reed Elsevier plc 84,800 1,095,181
Rexam plc 63,100 629,592
Rio Tinto plc 25,600 1,955,683
Rolls-Royce Group plc (a) 22,250 239,302
Royal & Sun Alliance Insurance Group plc 69,500 202,635
Sage Group plc 198,600 929,255
Shaftesbury plc 29,400 347,224
Smiths Group plc 18,200 432,298
Smiths Group plc (Deferred Shares) (d) 27,300 0
Sportingbet plc (a) 15,700 18,127
Stagecoach Group plc 155,700 565,482
Tesco plc 135,700 1,135,984
Thomas Cook Group plc (a) 156,333 1,017,141
Unilever plc 125,654 4,055,065
Vedanta Resources plc 144,700 4,668,327
Vodafone Group plc 209,337 704,408
WPP Group plc 43,700 653,726
Xstrata plc 83,442 4,977,816
--------------
79,866,879
--------------
Total Foreign Common Stocks
(Cost $309,931,704) 461,603,692
--------------
Total Common Stocks
(Cost $573,425,602) 788,480,307
--------------
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
ASSET-BACKED SECURITIES -- 0.4%
BNC Mortgage Loan Trust,
Ser. 2006-1, Class M1
(FRN) 5.580% 10/25/36 $ 500,000 498,827
Citigroup Mortgage Loan
Trust, Inc.,
Ser. 2005-HE4,
Class A2C (FRN) 5.590% 10/25/35 800,000 801,610
Countrywide Asset-Backed
Certificates, Ser
2004-1,
Class 3A (FRN) 5.600% 04/25/34 1,584 1,585
Countrywide Asset-Backed
Certificates, Ser
2004-14,
Class A2 (FRN) 5.590% 06/25/35 33,164 33,168
Credit-Based Asset
Servicing and
Securitization,
Ser. 2005-CB8, Class
AF1B (STEP) 5.451% 12/25/35 313,916 312,551
First Franklin Mortgage
Loan Asset Backed
Certificates,
Ser. 2003-FF5,
Class M2 (FRN) 6.820% 03/25/34 265,000 265,385
First Franklin Mortgage
Loan Asset Backed
Certificates,
Ser. 2005-FF10,
Class A4 (FRN) 5.640% 11/25/35 600,000 598,869
First Franklin Mortgage
Loan Asset Backed
Certificates,
Ser. 2005-FFH2,
Class A2 (FRN) (c) 5.570% 04/25/35 219,732 219,797
JP Morgan Mortgage
Acquisition Corp.,
Ser. 2005-FLD1, Class
A2 (FRN) 5.580% 07/25/35 332,406 332,963
Lehman Mortgage Trust,
Ser. 2006-4,
Class 4A1 6.000% 08/25/21 456,175 458,155
Morgan Stanley ABS
Capital I,
Ser. 2002-HE3,
Class A2 (FRN) 5.860% 12/27/32 303,687 303,765
New Century Home Equity
Loan Trust, Ser
2003-2,
Class M2 (FRN) 8.320% 01/25/33 500,000 500,826
New Century Home Equity
Loan Trust, Ser
2005-4,
Class A2B (FRN) 5.590% 09/25/35 2,698,344 2,689,961
Residential Asset
Securities Corp.,
Ser. 2004-KS9,
Class AII4 (FRN) 5.620% 10/25/34 321,805 322,281
Residential Asset
Securities Corp.,
Ser. 2005-KS8,
Class A3 (FRN) 5.580% 08/25/35 1,000,000 1,001,310
SACO I Trust,
Ser. 2005-WM3,
Class A1 (FRN) 5.580% 09/25/35 134,979 134,994
------------
Total Asset-Backed Securities
(Cost $8,471,348) 8,476,047
------------
MORTGAGE-BACKED SECURITIES - PRIVATE ISSUERS -- 0.3%
American Home Mortgage
Investment Trust, Ser
2004-1, Class 4A (FRN) 3.280% 04/25/44 126,717 125,635
American Home Mortgage
Investment Trust, Ser
2004-4, Class 4A (FRN) 4.390% 02/25/45 518,681 507,671
American Home Mortgage
Investment Trust, Ser
2005-1, Class 6A (FRN) 5.294% 06/25/45 616,381 611,364
American Home Mortgage
Investment Trust, Ser
2005-2, Class 5A2
(FRN) 5.470% 09/25/35 222,314 222,322
Bank of America Funding
Corp.,
Ser. 2004-B,
Class 1A2 (VRN) 3.969% 12/20/34 483,163 493,624
Downey Savings & Loan
Association Mortgage
Loan Trust, Ser. 2004-
AR3,
Class B2 (FRN) 6.420% 07/19/44 167,844 165,982
Harborview Mortgage Loan
Trust,
Ser. 2004-7,
Class 2A2 (VRN) 3.827% 11/19/34 306,026 309,603
Harborview Mortgage Loan
Trust,
Ser. 2004-8,
Class 2A3 (FRN) 5.730% 11/19/34 283,588 284,369
Harborview Mortgage Loan
Trust,
Ser. 2005-9,
Class 2A1A (FRN) 5.660% 06/20/35 180,632 181,056
Impac CMB Trust,
Ser. 2004-9,
Class M4 (FRN) 6.370% 01/25/35 165,006 165,119
MLCC Mortgage Investors,
Inc.,
Ser. 2004-D,
Class A2 (FRN) 5.674% 08/25/29 284,384 284,656
Structured Adjustable
Rate Mortgage
Loan Trust,
Ser. 2005-19XS,
Class 1A1 (FRN) 5.640% 10/25/35 724,638 727,590
Structured Asset
Securities Corp.,
Ser. 2005-RF1,
Class A (FRN) (c) 5.670% 03/25/35 573,633 571,159
Structured Asset
Securities Corp.,
Ser. 2005-RF3,
Class A1 (FRN) (c) 5.670% 06/25/35 1,132,862 1,133,676
Wachovia Asset
Securitization, Inc.,
Ser. 2002-1,
Class 1A1 6.250% 10/25/33 33,879 33,811
Washington Mutual, Inc.,
Ser. 2005-AR1, Class
A3 (FRN) 5.680% 01/25/45 464,373 465,349
------------
Total Mortgage-Backed
Securities - Private Issuers
(Cost $6,262,060) 6,282,986
------------
MORTGAGE-BACKED SECURITIES -
US GOVERNMENT AGENCY OBLIGATIONS -- 0.5%
FHLMC Pool
#781697 (FRN) 4.037% 07/01/34 464,045 464,109
FHLMC Strip,
Ser. 2004-227,
Class IO (c)(e) 5.000% 12/01/34 533,142 137,954
FHLMC Strip,
Ser. 2005-232,
Class IO (c)(e) 5.000% 08/01/35 252,099 65,310
FHLMC Strip,
Ser. 2005-233,
Class 5 (c)(e) 4.500% 09/15/35 88,788 22,458
FHLMC Structured Pass
Through Securities,
Ser. 2003-57,
Class 1A3 7.500% 07/25/43 603,840 625,013
FHLMC,
Ser. 2004-2882,
Class HI (c)(e) 5.000% 05/15/18 62,200 8,510
FHLMC,
Ser. 2005-2934,
Class HI (c)(e) 5.000% 02/15/20 138,451 27,016
FHLMC,
Ser. 2005-2934,
Class KI (c)(e) 5.000% 02/15/20 69,170 13,412
FHLMC,
Ser. 2005-2967,
Class JI (c)(e) 5.000% 04/15/20 73,342 14,579
FNMA Pool
#831360 5.500% 03/01/21 618,592 609,567
FNMA Pool
#865792 5.500% 03/01/21 649,800 640,319
FNMA Strip,
Ser. 2005-357,
Class 2 (c)(e) 5.000% 03/01/35 233,762 59,989
FNMA Strip,
Ser. 2005-360,
Class 2 (c)(e) 5.000% 08/01/35 1,516,295 394,053
FNMA Strip,
Ser. 2005-365,
Class 4 (c)(e) 5.000% 04/01/36 87,875 21,938
FNMA TBA 5.000% 07/01/22 2,000,000 1,932,500
FNMA TBA 5.500% 07/01/22 3,200,000 3,152,000
FNMA TBA 6.500% 07/01/37 1,000,000 1,009,375
FNMA TBA 6.500% 08/01/37 1,000,000 1,008,438
FNMA Whole Loan, Ser
2002-W8,
Class A3 7.500% 06/25/42 681,112 705,188
FNMA,
Ser. 2006-10,
Class FD (FRN) 5.670% 03/25/36 259,754 260,472
GNMA,
Ser. 2001-65,
Class PG 6.000% 07/20/28 65,628 65,537
------------
Total Mortgage-Backed Securities -
US Government Agency Obligations
(Cost $11,186,168) 11,237,737
------------
COMMODITY INDEX-LINKED NOTE -- 0.5%
AIG-FP Private Funding
(Cayman) Ltd. (f) 5.206% 07/03/08 5,000,000 4,724,053
AIG-FP Private Funding
(Cayman) Ltd. (f) 5.205% 01/31/08 6,000,000 6,377,049
------------
Total Commodity Index-Linked Note
(Cost $11,001,775) 11,101,102
------------
US TREASURY SECURITIES -- 15.4%
US Treasury Inflation-
Indexed Note 2.000% 01/15/16 67,673,450 64,252,760
US Treasury Note 4.875% 08/15/16 30,000,000 29,632,020
US Treasury Inflation-
Indexed Note 2.375% 01/15/17 199,568,726 194,844,535
US Treasury Note 4.500% 05/15/17 29,616,000 28,394,340
------------
Total US Treasury Securities (Cost $322,409,015) 317,123,655
------------
NUMBER
OF SHARES
COMMINGLED INVESTMENT VEHICLES -- 18.9%
EXCHANGE-TRADED FUNDS -- 1.2%
iShares MSCI EAFE Index Fund 302,800 24,414,764
--------------
PRIVATE INVESTMENT FUNDS -- 17.7% (g)
Convexity Capital Offshore, LP (a)(c)(d)(f) 44,184,546
Farallon Capital Institutional Partners, LP (a)(c)(d)(f) 41,104,175
Freeman Fair Value Fund I, LP (a)(d)(f) 58,318,303
Joho Partners, LP (a)(c)(d)(f) 16,170,523
Lansdowne UK Equity Fund Ltd. (a)(c)(d)(f) 73,389 21,546,492
Lone Cascade, LP (a)(c)(d)(f) 9,258,674
Lone Picea, LP, Class B (a)(c)(d)(f) 1,850,924
Lone Picea, LP, Class D (a)(c)(d)(f) 3,060,019
Lone Redwood, LP (a)(c)(d)(f) 14,143,107
Maverick Fund USA Ltd. (a)(c)(d)(f) 20,137,985
Maverick Fund USA Ltd., Class C (a)(c)(d)(f) 7,374,261
Nomad Investment Co. Ltd. (The) (a)(c)(d)(f) 140,000 16,743,541
OZ Domestic Partners, LP (a)(c)(d)(f) 15,859,222
Regiment Capital Ltd. (a)(c)(d)(f) 45,152 8,273,724
Tosca (a)(c)(d)(f) 153,727 19,613,291
Tosca Asia (a)(c)(d)(f) 230,590 24,326,032
Value Realization Fund, LP (The) (a)(c)(d)(f) 43,834,463
--------------
365,799,282
--------------
Total Commingled Investment Vehicles
(Cost $275,881,942) 390,214,046
--------------
PREFERRED STOCKS -- 0.1%
Anglo Platinum Ltd., 6.38% (South Africa) 5,456 324,233
Cia Vale do Rio Doce (Brazil) 26,168 983,369
Hyundai Motor Co. Ltd. (South Korea) 14,200 678,827
--------------
Total Preferred Stocks
(Cost $1,092,549) 1,986,429
--------------
NUMBER OF
CONTRACTS
PURCHASED OPTIONS -- 0.3%
IYR Put, Strike 90.00,
Expiring 01/18/08, OTC (a)(c) 305,115 4,106,848
S&P 500 Index Put,
Strike 1,400.00,
Expiring 07/21/07 (a) 170,000 348,500
S&P 500 Index Put, Strike 1,400.00,
Expiring 09/22/07 (a) 104,500 1,609,300
--------------
Total Purchased Options
(Cost $3,409,896) 6,064,648
--------------
NUMBER OF
RIGHTS
RIGHTS -- 0.0%
New World Development Ltd.,
Expiring 07/04/07 (Hong Kong) (a) 11,143 0
--------------
Total Rights
(Cost $0) 0
--------------
NUMBER OF
WARRANTS
WARRANTS -- 0.0%
Bank Pan Indonesia Tbk-Warrants,
Expiring 07/10/09 (Indonesia) (a) 1,823,341 51,461
Matahari Putra Prima Tbk-Warrants,
Expiring 07/12/10 (Indonesia) (a) 530,600 7,517
Multi-Purpose Holdings Berhad Warrants,
Expiring 02/26/09 (Malaysia) (a) 18,100 8,336
--------------
Total Warrants
(Cost $24,049) 67,314
--------------
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
SHORT-TERM INVESTMENTS -- 26.2%
REPURCHASE AGREEMENTS -- 1.7%
Investors Bank & Trust Co. Repurchase
Agreement issued 06/29/07 (proceeds
at maturity $25,584,728)
(Collateralized by a $2,671,508
SBA, 8.875%, due 09/25/15 with a
market value, including interest,
of $2,858,983, a $11,279,304 SBA
Pool, 8.115%, due 11/25/29 with a
market value, including interest,
of $12,107,703, and a $12,004,341
FHLMC, 4.603% due 08/01/35 with a
market value, including interest,
of $11,889,446) 3.500% 07/02/07 $25,577,268 25,577,268
Morgan Stanley Repurchase Agreement
issued 06/27/07 (proceeds at
maturity $9,007,905)
(Collateralized by a $9,520,407
FNMA, 5.27%, due 08/01/18 with a
market value, including accrued
interest, of $9,187,900) 5.270% 07/03/07 9,000,000 9,000,000
--------------
Total Repurchase Agreements
(Cost $34,577,268) 34,577,268
--------------
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
US TREASURY SECURITIES -- 24.5%
US Treasury Bill (h) 09/06/07 $ 28,500,000 $ 28,255,043
US Treasury Bill (h) 09/20/07 25,000,000 24,739,275
US Treasury Bill (h)(i) 11/01/07 40,000,000 39,363,840
US Treasury Bill (h) 11/15/07 51,500,000 50,585,566
US Treasury Bill (h) 11/23/07 157,000,000 154,044,004
US Treasury Bill (h) 12/13/07 85,000,000 83,142,070
US Treasury Bill (h) 12/20/07 100,000,000 97,753,200
US Treasury Bill (h) 12/27/07 30,000,000 29,296,170
--------------
Total US Treasury Securities
(Cost $507,048,454) 507,179,168
--------------
Total Short-Term Investments
(Cost $541,625,722) 541,756,436
--------------
Total Investments -- 100.8%
(Cost $1,754,790,126) 2,082,790,707
--------------
Liabilities in Excess of Other Assets -- (0.8%) (17,533,126)
--------------
Net Assets -- 100.0% 2,065,257,581
==============
NUMBER
OF SHARES
SECURITIES SOLD SHORT -- (0.3%)
EXCHANGE-TRADED FUNDS -- (0.0%)
iShares Dow Jones US Real Estate Index Fund 2,800 (216,300)
--------------
COMMON STOCKS -- (0.0%)
FINANCIAL SERVICES -- (0.0%)
St. Joe Co. (The) 10,000 (463,400)
--------------
HOUSEHOLD DURABLES -- (0.0%)
KB Home 2,900 (114,173)
NVR, Inc. 200 (135,950)
Pulte Homes, Inc. 4,700 (105,515)
Ryland Group, Inc. 3,500 (130,795)
--------------
(486,433)
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS) -- (0.3%)
Ashford Hospitality Trust 63,600 (747,936)
BRE Properties, Inc. 12,100 (717,409)
Brandywine Realty Trust 12,500 (357,250)
Franklin Street Properties 20,400 (337,416)
HRPT Properties Trust 46,100 (479,440)
Hersha Hospitality Trust 48,800 (576,816)
Inland Real Estate Corp. 29,000 (492,420)
Medical Properties Trust, Inc. 26,400 (349,272)
Ramco-Gershenson Properties Trust 15,600 (560,508)
Senior Housing Properties Trust 24,300 (494,505)
Sunstone Hotel Investors, Inc. 11,100 (315,129)
--------------
(5,428,101)
--------------
Total Securities Sold Short
(Proceeds received $6,963,564) $ (6,594,234)
==============
ADR American Depositary Receipt
BSE Berlin Stock Exchange
CVA Certificaaten van aandelen (share certificates)
EAFE Europe, Australasia, and Far East
FHLMC Freddie Mac
FNMA Fannie Mae
FRN Floating Rate Note. Rate disclosed represents rate as of June 30, 2007.
GDR Global Depositary Receipt
GNMA Ginnie Mae
JSE Johannesburg Stock Exchange
LSE London Stock Exchange
MSCI Morgan Stanley Capital International
NV Naamloze Vennootschap
NVDR Non-Voting Depositary Receipt
NYSE New York Stock Exchange
SBA Small Business Administration
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.
TBA To be announced
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, 2007.
VVPR Verminderde Voorheffing Precompte Reduit (France dividend coupon)
(a) Non-income producing security.
(b) 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."
(c) Illiquid security.
(d) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2007, 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. All of the below securities are illiquid, with the exception of Freeman Fair
Value Fund I, LP and the Value Realization Fund, LP. TIP's board of directors has deemed 10% of the Value Realization
Fund, LP to be illiquid. The valuation committee has determined the partnership interest in Freeman Fair Value Fund I, LP
to be liquid based on the ability to redeem the private investment fund interest upon seven days' notice and payment of a
0.25% redemption fee. The TIP board of directors duly ratified the liquidity determination and agreed to fair value the
private investment fund at 99.75% of its stated market value to take into account this potential redemption fee. The
below list does not include securities eligible for resale without registration pursuant to Rule 144A under the
Securities Act of 1933 that may als o be deemed restricted.
INVESTMENT DATE OF ACQUISITION COST VALUE
Aeroplane Income Fund Registered, Class D 01/08/07-05/22/07 $335,785 $404,670
Bell Aliant Regional Communications Income Fund 07/11/06 46,436 45,851
Convexity Capital Offshore, LP 02/16/2006 42,000,000 44,184,546
Farallon Capital Institutional Partners, LP 04/01/95-11/01/05 17,746,138 41,104,175
Freeman Fair Value Fund I, LP 10/01/04-07/01/05 50,000,000 58,318,303
Jazz Air Income Fund 03/12/07-05/22/07 66,081 68,234
Joho Partners, LP 01/03/07 15,000,000 16,170,523
Lansdowne UK Equity Fund Ltd. 06/01/06 16,000,000 21,546,492
Lone Cascade, LP 01/03/06-01/02/07 6,487,000 9,258,674
Lone Picea, LP, Class B 01/03/05 1,617,000 1,850,924
Lone Picea, LP, Class D 01/02/03-01/02/04 2,279,000 3,060,019
Lone Redwood, LP 12/29/98 3,154,356 14,143,107
Maverick Fund USA Ltd. 06/30/04-09/01/04 15,000,000 20,137,985
Maverick Fund USA Ltd., Class C 01/03/06 5,000,000 7,374,261
Nomad Investment Co. Ltd. (The) 10/02/06 14,000,000 16,743,541
OZ Domestic Partners, LP 12/31/01-09/30/03 9,000,000 15,859,222
Regiment Capital Ltd. 06/30/03 6,000,000 8,273,724
Smiths Group plc (Deferred Shares) 06/19/07 0 0
Tosca 12/30/03-07/30/04 11,000,000 19,613,291
Tosca Asia 03/01/07 20,000,000 24,326,032
Value Realization Fund, LP (The) 12/31/97-04/03/06 23,797,935 43,834,463
------------
Total $366,318,037
============
(e) Interest Only security.
(f) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securi
ties fair valued amounts to $376,900,384, which represents 18.2% of the fund's net assets.
(g) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2007. These positions ar e
therefore grouped into their own industry classification.
(h) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.
(i) Security or a portion thereof is held as initial margin for financial futures and held as collateral for short sales.
FINANCIAL FUTURES CONTRACTS
INITIAL
NOTIONAL UNREALIZED
NUMBER OF VALUE/ NOTIONAL APPRECIATION/
CONTRACTS TYPE (PROCEEDS) VALUE + (DEPRECIATION)
Long Financial Futures Contracts
37 September 2007 10-Year US Treasury Note $ 3,956,735 $ 3,911,016 $ (45,719)
71 September 2007 Australian Dollar 5,948,025 6,006,600 58,575
274 September 2007 British Pound 33,763,650 34,344,187 580,537
76 September 2007 CAC40 6,140,035 6,288,481 148,446
130 September 2007 Canadian Dollar 12,204,828 12,253,800 48,972
31 September 2007 DAX Index 8,105,034 8,473,731 368,697
527 September 2007 Euro FX GLBX 87,943,125 89,379,200 1,436,075
283 September 2007 FTSE 100 Index 37,164,733 37,723,243 558,510
784 September 2007 Japanese Yen 80,899,000 80,369,800 (529,200)
37 September 2007 MIB Index 10,567,636 10,607,698 40,062
432 September 2007 S&P 500 Index 167,243,400 163,663,200 (3,580,200)
219 September 2007 Swiss Franc 22,176,487 22,535,100 358,613
301 September 2007 Topix Index 43,397,783 43,392,893 (4,890)
143 September 2007 TSE 60 Index 21,474,499 21,610,082 135,583
1 September 2007 US Long Bond 109,268 107,750 (1,518)
24 December 2007 90-Day Eurodollar 5,700,042 5,682,900 (17,142)
-----------
(444,599)
-----------
Short Financial Futures Contracts
3 September 2007 90-Day Eurodollar (713,040) (710,025) 3,015
12 September 2007 2-Year US Treasury Note (2,449,655) (2,445,375) 4,280
31 September 2007 5-Year US Treasury Note (3,241,352) (3,226,422) 14,930
1 March 2008 90-Day Eurodollar (239,422) (236,975) 2,447
4 June 2008 90-Day Eurodollar (951,237) (948,250) 2,987
1 September 2008 90-Day Eurodollar (239,184) (237,037) 2,147
26 December 2008 90-Day Eurodollar (6,174,954) (6,160,700) 14,254
1 March 2009 90-Day Eurodollar (238,947) (236,850) 2,097
1 June 2009 90-Day Eurodollar (238,822) (236,725) 2,097
18 September 2009 90-Day Eurodollar (4,287,191) (4,259,025) 28,166
18 December 2009 90-Day Eurodollar (4,285,342) (4,256,775) 28,567
17 March 2010 90-Day Eurodollar (4,046,157) (4,019,013) 27,144
17 June 2010 90-Day Eurodollar (4,045,307) (4,017,525) 27,782
-----------
159,913
-----------
$ (284,686)
===========
FORWARD CURRENCY CONTRACTS
IN EXCHANGE UNREALIZED
DESCRIPTION FOR DEPRECIATION
Sell Contracts
(pound)4,254,000 Great British Pounds Settling on 07/31/07 $8,490,303 $(49,157)
========
TOTAL RETURN SWAPS CONTRACTS
NOTIONAL EXPIRATION UNREALIZED APPRECIATION/
AMOUNT DATE COUNTERPARTY PAY RECEIVE (DEPRECIATION)
1-Month LIBOR Dow Jones Wilshire REIT
$10,000,000 05/31/2008 Bear Stearns minus 0.65% Index Total Return $(107,290)
1-Month LIBOR iShares Dow Jones US Real
$24,596,169 03/26/2008 Merrill Lynch minus 1.00% Estate Index (323,820)
1-Month LIBOR iShares MSCI Emerging
$20,189,057 03/26/2008 Merrill Lynch minus 2.00% Markets Index 428,349
--------
$ (2,761)
=========
+ See Note 3 to the Financial Statements.
See accompanying Notes to Financial Statements.
TIFF INTERNATIONAL EQUITY FUND/SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2007
NUMBER
OF SHARES VALUE
COMMON STOCKS -- 79.0%
AUSTRALIA -- 4.2%
Alumina Ltd. 94,000 $ 622,731
Amcor Ltd. 198,216 1,252,533
Australia and New Zealand Banking Group Ltd. 36,568 896,558
Caltex Australia Ltd. 29,300 587,684
Foster's Group Ltd. 381,152 2,060,734
National Australia Bank Ltd. 83,531 2,897,570
Santos Ltd. 83,464 985,617
Telstra Corp. Ltd. 757,471 2,941,349
Wesfarmers Ltd. 29,460 1,136,929
--------------
13,381,705
--------------
BELGIUM -- 0.6%
Fortis 44,680 1,892,898
--------------
BRAZIL -- 0.2%
CPFL Energia SA 32,800 659,061
--------------
CaNADA -- 2.1%
Abitibi-Consolidated, Inc. (a) 49,000 143,056
Ace Aviation Holdings, Inc., Class A (a) 9,900 249,626
Aeroplane Income Fund Registered, Class D (b)(c) 7,693 153,318
Alcan, Inc. 7,500 611,828
BCE, Inc. 7,137 270,271
Bell Aliant Regional Communications Income Fund (b)(c) 565 16,628
Bombardier, Inc., Class B (a) 335,900 2,018,080
Fraser Papers, Inc. (a) 10,800 61,845
Imperial Oil Ltd. 23,916 1,113,348
Jazz Air Income Fund (b)(c) 3,206 24,649
Nortel Networks Corp. (a) 6,962 167,833
Onex Corp. 5,300 183,093
Rogers Communications, Inc., Class B 41,600 1,773,736
--------------
6,787,311
--------------
CHINA -- 0.4%
China Shipping Development Co. Ltd. 402,000 926,227
Tsingtao Brewery Co. Ltd. 145,000 351,477
--------------
1,277,704
--------------
DENMARK -- 1.0%
Coloplast A/S, Class B 5,200 421,761
GN Store Nord A/S (GN Great Nordic) (a) 34,100 401,261
Vestas Wind Systems A/S (a) 16,866 1,104,683
William Demant Holding (a) 11,600 1,144,820
--------------
3,072,525
--------------
FINLAND -- 1.4%
Metso Oyj 24,370 1,431,131
Sampo Oyj, Class A 42,800 1,230,377
Tietoenator Oyj 12,220 393,777
UPM-Kymmene Oyj 51,568 1,272,881
Wartsila Oyj Corp., Class B 2,030 133,426
--------------
4,461,592
--------------
FRANCE -- 6.5%
Atos Origin SA (a) 4,400 274,663
AXA SA 23,900 1,025,566
BNP Paribas 8,698 1,036,222
Carrefour SA 34,345 2,409,064
Compagnie de Saint-Gobain 25,621 2,867,603
France Telecom SA 58,071 1,594,725
Groupe Danone 9,600 774,816
Lagardere S.C.A 1,460 126,878
Renault SA 18,819 3,017,130
SA des Ciments Vicat 910 113,096
Sanofi-Aventis 9,076 732,875
SCOR 19,509 529,528
Societe Generale, Class A 13,117 2,423,862
Suez SA, Strip VVPR (a)(c) 6,948 94
Thales SA 14,800 903,489
Total SA 38,845 3,153,303
--------------
20,982,914
--------------
GERMANY -- 3.6%
BASF AG 9,100 1,194,875
Bayer AG 19,684 1,491,206
Bayerische Motoren Werke AG 10,200 661,757
DaimlerChrysler AG 13,200 1,218,758
Deutsche Post AG 13,600 441,874
Deutsche Telekom AG 93,214 1,724,142
E.ON AG 6,100 1,024,980
Fresenius Medical Care AG & Co. 10,200 470,803
Fresenius Medical Care AG & Co. - ADR 15,780 724,933
RWE AG 24,613 2,628,128
--------------
11,581,456
--------------
HONG KONG -- 2.8%
Asia Satellite Telecommunications Holdings Ltd. 13,000 26,760
China Mobile Ltd. 83,000 894,256
First Pacific Co. 802,000 580,929
Henderson Land Development Co. 108,000 735,657
Hong Kong & Shanghai Hotels Ltd. (The) 272,273 481,284
Hong Kong Aircraft Engineering Co. Ltd. 37,400 569,434
Hong Kong Electric Holdings Ltd. 241,000 1,215,987
i-CABLE Communications Ltd. 491,000 104,373
New World Development Ltd. 735,907 1,841,394
Next Media Ltd. 378,000 129,090
Silver Grant International Ltd. 164,000 45,794
SmarTone Telecommunications Holdings Ltd. 202,478 234,485
Television Broadcasts Ltd. 89,000 626,067
Wharf Holdings Ltd. 286,571 1,146,921
Wheelock & Co. Ltd. 155,000 399,459
--------------
9,031,890
--------------
INDONESIA -- 0.5%
Bank Pan Indonesia Tbk PT (a) 6,334,902 448,113
Bank Permata Tbk PT (a)(c) 5,572 586
Citra Marga Nusaphala Persada Tbk PT 343,000 97,769
Gudang Garam Tbk PT 114,000 140,236
Indofood Sukses Makmur Tbk PT 1,067,000 238,881
Matahari Putra Prima Tbk PT 1,907,100 171,046
Mulia Industrindo Tbk PT (a) 415,000 9,876
Semen Gresik Persero Tbk PT 109,000 624,130
--------------
1,730,637
--------------
IRELAND -- 0.4%
Blackrock International Land plc (a) 72,300 47,653
Fyffes plc 78,300 93,009
Independent News & Media plc 196,740 989,893
Total Produce plc (a) 78,300 81,623
--------------
1,212,178
--------------
ISRAEL -- 0.1%
Bank Hapoalim B.M 75,452 368,810
--------------
ITALY -- 3.4%
Banca Popolare Italiana (a) 34,423 527,000
Fiat SpA 57,300 1,704,558
Intesa Sanpaolo 389,191 2,887,010
Luxottica Group SpA - SPADR 28,400 1,097,376
Natuzzi SpA - SPADR (a) 6,600 52,470
Saipem SpA 45,600 1,557,997
Seat Pagine Gaille 822,740 491,783
UniCredito Italiano SpA 296,390 2,636,831
--------------
10,955,025
--------------
JAPAN -- 13.6%
Ajinomoto Co., Inc. 36,000 415,162
Alfresa Holdings Corp. 4,400 306,814
Astellas Pharma, Inc. 37,900 1,648,739
Bank of Yokohama Ltd. (The) 43,000 300,893
Bridgestone Corp. 25,900 555,365
Canon, Inc. 48,750 2,860,819
Chiba Bank Ltd. (The) 28,000 248,511
Dai Nippon Printing Co. Ltd. 24,000 358,161
Dai-Dan Co. Ltd. 27,000 157,654
Daifuku Co. Ltd. 7,000 96,340
East Japan Railway Co. 122 938,766
Ebara Corp. 30,000 137,722
FamilyMart Co. Ltd. 18,000 474,371
FUJIFILM Holdings Corp. 17,000 760,275
Fujitsu Frontech Ltd. 8,500 74,316
Fukuoka Financial Group, Inc. (a) 60,000 395,801
Hitachi Ltd. 59,000 417,196
Inabata & Co. Ltd. 10,000 68,180
Isetan Co. Ltd. 9,000 147,673
JS Group Corp. 23,000 465,645
Kao Corp. 108,000 2,796,918
Kawasaki Heavy Industries Ltd. 109,000 444,484
KDDI Corp. 237 1,755,977
Kinden Corp. 18,000 156,161
Kirin Brewery Co. Ltd. 47,000 703,697
Marui Co. Ltd. 31,900 402,869
Matsushita Electric Industrial 8,000 158,588
Matsushita Electric Works Ltd. 47,772 609,743
Millea Holdings, Inc. 45,100 1,850,851
Mitsubishi Corp. 33,200 867,544
Mitsubishi UFJ Financial Group, Inc. 51 562,062
Mizuho Financial Group, Inc. 75 517,858
Namco Bandai Holdings, Inc. 30,000 473,912
NEC Corp. 66,000 341,645
Nintendo Co. Ltd. 1,400 511,310
Nippon Meat Packers, Inc. 27,000 326,607
Nippon Mining Holdings, Inc. 3,000 28,691
Nippon Oil Corp. 43,000 399,023
Nippon Suisan Kaisha Ltd. 58,000 370,913
Nisshinbo Industries, Inc. 9,000 125,553
Nitto Denko Corp. 1,500 75,777
Noritake Co. Ltd. 14,000 64,994
NTT Corp. 202 895,118
NTT DoCoMo, Inc. 278 439,678
Ohbayashi Corp. 20,000 109,059
Onward Kashiyama Co. Ltd. 20,000 254,552
Promise Co. Ltd. 1,300 40,100
Ricoh Co. Ltd. 18,000 415,420
Rohm Co. Ltd. 400 35,574
Ryosan Co. Ltd. 8,000 197,464
Sankyo Co. Ltd. 2,900 122,152
Sankyo Seiko Co. Ltd. 9,000 40,468
Secom Co. Ltd. 12,500 588,765
Sekisui House Ltd. 34,000 452,763
Seven & I Holdings Co. Ltd. 17,160 489,711
Shimizu Corp. 32,000 185,073
Shiseido Co. Ltd. 13,000 277,521
Sompo Japan Insurance, Inc. 31,000 379,615
Sony Corp. 12,900 662,875
Sumitomo Electric Industries Ltd. 30,000 445,784
Sumitomo Forestry Co. Ltd. 38,000 367,125
Sumitomo Metal Mining Co. Ltd. 22,000 475,292
Sumitomo Mitsui Financial Group, Inc. 92 857,359
Sumitomo Trust & Banking Co. Ltd. 48,000 454,911
Sumitomo Wiring Systems Ltd. 10,000 232,147
Taiyo Nippon Sanso Corp. 50,000 385,913
Takeda Pharmaceutical Co. Ltd. 43,700 2,820,284
Tanabe Seiyaku Co. Ltd. 30,000 356,965
TDK Corp. 6,000 579,927
Tokyo Electric Power Co. Inc. (The) 13,100 421,046
Tokyo Gas Co. Ltd. 154,000 729,680
Tokyo Ohka Kogyo Co. Ltd. 8,900 199,345
Toppan Forms Co. Ltd. 18,700 225,415
Toyo Seikan Kaisha Ltd. 11,000 212,459
Toyota Motor Corp. 41,100 2,591,508
West Japan Railway Co. 356 1,658,540
Yamaha Motor Co. Ltd. 5,000 144,745
Yamatake Corp. 9,500 290,075
Yamato Holdings Co. Ltd. 31,000 437,926
--------------
43,845,934
--------------
MALAYSIA -- 1.1%
British American Tobacco Malaysia Berhad 19,000 247,556
Bumiputra-Commerce Holdings Berhad 270,599 916,007
Carlsberg Brewery Malaysia Berhad 78,000 109,307
Kumpulan Guthrie Berhad 101,000 188,590
Malaysian Airlines System Berhad (a) 54,000 92,165
MISC Berhad 245,200 702,459
Multi-Purpose Holdings Berhad 204,000 131,300
Resorts World Berhad 845,000 846,103
Sime Darby Berhad 131,200 364,935
--------------
3,598,422
--------------
MEXICO -- 0.3%
America Movil SA de CV, Series L - ADR 2,400 148,632
Grupo Televisa SA - SPADR 21,900 604,659
Telefonos de Mexico SA de CV, Series L - SPADR 1,600 60,624
--------------
813,915
--------------
NETHERLANDS -- 4.7%
Arcelor Mittal 28,695 1,793,532
Heineken NV 18,450 1,083,696
ING Groep NV - CVA 53,566 2,358,796
Koninklijke (Royal) KNP NV 49,450 820,216
Koninklijke (Royal) Philips Electronics NV 23,782 1,008,190
Koninklijke Boskalis Westminster NV 18,540 737,068
Reed Elsevier NV 87,502 1,668,055
Royal Dutch Shell plc, Class A 87,435 3,572,651
Royal Dutch Shell plc, Class B 26,491 1,106,234
Vedior NV - CVA 5,600 167,357
Wolters Kluwer NV 20,457 624,221
--------------
14,940,016
--------------
NEW ZEALAND -- 0.4%
PGG Wrightson Ltd. 164,038 217,343
Telecom Corp. of New Zealand Ltd. 342,482 1,201,080
--------------
1,418,423
--------------
NORWAY -- 0.3%
DNB NOR ASA 37,100 475,876
Statoil ASA 20,200 625,189
--------------
1,101,065
--------------
PHILIPPINES (THE) -- 1.3%
ABS-CBN Broadcasting Corp. 555,800 383,224
Ayala Corp. 171,168 2,011,278
Banco de Oro-EPCI, Inc. 93,400 139,999
Benpres Holdings Corp. (a) 1,092,000 124,879
DMCI Holdings, Inc. 480,000 97,237
Globe Telecom, Inc. 41,250 1,206,687
Jollibee Foods Corp. 252,000 285,916
--------------
4,249,220
--------------
RUSSIA -- 0.1%
LUKOIL - SPADR 4,300 329,810
--------------
SINGAPORE -- 2.4%
BIL International Ltd. 433,000 444,033
Great Eastern Holdings Ltd. 63,000 760,673
Jardine Matheson Holdings Ltd. 115,020 2,737,476
Jardine Strategic Holdings Ltd. 123,312 1,640,050
Mandarin Oriental International Ltd. 88,881 198,205
Oversea-Chinese Banking Corp. 151,000 901,465
Stats Chippac Ltd. (a) 643,000 739,432
United Industrial Corp. Ltd. 36,000 82,349
Yellow Pages Singapore Ltd. 46,000 41,135
--------------
7,544,818
--------------
SOUTH AFRICA -- 1.4%
Anglo Platinum Ltd. 2,500 410,510
City Lodge Hotels Ltd. 7,408 83,772
FirstRand Ltd. 146,916 461,974
Gold Fields Ltd. 7,886 122,292
Hosken Consolidated Investments Ltd. (a) 20,000 224,966
JD Group Ltd. 9,926 99,641
Nedbank Group Ltd. 30,044 557,622
New Clicks Holdings Ltd. 33,000 67,566
RMB Holdings Ltd. 165,000 770,611
Standard Bank Group Ltd. 56,660 788,736
Sun International Ltd. 49,038 1,013,297
--------------
4,600,987
--------------
SOUTH KOREA -- 0.6%
Daelim Industrial Co. Ltd. 5,443 809,666
Hyundai Motor Co. 950 74,919
Kookmin Bank 1,200 105,121
Korea Electric Power Corp. 950 42,148
Korea Gas Corp. 11,070 715,186
POSCO 200 95,966
Samsung Electronics Co. Ltd. 170 103,858
--------------
1,946,864
--------------
SPAIN -- 4.0%
Acciona SA 6,800 1,845,388
Acerinox SA 43,520 1,060,281
Banco Popular Espanol SA 50,020 930,865
Banco Santander Central Hispano SA 158,380 2,913,789
Iberdrola SA 32,081 1,791,488
Prosegur, Compania de Seguridad SA 6,700 256,630
Sogecable SA (a) 4,625 193,605
Telefonica SA 165,510 3,679,033
Viscofan SA 9,950 230,707
--------------
12,901,786
--------------
SWEDEN -- 1.1%
Assa Abloy AB 30,700 677,142
Ericsson, Class B 227,820 908,788
Hoganas AB, Class B 10,000 296,714
Modern Times Group MTG AB, Class B 1,400 90,448
Svenska Cellulosa AB (SCA) - Class B 39,900 668,119
Svenska Handelsbanken, Class A 30,600 856,848
--------------
3,498,059
--------------
SWITZERLAND -- 2.6%
Adecco SA 10,300 795,053
Compagnie Financiere Richemonte AG (UNIT) 19,700 1,176,852
Geberit AG 4,200 716,612
Logitech International SA (a) 23,260 616,346
Novartis AG 70,132 3,947,587
Phonak Holding AG 1,785 160,363
PubliGroupe SA 510 175,972
Roche Holding AG 5,015 889,628
--------------
8,478,413
--------------
TAIWAN -- 0.5%
Asustek Computer, Inc. - GDR 249,531 681,176
Chunghwa Telecom Co. Ltd. - ADR 28,254 532,870
Taiwan Semiconductor Manufacturing Co. Ltd. 117,585 253,550
Taiwan Semiconductor Manufacturing Co. Ltd. - SPADR 6,331 70,470
--------------
1,538,066
--------------
THAILAND -- 1.0%
Advanced Info Service PCL 435,100 1,089,332
GMM Grammy PCL 132,000 30,587
Kasikornbank PCL 163,000 360,958
Matichon PCL 330,000 78,378
MBK PCL 89,000 137,915
Post Publishing PCL 240,000 49,008
Siam Cement PCL 64,000 496,705
Siam Cement PCL - NVDR (a) 94,800 713,699
Thai Union Frozen Products PCL - NVDR (a) 388,339 278,914
Thanachart Capital PCL 178,000 74,757
--------------
3,310,253
--------------
TURKEY -- 0.2%
Akbank TAS 84,286 465,899
--------------
UNITED KINGDOM -- 16.0%
AMEC plc 14,430 169,316
Anglo American plc - ADR 27,462 805,735
Arriva plc 68,482 938,998
Aviva plc 55,611 825,849
BAE Systems plc 158,970 1,287,978
Barclays plc 78,200 1,085,227
BG Group plc 118,917 1,952,256
BP plc 336,599 4,055,099
BT Group plc 60,000 398,689
Bunzl plc 23,767 328,989
Cable & Wireless plc 319,300 1,240,197
Capita Group plc 90,450 1,310,897
Carnival plc 13,856 659,796
Compass Group plc 224,807 1,554,134
Daily Mail & General Trust NV - Class A 5,750 87,778
Devro plc 63,600 142,700
Diageo plc 52,404 1,088,563
Enodis plc 146,400 577,002
Enterprise Inns plc 48,875 673,088
First Choice Holidays plc 76,100 484,237
GKN plc 139,199 1,110,267
GlaxoSmithKline plc 143,871 3,768,857
Hanson plc 67,850 1,466,560
Hays plc 117,130 399,253
HBOS plc 122,519 2,409,890
HMV Group plc 9,000 21,417
Homeserve plc 2,100 75,200
ICAP plc 91,700 903,833
Informa plc 75,800 842,622
Intertek Group plc 41,800 819,533
Invensys plc (a) 108,976 829,809
INVESCO plc 55,590 716,604
ITV plc 196,000 446,586
Ladbrokes plc 30,470 263,531
Lloyds TSB Group plc 208,288 2,327,810
Northgate plc 4,860 99,567
Provident Financial plc 41,102 573,788
Reckitt Benckiser plc 22,660 1,240,764
Reed Elsevier plc 75,700 977,656
Rexam plc 58,000 578,705
Rio Tinto plc 24,225 1,850,642
Rolls-Royce Group plc (a) 14,660 157,670
Royal & Sun Alliance Insurance Group plc 45,800 133,535
Royal Bank of Scotland Group plc 169,734 2,146,586
Sage Group plc 168,300 787,480
Smiths Group plc 17,300 410,920
Smiths Group plc (Deferred Shares) (b) 25,950 0
Sportingbet plc (a) 9,700 11,200
Stagecoach Group plc 134,366 488,000
Tesco plc 118,100 988,650
Thomas Cook Group plc (a) 138,833 903,281
TI Automotive Ltd., Class A (a)(b)(c) 37,500 1
Unilever plc 84,211 2,717,630
Vodafone Group plc 188,387 633,912
WPP Group plc 38,400 574,441
--------------
51,342,728
--------------
UNITED STATES -- 0.2%
NII Holdings, Inc., Class B (a) 5,800 468,292
--------------
Total Common Stocks
(Cost $147,623,653) 253,788,676
-------------
COMMINGLED INVESTMENT VEHICLES -- 14.5%
EXCHANGE-TRADED FUNDS -- 2.7%
iShares MSCI EAFE Index Fund 28,700 2,314,081
iShares MSCI Emerging Markets Index Fund 50,000 6,568,500
--------------
Total Exchange-Traded Funds
(Cost $5,442,419) 8,882,581
--------------
PRIVATE INVESTMENT FUNDS -- 11.8% }D{
Convexity Capital Offshore, LP (a)(b)(c)(e) 13,818,905
Lansdowne UK Equity Fund Ltd., LP (a)(b)(c)(e) 54,038 15,693,499
Tosca (a)(b)(c)(e) 65,654 8,376,422
--------------
Total Private Investment Funds
(Cost $23,700,000) 37,888,826
--------------
Total Commingled Investment Vehicles
(Cost $29,142,419) 46,771,407
--------------
PREFERRED STOCKS -- 0.4%
Cia Vale Do Rio Doce (Brazil) 20,520 771,122
Hyundai Motor Co., Ltd. (South Korea) 7,780 371,921
--------------
Total Preferred Stocks
(Cost $580,591) 1,143,043
--------------
NUMBER
OF RIGHTS
RIGHTS -- 0.0%
New World Development Ltd., Expiring
07/04/07 (Hong Kong) (a) 4,043 0
--------------
Total Rights
(Cost $0) 0
--------------
NUMBER OF
WARRANTS
WARRANTS -- 0.0%
Bank Pan Indonesia Tbk-Warrants, Expiring 7/10/2009 (Indonesia) (a) 1,266,980 35,759
Matahari Putra Prima Tbk-Warrants, Expiring 7/12/2010 (Indonesia) (a) 370,825 5,253
Multi-Purpose Holdings Berhad Warrants, Expiring 2/26/2009 (Malaysia) (a) 20,400 9,395
--------------
Total Warrants
(Cost $16,955) 50,407
--------------
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
SHORT-TERM INVESTMENTS -- 4.9%
REPURCHASE AGREEMENTS -- 3.1%
Investors Bank & Trust Co.
Repurchase Agreement issued
06/29/06 (proceeds at maturity
$9,866,495) (Collateralized by a
$8,192,626 FHR 2577 FC, 5.820%,
due 02/15/33 with a market value,
including accrued interest, of
$8,344,417), and a $1,882,095 SBA
Pool #506323, 8.125%, due 03/25/28
with a market value, including
accrued interest, of $2,012,381)
(Cost $9,863,618) 3.500% 07/02/07 $ 9,863,618 $ 9,863,618
--------------
MATURITY PRINCIPAL
DATE AMOUNT VALUE
US TREASURY SECURITIES -- 1.8%
US Treasury Bill (g) 11/23/07 $ 1,000,000 $ 981,172
US Treasury Bill (f)(g) 12/13/07 5,000,000 4,890,710
--------------
Total US Treasury Securities
(Cost $5,872,622) 5,871,882
--------------
Total Short-Term Investments
(Cost $15,736,240) 15,735,500
--------------
Total Investments -- 98.8%
(Cost $193,099,858) 317,489,033
Other Assets in Excess of Liabilities -- 1.2% 3,863,111
--------------
Net Assets -- 100.0% $ 321,352,144
==============
ADR American Depositary Receipt
CVA Certificaaten van aandelen (share certificates)
EAFE Europe, Australasia, and Far East
FHR Freddie Mac REMIC
GDR Global Depositary Receipt
MSCI Morgan Stanley Capital International
NVDR Non-Voting Depositary Receipt
SBA Small Business Administration
SCA Sociedad en Comandita por Acciones
SPADR Sponsored ADR
UNIT A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a
predetermined date.
VVPR Verminderde Voorheffing Precompte Reduit (France dividend coupon)
(a) Non-income producing security.
(b) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2007, and were valu ed 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. 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
Aeroplane Income Fund Registered, Class D 01/08/07-05/22/07 $125,543 $153,318
Bell Aliant Regional Communications Income Fund 07/11/06 16,840 16,628
Convexity Capital Offshore, LP 02/16/06 11,000,000 13,818,905
Jazz Air Income Fund 03/12/07-05/22/07 23,682 24,649
Lansdowne UK Equity Fund Ltd., LP 05/31/03 8,000,000 15,693,499
Smiths Group plc (Deferred Shares) 06/19/07 0 0
TI Automotive Ltd., Class A 12/04/00 0 1
Tosca 07/01/04 4,700,000 8,376,422
-------------
Total $ 38,083,422
=============
(c) Illiquid security.
(d) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2007. These positions are
therefore grouped into their own industry classification.
(e) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of
securities fair valued amounts to $37,888,826, which represents 11.8% of the fund's net assets.
(f) Security or a portion thereof is pledged as initial margin for financial futures contracts.
(g) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.
FINANCIAL FUTURES CONTRACTS
INITIAL
NOTIONAL UNREALIZED
NUMBER OF VALUE/ NOTIONAL APPRECIATION/
CONTRACTS TYPE (PROCEEDS) VALUE + (DEPRECIATION)
Long Financial Futures Contracts
28 September 2007 Australian Dollar $ 2,345,700 $ 2,368,800 $ 23,100
50 September 2007 British Pound 6,161,250 6,267,187 105,937
52 September 2007 CAC40 4,192,257 4,293,425 101,168
95 September 2007 Canadian Dollar 8,918,913 8,954,700 35,787
16 September 2007 DAX Index 4,174,280 4,364,167 189,887
59 September 2007 Euro FX GLBX 9,845,625 10,006,400 160,775
40 September 2007 FTSE 100 Index 5,248,388 5,327,261 78,873
126 September 2007 Japanese Yen 13,001,625 12,916,575 (85,050)
10 September 2007 MIB Index 2,849,998 2,860,803 10,804
85 September 2007 Swiss Franc 8,607,313 8,746,500 139,188
79 September 2007 Topix Index 11,355,990 11,354,711 (1,279)
67 September 2007 TSE 60 Index 10,075,666 10,139,281 63,615
---------
$ 822,805
=========
FORWARD CURRENCY CONTRACTS
IN EXCHANGE UNREALIZED
DESCRIPTION FOR DEPRECIATION
Sell Contracts
(pound)2,693,000 Great British Pounds Settling on 07/31/07 $5,374,797 $(31,119)
========
+ See Note 3 to the Financial Statements.
See accompanying Notes to Financial Statements.
TIFF US EQUITY FUND/SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2007
NUMBER
OF SHARES VALUE
COMMON STOCKS -- 62.6%
AEROSPACE AND DEFENSE -- 1.9%
AAR Corp. (a) 61,500 $ 2,030,115
Boeing Co. 2,800 269,248
Honeywell International, Inc. 13,400 754,152
Lockheed Martin Corp. 6,600 621,258
Northrop Grumman Corp. 7,900 615,173
Precision Castparts Corp. 4,300 521,848
--------------
4,811,794
--------------
AIR FREIGHT & LOGISTICS -- 0.8%
EGL, Inc. (a) 41,800 1,942,864
--------------
BEVERAGES -- 0.5%
Coca-Cola Co. (The) 9,000 470,790
PepsiCo, Inc. 10,900 706,865
--------------
1,177,655
--------------
BIOTECHNOLOGY -- 0.1%
Gilead Sciences, Inc. (a) 6,800 263,636
--------------
CaPITAL MARKETS -- 1.3%
Franklin Resources, Inc. 1,700 225,199
Goldman Sachs Group, Inc. 4,300 932,025
Lehman Brothers Holdings, Inc. 3,300 245,916
Merrill Lynch & Co., Inc. 9,800 819,084
Morgan Stanley 11,100 931,068
--------------
3,153,292
--------------
CHEMICALS -- 1.9%
Dow Chemical Co. (The) 8,800 389,136
Nalco Holding Co. 125,481 3,444,453
Tronox, Inc.- Class A 56,500 812,470
Tronox, Inc.- Class B 19,000 266,950
--------------
4,913,009
--------------
COMMERCIAL BANKS -- 2.4%
Comerica, Inc. 7,200 428,184
North Valley Bancorp 69,300 1,661,121
Prosperity Bancshares, Inc. 46,187 1,513,086
South Financial Group, Inc. (The) 64,000 1,448,960
Wachovia Corp. 6,800 348,500
Wells Fargo & Co. 15,400 541,618
--------------
5,941,469
--------------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%
Mine Safety Appliances Co. 40,000 1,750,400
Preview Systems (a)(b) 66,800 334
--------------
1,750,734
--------------
COMMUNICATIONS EQUIPMENT -- 1.8%
Andrew Corp. (a) 210,600 3,041,064
Cisco Systems, Inc. (a) 38,400 1,069,440
Research In Motion Ltd. (Canada) (a) 1,900 379,981
--------------
4,490,485
--------------
COMPUTERS & PERIPHERALS -- 1.1%
EMC Corp. (a) 15,200 275,120
Hewlett-Packard Co. 24,200 1,079,804
International Business Machines (IBM) 7,200 757,800
Komag, Inc. (a) 22,000 701,580
--------------
2,814,304
--------------
DIVERSIFIED CONSUMER SERVICES -- 3.0%
DeVry, Inc. 96,000 3,265,920
ITT Educational Services, Inc. (a) 37,100 4,354,798
--------------
7,620,718
--------------
DIVERSIFIED FINANCIAL SERVICES -- 1.2%
CIT Group, Inc. 5,600 307,048
Citigroup, Inc. 27,600 1,415,604
JPMorgan Chase & Co. 25,900 1,254,855
--------------
2,977,507
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.0%
AT&T, Inc. 22,392 929,268
General Communications, Inc., Class A (a) 94,100 1,205,421
Verizon Communications, Inc. 10,100 415,817
--------------
2,550,506
--------------
ELECTRIC UTILITIES -- 1.5%
American Electric Power Co., Inc. 2,000 90,080
Edison International 9,500 533,140
FirstEnergy Corp. 8,500 550,205
Portland General Electric Co. 92,100 2,527,224
--------------
3,700,649
--------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.5%
Checkpoint Systems, Inc. (a) 178,200 4,499,550
Rogers Corp. (a) 49,000 1,813,000
--------------
6,312,550
--------------
FOOD & STAPLES RETAILING -- 0.4%
Kroger Co. (The) 20,900 587,917
Safeway, Inc. 14,700 500,241
--------------
1,088,158
--------------
FOOD PRODUCTS -- 0.4%
ConAgra Foods, Inc. 18,300 491,538
General Mills, Inc. 9,500 554,990
--------------
1,046,528
--------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 2.3%
Cooper Companies, Inc. (The) 55,598 2,964,485
STERIS Corp. 91,100 2,787,660
--------------
5,752,145
--------------
HEALTH CARE PROVIDERS & SERVICES -- 5.5%
Aetna, Inc. 13,200 652,080
AmerisourceBergen Corp. 9,500 469,965
AmSurg Corp. (a) 25,000 603,500
Cardinal Health, Inc. 8,300 586,312
CIGNA Corp. 10,800 563,976
Express Scripts, Inc. (a) 4,800 240,048
LifePoint Hospitals, Inc. (a) 74,447 2,879,610
Lincare Holdings, Inc. (a) 20,000 797,000
McKesson Corp. 9,500 566,580
Medco Health Solutions, Inc. (a) 5,800 452,342
Odyssey HealthCare, Inc. (a) 105,100 1,246,486
Owens & Minor, Inc. 50,800 1,774,952
PharmChem, Inc. (a)(b) 269,200 2,154
Universal Health Services, Inc., Class B 37,000 2,275,500
Wellpoint, Inc. (a) 8,400 670,572
--------------
13,781,077
--------------
HOTELS, RESTAURANTS & LEISURE -- 1.5%
Applebee's International, Inc. 50,000 $ 1,205,000
McDonald's Corp. 4,600 233,496
Ruby Tuesday, Inc. 65,000 1,711,450
Yum! Brands, Inc. 17,600 575,872
--------------
3,725,818
--------------
HOUSEHOLD PRODUCTS -- 0.2%
Kimberly-Clark Corp. 4,500 301,005
Procter & Gamble Co. 3,200 195,808
--------------
496,813
--------------
INDUSTRIAL CONGLOMERATES -- 0.1%
3M Co. 2,600 225,654
--------------
INSURANCE -- 4.4%
Allstate Corp. (The) 10,200 627,402
Arthur J. Gallagher & Co. 50,000 1,394,000
Brown & Brown, Inc. 60,000 1,508,400
Chubb Corp. 8,500 460,190
Hilb, Rogal & Hobbs Co. 42,200 1,808,692
Loews Corp. 12,700 647,446
Montpelier Re Holdings Ltd. (Bermuda) 116,500 2,159,910
Platinum Underwriters Holdings Ltd. (Bermuda) 49,100 1,706,225
Principal Financial Group 3,700 215,673
Travelers Companies, Inc. (The) 11,500 615,250
--------------
11,143,188
--------------
INTERNET & CATALOG RETAIL -- 0.0%
Geerlings & Wade, Inc. (a) 66,300 66,963
--------------
IT SERVICES -- 2.5%
Automatic Data Processing, Inc. 4,000 193,880
Computer Sciences Corp. (a) 2,600 153,790
Fiserv, Inc. (a) 9,800 556,640
MoneyGram International, Inc. 96,500 2,697,175
Wright Express Corp. (a) 75,800 2,597,666
--------------
6,199,151
--------------
LIFE SCIENCES TOOLS & SERVICES -- 0.8%
Thermo Fisher Scientific, Inc. (a) 38,400 1,986,048
--------------
MACHINERY -- 1.1%
Caterpillar, Inc. 7,900 618,570
Crane Co. 19,700 895,365
Eaton Corp. 2,400 223,200
Ingersoll-Rand Co. Ltd. (Bermuda) 11,400 624,948
Parker-Hannifin Corp. 5,200 509,132
--------------
2,871,215
--------------
MEDIA -- 3.0%
Cox Radio, Inc., Class A (a) 176,036 2,506,753
DIRECTV Group, Inc. (The) (a) 24,500 566,195
EchoStar Communications Corp., Class A (a) 11,100 481,407
Liberty Global, Inc., Class A (a) 9,600 393,984
Live Nation, Inc. (a) 85,000 1,902,300
McGraw-Hill Companies, Inc. (The) 9,900 673,992
Time Warner, Inc. 43,400 913,136
--------------
7,437,767
--------------
METALS AND MINING -- 0.6%
Alcan, Inc. 6,600 536,580
Nucor Corp. 10,000 586,500
Pacific Rim Mining Corp. (Canada) (a)(c) 35,000 37,450
Southern Copper Corp. 3,500 329,910
--------------
1,490,440
--------------
MULTILINE RETAIL -- 2.6%
Big Lots, Inc. (a) 110,125 3,239,877
JC Penney Co., Inc. 4,900 354,662
Kohl's Corp. (a) 8,400 596,652
Macy's, Inc. 7,500 298,350
Saks, Inc. 100,000 2,135,000
--------------
6,624,541
--------------
MULTI-UTILITIES -- 0.6%
PNM Resources, Inc. 47,300 1,314,467
Public Service Enterprise Group, Inc. 3,200 280,896
--------------
1,595,363
--------------
OFFICE ELECTRONICS -- 0.6%
Zebra Technologies Corp., Class A (a) 41,700 1,615,458
--------------
OIL, GAS & CONSUMABLE FUELS -- 4.5%
Chevron Corp. 15,700 1,322,568
ConocoPhillips 6,692 525,322
Encana Corp. (Canada) 4,100 251,945
Encore Acquisition Co. (a) 97,500 2,710,500
Exxon Mobil Corp. 30,300 2,541,564
Marathon Oil Corp. 12,400 743,504
Petro (Canada) 5,500 292,380
Pogo Producing Co. 30,000 1,523,700
Stone Energy Corp. (a) 24,000 822,240
Valero Energy Corp. 8,900 657,354
--------------
11,391,077
--------------
PERSONAL PRODUCTS -- 0.1%
Estee Lauder Companies, Inc. (The),
Class A 7,300 332,223
--------------
PHARMACEUTICALS -- 1.2%
Forest Laboratories, Inc. (a) 7,200 328,680
Johnson & Johnson 14,500 893,490
Pfizer, Inc. 41,900 1,071,383
Salix Pharmaceuticals Ltd. (a) 58,800 723,240
--------------
3,016,793
--------------
REAL ESTATE -- 0.2%
Brookfield Asset Managment, Inc., Class A
(Canada) 13,200 526,680
--------------
ROAD & RAIL -- 0.3%
Norfolk Southern Corp. 7,700 404,789
Union Pacific Corp. 3,200 368,480
--------------
773,269
--------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.6%
Applied Materials, Inc. 28,100 558,347
Cabot Microelectronics Corp. (a) 81,500 2,892,435
Texas Instruments, Inc. 16,200 609,606
--------------
4,060,388
--------------
SOFTWARE -- 1.1%
Intuit, Inc. (a) 7,600 228,608
Microsoft Corp. 55,600 1,638,532
NexPrise, Inc. (a)(b) 28,553 14,277
Oracle Corp. (a) 38,600 760,806
Symantec Corp. (a) 11,500 232,300
--------------
2,874,523
--------------
SPECIALTY RETAIL -- 1.0%
Sally Beauty Holdings, Inc. (a) 84,700 762,300
Zale Corp. (a) 77,000 1,833,370
--------------
2,595,670
--------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.5%
Coach, Inc. (a) 13,000 616,070
Nike, Inc., Class B 10,000 582,900
--------------
1,198,970
--------------
THRIFTS & MORTGAGE FINANCE -- 2.7%
BankUnited Financial Corp., Class A 62,000 1,244,340
Countrywide Financial Corp. 13,900 505,265
Downey Financial Corp. 31,395 2,071,442
People's United Financial, Inc. 121,200 2,148,876
Washington Mutual, Inc. 16,700 712,088
--------------
6,682,011
--------------
TOBACCO -- 0.1%
Reynolds American, Inc. 5,200 339,040
--------------
TRADING COMPANIES & DISTRIBUTORS -- 0.6%
United Rentals, Inc. (a) 50,200 1,633,508
--------------
WIRELESS TELECOMMUNICATION SERVICES -- 0.4%
Rogers Communications, Inc., Class B (Canada) 8,100 344,169
Sprint Nextel Corp. 26,200 542,602
--------------
886,771
--------------
Total Common Stocks
(Cost $119,359,532) 157,878,422
--------------
COMMINGLED INVESTMENT VEHICLES -- 21.5%
PRIVATE INVESTMENT FUNDS -- 21.5% }D{
Adage Capital Partners, LP (a)(b)(c)(e) 33,082,952
Freeman Fair Value Fund I, LP (a)(c)(e) 21,022,398
Gotham Partners, LP (a)(b)(c)(e) 138,066
--------------
54,243,416
--------------
Total Commingled Investment Vehicles
(Cost $38,507,879) 54,243,416
--------------
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT
SHORT-TERM INVESTMENTS -- 16.1%
REPURCHASE AGREEMENTS -- 3.4%
Investors Bank & Trust Repurchase
Agreement issued 06/30/07 (proceeds
at maturity $8,671,127)
(Collateralized by a $7,923,063
FNMA, 4.383%, due 07/1/33 with a
market value, including accrued
interest, $7,897,588 and by a
$1,143,318 SBA, 8.625%, due
07/25/15 with a market value,
including accrued interest, of
$1,204,440) (Cost $8,668,599) 3.500% 07/02/07 $ 8,668,599 $ 8,668,599
--------------
US TREASURY SECURITIES -- 12.7%
US Treasury Bill (f)(g) 09/06/07 2,000,000 1,982,810
US Treasury Bill (f) 11/01/07 10,000,000 9,840,960
US Treasury Bill (f) 11/15/07 5,000,000 4,911,219
US Treasury Bill (f) 11/23/07 4,000,000 3,924,688
US Treasury Bill (f) 12/13/07 10,500,000 10,270,492
US Treasury Bill (f) 12/27/07 1,000,000 976,539
--------------
Total US Treasury Securities
(Cost $31,900,677) 31,906,708
--------------
Total Short-Term Investments
(Cost $40,569,276) 40,575,307
--------------
Total Investments -- 100.2%
(Cost $198,436,687) 252,697,145
Liabilities in Excess of Other Assets -- (0.2%) (590,276)
--------------
Net Assets -- 100.0% $ 252,106,869
==============
FNMA Fannie Mae
SBA Small Business Administration
(a) Non-income producing security.
(b) Illiquid security.
(c) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2007, and were valu ed 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. All of the below securities are illiquid, with the exception of Freeman Fair
Value Fund I, LP, and Pacific Rim Mining Corp. (Canada). TIP's board of directors deemed Pacific Rim Mining Corp.
(Canada) to be liquid. The valuation committee has determined the partnership interest in Freeman Fair Value Fund I, LP
to be liquid based on the ab ility to redeem the private investment fund interest upon seven days' notice and payment of
a 0.25% redemption fee. The TIP board of directors duly ratified the liquidity determination and agreed to fair value the
private investment fund at 99.75% of its stated market value to take into account this potential redemption fee. The
below list does not include securities eligible for resale without registration pursuant to Rule 144A under the
Securities Act of 1933 that may also be deemed restricted.
INVESTMENT DATE OF ACQUISITION COST VALUE
Adage Capital Partners, LP 01/01/02-06/30/03 $19,847,065 $ 33,082,952
Freeman Fair Value Fund I, LP 10/01/04-12/31/04 18,000,000 21,022,398
Gotham Partners, LP 06/29/97 660,814 138,066
Pacific Rim Mining Corp. (Canada) 06/01/04 100,800 37,450
------------
Total $ 54,280,866
============
(d) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2007. These positions are
therefore grouped into their own industry classification.
(e) Security is valued in good faith under procedures established by the board of directors. The aggregate amount of
securities fair valued amounts to $54,243,416, which represents 21.5% of the fund's net assets.
(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.
FINANCIAL FUTURES CONTRACTS
INITIAL
NOTIONAL
NUMBER OF VALUE/ NOTIONAL UNREALIZED
CONTRACTS TYPE (PROCEEDS) VALUE + DEPRECIATION
Long Financial Futures Contracts
287 September 2007 S&P 500 Index $111,108,463 $108,729,950 $(2,378,513)
-----------
Short Financial Futures Contracts
18 September 2007 Midcap 400 Index (8,088,750) (8,137,800) (49,050)
90 September 2007 Russell 2000 Index (37,746,000) (37,894,500) (148,500)
-----------
(197,550)
-----------
$(2,576,063)
===========
+ See Note 3 to the Financial Statements.
See accompanying Notes to Financial Statements.
TIFF SHORT-TERM FUND/SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2007
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
SHORT-TERM INVESTMENTS -- 100.3%
TIME DEPOSIT -- 0.8% Investors Bank & Trust Co.
(Cost $992,000) 5.000% 07/02/07 $ 992,000 $ 992,000
-------------
US TREASURY SECURITIES -- 99.5%
US Treasury Bill (a) 09/06/07 13,000,000 12,888,265
US Treasury Bill (a) 11/08/07 26,000,000 25,569,388
US Treasury Bill (a) 11/23/07 17,000,000 16,679,924
US Treasury Bill (a) 11/29/07 2,000,000 1,960,750
US Treasury Bill (a) 12/06/07 8,000,000 7,834,696
US Treasury Bill (a) 12/13/07 39,000,000 38,147,538
US Treasury Bill (a) 12/20/07 5,000,000 4,887,660
US Treasury Bill (a) 12/27/07 22,000,000 21,483,858
--------------
Total US Treasury Securities
(Cost $129,427,777) 129,452,079
--------------
Total Short-Term Investments
(Cost $130,419,777) 130,444,079
--------------
Total Investments -- 100.3%
(Cost $130,419,777) 130,444,079
Liabilities in Excess of Other Assets -- (0.3%) (382,510)
--------------
Net Assets -- 100.0% $ 130,061,569
==============
(a) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.
See accompanying Notes to Financial Statements.
- -------------------------------------------------------------------------------
TIFF INVESTMENT PROGRAM
[LOGO]
FINANCIAL STATEMENTS
AND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2007 (UNAUDITED)
- ----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2007
TIFF TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM
FUND EQUITY FUND FUND FUND
ASSETS
Investments in securities, at value (cost: $1,720,212,858;
$183,236,240; $189,768,088; $130,419,777) $2,048,213,439 $307,625,415 $244,028,546 $130,444,079
Repurchase agreements (cost: $34,577,268; $9,863,618; $8,668,599;
$--) 34,577,268 9,863,618 8,668,599 --
Cash 261,112 58,836 34,769 13,593
Deposit with broker for short sales 10,978,495 -- -- --
Due from broker for futures variation margin 2,053,274 544,952 31,050 --
Cash denominated in foreign currencies (cost: $1,314,549; $531,142;
$--; $--) 1,321,914 535,003 -- --
Receivables for:
Investment securities sold 9,899,686 4,087,358 205,650 9,831,565
Interest 4,349,110 2,115 1,774 2,836
Dividends 1,417,194 631,284 173,380 --
Capital stock sold 20,338,690 -- -- 2,029,869
-------------------------------------------------------------
TOTAL ASSETS 2,133,410,182 323,348,581 253,143,768 142,321,942
-------------------------------------------------------------
LIABILITIES
Reverse repurchase argreements (Note 7) 28,320,300 -- -- --
Securities sold short, at value (proceeds: $6,963,564; $--; $--;
$--) 6,594,234 -- -- --
Open swap contracts 2,761 -- -- --
Payable for:
Capital stock repurchased -- -- 228,601 12,109,597
Investment securities purchased 22,354,174 830,136 653,904 --
Cover of securities sold short 3,216,098 -- -- --
Other accrued expenses 779,408 403,092 91,979 41,347
Money manager fees 104,916 40,338 -- --
Dividends on securities sold short 58,462 -- -- --
Interest on reverse repurchase agreements 36,698 -- -- --
Distributions 6,636,393 691,752 62,415 109,429
Unrealized depreciation on forward currency contracts 49,157 31,119 -- --
-------------------------------------------------------------
TOTAL LIABILITIES 68,152,601 1,996,437 1,036,899 12,260,373
-------------------------------------------------------------
NET ASSETS $2,065,257,581 $321,352,144 $252,106,869 $130,061,569
=============================================================
SHARES OUTSTANDING (500,000,000 AUTHORIZED SHARES, PAR VALUE
$0.001 FOR EACH FUND) 118,573,739 16,653,770 15,640,818 13,340,195
=============================================================
NET ASSET VALUE PER SHARE $ 17.42 $ 19.30 $ 16.12 $ 9.75
=============================================================
COMPONENTS OF NET ASSETS:
Capital stock $1,703,765,970 $189,489,549 $186,270,077 $133,335,770
Undistributed (distribution in excess of) net investment income (25,088,482) (9,953,129) (1,520,857) 19,871
Accumulated net realized gain (loss) on investments 58,533,143 16,621,094 15,673,254 (3,318,374)
Net unrealized appreciation (depreciation) on investments and
foreign currencies 328,046,950 125,194,630 51,684,395 24,302
-------------------------------------------------------------
$2,065,257,581 $321,352,144 $252,106,869 $130,061,569
=============================================================
- ----------------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2007
TIFF TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM
FUND EQUITY FUND FUND FUND
INVESTMENT INCOME
Interest $ 24,266,116 $ 464,205 $ 716,991 $2,722,680
Dividends (net of foreign withholding taxes of $548,696; $408,974;
$1,608; $--) 9,398,273 4,657,748 768,223 --
----------------------------------------------------------
TOTAL INVESTMENT INCOME 33,664,389 5,121,953 1,485,214 2,722,680
----------------------------------------------------------
OPERATING EXPENSES
Investment advisory fees 1,559,077 233,077 175,362 16,186
Money manager fees 2,304,844 710,835 445,359 --
Custodian and accounting fees 657,607 199,012 81,293 14,535
Administration and transfer agent fees 452,425 78,269 59,711 28,843
Member recordkeeping fees 17,753 13,679 13,586 14,913
Professional fees 127,766 24,906 24,188 9,480
Operations monitoring agent fee 169,859 29,052 21,963 10,204
Chief compliance officer fees 54,217 9,093 6,796 3,128
Insurance 21,185 3,981 3,092 1,448
Registration and filing fees 17,515 11,601 11,050 11,988
Interest (Note 7) 628,013 -- -- --
Dividends on securities sold short 214,212 -- -- --
Miscellaneous fees and other 127,930 17,138 8,652 2,011
----------------------------------------------------------
TOTAL OPERATING EXPENSES 6,352,403 1,330,643 851,052 112,736
----------------------------------------------------------
NET INVESTMENT INCOME 27,311,986 3,791,310 634,162 2,609,944
----------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
Investments (net of foreign withholding taxes on capital gains of
$60,855; $219,703; $--; $--) 33,429,975 10,449,307 13,145,070 104,954
Short sales (5,966,944) -- -- --
Swap agreements 8,460,883 -- -- --
Financial futures contracts 23,411,580 3,781,806 4,949,949 --
Forward currency contracts and foreign currency-related
transactions (47,593) (113,501) 8 --
----------------------------------------------------------
NET REALIZED GAIN 59,287,901 14,117,612 18,095,027 104,954
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
AND FOREIGN CURRENCIES 65,362,564 22,307,254 382,710 (18,899)
----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN
CURRENCIES 124,650,465 36,424,866 18,477,737 86,055
----------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $151,962,451 $40,216,176 $19,111,899 $2,695,999
==========================================================
- ----------------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
TIFF TIFF INTERNATIONAL
MULTI-ASSET FUND EQUITY FUND
----------------------------- ---------------------------
Six Months Six Months
Ended Year Ended Year
6/30/2007 Ended 6/30/2007 Ended
(Unaudited) 12/31/2006 (Unaudited) 12/31/2006
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income $ 27,311,986 $ 30,482,547 $ 3,791,310 $ 5,627,444
Net realized gain (loss) on investments and foreign currencies 59,287,901 64,830,448 14,117,612 22,672,124
Net change in unrealized appreciation (depreciation) on
investments and foreign currencies 65,362,564 106,584,302 22,307,254 38,428,889
-------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 151,962,451 201,897,297 40,216,176 66,728,457
-------------------------------------------------------------
DISTRIBUTIONS
From net investment income (27,082,968) (41,635,972) (4,004,579) (11,179,600)
From net realized gains -- (52,218,574) -- (17,116,796)
-------------------------------------------------------------
DECREASE IN NET ASSETS RESULTING FROM DISTRIBUTIONS (27,082,968) (93,854,546) (4,004,579) (28,296,396)
-------------------------------------------------------------
CaPITAL SHARE TRANSACTIONS
Proceeds from shares sold 336,110,259 458,262,490 6,137,508 14,575,036
Proceeds from distributions reinvested 15,603,974 62,644,313 3,312,826 24,627,390
Entry/exit fees 1,752,351 2,754,103 198,751 287,516
Cost of shares redeemed (12,671,103) (90,254,414) (20,316,211) (23,650,240)
-------------------------------------------------------------
NET INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS 340,795,481 433,406,492 (10,667,126) 15,839,702
-------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 465,674,964 541,449,243 25,544,471 54,271,763
NET ASSETS
Beginning of period 1,599,582,617 1,058,133,374 295,807,673 241,535,910
-------------------------------------------------------------
End of period $2,065,257,581 $1,599,582,617 $321,352,144 $295,807,673
=============================================================
Including undistributed (distributions in excess of) net
investment income $ (25,088,482) $ (25,352,934) $(9,953,129) $(9,739,860)
-------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (IN SHARES)
Shares sold 20,232,883 29,024,597 346,547 894,010
Shares reinvested 909,891 3,926,116 171,649 1,450,820
Shares redeemed (747,937) (5,708,540) (1,084,637) (1,494,199)
-------------------------------------------------------------
NET INCREASE (DECREASE) 20,394,837 27,242,173 (566,441) 850,631
-------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------
TIFF TIFF
US EQUITY FUND SHORT-TERM FUND
---------------------------- -------------------------
Six Months Six Months
Ended Year Ended Year
6/30/2007 Ended 6/30/2007 Ended
(Unaudited) 12/31/2006 (Unaudited) 12/31/2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 634,162 $ 1,283,392 $ 2,609,944 $ 4,758,438
Net realized gain (loss) on investments and foreign currencies 18,095,027 18,038,255 104,954 (162,445)
Net change in unrealized appreciation (depreciation) on investments
and foreign currencies 382,710 13,694,356 (18,899) (5,342)
-----------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 19,111,899 33,016,003 2,695,999 4,590,651
-----------------------------------------------------------
DISTRIBUTIONS
From net investment income (629,620) (1,372,239) (2,609,750) (4,730,004)
From net realized gains -- (20,249,653) -- --
-----------------------------------------------------------
DECREASE IN NET ASSETS RESULTING FROM DISTRIBUTIONS (629,620) (21,621,892) (2,609,750) (4,730,004)
-----------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold 22,225,268 18,672,166 103,046,920 165,500,678
Proceeds from distributions reinvested 519,051 19,112,907 2,002,808 3,987,415
Entry/exit fees 69,597 127,488 -- --
Cost of shares redeemed (5,558,002) (32,276,603) (74,318,156) (187,047,682)
-----------------------------------------------------------
NET INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS 17,255,914 5,635,958 30,731,572 (17,559,589)
-----------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 35,738,193 17,030,069 30,817,821 (17,698,942)
NET ASSETS
Beginning of period 216,368,676 199,338,607 99,243,748 116,942,690
-----------------------------------------------------------
End of period $252,106,869 $216,368,676 $130,061,569 $ 99,243,748
===========================================================
Including undistributed (distributions in excess of) net
investment income $ (1,520,857) $(1,525,399) $19,871 $19,677
-----------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (IN SHARES)
Shares sold 1,438,966 1,261,453 10,558,147 16,972,699
Shares reinvested 32,999 1,279,677 205,653 409,519
Shares redeemed (351,747) (2,189,571) (7,617,229) (19,165,117)
-----------------------------------------------------------
NET INCREASE (DECREASE) 1,120,218 351,559 3,146,571 (1,782,899)
-----------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
- ----------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2007
TIFF TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY SHORT-TERM
FUND EQUITY FUND FUND FUND
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations $ 151,962,451 $ 40,216,176 $ 19,111,899 $ 2,695,999
Adjustments to reconcile net increase in net assets resulting from
operations to net cash provided by (used in) operating activities:
Investments purchased (674,813,746) (20,234,993) (38,113,680) --
Investments sold 404,370,098 19,741,974 43,197,361 (9,831,565)
Purchases to cover securities sold short (52,225,451) -- -- --
Securities sold short 17,907,155 -- -- --
(Purchase)/Sale of short term investments, net (90,398,807) 10,127,903 (20,875,049) (32,821,500)
Decrease in advance purchase of investment 15,000,000 -- -- --
(Decrease) in investment redemption received in advance -- -- (5,000,000) --
Amortization (accretion) of discount and premium, net (5,104,722) -- -- --
Increase in foreign currency (600,420) (148,285) -- --
(Increase) decrease in interest receivable (2,283,171) 1,513 3,501 724
(Increase) decrease in dividends and tax reclaims receivable (335,872) (357,997) 9,451 --
Decrease in deposit at brokers for securities sold short 27,745,909 -- -- --
Increase in interest payable 34,125 -- -- --
(Decrease) in dividends payable for securities sold short (21,913) -- -- --
(Decrease) in variation margin on financial futures contracts (3,009,937) (612,577) (21,550) --
Increase in accrued expenses and other liabilities 514,849 94,691 20,541 1,933
Net change in unrealized (appreciation) depreciation on investments (63,435,705) (21,856,280) (3,629,873) 18,899
Net realized (gain) loss from investments (33,429,975) (10,449,307) (13,145,070) --
Net change in unrealized depreciation on securities sold short (3,403,792) -- -- --
Net realized loss from securities sold short 5,966,944 -- -- --
Net change in unrealized depreciation on open swap contracts 2,761 -- -- --
Increase (decrease) in unrealized depreciation on forward foreign
currency contracts (73,255) (74,412) -- --
------------------------------------------------------------
Net cash from (used in) operating activities (305,632,474) 16,448,406 (18,442,469) (39,935,510)
------------------------------------------------------------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from shares sold 317,460,565 6,183,887 22,280,970 101,862,280
Payment on shares redeemed (12,607,748) (20,163,839) (5,315,506) (62,357,376)
Cash distributions paid (4,842,601) (2,410,118) (1,988,726) (553,273)
Increase (decrease) in payable for reverse repurchase agreements (492,639) -- -- --
------------------------------------------------------------
Net cash from (used in) financing activities 299,517,577 (16,390,070) 14,976,738 38,951,631
------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (6,114,897) 58,336 (3,465,731) (983,879)
Cash at beginning of period 6,376,009 500 3,500,500 997,472
------------------------------------------------------------
Cash at end of period $ 261,112 $ 58,836 $ 34,769 $ 13,593
============================================================
- ----------------------------------------------------------------------------------------------------------------------------------
Non cash financing activities not included herein consist of
reinvestment of all distributions of: $ 15,603,974 $ 3,312,826 $ 519,051 $ 2,002,808
Interest paid was $662,138 for TIFF Multi-Asset Fund.
See accompanying Notes to Financial Statements.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2007
1. ORGANIZATION
TIFF Investment Program, Inc. (TIP) was organized as a Maryland corporation on
December 23, 1993, and is registered under the Investment Company Act of 1940,
as amended, as an open-end management investment company. TIP currently has
four active funds: TIFF Multi-Asset Fund (Multi-Asset Fund), TIFF International
Equity Fund (International Equity Fund), TIFF US Equity Fund (US Equity Fund),
and TIFF Short-Term Fund (Short-Term Fund), collectively referred to as the
"funds."
Investment Objectives
- -------------------------------------------------------------------------------
FUND INVESTMENT OBJECTIVES
- -------------------------------------------------------------------------------
Multi-Asset Attain a growing stream of current income and
appreciation of principal that at least offsets
inflation.
International Equity Attain appreciation of principal that at least
offsets inflation.
US Equity Attain a growing stream of current income and
appreciation of principal that at least offsets
inflation.
Short-Term Attain as high a rate of current income as is
consistent with ensuring that the fund's risk of
principal loss does not exceed that of a portfolio
invested in six-month US Treasury bills.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of asset and liabilities, the
reported amounts of increases and decreases in net assets from operations
during the reported period, and disclosure of contingent assets and liabilities
at the date of the financial statements. Actual results could differ from these
estimates.
Valuation of Investments
Securities listed on a securities exchange for which market quotations are
readily available are valued at their last quoted sales price on the principal
exchange on which they are traded on the valuation date or, if there is no such
reported sale on the valuation date, at the most recently quoted bid price, or
asked price in the case of securities sold short. Debt securities are valued at
prices that reflect broker/dealer-supplied valuations or are obtained from
independent pricing services and are deemed representative of market values at
the close. Unlisted securities or securities for which over- the-counter market
quotations are readily available are valued at the latest bid price. Short-term
debt securities having a remaining maturity of 60 days or less are valued at
amortized cost, which approximates fair value, or by amortizing their value on
the 61st day prior to maturity if their term to maturity at the date of
purchase was greater than 60 days. Exchange-traded and over-the-counter options
and futures contracts are valued at the closing settlement price or, if there
were no sales that day for a particular position, at the closing bid price
(closing ask price in the case of open short future and written option sales
contracts). Forward foreign currency exchange contracts are valued at their
respective fair market values. Investments in other open-end funds or trusts
are valued at their closing net asset value per share on valuation date, which
represents their redeemable value net of any applicable sales loads.
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 may be reflected in the funds' calculation of the
net asset value if the funds' valuation committee believes that the particular
event would materially affect net asset value. The funds also employ a fair
value model to reflect such events.
Certain funds invest in private investment funds formed for the purpose of
earning returns from alternative investment strategies. Private investment
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 fund values its interests in private investment funds at "fair
value." In accordance with these procedures, fair value of private investment
interests ordinarily is based on the estimated value of the private investment
fund, as provided to the fund by the management of the private investment fund.
Fair value is intended to represent a good faith approximation of the amount
that the fund could reasonably expect to receive from the private investment
fund if the fund's interest in the private investment fund were sold at the
time of valuation, based on information reasonably available at the time
valuation is made and that the fund believes is reliable. If the private
investment fund does not provide a value to the fund on a timely basis, the
fund would determine the fair value of that private investment fund based on
the most recent estimated value provided by the management of the private
investment, as well as any other relevant information reasonably available at
the time the fund values its portfolio. 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.
Securities for which market quotations are not readily available are valued at
their fair value as determined in good faith under procedures established by
TIP's board of directors. Such procedures use fundamental valuation methods
which include, but are not limited to, the analysis of the effect of any
restrictions on the resale of the security, industry analysis and trends,
significant changes in the issuer's financial position, and any other event
which could have a significant impact on the value of the security.
Determination of fair value involves subjective judgment as the actual market
value of a particular security can be established only by negotiations between
the parties in a sales transaction, and the difference between the recorded
fair value and the value that would be received in a sale could be significant.
Investment Transactions and Investment Income
Securities transactions are recorded on the trade date (the date on which the
buy or sell order is executed). Interest income and expenses are recorded on an
accrual basis. The funds accrete discount or amortize premium using the
yield-to-maturity method on a daily basis, except for mortgage-backed
securities that record paydowns. The funds recognize paydown gains and losses
for such securities and reflect them in investment income. Dividend income is
recorded on the ex-dividend date, except certain dividends from foreign
securities that are recorded as soon after the ex-dividend date as the funds,
using reasonable diligence, become aware of such dividends. Non-cash dividends,
if any, are recorded at the fair market value of the securities received. The
funds use the specific identification method for determining realized gain or
loss on sales of securities and foreign currency transactions.
Income Taxes
There is no provision for federal income or excise tax since each fund has
elected to be taxed as a regulated investment company ("RIC") and intends to
comply with the requirements of Subchapter M of the Internal Revenue Code of
1986, as amended (the "Code"), applicable to RICs and to distribute
substantially all of its taxable income. The funds may be subject to foreign
taxes on income, gains on investments, or currency repatriation. The funds
accrue such taxes, as applicable, as a reduction from the related income and
realized and unrealized gain as and when such income is earned and gains are
recognized.
The Fund adopted Financial Accounting Standards Board Interpretation No. 48
("FIN 48"), Accounting for Uncertainty in Income Taxes, on June 29, 2007. FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented, and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold are recorded as
a tax benefit or expense in the current year. Adoption of FIN 48 was applied to
all open tax years as of the effective date. The adoption of FIN No. 48 did not
have an effect on the net asset value, financial condition or results of
operations of the Fund as there was no liability for unrecognized tax benefits
and no change to the beginning net asset value of the Fund. As of and during
the period ended June 30, 2007, the Fund did not have a liability for any
unrecognized tax benefits. Management's determinations regarding FIN 48 may be
subject to review and adjustment at a later date based upon factors including,
but not limited to, an on-going analysis of tax laws, regulations and
interpretations thereof.
Expenses
Expenses directly attributable to a fund are charged to that fund's operations;
expenses that are applicable to all funds are allocated among them based on
their relative average daily net assets.
Dividends to Members
It is the policy of all funds to declare dividends according to the following
schedule:
- -------------------------------------------------------------------------------
DIVIDENDS FROM NET CAPITAL GAINS
FUND INVESTMENT INCOME DISTRIBUTIONS
- -------------------------------------------------------------------------------
Multi-Asset Quarterly Annually
International Equity Semi-annually Annually
US Equity Quarterly Annually
Short-Term Monthly Annually
The Multi-Asset Fund has adopted a managed distribution policy that aims, on a
best efforts basis, to distribute approximately 5% of its net assets in the
form of dividends and distributions each year. Pursuant to this policy, the
fund may make distributions that are ultimately characterized as return of
capital.
Dividends from net short-term capital gains and net long-term capital gains of
each fund, if any, are normally declared and paid in December, but each fund
may make distributions on a more frequent basis to comply with the distribution
requirements of the Code. To the extent that a net realized capital gain could
be reduced by a capital loss carryover, such gain will not be distributed.
Dividends and distributions are recorded on the ex-dividend date.
Foreign Currency Translation
The books and records of the funds are maintained in US dollars. Foreign
currency amounts are translated into US dollars on the following basis:
(i) the foreign currency value of investments and other assets and liabilities
denominated in foreign currency are translated at the closing rate of
exchange on the valuation date; and
(ii) purchases and sales of investments, income, and expenses are translated at
the rate of exchange prevailing on the respective dates of such
transactions.
The resulting net unrealized foreign currency gain or loss is included in the
Statement of Operations.
The funds do not generally isolate that portion of the results of operations
arising as a result of changes in the foreign currency exchange rates from the
fluctuations arising from changes in the market prices of securities.
Accordingly, such foreign currency gain (loss) is included in net realized and
unrealized gain (loss) on investments. However, the funds do isolate the effect
of fluctuations in foreign exchange rates when determining the gain or loss
upon the sale or maturity of foreign currency-denominated debt obligations
pursuant to US federal income tax regulations; such amount is categorized as
foreign currency gain or loss for income tax reporting purposes.
Net realized gains and losses from foreign currency-related transactions
represent net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions, and
the difference between the amount of net investment income accrued and the US
dollar amount actually received.
Net Asset Value
The net asset value per share is calculated on a daily basis by dividing the
assets of each fund, less its liabilities, by the number of outstanding shares
of the fund.
New Accounting Pronouncement
In September 2006, FASB issued Statement on Financial Accounting Standards
("SFAS") No. 157, "Fair Value Measurements." This standard establishes a single
authoritative definition of fair value, sets out a framework for measuring fair
value, and requires additional disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007 and interim periods within
those fiscal years. The changes to current generally accepted accounting
principles from the application of this Statement relate to the definition of
fair value, the methods used to measure fair value, and the expanded
disclosures about fair value measurements. As of June 30, 2007, the fund does
not believe the adoption of SFAS No. 157 will impact the amounts reported in
the financial statements, however, additional disclosures may be required about
the inputs used to develop the measurements and the effect of certain of the
measurements reported on the statements of changes in net assets for a fiscal
period.
3. FINANCIAL INSTRUMENTS
Forward Currency Contracts
The funds may enter into forward currency contracts in connection with settling
planned purchases or sales of securities or to hedge the currency exposure
associated with some or all of the fund's portfolio securities. A forward
currency contract is an agreement between two parties to buy or sell a currency
at a set price on a future date. The market value of a forward currency
contract fluctuates with changes in forward currency exchange rates. Forward
currency contracts are marked to market daily, and the change in value is
recorded by the funds as an unrealized gain or loss. When a forward currency
contract is extinguished through delivery or by entry into a closing contract,
the funds record a realized gain or loss on foreign currency-related
transactions equal to the difference between the value of the contract at the
time of purchase and the value of the contract at the time it was extinguished.
These contracts may involve market risk in excess of the unrealized gain or
loss reflected in the fund's Statement of Assets and Liabilities. In addition,
the funds could be exposed to risk if the counterparties are unable to meet the
terms of the contracts or if the value of the currency changes unfavorably to
the US dollar.
Financial Futures Contracts
The funds may engage in trading financial futures contracts. A financial
futures contract is an agreement to purchase (long) or sell (short) an agreed
amount of securities at a set price for delivery at a future date. The funds
are exposed to market risk as a result of changes in the value of the
underlying financial instruments. Investments in financial futures require a
fund to "mark to market" on a daily basis, which reflects the change in the
market value of the contract at the close of each day's trading. Accordingly,
variation margin payments are made to or received from the broker in the amount
of daily unrealized gains or losses. When the contracts are closed, the fund
recognizes a realized gain or loss in the Statement of Operations. These
investments require initial margin deposits which consist of cash or cash
equivalents, equal to approximately 5%-10% of the contract amount.
Each fund may use futures contracts to manage its market exposures and to
fluctuations in currency values. Futures contracts are primarily used to
increase or decrease the funds' exposure to the underlying instrument or hedge
other fund investments. Futures contracts involve, to varying degrees, risk of
loss in excess of the variation margin included in the Statement of Assets and
Liabilities. Losses may arise from changes in the value of the underlying
instrument, an illiquid secondary market for the contracts, or counterparties
not performing under the contract terms. Futures contracts are valued at the
settlement price established each day by the board of trade or exchange on
which they are traded.
Short Selling
The funds may sell securities they do not own in anticipation of a decline in
the market price of such securities or in order to hedge portfolio positions.
The fund generally will borrow the security sold in order to make delivery to
the buyer. Upon entering into a short position, the fund records the proceeds
as a deposit with broker in its Statement of Assets and Liabilities and
establishes an offsetting liability for the securities sold under the short
sale agreement. The cash is retained by the fund's broker as collateral for the
short position. The liability is marked to market while it remains open to
reflect the current settlement obligation. Until the security is replaced, the
fund is required to pay the lender any dividend or interest earned. Such
payments are recorded as expenses to the fund. When a closing purchase is
entered into by the fund, a gain or loss equal to the difference between the
proceeds originally received and the purchase cost is realized.
In "short selling," a fund sells borrowed securities which must at some date be
repurchased and returned to the lender. If the market value of securities sold
short increases, the fund may realize losses upon repurchase in amounts which
may exceed the liability on the Statement of Assets and Liabilities. Further,
in unusual circumstances, the fund may be unable to repurchase securities to
close its short position except at prices significantly above those previously
quoted in the market.
Options
If a fund purchases an option, an amount equal to the premium paid by the fund
is included in the fund's Statement of Assets and Liabilities as an investment
and subsequently marked to market to reflect the current market value of the
option purchased. The current market value of a purchased option is the last
sale price on the market on which it is principally traded. If the purchased
option expires, the fund realizes a loss in the amount of the premium
originally paid. If the fund enters into a closing sale transaction, it
realizes a gain or loss, depending on whether the proceeds from the sale are
greater or less than the cost of the option.
If the fund exercises a call option, the cost of the securities acquired by
exercising the call option is increased by the premium paid to buy the call
option. If the fund exercises a put option, it realizes a gain or loss from the
sale of the underlying security, and the proceeds from such sale are decreased
by the premium originally paid. The risk associated with purchasing options is
limited to the premium originally paid.
If a fund writes an option, an amount equal to the premium received by the fund
is included in the fund's Statement of Assets and Liabilities as a liability
and subsequently marked to market to reflect the current value of the option
written. The current market value of a written option is the last sale price on
the market on which it is principally traded. If the written option expires,
the fund realizes a gain in the amount of the premium received. If the fund
enters into a closing transaction, it recognizes a gain or loss, depending on
whether the cost of the purchase is less than or greater than the premium
received.
If a written call option is exercised, the proceeds from the security sold are
increased by the premium received. If a put option is exercised, the cost basis
of the security purchased by the fund is reduced by the premium received. The
fund as a writer of an option has no control over whether the underlying
securities may be sold (call) or purchased (put) and as a result bears the
market risk of an unfavorable change in the price of the security underlying
the written option. Written options present risk of loss in excess of related
amounts shown on the Statement of Assets and Liabilities.
Each fund may use option contracts to manage its market exposures and to
fluctuations in interest rates and currency values. Option contracts are
primarily used to increase or decrease the fund's exposure to the underlying
instrument and may serve as hedges for other fund investments.
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.
Dollar Roll Transactions
The funds may enter into dollar roll transactions with financial institutions
to take advantage of opportunities in the mortgage backed securities market. A
dollar roll transaction involves a simultaneous sale by the fund of securities
that it holds with an agreement to repurchase substantially similar securities
at an agreed upon price and date, but generally will be collateralized at time
of delivery by different pools of mortgages with different prepayment histories
than those securities sold. During the period between the sale and repurchase,
the fund will not be entitled to receive interest and principal payments on the
securities sold. Dollar roll transactions involve risk that the market value of
the security to be repurchased by the fund may decline below the repurchase
price of the security.
Swap Agreements
A swap is an agreement that obligates two parties to exchange a series of cash
flows at specified intervals based upon or calculated by reference to changes
in specified prices or rates for a specified amount of an underlying asset. The
payment flows are usually netted against each other, with the difference being
paid by one party to the other. Risks may arise as a result of the failure of
another party to the swap contract to comply with the terms of the swap
contract. The loss incurred by the failure of a counterparty generally is
limited to the net payment to be received by the fund, and/or the termination
value at the end of the contract. Therefore, the fund considers the
creditworthiness of each counterparty to a swap contract evaluating potential
credit risk. Additionally, risks may arise from unanticipated movements in
interest rates or in the value of the underlying securities or indices.
The fund records a net receivable or payable and interest for the amount
expected to be received or paid in the period. Fluctuations in the value of
interest rate 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 changes in the relationship between the
stated rate of interest and the return on the index. The valuation of the swap
is provided by the counterparty.
Commodity Index-Linked Notes
The Multi-Asset Fund may invest in structured notes whose value is based on the
price movements of commodities, including an index of commodities. The value of
these notes will rise and fall in response to changes in the underlying
commodities, and the amount of such response will depend upon the amount of
leverage embedded in the note. These types of notes may be more or less
volatile and more or less liquid than more traditional debt securities.
Fluctuations in the value of these notes are recorded as unrealized gains and
losses in the accompanying financial statements. Net payments are recorded as
net realized gains/losses.
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 ("TAS"). Each fund pays TAS a maximum monthly fee calculated
by applying the following annual rates to such fund's average daily net assets
for the month:
- ---------------------------------------------------------------------------------------------------------------------------
MULTI- INTERNATIONAL US SHORT-TERM
ASSETS ASSET FUND EQUITY FUND EQUITY FUND FUND
- ---------------------------------------------------------------------------------------------------------------------------
On the first $500 million 0.20% 0.15% 0.15% 0.03%
On the next $500 million 0.18% 0.13% 0.13% 0.03%
On the next $500 million 0.15% 0.11% 0.11% 0.02%
On the next $500 million 0.13% 0.09% 0.09% 0.02%
On the next $500 million 0.11% 0.07% 0.07% 0.01%
On the remainder (> $2.5 billion) 0.09% 0.05% 0.05% 0.01%
TIP's board of directors has approved money manager agreements with each of the
money managers. Money managers will receive annual management fees equal to a
stated percentage of the value of fund assets under management that is adjusted
upward or downward, proportionately, to reflect actual investment performance
over the applicable time period relative to a chosen benchmark rate of return.
Certain money managers, however, will receive management fees equal to a flat
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, 2007
were as follows:
- --------------------------------------------------------------------------------------------------------------------------------
EFFECTIVE
MINIMUM MAXIMUM FEERATE
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-ASSET FUND
Aronson+Johnson+Ortiz LP (a) 0.10% 0.80% 0.35%
KG Redding, LLC (a) 0.50% 2.50% 1.09%
Marathon Asset Management, LLP (a) 0.15% 1.60% 1.06%
Mondrian Investment Partners Limited 0.30% 0.43% 0.33%
Smith Breeden Associates, Inc. (a) 0.10% 0.85% 0.18%
Wellington Management Company, LLP 0.35% 0.45% 0.40%
INTERNATIONAL EQUITY FUND
Marathon Asset Management, LLP (a) 0.15% 1.60% 0.64%
Mondrian Investment Partners Limited 0.33% 0.55% 0.47%
US EQUITY FUND
Aronson+Johnson+Ortiz LP (a) 0.10% 0.80% 0.34%
Shapiro Capital Management, LLC (a) 0.50% 0.95% 0.80%
Westport Asset Management, Inc. (a) 0.15% 2.00% 0.57%
- -----------
(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.
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. William Vastardis as its CCO and has contracted with
Vastardis Compliance Services LLC ("VCS") to provide services with respect to
the monitoring of TIP's compliance program pursuant to Rule 38a-1 of the 1940
Act. For these services, TIP pays VCS a monthly fee, plus any out-of-pocket
expenses. Each fund pays a pro rata portion of the fees based on its share of
TIP's average monthly net assets.
Pursuant to an Operations Monitoring Agent Agreement, Vastardis Fund Services
LLC earns a fee for providing operations monitoring services to TIP as well as
to other investment vehicles offered by TAS according to the following
schedule: 0.02% of the first $3.5 billion of the aggregated average daily net
assets of TIP and the other vehicles, 0.015% thereafter up to $5 billion, 0.01%
thereafter up to $7.5 billion, 0.0075% thereafter up to $10 billion, and 0.005%
on assets over $10 billion. Each fund pays a pro rata portion of the fees based
on its share of the aggregated average daily net assets of TIP and other TAS
vehicles. In addition, Mr. Vastardis serves as TIP's CFO and Treasurer.
Pursuant to an Administration Agreement, State Street Bank and Trust Company
("State Street") (formerly Investors Bank & Trust Company ("IBT")) earns a fee
for providing fund administration services to TIP according to the following
schedule: 0.06% of the first $300 million of the average daily net assets of
TIP, 0.046% thereafter up to $3 billion (0.045% for the period January 1
through March 31, 2007), and 0.04% on assets over $3 billion. State Street also
serves as TIP's custodian and accounting and transfer agent. Fees paid for
services rendered by State Street are based upon assets of TIP and on
transactions entered into by TIP during the period. Fees for such services paid
to State Street by TIP are reflected as administration fees, custodian and
accounting fees, and member recordkeeping fees in the Statement of Operations.
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, 2007, were as follows:
NON-US GOVERNMENT SECURITIES
- -------------------------------------------------------------------------------
FUND PURCHASES SALES
- -------------------------------------------------------------------------------
Multi-Asset $327,677,386 $175,083,170
International Equity 20,059,045 23,742,443
US Equity 38,745,154 43,382,114
US GOVERNMENT SECURITIES
- -------------------------------------------------------------------------------
FUND PURCHASES SALES
- -------------------------------------------------------------------------------
Multi-Asset $347,169,107 $234,700,910
For federal income tax purposes, the cost of securities owned at June 30, 2007,
the aggregate gross unrealized appreciation (depreciation), and the net
unrealized appreciation (depreciation) on securities owned at June 30, 2007,
for each fund are as follows:
- --------------------------------------------------------------------------------------------------------------------------------
GROSS GROSS NET UNREALIZED
FUND APPRECIATION DEPRECIATION APPRECIATION COST
- --------------------------------------------------------------------------------------------------------------------------------
Multi-Asset $287,606,842 $(14,764,731) $272,842,111 $1,809,948,596
International Equity 112,768,303 (2,053,340) 110,714,963 206,774,070
US Equity 51,746,326 (4,391,795) 47,354,531 205,342,614
Short-Term 24,302 -- 24,302 130,419,777
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, 2007.
7. REPURCHASE AND REVERSE REPURCHASE AGREEMENTS
Each fund may enter into repurchase agreements under which a bank or securities
firm that is a primary or reporting dealer in US government securities and
asset-backed securities agrees, upon entering into a contract, to sell US
government securities to a fund and repurchase such securities from such fund
at a mutually agreed upon price and date.
Each fund is also permitted to enter into reverse repurchase agreements under
which a primary or reporting dealer in US government securities purchases US
government securities from a fund and such fund agrees to repurchase the
securities at an agreed upon price and date. 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, 2007 were as follows:
- -------------------------------------------------------------------------------
FACE
DESCRIPTION VALUE
- -------------------------------------------------------------------------------
MULTI-ASSET FUND
JP Morgan Chase & Co., 4.70%, dated 06/21/07, to be repurchased
on 07/17/07, at $28,397,889 (a) $28,320,300
Average balance outstanding* $28,989,148
Average interest rate 4.80%
Maximum face value outstanding $31,825,185
- --------
* Average balance outstanding was calculated based on daily balances
outstanding during the period that the fund had entered into reverse
repurchase agreements.
(a) Reverse repurchase agreement has an open maturity date and the interest
rate resets every one to three days. The Fund may terminate the agreement
at any time without penalty. Interest rate and maturity date disclosed are
as of June 30, 2007.
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 to be purchased declines prior to the
settlement date, which risk is in addition to the risk of decline in the value
of the funds' other assets. Unsettled TBA purchase commitments are valued at
the current market value of the underlying securities, generally according to
the procedures described under Valuation of Investments above. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts.
Although the fund will generally enter into TBA purchase commitments with the
intention of acquiring securities for their portfolio, the fund may dispose of
a commitment prior to settlement if the respective money managers deem 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.
Unsettled TBA sale commitments are valued at the current market value of the
underlying securities, generally according to the procedures described under
Valuation of Investments above. The contract is marked to market daily, and the
change in market value is recorded by the fund as an unrealized gain or loss.
If the TBA sale commitment is closed through the acquisition of an offsetting
purchase commitment, the fund realizes a gain or loss on the commitment without
regard to any unrealized gain or loss on the underlying security. If the fund
delivers securities under the commitment, the fund realizes a gain or loss from
the sale of the securities upon the unit price established at the date the
commitment was entered into.
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, interest rate, and currency swaps. A
fund may be subject to various delays and risks of loss if the counterparty
becomes insolvent or is otherwise unable to meet its obligations.
The Multi-Asset, International Equity, and US Equity Funds invest in private
investment funds that entail liquidity risk to the extent they are difficult to
sell or convert to cash quickly at favorable prices.
The Multi-Asset Fund invests in fixed income securities issued by banks and
other financial companies, the market values of which may change in response to
interest rate changes. Although the fund generally maintains a diversified
portfolio, the ability of the issuers of the respective fund's portfolio
securities to meet their obligations may be affected by changing business and
economic conditions in a specific industry, state, or region.
The Multi-Asset, International Equity, and US Equity Funds invest in securities
of foreign issuers in various countries. These investments may involve certain
considerations and risks not typically associated with investments in the
United States, a result of, among other factors, the possibility of future
political and economic developments and the level of governmental supervision
and regulation of securities markets in the respective countries. While the
funds' investment in emerging markets debt securities is limited, the yields of
these obligations reflect perceived credit risk.
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,
2007.
- -------------------------------------------------------------------------
FUND NUMBER % OF FUND HELD
- -------------------------------------------------------------------------
International Equity 1(a) 43
- --------
(a) A Director of the Fund serves as an officer of this member.
From time to time, a fund may have members that hold significant portions of
the respective fund's outstanding shares. Investment activities of such members
could have a material impact on those funds.
12. INDEMNIFICATIONS
In the normal course of business, the funds enter into contracts that provide
general indemnifications. The funds' maximum exposure under these arrangements
is dependent on future claims that may be made against the funds and,
therefore, cannot be established; however, based on experience, the risk of
loss from such claims is considered remote.
13. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors selected Ernst & Young LLP ("E&Y") to serve as the
funds' independent registered public accounting firm for the Fund's fiscal year
ended December 31, 2006. The decision to select E&Y was recommended by TIP's
Audit Committee and was approved by TIP's Board of Directors on September 18,
2006. Upon being informed of the Audit Committee's recommendation as to the
selection of E&Y, PricewaterhouseCoopers LLP ("PwC") respectfully offered its
resignation as the Funds' independent registered public accounting firm. During
the funds' fiscal years ended December 31, 2005 and December 31, 2004, neither
TIP, the funds, nor anyone on their behalf consulted with E&Y on any items
which (i) concerned the application on accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the funds' financial statements; or (ii) concerned the
subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of
said Item 304).
The selection of E&Y does not reflect any disagreements with or dissatisfaction
by TIP or the Board with the performance of the funds' former independent
registered public accounting firm, PwC. PwC's reports on the funds' financial
statements for the fiscal years ended December 31, 2005 and December 31, 2004
contained no adverse opinion of disclaimer or opinion nor were they qualified
or modified as to uncertainty, audit scope, or accounting principles. During
the funds' fiscal years ended December 31, 2005 and December 31, 2004, and
through September 18, 2006, (i) there were no disagreements with PwC on any
matter of accounting principles or practices, financial statement disclosure,
or audit scope or procedure, which disagreements, if not resolved to the
satisfaction of PwC, would have caused them to make reference to the subject
matter of the disagreements in connection with their reports on the funds'
financial statements for such years, and (ii) there were no "reportable events"
of the kind described in Item 304(a)(1)(v) of Regulation S-K.
- -------------------------------------------------------------------------------
ADDITIONAL INFORMATION (UNAUDITED) JUNE 30, 2007
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.
- -------------------------------------------------------------------------------
APPROVAL OF THE INVESTMENT ADVISORY AND MONEY MANAGER AGREEMENTS JUNE 30, 2007
At a meeting held on June 11, 2007, the board evaluated the renewal of the
investment advisory agreement between each of the TIP funds and TAS (as the
advisor) and 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 board had requested and received information
from TAS and the money managers in advance of the meeting, which the
independent directors reviewed separately in executive session with their
independent counsel prior to the meeting. The information obtained in advance
from TAS and the money managers included information regarding the following
topics:
PERSONNEL AND SERVICES
Investment Strategies
Material Changes Relevant to Provision of Services
Portfolio Holdings Disclosure
PORTFOLIO MANAGEMENT AND PERFORMANCE
Information Relied upon in Provision of Services Performance Information
(historical returns for each manager and its benchmark)
BROKERAGE PRACTICES
Allocation Methodology
Best Execution
Consistency of Commission Rates
Commission Recapture Programs
FEES AND EXPENSES
Benefits Derived from Advisory/Subadvisory Relationship
Expense Ratio Comparison
Economies of Scale
COMPLIANCE AND ADMINISTRATION
Adoption of Compliance Program
Chief Compliance Officer
Compliance with Portfolio Investment Policies and Regulatory Requirements
Compliance Issues in the Past Year
Regulatory Examinations
Substantive Litigation
Governmental Inquiries
Financial Impairment
Codes of Ethics
Business Continuity Plan
In addition, the board considered the following: (i) memoranda from counsel
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 (collectively, the "15(c) Memoranda"); (ii) a Lipper report
comparing each fund's advisory fees and expenses to those of its peer group;
(iii) an overview prepared by Lipper of services provided by fund company
management; (iv) a report comparing the performance of each fund to the
performance of its applicable benchmark; (v) additional information from TAS
regarding the fees charged by TAS to each fund; (vi) additional information
detailing the individual portfolio managers and fee schedule for each money
manager; (vi) the most recent quarterly TIP Manager Monitor for TAS and each
money manager; (vii) ten highest aggregate brokerage commissions report by
manager for the year ended December 31, 2006; and (viii) TAS financial
statements.
Nature, Extent, and Quality of Services
The board considered a number of factors in evaluating TAS and the money
managers. It noted that information received at regular meetings throughout the
year related to the services rendered by the advisor and money managers
concerning the management of the funds' affairs. 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 with
TAS and each of the money managers.
TIFF Multi-Asset Fund Performance, Fees, and Expenses (including Potential
Economies of Scale)
The board reviewed Multi-Asset Fund's performance against its benchmarks (the
MAF Constructed Benchmark, based on the normal allocation to each asset class;
CPI plus 5% per annum; and MSCI All Country World Index ("MSCI ACWI"), the
fund's SEC-required benchmark) and considered TAS's implementation of the
fund's investment strategy across multiple asset classes and money managers.
For periods ended December 31, 2006, the fund's returns exceeded or were in
line with the benchmarks over the trailing five- and ten-year and since
inception periods, and, while slightly trailing the MAF Constructed Benchmark
(when including the effects of entry and exit fees levied by the fund) and the
MSCI ACWI for the one-year period, the fund remained well ahead of CPI + 5% per
annum. The board also noted that the fund outperformed the Lipper Global
Flexible Portfolio Funds Average over all periods.
The board also reviewed the fees and expenses of Multi-Asset Fund against the
fund's peer group, represented by Lipper's Global Flexible Portfolio Funds,
noting that the net advisory expense and reported total expenses of the fund
were well below both the peer group median and peer group average. The board
noted that TAS's fee schedule and the fee schedule of at least one money
manager included breakpoints enabling 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.
TIFF International Equity Fund Performance, Fees, and Expenses (including
Potential Economies of Scale)
The board reviewed International Equity Fund's performance against its
benchmark, MSCI All Country World ex US Index, and considered TAS's
implementation of the fund's investment strategy across multiple money
managers. Through December 31, 2006, the fund had outperformed its benchmark
and the Lipper International Average over the trailing one-, five-, and ten-
year and since inception periods.
The board reviewed the fees and expenses of International Equity Fund against
the fund's peer group, represented by Lipper's International Multi-Cap Value
Funds, noting that the net advisory expense and reported total expenses of the
fund were well below both the peer group median and peer group average. The
board noted that TAS's fee schedule and the fee schedule of at least one money
manager included breakpoints that would enable the fund to benefit from
economies of scale should fund assets grow. Certain other money managers
received performance-based fees, which the board felt appropriately aligned the
money managers' interests with those of shareholders.
TIFF US Equity Fund Performance, Fees, and Expenses (including Potential
Economies of Scale)
The board reviewed US Equity Fund's performance against its benchmark, Dow
Jones Wilshire 5000 Composite Index, and considered TAS's implementation of the
fund's investment strategy across multiple money managers. Through December 31,
2006, the fund had outperformed its benchmark over the trailing one-, five-,
and ten-year and since inception periods.
The board reviewed fees and expenses of US Equity Fund against the fund's peer
group, represented by Lipper's Multi-Cap Core Funds, noting that the net
advisory expense and reported total expenses of the fund were well below both
the peer group median and peer group average. The board noted that TAS's fee
schedule included breakpoints that would enable the fund to benefit from
economies of scale should fund assets grow. Certain other 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 6-Month Treasury Bill Index (the "Index") and the same Index
less 50 basis points per annum) and considered TAS's internal management of the
fund since 2004. The fund slightly underperformed the Index, which does not
reflect any fees or expenses, over the trailing one-, five-, and ten-year and
since inception periods (through December 31, 2006). However, the fund
outperformed the Index less 50 bp per annum over the same periods. These
results were consistent with the board's expectations of the fund's performance
relative to each benchmark.
The board reviewed fees and expenses of Short-Term Fund against the fund's peer
group, represented by Lipper's Ultra-Short Obligation Funds, noting that the
net advisory expense and reported total expenses of the fund were well below
both the peer group median and peer group average. The board noted that TAS's
fee schedule included breakpoints that would enable the fund to benefit from
economies of scale should fund assets grow.
Money Managers
The board then considered each money manager, reviewing absolute and relative
performance, portfolio managers, fee schedule (and, in the case of Marathon
Asset Management, a proposed amendment to the calculation of the performance
fees payable to Marathon by Multi-Asset Fund), expectations for the asset class
in which the manager invested, benchmark, manager monitor, and responses to the
questionnaire distributed in advance of the meeting. The following managers for
each fund were reviewed in turn:
MULTI-ASSET FUND Aronson+Johnson+Ortiz LP
S&P 500 Index
Marathon Asset Management, LLP
MSCI All Country World Index
Mondrian Investment Partners Limited
MSCI All Country World Index
KG Redding, LLC
Morgan Stanley REIT Index
Smith Breeden Associates, Inc.
Weighted average of the Citigroup 10-year
Treasury Index and the 10-year US Treasury
Inflation Protected Security Index
Wellington Management Company, LLP
Resource-Related Sectors of the MSCI World
Index
INTERNATIONAL EQUITY FUND Marathon Asset Management, LLP
MSCI All Country World ex US Index
Mondrian Investment Partners Limited
MSCI All Country World ex US Index
US EQUITY FUND Aronson+Johnson+Ortiz LP
S&P 500 Index
Shapiro Capital Management LLC
Russell 2000 Index
Westport Asset Management, Inc.
Russell 2000 Index
Conclusion of Investment Advisor and Money Manager Agreement Reviews
After questions from the board and further discussion, the board voted to re-
approve each fund's investment advisory agreement with TAS as well as Multi-
Asset Fund's, International Equity Fund's, and US Equity Fund's money manager
agreements. 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 advisory and money manager fees
(including the proposed amendment to the calculation of the performance fees
payable to Marathon by Multi-Asset Fund) 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; (iii)
the nature, quality, cost, and extent of the services performed by TAS and each
of the money managers; (iv) the fees charged by TAS and each of the money
managers; and (v) the overall organization and experience of TAS and each of
the money managers. In arriving at its decision, the board did not single out
any one factor or group of factors as being more important than the other
factors, but considered all of these factors together. 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 between each money manager and TIP were negotiated on an
arms-length basis in a competitive marketplace. With respect to Government Bond
Fund, at the meeting on June 11, 2007, the board of directors voted to cease
fund operations prior to June 30, 2007. Therefore, no action was taken with
respect to the investment advisory or money manager agreements for the fund and
such agreements terminated automatically at June 30 in accordance with their
terms.
- -------------------------------------------------------------------------------
DIRECTORS AND PRINCIPAL OFFICERS
The board of directors of TIP comprises experienced institutional investors,
including the chief investment officers of leading endowments and foundations.
Among responsibilities of the board of directors are selecting investment
advisors for the funds; monitoring fund operations, performance, and costs;
reviewing contracts; nominating and selecting new directors; and electing TIP
officers.
Each director services the fund until his or her termination; or until the
director's retirement, resignation, or death; or otherwise as specified in
TIP's Bylaws. The table on these two pages shows information for each director
and executive officer of the fund. The mailing address of the directors and
officers is Four Tower Bridge, 200 Barr Harbor Drive, Suite 100, West
Conshohocken, PA, 19428.
The SAI (Statement of Additional Information) has additional information
regarding the board of directors. A copy is available by calling 800-984-0084.
This information is also available upon request without charge on the website
of the US Securities and Exchange Commission at http://www.sec.gov.
INDEPENDENT DIRECTORS
SUZANNE BRENNER
- -------------------------------------------------------------------------------
Born 1958 Principal Occupation(s) During the Past
Director since July 2003 Five Years: Chief Investment Officer, The
4 funds overseen Metropolitan Museum of Art (2007-present)
(Deputy CIO and Associate Treasurer prior
thereto).
HARRY N. HOFFMAN III
- -------------------------------------------------------------------------------
Born 1955 Principal Occupation(s) During the Past
Director since May 2001 Five Years: Treasurer and CIO, Mayo Clinic.
4 funds overseen Other Directorships: TIFF Education
Foundation
SHERYL L. JOHNS
- -------------------------------------------------------------------------------
Born 1956 Principal Occupations(s) During the Past
Board Chair since June 2003 Five Years: Executive Vice President,
Director since April 1996 Houston Endowment Inc. Other Directorships:
4 funds overseen TIFF Education Foundation
INTERESTED DIRECTOR
WILLIAM H. MCLEAN
- -------------------------------------------------------------------------------
Born 1955 Principal Occupation(s) During the Past
Director since March 2000 Five Years: Vice President and CIO,
4 funds overseen Northwestern University. Other
Directorships: TIFF Advisory Services, Inc.
- -------------------------------------------------------------------------------
PRINCIPAL OFFICERS
RICHARD J. FLANNERY
- -------------------------------------------------------------------------------
Born 1957 Principal Occupation(s) During the Past
President and CEO Five Years: CEO, TIFF Advisory Services,
since September 2003 Inc. (2004-present). President and CEO,
TIFF Investment Program Inc.
(2003-present). Executive Vice President,
Delaware Investments (1998-2002). Other
Directorships: TIFF Advisory Services, Inc.
DAVID A. SALEM
- -------------------------------------------------------------------------------
Born 1956 Principal Occupation(s) During the Past
Vice President and CIO Five Years: President/Chief Investment
since December 2002 Officer, TIFF Advisory Services, Inc.
(President prior thereto) (1993-present) (CEO 1993-2004). Other
Directorships: TIFF Advisory Services,
Inc., TIFF Eduction Foundation.
RICHELLE S. MAESTRO
- -------------------------------------------------------------------------------
Born 1957 Principal Occupation(s) During the Past
Vice President and Chief Five Years: Vice President/General Counsel,
Legal Officer TIFF Advisory Services, Inc.
since March 2006 (2005-present). Executive Vice
President/General Counsel, Delaware
Investments (2003-2005). Senior Vice
President/ Deputy General Counsel, Delaware
Investments (1999-2003).
DAWN I. LEZON
- -------------------------------------------------------------------------------
Born 1965 Principal Occupation(s) During the Past
Vice President, Assistant Five Years: Vice President/ Treasurer, TIFF
Treasurer Advisory Services, Inc. (2006-present).
since September 2006 Partner, Crane, Tonelli, Rosenberg & Co.,
LLP, public accounting firm (1998-2006).
KELLY A. LUNDSTROM
- -------------------------------------------------------------------------------
Born 1964 Principal Occupation(s) During the Past
Vice President Five Years: Vice President, TIFF Advisory
since September 2006 Services, Inc. (2006-present). Investment
Operations Consulting (2000-2003).
Investment Operations, Howard Hughes
Medical Institute (1989-2000).
TINA M. LEITER
- -------------------------------------------------------------------------------
Born 1966 Principal Occupation(s) During the Past
Secretary Five Years: Secretary and Chief Compliance
since June 2003 Officer (2004-present), Investment
Operations and Compliance, prior thereto,
TIFF Advisory Services, Inc.
WILLIAM E. VASTARDIS
- -------------------------------------------------------------------------------
Born 1955 Principal Occupation(s) During the Past
CCO since June 2003 Five Years: President, Vastardis Fund
CFO since December 2002 Services LLC (2003-present). President,
Treasurer since January 1994 Vastardis Compliance Services LLC
(2004-present). Mananging Director,
Investors Capital Services, Inc. (formerly
AMT Capital Services, Inc.) (1992-2003).
- -------------------------------------------------------------------------------
TIFF INVESTMENT PROGRAM
ADVISOR
TIFF Advisory Services, Inc.
Four Tower Bridge
200 Barr Harbor Drive, Suite 100
West Conshohocken, PA 19428
phone 610-684-8000
fax 610-684-8210
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
Dechert
1500 I Street, NW
Washington, DC 20005
INDEPENDENT ACCOUNTANTS
Ernst & Young LLP
2 Commerce Square
Suite 4000
2001 Market Street
Philadelphia, PA 19103
MONEY MANAGERS
TIFF Multi-Asset Fund
Aronson+Johnson+Ortiz LP
Canyon Capital Advisors LLC
Convexity Capital Management LP
Farallon Capital Management, LLC
Freeman Associates Investment Management LLC
Joho Capital, LLC Lansdowne Partners Limited Lone Pine Capital LLC Marathon
Asset Management, LLP Maverick Capital, Ltd.
Mondrian Investment Partners Limited
Och-Ziff Capital Management Group
KG Redding, LLC
Regiment Capital Management, LLC
Sleep, Zakaria & Company, Ltd.
Smith Breeden Associates, Inc.
TIFF Advisory Services, Inc.
Toscafund Asset Management LLC
Wellington Management Company, LLP
TIFF International Equity Fund
Convexity Capital Management LP
Lansdowne Partners Limited
Marathon Asset Management, LLP
Mondrian Investment Partners Limited
TIFF Advisory Services, Inc.
Toscafund Asset Management LLC
TIFF US Equity Fund
Adage Capital Management, LP
Aronson+Johnson+Ortiz LP
Freeman Associates Investment Management LLC 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.
Not applicable.
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 270.30-3(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 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.
ITEM 12. EXHIBITS
(a)(1) Code of Ethics is not applicable to this filing.
(a)(2) Certification of Chief Executive Officer and Chief Financial
Officer of the Registrant as required by Rule 30a-2(a) under the
Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached
hereto as Exhibit 99.CERT.
(a)(3) Not applicable to this filing.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 as required by Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the
Securities Exchange Act of 1934 (17 CFR 240.13a - 14(b) or
240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the
United States Code (18 U.S.C. 1350) is attached hereto as Exhibit
99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
(Registrant) TIFF Investment Program, Inc.
By (Signature and Title) /s/ Richard J. Flannery
-----------------------------------------------
Richard J. Flannery, President and
Chief Executive Officer
Date
-----------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By (Signature and Title) /s/ Richard J. Flannery
-----------------------------------------------
Richard J. Flannery, President and
Chief Executive Officer
Date
-----------------------------
By (Signature and Title) /s/ William E. Vastardis
-----------------------------------------------
William E. Vastardis, Treasurer and
Chief Financial Officer
Date
-----------------------------