<Page>
-----------------------------
OMB APPROVAL
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OMB Number: 3235-0570
Expires: Nov. 30, 2005
Estimated average burden
hours per response....... 5.0
----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08234
---------------------------------------------
TIFF Investment Program, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
590 Peter Jefferson Parkway, Charlottesville, VA 22911
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(Address of principal executive offices) (Zip code)
Esther L. Cash
President and Principal Executive Officer
590 Peter Jefferson Parkway, Charlottesville, VA 22911
- --------------------------------------------------------------------------------
(Name and address of agent for service)
with a copy to:
Jack Murphy, Esq.
Dechert
1775 I Street, N.W.,
Washington, D.C. 20006-2401
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Registrant's telephone number, including area code: 434-817-8200
---------------
Date of fiscal year end: 12/31/2003
----------------
Date of reporting period: 1/1/03 6/30/03
-----------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 0549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. section 3507.
<Page>
ITEM 1 REPORTS TO STOCKHOLDERS.
(Semi-Annual Report for the period 1/1/03 through 6/30/03 is filed
herewith)
<Page>
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SEMI-ANNUAL REPORT [LOGO]
JUNE 30, 2003
(UNAUDITED) A Report of the TIFF INVESTMENT PROGRAM
ABOUT TIFF
The Investment Fund for Foundations (TIFF) is a non-profit cooperative founded
in 1991 by a nationwide network of foundations. Its mission is to improve the
investment returns of eligible organizations by making available to them (1) a
series of multi-manager investment vehicles designed to meet the long-term
investment needs of endowed charities and (2) resources aimed at enhancing
fiduciaries' knowledge of investing.
TIFF MUTUAL FUNDS
The TIFF Investment Program, Inc. (TIP) comprises a family of multi-manager,
no-load mutual funds open exclusively to 501(c)(3) organizations. TIP consists
of five mutual funds at present: Multi-Asset (MAF), International Equity (IEF),
US Equity (USEF), Government Bond (GBF), and Short-Term (STF). TIFF Advisory
Services, Inc. (TAS), formerly Foundation Advisers, Inc., serves as the
investment advisor to the funds.
All of the TIFF mutual funds enable member organizations to delegate to TAS
responsibility for the time-intensive task of selecting money managers and other
vendors. The Multi-Asset Fund goes beyond this by providing members with an
opportunity to also delegate to TAS responsibility for the all-important task of
asset allocation within the marketable investments sector.
FINANCIAL STATEMENTS
TIP is pleased to provide this Semi-Annual Report for June 30, 2003. Additional
discussion of the performance of the mutual funds described herein has been
provided to members via the TIFF MARKETABLE INVESTMENTS quarterly reports.
FOR FURTHER INFORMATION
As always, we would welcome the opportunity to discuss any aspect of TIFF's
services as well as answer any questions about these financial reports. For
further information about TIFF, please call us at 434-817-8200 or visit our
Website at www.tiff.org.
AUGUST 29, 2003
CONTENTS
<Table>
TIFF Multi-Asset Fund
/ / Schedule of Investments....................... 3
TIFF International Equity Fund
/ / Schedule of Investments....................... 11
TIFF US Equity Fund
/ / Schedule of Investments....................... 16
TIFF Government Bond Fund
/ / Schedule of Investments....................... 20
TIFF Short-Term Fund
/ / Schedule of Investments....................... 21
Statement of Assets and Liabilities............... 24
Statement of Operations........................... 26
Statement of Changes in Net Assets................ 28
Statement of Cash Flows........................... 31
Financial Highlights.............................. 32
Notes to Financial Statements..................... 37
Directors and Principal Officers.................. 50
</Table>
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Copyright -C- 2003 / / All rights reserved / / This report may not be reproduced
or distributed without written permission from TIFF.
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2
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
COMMON STOCKS -- 49.7%
US COMMON STOCKS -- 25.1%
AEROSPACE AND DEFENSE -- 0.3%
3,900 Boeing Co. $133,848
6,200 Textron, Inc. 241,924
5,600 United Technologies Corp. 396,648
------------
772,420
------------
AIRLINES -- 0.1%
16,900 Northwest Airlines Corp. 190,801
------------
APPAREL RETAILERS -- 0.1%
11,700 The Gap, Inc. 219,492
------------
AUTOMOTIVE -- 0.1%
12,900 Delphi Corp. 111,327
6,300 General Motors Corp. 226,800
------------
338,127
------------
BANKING -- 0.7%
10,600 Bank of America Corp. 837,718
4,200 Countrywide Financial Corp. 292,194
6,200 First Tennessee National Corp. 272,242
4,200 Greenpoint Financial Corp. 213,948
10,000 National City Corp. 327,100
7,100 Regions Financial Corp. 239,838
------------
2,183,040
------------
BEVERAGES, FOOD, AND TOBACCO -- 0.7%
10,500 Altria Group, Inc. 477,120
9,000 Campbell Soup Co. 220,500
8,350 Coca-Cola Co. 387,523
6,900 Coca-Cola Enterprises, Inc. 125,235
7,500 McCormick & Co., Inc. 204,000
19,700 Sara Lee Corp. 370,557
6,900 Wm. Wrigley Jr. Co. 387,987
------------
2,172,922
------------
CHEMICALS -- 0.6%
9,600 Air Products & Chemicals, Inc. 399,360
16,500 Ashland, Inc. 506,220
6,100 PPG Industries, Inc. 309,514
1,900 Praxair, Inc. 114,190
4,100 Rohm & Haas Co. 127,223
4,700 The Scotts Co., Class A* 232,650
------------
1,689,157
------------
COMMERCIAL SERVICES -- 0.2%
5,900 Cendant Corp.* 108,088
6,800 H & R Block, Inc. 294,100
8,600 Waste Management, Inc. 207,174
------------
609,362
------------
COMMUNICATIONS -- 0.4%
127,500 Lucent Technologies, Inc. 258,825
33,900 Nextel Communications, Inc., Class A* 612,912
3,300 Qualcomm, Inc.* 117,975
6,700 Verizon Communications Corp. 264,315
------------
1,254,027
------------
COMPUTER SOFTWARE AND PROCESSING -- 1.5%
3,400 Adobe Systems, Inc. 108,596
<Caption>
NUMBER
OF SHARES VALUE +
7,000 Computer Sciences Corp.* $266,840
15,400 IMS Health, Inc. 277,046
3,200 Intuit, Inc.* 142,496
55,100 Microsoft Corp.* 1,411,111
122,800 Oracle Corp.* 1,476,056
2,300 Symantec Corp.* 100,878
12,700 Unisys Corp.* 155,956
15,200 Yahoo!, Inc.* 497,952
------------
4,436,931
------------
COMPUTERS AND INFORMATION -- 0.7%
35,800 Cisco Systems, Inc.* 593,922
12,100 Dell Computer Corp.* 386,716
15,377 Hewlett-Packard Co. 327,530
1,400 Lexmark International, Inc.* 99,078
72,900 Sun Microsystems, Inc.* 335,340
43,300 Xerox Corp.* 458,547
------------
2,201,133
------------
COSMETICS AND PERSONAL CARE -- 0.5%
18,200 Colgate-Palmolive Co. 1,054,690
4,000 Estee Lauder Companies, Inc., Class A 134,120
5,100 Procter & Gamble Co. 454,818
------------
1,643,628
------------
DIVERSIFIED -- 0.4%
11 Berkshire Hathaway Inc., Class A* 797,500
100 Berkshire Hathaway Inc., Class B 243,000
4,400 General Electric Co. 126,192
------------
1,166,692
------------
ELECTRIC UTILITIES -- 0.4%
8,200 American Electric Power, Inc. 244,606
5,300 Edison International* 87,079
5,000 Entergy Corp. 263,900
10,000 Public Service Enterprise Group, Inc. 422,500
5,800 Sempra Energy 165,474
------------
1,183,559
------------
ELECTRICAL EQUIPMENT -- 0.2%
10,100 Emerson Electric Co. 516,110
------------
ELECTRONICS -- 0.7%
22,600 Analog Devices, Inc.* 786,932
58,200 Intel Corp. 1,209,875
3,900 Raytheon Co.* 128,076
------------
2,124,883
------------
ENTERTAINMENT AND LEISURE -- 0.4%
11,100 Eastman Kodak Co. 303,585
8,100 Hasbro, Inc. 141,669
6,100 International Speedway Corp., Class A 241,011
23,400 Liberty Media Corp., Class A* 270,504
19,400 Mattel, Inc. 367,048
------------
1,323,817
------------
FINANCIAL SERVICES -- 2.2%
31,023 Allied Capital Corp. 716,631
14,700 American Express Co. 614,607
3,200 Bear, Stearns & Co., Inc. 231,744
19,300 Citigroup, Inc. 826,040
5,800 Fannie Mae 391,152
2,300 Freddie Mac 116,771
1,700 Golden West Financial Corp. 136,017
</Table>
3
<Page>
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
41,780 JP Morgan Chase & Co., Inc. $1,428,040
4,100 Lehman Brothers Holdings, Inc. 272,568
5,900 MBNA Corp. 122,956
16,200 Mellon Financial Corp. 449,550
5,200 Moody's Corp. 274,092
14,900 Morgan Stanley 636,975
8,900 Washington Mutual, Inc. 367,570
------------
6,584,713
------------
FOREST PRODUCTS AND PAPER -- 0.2%
5,500 Bowater, Inc. 205,975
4,600 Plum Creek Timber Co. 119,370
4,100 Temple-Inland, Inc. 175,931
------------
501,276
------------
HEALTHCARE PROVIDERS -- 0.1%
13,100 HCA, Inc. 419,724
------------
HEAVY MACHINERY -- 0.6%
14,500 Caterpillar, Inc. 807,070
9,900 Deere & Co. 452,430
3,700 Dover Corp. 110,852
3,600 Eaton Corp. 282,996
4,300 Paccar, Inc. 289,906
------------
1,943,254
------------
HOME CONSTRUCTION, FURNISHINGS, AND APPLIANCES -- 0.1%
6,300 Ethan Allen Interiors, Inc. 221,508
------------
HOUSEHOLD PRODUCTS -- 0.2%
3,200 Fortune Brands, Inc. 167,040
15,500 Newell Rubbermaid Inc. 434,000
------------
601,040
------------
INSURANCE -- 1.3%
6,800 Allstate Corp. 242,420
16,050 American International Group, Inc. 885,639
1,300 Anthem, Inc. 100,295
7,500 Chubb Corp. 450,000
4,200 Loews Corp. 198,618
10,300 Marsh & McLennan Companies, Inc. 526,021
4,200 MBIA Inc. 204,750
5,100 Mercury General Corp. 232,815
2,500 MGIC Investment Corp. 116,600
8,200 Principal Financial Group, Inc. 264,450
4,600 The Progressive Corp. 336,260
2,400 United Health Group, Inc. 120,600
5,300 Unitrin, Inc. 143,736
------------
3,822,204
------------
LODGING -- 0.1%
8,100 Mandalay Resort Group 257,985
------------
MEDIA - BROADCASTING AND PUBLISHING -- 0.9%
28,000 AOL Time Warner, Inc.* 450,520
9,400 Comcast Corp. 271,002
1,200 E.W. Scripps Co. 106,464
3,600 EchoStar Communications Corp. 124,632
12,000 Hollinger International, Inc. 129,240
3,800 Knight Ridder, Inc. 261,934
4,400 McGraw-Hill Companies, Inc. 272,800
92,200 Primedia, Inc.* 281,210
9,100 Reader's Digest Association 122,668
<Caption>
NUMBER
OF SHARES VALUE +
5,400 Tribune Co. $260,820
8,900 Viacom, Inc., Class B* 388,574
------------
2,669,864
------------
MEDICAL SUPPLIES -- 0.6%
23,600 Baxter International, Inc. 613,600
4,100 Guidant Corp.* 181,999
17,600 Johnson & Johnson 909,920
------------
1,705,519
------------
METALS AND MINING -- 1.3%
32,700 Alcoa, Inc. 833,850
40,100 Barrick Gold Corp. 717,790
14,200 CONSOL Energy, Inc. 322,908
52,300 Freeport-McMoRan Copper & Gold, Inc.,
Class B* 1,281,350
10,400 Newmont Mining Corp. 337,584
16,900 Steel Dynamics, Inc.* 231,530
11,900 United States Steel Corp. 194,803
------------
3,919,815
------------
OIL AND GAS -- 3.1%
2,300 Amerada Hess Corp. 113,114
6,342 Anadarko Petroleum Corp. 282,029
5,300 Baker Hughes, Inc. 177,921
9,600 Burlington Resources, Inc. 519,072
7,500 ChevronTexaco Corp. 541,500
3,325 Cimarex Energy Co. 78,969
6,000 ConocoPhillips 328,800
7,000 Devon Energy Corp. 373,800
13,200 EOG Resources, Inc. 552,288
5,800 Equitable Resources, Inc. 236,292
4,700 Evergreen Resources, Inc.* 255,257
30,060 Exxon Mobil Corp. 1,079,455
9,075 Global Santa Fe Corp. 211,810
10,700 Halliburton Co. 246,100
6,800 Kerr-McGee Corp. 304,640
20,900 Kinder Morgan, Inc. 1,142,185
11,400 Marathon Oil Corp. 300,390
8,400 Noble Energy, Inc. 317,520
8,400 Occidental Petroleum Corp. 281,820
8,900 Rowan Companies, Inc. 199,360
9,100 Schlumberger Ltd. 432,887
5,200 Sunoco, Inc. 196,248
8,800 Transocean, Inc. 193,336
10,300 Valero Energy Corp. 374,199
7,400 Western Gas Resources, Inc. 293,040
19,100 XTO Energy, Inc. 384,101
------------
9,416,133
------------
PHARMACEUTICALS -- 2.3%
12,800 Abbott Laboratories 560,128
16,600 Bristol-Myers Squibb Co. 450,690
6,100 Cardinal Health, Inc. 392,230
2,600 Chiron Corp.* 113,672
21,900 Genentech, Inc. 1,579,428
7,700 McKesson Corp. 275,198
28,300 Merck & Co., Inc. 1,713,565
7,900 Mylan Laboratories, Inc. 274,683
30,100 Pfizer, Inc. 1,027,915
11,200 Wyeth Corp. 510,160
------------
6,897,669
------------
</Table>
4
<Page>
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
REAL ESTATE -- 1.8%
24,300 Acadia Realty Trust (REIT) $222,345
11,300 American Financial Realty Trust (REIT) 168,483
6,500 Arden Realty Group, Inc. (REIT) 168,675
7,400 Boston Properties, Inc. (REIT) 324,120
3,900 Camden Property Trust (REIT) 136,305
6,000 Capital Automotive (REIT) 167,940
4,700 Chelsea Property Group, Inc. (REIT) 189,457
7,300 EastGroup Properties, Inc. (REIT) 197,100
6,700 General Growth Properties, Inc. (REIT) 418,348
8,500 Glimcher Realty Trust (REIT) 190,400
6,900 Hospitalities Properties Trust (REIT) 215,625
42,200 Host Marriott Corp. (REIT) 386,130
12,300 iStar Financial, Inc. (REIT) 448,950
18,900 Lexington Corporate Properties Trust
(REIT) 334,530
4,200 Pan Pacific Retail Properties, Inc.
(REIT) 165,270
4,600 Parkway Properties, Inc. (REIT) 193,430
13,000 ProLogis Trust (REIT) 354,900
9,900 Regency Centers Corp. (REIT) 346,302
9,400 Starwood Hotels & Resorts Worldwide,
Inc. 268,746
10,800 The Mills Corp. (REIT) 362,340
7,200 The Rouse Co. (REIT) 274,320
------------
5,533,716
------------
RETAILERS -- 1.3%
12,900 Albertson's, Inc. 247,680
3,200 AutoZone, Inc.* 243,104
2,400 Best Buy Co., Inc.* 105,408
4,600 Costco Wholesale Corp. 168,360
8,400 Federated Department Stores, Inc.* 309,540
15,600 JC Penney Company, Inc. 262,860
19,700 Kroger Co.* 328,596
45,100 Limited Brands 699,050
15,100 Safeway, Inc.* 308,946
11,800 Saks, Inc.* 114,460
52,400 TJX Companies, Inc. 987,216
14,100 Toys 'R' Us, Inc. 170,892
------------
3,946,112
------------
TELEPHONE SYSTEMS -- 0.5%
7,900 BellSouth Corp. 210,377
76,900 Qwest Communications International,
Inc.* 367,582
23,400 SBC Communications, Inc. 597,870
19,800 Sprint Corp. (FON Group) 285,120
------------
1,460,949
------------
TRANSPORTATION -- 0.5%
20,900 Burlington Northern Santa Fe Corp. 594,396
14,000 CSX Corp. 421,260
2,200 FedEx Corp. 136,466
11,000 Kansas City Southern 132,330
4,100 Sabre Holdings Corp.* 101,065
------------
1,385,517
------------
Total US Common Stocks
(Cost $70,790,998) 75,313,099
------------
FOREIGN COMMON STOCKS -- 24.6%
AUSTRALIA -- 1.1%
121,642 Amcor Ltd. 662,423
12,000 Australia and New Zealand Banking Group
Ltd. 149,770
28,000 Caltex Australian Ltd.* 54,457
55,853 Coles Myer Ltd. 262,205
<Caption>
NUMBER
OF SHARES VALUE +
205,582 Foster's Group Ltd. $580,448
30,480 National Australia Bank Ltd. 684,787
24,255 Orica Ltd. 176,167
60,000 Rinker Group Ltd. 210,852
48,000 Santos Ltd. 189,928
160,037 Telstra Corp. 472,247
------------
3,443,284
------------
BELGIUM -- 0.1%
1,643 Electrabel SA 418,667
------------
BERMUDA -- 0.2%
15,500 Accenture Ltd. 280,395
5,500 Ingersoll Rand Co. 260,260
------------
540,655
------------
BRAZIL -- 0.5%
11,350 Cia Vale do Rio Doce - ADR 336,641
21,600 Cia Vale do Rio Doce - Sponsored ADR 599,400
14,200,000 Companhia Siderurgica Nacional SA 352,154
15,200 Petroleo Brasileiro SA - ADR 300,352
------------
1,588,547
------------
CANADA -- 2.6%
112,600 Abitibi-Consolidated, Inc. 720,920
15,000 Agrium, Inc. 163,937
7,000 Alcan, Inc. 218,178
14,000 Alcan, Inc. - ADR 438,060
6,800 BCE, Inc. 155,443
14,500 Boardwalk Equities, Inc. 164,575
16,400 Canadian Natural Resources Ltd. 650,569
36,311 Encana Corp. 1,389,921
3,000 Fairmont Hotels & Resorts, Inc. 69,108
15,900 Hudson's Bay Co. 110,583
8,000 Imperial Oil Ltd. (foreign market) 276,960
9,900 Inco Ltd.* 207,508
1,700 Magna International, Inc. 114,359
16,600 Nexen, Inc. 421,002
118,500 Nortel Networks Corp.* 318,326
9,171 Petro-Canada 362,318
61,000 Placer Dome, Inc. 748,470
16,500 Rogers Communications, Inc., Class B 262,421
16,484 Suncor Energy, Inc. 304,749
9,800 Talisman Energy - Canadian Exchange 444,868
5,000 Talisman Energy, Inc. 229,250
------------
7,771,525
------------
CHINA -- 0.4%
13,700 Aluminum Corp. of China Ltd. 304,688
770,000 Beijing Capital International Airport
Co., Ltd., Class H 187,609
13,000 China Petroleum & Chemical Corp. - ADR 313,950
406,000 Guangshen Railway Co. Ltd. 72,368
390,000 Yanzhou Coal Mining Co. Ltd. 181,293
------------
1,059,908
------------
DENMARK -- 0.1%
900 Bang & Olufsen Holding AS, Ser. B 24,482
800 Coloplast AS, Class B 61,823
3,200 TDC AS 95,702
2,200 William Demant Holding* 50,324
------------
232,331
------------
</Table>
5
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
ESTONIA -- 0.1%
10,269 Hansabank Ltd. $210,494
------------
FINLAND -- 0.2%
7,700 Metso Oyj 68,970
5,600 M-real Oyj, Class B 43,922
11,900 Sampo Oyj, Class A 87,322
3,600 Tietoenator OY 61,763
19,068 UPM-Kymmeme OY 276,556
------------
538,533
------------
FRANCE -- 2.2%
7,262 Air Liquide SA 1,076,606
9,100 Alcatel SA* 82,032
1,700 Atos Origin* 58,800
1,600 Aventis SA - Frankfurt Exchange 88,010
4,200 AXA SA 65,160
2,200 BNP Paribas 111,792
2,800 Carrefour SA 137,232
11,291 Compagnie de Saint-Gobain 447,328
21,700 Dassault Systemes SA 712,689
700 Groupe Danone 96,863
11,100 L'Oreal SA 782,646
2,900 Pechiney SA, A Shares 104,102
11,300 Scor SA* 64,233
10,246 Societe Generale, Class A 649,483
14,400 Societe Television Francaise 1 443,171
6,300 Technip-Coflexip SA - ADR 137,655
2,100 Thales SA 62,338
3,280 Total SA 495,683
11,600 Total SA - Sponsored ADR 879,280
7,100 Vivendi Universal SA* 129,230
------------
6,624,333
------------
GERMANY -- 1.4%
24,363 Bayer AG 562,343
14,595 Bayerische Hypo-und Vereinsbank AG* 239,670
13,300 Bayerische Motoren Werke AG 510,884
16,100 Deutsche Bank AG 1,039,790
3,700 Deutsche Post AG 53,961
1,800 E. ON AG 92,272
2,300 Fresenius Medical Care 113,308
9,000 Muenchener Rueckversicherungs 909,493
21,758 RWE AG 657,127
------------
4,178,848
------------
GHANA -- 0.0%
11,700 Ashanti Goldfields Co. Ltd. - Sponsored
ADR 93,249
------------
HONG KONG -- 0.9%
17,000 Asia Satellite Telecom Holdings 28,013
284,000 First Pacific Co. Ltd.* 49,530
54,000 Henderson Land Development Co. 155,114
32,000 Hong Kong Aircraft Engineering Co. Ltd. 106,692
73,200 Hong Kong Electric Holdings Ltd. 287,237
54,000 Hong Kong Exchanges & Clearing Ltd. 77,557
101,000 Hong Kong Shanghai Hotels Ltd. 45,655
111,000 Hysan Development Co. Ltd. 91,810
250,000 i-Cable Communications Ltd. 63,156
75,600 Jardine Matheson Holdings Ltd. 464,940
64,000 Jardine Strategic Holdings Ltd. 177,600
346,000 Johnson Electric Holdings Ltd. 428,166
79,000 Mandarin Oriental International Ltd.* 32,390
<Caption>
NUMBER
OF SHARES VALUE +
130,000 Next Media Ltd.* $41,677
101,000 SmarTone Telecommunications Holdings
Ltd. 115,271
62,000 Television Broadcasts Ltd. 222,219
195,000 Wharf Holdings Ltd. 375,089
90,000 Wheelock & Co. Ltd. 78,480
------------
2,840,596
------------
INDIA -- 0.0%
18,000 ICICI Bank Ltd. - ADR 130,860
------------
INDONESIA -- 0.1%
148,000 PT Astra International, Inc.* 64,133
1,759,000 PT Bank Pan Indonesia TBK 66,096
60,000 PT Gudang Garam TBK 74,182
606,000 PT Matahari Putra Prima TBK 38,564
58,000 PT Semen Gresik 53,782
------------
296,757
------------
IRELAND -- 0.0%
23,300 Fyffes plc 36,656
45,300 Independent News & Media plc 80,631
------------
117,287
------------
ITALY -- 0.4%
254,200 IntesaBci SpA 815,890
8,100 Luxottica Group SpA - ADR 112,590
2,500 Natuzzi SpA 20,050
15,000 Saipem SpA 113,160
20,200 Unicredito Italiano SpA 96,498
------------
1,158,188
------------
JAPAN -- 3.0%
4,000 Aisin Seiki Co. Ltd. 57,098
32,000 Canon, Inc. 1,468,416
10,000 Dai Nippon Printing Co. Ltd. 105,767
10,000 Daifuku Co. Ltd. 38,060
12 Dentsu, Inc. 37,377
9,200 Eisai Co. Ltd. 189,248
3,000 FamilyMart Co. Ltd. 53,591
15,100 FANUC Ltd. 748,241
3,000 Fuji Photo Film Co. 86,696
5,100 Hirose Electronics Co. Ltd. 421,761
20,000 Hitachi Ltd. 84,780
4,300 Keyence Corp. 787,841
20,000 Kirin Brewery Co. Ltd. 140,579
10,000 Koito Manufacturing Co. Ltd. 42,807
10,000 Komatsu Ltd. 38,309
8,000 Lion Corp. 34,445
31,000 Matsushita Electric Industries Co. 306,966
12,000 Matsushita Electric Works Ltd. 71,056
143,000 Mitsubishi Corp. 992,038
22,000 Mitsubishi Gas Chemical Co. 46,538
26,000 Mitsubishi Heavy Industries, Ltd. 67,341
9,700 Murata Manufacturing Co. Ltd. 381,295
8,000 NGK Insulators Ltd. 44,372
14,000 Nippon Oil Corp. 60,745
20,000 Nippon Sanso Corp. 64,293
38 Nippon Telegraph and Telephone Corp. 149,057
14,000 Nisshinbo Industries, Inc. 64,127
36,400 Nomura Holdings, Inc. 461,991
10,000 Noritake Co. Ltd. 31,230
28 NTT DoCoMo, Inc. 60,629
5,000 OMRON Corp. 84,322
5,000 Onward Kashiyama Co. 40,391
</Table>
6
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- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
7,700 Rohm Co. $839,417
2,000 SECOM Co., Ltd. 58,630
8,000 Shiseido Co. Ltd. 77,751
14,000 Sompo Japan Insurance, Inc. 76,369
12,000 Sumitomo Chemical Co. Ltd. 37,676
14,000 Sumitomo Corp. 64,593
12,000 Sumitomo Forestry Co. Ltd. 62,561
16,000 Sumitomo Trust & Banking Co. Ltd. 55,299
18,000 Tokyo Gas Co. 51,718
4,000 Tokyo Ohka Kogyo Co. 58,930
6,000 Tostem Inax Holding Corp. 86,446
46 UFJ Holdings, Inc.* 67,424
30 West Japan Railway Co. 113,679
8,000 Yamaha Motor Co. Ltd. 67,491
5,000 Yamatake Corp. 35,644
8,000 Yokohama Bank Ltd. 26,117
------------
9,041,152
------------
LUXEMBOURG -- 0.0%
12,400 Arcelor SA 144,389
------------
MALAYSIA -- 0.2%
7,800 British American Tobacco Berhad 80,053
21,000 Carlsberg Brewery Malaysia Berhad 59,684
71,000 CIMB Berhad* 56,800
59,000 Commerce Asset-Holding Berhad 53,721
15,000 Genting Berhad 59,211
47,000 Kumpulan Guthrie Berhad 28,447
108,000 Multi-Purpose Holdings Berhad* 36,379
24,000 PPB Group Berhad 29,179
52,000 Resorts World Berhad 134,105
------------
537,579
------------
MEXICO -- 0.4%
700 America Movil SA de CV 13,125
2,221 Cemex SA 9,929
459,900 Grupo Financiero BBVA Bancomer* 389,574
800 Telefonos de Mexico, Class L - ADR 25,136
22,300 Wal-Mart de Mexico - ADR 659,114
------------
1,096,878
------------
NETHERLANDS -- 1.2%
22,800 Heineken NV 809,036
25,351 ING Groep NV 440,462
13,600 Koninklijke (Royal) KPN NV* 96,360
6,400 Koninklijke (Royal) Philips Electronics
NV 121,707
1,800 Koninklijke Boskalis Westminster NV 44,193
34,603 Reed Elsevier NV 408,092
23,705 Royal Dutch Petroleum Co. 1,100,299
11,400 Royal Dutch Petroleum Co., NY Shares 531,468
2,100 Royal Nedlloyd NV 43,552
------------
3,595,169
------------
NEW ZEALAND -- 0.3%
76,000 Carter Holt Harvey Ltd. 79,645
228,033 Telecom Corporation of New Zealand Ltd. 699,550
------------
779,195
------------
NORWAY -- 0.2%
10,700 DnB Holding ASA 52,771
7,900 Norsk Hydro ASA - ADR 388,285
3,600 Rieber & Son ASA, Class B 25,435
4,000 Schibsted ASA 55,414
------------
521,905
------------
<Caption>
NUMBER
OF SHARES VALUE +
PERU -- 0.2%
19,700 Compania de Minas Buenaventura SA - ADR $592,773
------------
PHILIPPINES -- 0.1%
176,000 ABS-CBN Broadcasting Corp. - PDR* 60,099
842,000 Ayala Corp. 72,471
12,000 Globe Telecom, Inc. 135,841
129,000 Jollibee Foods Corp. 41,033
------------
309,444
------------
RUSSIA -- 0.2%
6,870 Lukoil Oil Co. - ADR 542,730
------------
SINGAPORE -- 0.3%
217,000 BIL International Ltd.* 99,813
15,000 Great Eastern Holdings Ltd. 83,049
21,000 Haw Par Corp. 51,755
28,000 Overseas Union Enterprise Ltd. 111,300
60,000 Overseas-Chinese Banking Corp. Ltd. 340,715
201,000 SembCorp Marine 111,857
7,000 Singapore Press Holdings 72,743
125,000 United Industrial Corp. 61,045
------------
932,277
------------
SOUTH AFRICA -- 1.0%
19,000 Anglo American Platinum Corp. 607,190
13,200 Anglo American plc 202,840
172,924 Aspen Pharmacare Holdings Ltd. 178,450
10,100 Edgars Consolidated Stores Ltd. 96,374
49,900 Gold Fields Ltd. 597,338
14,300 Harmony Gold Mining Co. Ltd. 192,621
6,004 Impala Platinum Holdings Ltd. 361,359
6,584 Kersaf Investments Ltd. 26,301
11,600 Pretoria Portland Cement Co. Ltd. 154,461
60,556 Sasol Ltd. 675,389
------------
3,092,323
------------
SOUTH KOREA -- 0.5%
430 Hyundai Motor Co. Ltd. 11,375
730 Kookmin Bank 22,001
460 Korea Electric Power Corp. 7,278
100 Pohang Iron and Steel Co. Ltd. 10,381
23,966 Posco - ADR 627,670
80 Samsung Electronics Co. Ltd. 23,776
5,600 Samsung Electronics Co., Ltd. - GDR 833,000
------------
1,535,481
------------
SPAIN -- 0.8%
2,200 Acciona SA 104,844
3,000 Acerinox SA 114,651
33,507 Banco Central Hispanoamer SA 293,585
2,900 Banco Popular Espanol 146,529
11,083 Endesa SA 185,562
29,046 Iberdrola SA 502,993
8,300 NH Hoteles SA* 87,307
1,100 Prosegur Cia de Seguridad SA 16,257
14,100 Repsol SA - ADR 227,997
49,959 Telefonica SA 580,015
3,200 Viscofan SA 24,915
------------
2,284,655
------------
SWEDEN -- 0.3%
4,600 ABB Ltd.* 15,228
</Table>
7
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
6,900 Assa Abloy AB $66,802
2,300 Hoganas AB, Class B 46,833
3,000 OM AB 21,362
39,000 Securitas AB, B Shares 399,503
3,400 Svenska Cellulosa AB 116,166
8,400 Svenska Handelsbanken, Class A 137,465
98,300 Telefonaktiebolaget Ericsson LM, Class
B* 105,607
------------
908,966
------------
SWITZERLAND -- 0.7%
6,200 Compagnie Financiere Richemont AG 100,240
90 Geberit AG 27,707
16,300 Nestle SA - ADR 840,849
23,400 Novartis AG 925,946
200 Publigroupe SA* 33,664
330 SGS Societe General de Surveillance SA 128,877
------------
2,057,283
------------
THAILAND -- 0.5%
112,000 Advanced Information Service Public Co.
Ltd. 162,512
257,700 Bangkok Bank Public Co. Ltd.* 413,767
76,000 GMM Grammy Public Co., Ltd. 39,048
80,000 Golden Land Property Development Public
Co. Ltd.* 25,119
105,000 Kasikornbank plc* 84,919
48,000 MBK Properties & Development Public Co.
Ltd. 41,104
116,000 National Finance Public Co. Ltd. 41,665
37,000 Siam Cement Public Co. Ltd. 147,859
108,000 Siam Cement Public Co. Ltd. - NVDR 385,347
23,000 Siam Commercial Bank Public Co. Ltd.* 19,696
------------
1,361,036
------------
UNITED KINGDOM -- 4.4%
22,000 Arriva plc 124,760
18,000 Associated British Ports Holdings plc 118,849
26,150 Aviva plc 185,227
13,000 BAA plc 106,348
51,000 BAE Systems plc 119,925
21,000 Barclays plc 155,939
128,041 BG Group plc 567,453
72,619 Boots Group plc 777,112
13,000 BP plc 90,152
12,400 BP plc - ADR 521,048
105,990 Brambles Industries plc 286,835
149,334 British Airways plc* 386,737
18,000 BT Group plc 60,436
152,747 Cable & Wireless Communications plc 285,075
15,000 Capita Group plc 56,188
2,000 Carnival plc 60,891
19,000 Compass Group plc 104,096
15,000 Devro plc 17,129
17,000 Diageo plc 181,500
8,000 EMI Group plc 16,189
32,000 Enodis plc* 20,990
59,264 GKN plc 221,377
35,122 GlaxoSmithKline plc 708,809
8,000 Granada plc 11,870
59,421 GUS plc 666,764
28,000 Hanson plc 156,055
52,608 HBOS plc 680,343
19,000 Hilton Group plc 58,003
<Caption>
NUMBER
OF SHARES VALUE +
61,759 InterContinental Hotels Group plc* $441,196
11,000 Intertek Testing Services plc 78,869
32,000 Kidde plc 44,884
75,786 Lloyds TSB Group plc 538,063
61,759 Mitchells & Butlers plc* 243,385
38,000 MyTravel Group plc* 11,715
80,201 Pearson plc 749,065
72,000 Pilkington plc 81,426
8,000 Provident Financial plc 85,148
7,300 Reckitt Benckiser plc 133,953
18,000 Reed Elsevier plc 152,033
41,000 Rentokil Initial plc 128,039
49,000 Rio Tinto plc 935,478
30,000 Shell Transport & Trading Co. 198,018
10,300 Shell Transport & Trading Co. - ADR 410,455
7,000 Smiths Group plc 81,522
96,000 Stagecoach Group plc 101,368
22,000 Sygen International plc* 17,063
25,000 TBI plc 22,793
22,000 Tesco Plc 79,595
36,000 The Sage Group plc 96,260
60,000 Vodafone Group plc 117,326
60,300 Vodafone Group plc - ADR 1,184,895
70,000 WPP Group plc 548,675
------------
13,227,324
------------
Total Foreign Common Stocks
(Cost $69,595,342) 73,804,621
------------
Total Common Stocks
(Cost $140,386,340) 149,117,720
------------
</Table>
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE
ASSET-BACKED SECURITIES -- 1.4%
$275,000 Centex Home Equity, Ser.
2003-B, Class M2 3.020% 06/25/33 275,534
250,000 Chase Funding Loan Acqusition
Trust, Ser. 2003-C1, Class
2M2 2.554% 10/25/32 250,473
500,000 Countrywide Asset-Backed
Certificates, Ser.
2003-BC3, Class M3 2.640% 01/25/33 500,977
787,884 DVI Receivables Corp., Ser.
2000-1, Class A4 7.780% 06/14/08 817,009
250,000 DVI Receivables Corp., Ser.
2002-2, Class A3A 1.796% 09/12/10 249,542
500,000 First Franklin Mortgage Loan
Asset Backed Certificates,
Ser. 2003-FF1, Class M2 2.685% 07/25/33 498,985
250,000 Impac CMB Trust, 2003-7 2.764% 04/25/33 250,000
294,610 Impac CMB Trust, Ser. 2003-5,
Class M2 2.785% 01/25/33 295,259
449,436 Impac CMB Trust, Ser. 2003-6,
Class 1M1 3.010% 04/25/33 449,901
450,000 Long Beach Mortgage Loan
Trust, Ser. 2002-5, Class
M2 (a) 3.320% 11/25/32 453,988
250,000 Long Beach Mortgage Loan
Trust, Ser. 2003-4, Class
M2 2.860% 08/25/33 250,000
------------
Total Asset-Backed Securities
(Cost $4,275,860) 4,291,668
------------
</Table>
8
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
US TREASURY OBLIGATIONS -- 18.2%
$1,704,705 US Treasury Inflation-Indexed
Bond 3.625% 04/15/28 $2,077,875
29,033,888 US Treasury Inflation-Indexed
Note 3.000% 07/15/12 31,996,245
2,320,360 US Treasury Note 3.375% 01/15/07 2,548,046
17,623,000 US Treasury Note 3.875% 02/15/13 18,134,472
------------
Total US Treasury Obligations
(Cost $52,654,708) 54,756,638
------------
LIMITED PARTNERSHIPS -- 21.4%
Canyon Value Realization Fund,
LP*(b)(c)(d) 19,248,536
Farallon Capital Institutional
Partners, LP*(a)(b)(c)(d) 16,466,241
Lone Picea, LP*(a)(b)(c)(d) 1,398,644
Lone Redwood, LP*(a)(b)(c)(d) 12,683,821
Maverick Fund USA,
Ltd.*(a)(b)(c)(d) 3,127,762
OZ Domestic Partners,
LP*(a)(b)(c)(d) 5,317,061
Regiment Capital,
Ltd.*(a)(b)(c)(d) 6,000,000
------------
Total Limited Partnerships
(Cost $39,597,545) 64,242,065
------------
</Table>
<Table>
<Caption>
NUMBER OF
SHARES
PREFERRED STOCK -- 0.4%
ELECTRONICS -- 0.3%
109,423 Taiwan Semiconductor Manufacturing Co.
Ltd. (144A) (PREF)*(a){::} 901,056
-----------
OIL AND GAS -- 0.1%
8,600 Surgutneftegaz - ADR 179,740
-----------
Total Preferred Stock
(Cost $1,061,765) 1,080,796
-----------
</Table>
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
SHORT-TERM INVESTMENTS -- 8.9%
REPURCHASE AGREEMENTS -- 7.9%
$13,480,000 Bear, Stearns & Co. Inc. --
Repurchase Agreement issued 6/30/03
(proceeds at maturity $13,480,468)
(Collateralized by $13,397,000 FNMA,
1.250%, due 11/01/32, with a market
value of $13,561,369) 1.250% 07/01/03 $13,480,000
10,195,510 Investors Bank & Trust Co. --
Repurchase Agreement issued 06/30/03
(proceeds at maturity $10,195,722)
(Collateralized by $10,363,898 FNMA,
5.827%, due 07/01/32, with a market
value of $10,705,285) 0.750% 07/01/03 10,195,509
------------
Total Repurchase Agreements
(Cost $23,675,509) 23,675,509
------------
US TREASURY SECURITIES -- 1.0%#
1,000,000 US Treasury Bill+ 0.565% 10/23/03 997,175
2,050,000 US Treasury Bill 0.747% 11/20/03 2,042,327
------------
Total US Treasury Securities
(Cost $3,037,736) 3,039,502
------------
Total Short-Term Investments
(Cost $26,713,245) 26,715,011
------------
Total Investments -- 100.0%
(Cost $264,689,463) 300,203,898
Other Assets in Excess of
Liabilities -- 0.0% 37,842
------------
NET ASSETS -- 100.0% $300,241,740
============
</Table>
9
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS):
Capital Equipment 9.1%
Consumer Goods 9.4
Energy 7.9
Finance 11.1
Industrial 0.2
Limited Partnerships(d) 21.4
Materials 6.8
Multi-Industry 1.1
Repurchase Agreements 7.9
Services 5.9
US Government Obligations 18.2
US Treasury Obligations 1.0
Other Assets (Liabilities) 0.0
------
Total 100.0%
======
</Table>
ADR American Depositary Receipt
FNMA Fannie Mae
NVDR Non-Voting Depositary Receipt
PDR Phillippine Depositary Receipt
PREF Preference Shares
REIT Real Estate Investment Trust
* Non-income producing security.
+ Security or a portion thereof is held with a broker as initial margin for
financial futures and forward contracts. See Appendix B and Appendix C of
Notes to Financial Statements.
{::} Security exempt from registration under Rule 144A of the Securities Act of
1933. Security may be resold in transactions exempt from registration,
normally to qualified buyers. At June 30, 2003, the aggregate market value
of this security was $901,056 or 0.30% of net assets. The board of
directors has deemed this security to be liquid.
+ See Note 2 to the Financial Statements.
# Interest rate represents the yield to maturity at the time of purchase.
(a) Illiquid security.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted security.
(d) Underlying fund investments and industry breakdowns at June 30, 2003, not
available to the advisor.
See accompanying Notes to Financial Statements.
10
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
COMMON STOCKS -- 85.7%
AUSTRALIA -- 4.0%
94,000 Alumina Ltd. $256,577
151,310 Amcor Ltd. 823,986
27,309 Australia and New Zealand Banking Group
Ltd. 340,838
58,000 Caltex Australian Ltd.* 112,803
93,139 Coles Myer Ltd. 437,246
325,852 Foster's Group Ltd. 920,022
45,149 National Australia Bank Ltd. 1,014,352
29,560 Orica Ltd. 214,698
148,000 Santos Ltd. 585,612
201,528 Telstra Corp. 594,681
80,000 WMC Resources Ltd.* 188,319
------------
5,489,134
------------
BELGIUM -- 0.3%
1,356 Electrabel SA 345,534
------------
BRAZIL -- 1.0%
28,000 Cia Vale do Rio Doce - ADR 795,527
12,600,000 Companhia Siderurgica Nacional SA 312,475
14,700 Voctorantim Celulose Papel SA - ADR 284,298
------------
1,392,300
------------
CANADA -- 2.7%
30,000 Abitibi-Consolidated, Inc. 190,984
6,710 Agrium, Inc. 73,335
26,000 Air Canada, Class A* 5,741
7,500 Alcan, Inc. 233,763
7,800 BCE, Inc. 178,302
24,826 Encana Corp. 952,574
3,800 Fairmont Hotels & Resorts, Inc. 87,536
14,108 Hudson's Bay Co. 98,120
23,000 Imperial Oil Ltd. 803,160
10,772 Imperial Oil Ltd. (foreign market) 372,927
7,800 Inco Ltd.* 163,491
1 National Bank of Canada 24
45,020 Nortel Networks Corp.* 120,937
20,800 Rogers Communications, Inc., Class B 330,810
21,500 Stelco, Inc., Class A* 17,406
------------
3,629,110
------------
CHINA -- 0.4%
962,000 Beijing Capital International Airport
Co., Ltd., Class H 234,389
694,000 Guangshen Railway Co. Ltd. 123,704
496,000 Yanzhou Coal Mining Co. Ltd. 230,568
------------
588,661
------------
CROATIA -- 0.2%
20,848 Pliva DD - GDR 288,563
------------
DENMARK -- 1.1%
3,300 Bang & Olufsen Holding AS, Ser. B 89,767
2,600 Coloplast AS, Class B 200,924
21,370 ISS AS 762,967
10,000 TDC AS 299,068
6,500 William Demant Holding* 148,684
------------
1,501,410
------------
ESTONIA -- 0.2%
11,628 Hansabank Ltd. 238,351
------------
<Caption>
NUMBER
OF SHARES VALUE +
FINLAND -- 0.8%
25,700 Metso Oyj $230,198
23,900 M-real Oyj, Class B 187,453
38,200 Sampo Oyj, Class A 280,310
12,220 Tietoenator OY 209,651
15,068 UPM-Kymmeme OY 218,541
------------
1,126,153
------------
FRANCE -- 5.8%
6,730 Air Liquide SA 997,736
31,300 Alcatel SA* 282,155
4,400 Atos Origin* 152,189
5,376 Aventis SA - Frankfurt Exchange 295,712
14,200 AXA SA 220,302
7,908 BNP Paribas 401,841
18,346 Carrefour SA 899,166
29,646 Compagnie de Saint-Gobain 1,174,517
2,400 Groupe Danone 332,103
9,973 Pechiney SA, A Shares 358,005
37,020 Scor SA* 210,434
16,441 Societe Generale, Class A 1,042,177
7,500 Thales SA 222,636
5,898 Total SA 891,323
22,245 Vivendi Universal SA* 404,889
------------
7,885,185
------------
GERMANY -- 3.1%
25,410 Bayer AG 586,509
26,131 Bayerische Hypo-und Vereinsbank AG* 429,108
8,900 Bayerische Motoren Werke AG 341,870
12,300 Buderus AG* 409,616
11,000 Deutsche Post AG 160,425
6,100 E. ON AG 312,700
1,400 Fresenius Medical Care 68,970
15,780 Fresenius Medical Care - ADR 259,423
24,000 Metro AG 775,550
29,724 RWE AG 897,713
------------
4,241,884
------------
GHANA -- 0.1%
20,000 Ashanti Goldfields Co. Ltd. - Sponsored
ADR 159,400
------------
HONG KONG -- 3.3%
28,000 Asia Satellite Telecom Holdings 46,139
2,586,000 Chaoda Modern Agriculture (Holdings)
Ltd. 447,683
27,000 China Mobile (Hong Kong) Ltd. - ADR 317,790
562,000 First Pacific Co. Ltd.* 98,013
108,000 Henderson Land Development Co. 310,227
66,000 Hong Kong Aircraft Engineering Co. Ltd. 220,052
105,000 Hong Kong Electric Holdings Ltd. 412,021
110,000 Hong Kong Exchanges & Clearing Ltd. 157,986
215,000 Hong Kong Shanghai Hotels Ltd. 97,187
155,473 Hysan Development Co. Ltd. 128,595
491,000 i-Cable Communications Ltd. 124,038
134,620 Jardine Matheson Holdings Ltd. 827,913
118,881 Mandarin Oriental International Ltd.* 48,741
300,000 Next Media Ltd.* 96,177
202,478 SmarTone Telecommunications Holdings
Ltd. 231,087
89,000 Television Broadcasts Ltd. 318,992
219,571 Wharf Holdings Ltd. 422,352
155,000 Wheelock & Co. Ltd. 135,160
------------
4,440,153
------------
</Table>
11
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
INDIA -- 0.2%
32,100 ICICI Bank Ltd. - ADR $233,367
7,200 SIEL Ltd. - GDR* 2,088
------------
235,455
------------
INDONESIA -- 0.5%
292,307 PT Astra International, Inc.* 126,666
3,835,000 PT Bank Pan Indonesia TBK 144,103
343,000 PT Citra Marga Nusaphala Persada TBK* 17,462
114,000 PT Gudang Garam TBK 140,945
1,420,000 PT Matahari Putra Prima TBK 90,364
415,000 PT Mulia Industrindo TBK* 8,300
121,000 PT Semen Gresik 112,200
------------
640,040
------------
IRELAND -- 0.8%
41,200 CRH plc 643,443
81,000 Fyffes plc 127,432
151,340 Independent News & Media plc 269,377
------------
1,040,252
------------
ISRAEL -- 0.7%
17,280 Teva Pharmaceutical Industries Ltd. 983,750
------------
ITALY -- 1.9%
343,332 IntesaBci SpA 1,101,972
57,500 Luxottica Group SpA - ADR 799,250
6,600 Natuzzi SpA 52,932
40,900 Saipem SpA 309,046
69,000 Unicredito Italiano SpA 329,622
------------
2,592,822
------------
JAPAN -- 13.5%
600 Aioi Insurance Co. Ltd. 1,459
15,000 Aisin Seiki Co. Ltd. 214,116
18,000 Anritsu Corp.* 98,189
29,600 Asatsu-DK, Inc. 530,002
43,000 Canon, Inc. 1,973,183
36,000 Dai Nippon Printing Co. Ltd. 380,762
27,000 Dai-Dan Co. Ltd. 105,909
13,000 Daifuku Co. Ltd. 49,477
34 Dentsu, Inc. 105,901
26,200 Eisai Co. Ltd. 538,947
14,800 Ezaki Glico Co. Ltd. 85,417
10,000 FamilyMart Co. Ltd. 178,638
37,000 Fuji Electric Co. Ltd. 81,041
8,000 Fuji Photo Film Co. 231,189
30,000 Furukawa Electric Co. Ltd. 97,939
5,000 Glory Ltd. 110,972
174,000 Hitachi Ltd. 737,589
5,000 Hitachi Medical Corp. 55,798
10,000 Inabata & Co. Ltd. 45,388
4,000 ISB Corp. 19,288
14,000 Itochu Corp. 35,211
32,000 Kao Corp. 595,628
1,700 Keyence Corp. 311,472
14,000 Kinden Corp. 46,987
62,000 Kirin Brewery Co. Ltd. 435,794
18,000 Koito Manufacturing Co. Ltd. 77,052
24,000 Komatsu Ltd. 91,943
16,000 Lintec 166,563
42,000 Lion Corp. 180,837
55,000 Matsushita Electric Industries Co. 544,618
<Caption>
NUMBER
OF SHARES VALUE +
29,000 Matsushita Electric Works Ltd. $171,718
37 Millea Holdings, Inc. 282,873
95,000 Mitsubishi Corp. 659,046
58,000 Mitsubishi Gas Chemical Co. 122,690
60,000 Mitsubishi Heavy Industries, Ltd. 155,403
17,000 Mizuno Corp. 52,242
14,900 Murata Manufacturing Co. Ltd. 585,701
24,000 NGK Insulators Ltd. 133,117
10,000 NIFCO, Inc. 107,266
4,000 Nippon Broadcasting System, Inc. 101,270
10,000 Nippon Koei Co. Ltd. 18,572
52,000 Nippon Oil Corp. 225,626
66,000 Nippon Sanso Corp. 212,167
116 Nippon Telegraph and Telephone Corp. 455,016
44,000 Nisshinbo Industries, Inc. 201,541
36,000 Nomura Holdings, Inc. 456,914
32,000 Noritake Co. Ltd. 99,938
80 NTT DoCoMo, Inc. 173,225
18,000 OMRON Corp. 303,560
9,000 Ono Pharmaceutical Co. Ltd. 278,826
16,000 Onward Kashiyama Co. 129,253
6,600 Rohm Co. 719,500
8,000 Ryosan Co. 104,735
21,000 Sankyo Seiko 69,257
5,500 SECOM Co., Ltd. 161,233
22,000 Shiseido Co. Ltd. 213,816
72 Sky Perfect Communications, Inc.* 49,229
36,000 Sompo Japan Insurance, Inc. 196,377
28,000 Sumitomo Chemical Co. Ltd. 87,912
40,000 Sumitomo Corp. 184,551
17,000 Sumitomo Electric Industries Ltd. 124,164
34,000 Sumitomo Forestry Co. Ltd. 177,256
68,000 Sumitomo Trust & Banking Co. Ltd. 235,020
14,000 Sumitomo Wiring Systems Ltd. 109,598
12,200 Takeda Chemical Industries Ltd. 450,102
9,000 Tokyo Broadcasting System 109,656
69,000 Tokyo Gas Co. 198,251
8,900 Tokyo Ohka Kogyo Co. 131,119
3,000 Toppan Printing Co. 21,487
12,000 Tostem Inax Holding Corp. 172,892
16,000 Toyo Seikan 149,640
22,700 Toyota Motor Corp. 587,941
178 UFJ Holdings, Inc.* 260,904
104 West Japan Railway Co. 394,087
32,000 Yamaha Motor Co. Ltd. 269,965
16,000 Yamatake Corp. 114,062
15,000 Yokohama Bank Ltd. 48,969
------------
18,394,996
------------
LUXEMBOURG -- 0.3%
41,000 Arcelor SA 477,415
------------
MALAYSIA -- 1.3%
19,000 British American Tobacco Berhad 195,000
45,000 Carlsberg Brewery Malaysia Berhad 127,895
151,000 CIMB Berhad* 120,800
107,000 Commerce Asset-Holding Berhad 97,426
32,000 Genting Berhad 126,316
198,300 IOI Corporation Berhad 297,450
112,000 Kumpulan Guthrie Berhad 67,790
204,000 Multi-Purpose Holdings Berhad* 68,716
67,333 PPB Group Berhad 81,863
</Table>
12
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
113,000 Resorts World Berhad $291,421
172,800 Sime Darby Berhad 231,916
------------
1,706,593
------------
MEXICO -- 1.4%
800 America Movil SA de CV 15,000
3,367 Cemex SA 15,052
14,600 Coca-Cola Femsa SA 313,900
185,900 Grupo Continental SA 291,583
710,900 Grupo Financiero BBVA Bancomer* 602,192
800 Telefonos de Mexico, Class L - ADR 25,136
10,000 Vitro SA de CV - Sponsored ADR 20,900
22,100 Wal-Mart de Mexico - ADR 653,203
------------
1,936,966
------------
NETHERLANDS -- 5.2%
39,870 Heineken NV 1,414,748
19,860 IHC Caland NV 1,013,965
79,704 ING Groep NV 1,384,820
45,250 Koninklijke (Royal) KPN NV* 320,611
20,682 Koninklijke (Royal) Philips Electronics
NV 393,303
5,970 Koninklijke Boskalis Westminster NV 146,574
39,859 Reed Elsevier NV 470,079
39,577 Royal Dutch Petroleum Co. 1,837,018
6,390 Royal Nedlloyd NV 132,524
------------
7,113,642
------------
NEW ZEALAND -- 1.1%
112,860 Carter Holt Harvey Ltd. 118,272
360,202 Telecom Corporation of New Zealand Ltd. 1,105,013
382,400 Wrightson Ltd. 268,651
------------
1,491,936
------------
NORWAY -- 0.3%
34,000 DnB Holding ASA 167,683
13,100 Rieber & Son ASA, Class B 92,555
13,200 Schibsted ASA 182,866
------------
443,104
------------
PHILIPPINES -- 0.4%
352,000 ABS-CBN Broadcasting Corp. - PDR* 120,198
1,572,000 Ayala Corp. 135,302
21,750 Globe Telecom, Inc. 246,211
252,000 Jollibee Foods Corp. 80,157
------------
581,868
------------
RUSSIA -- 0.2%
3,600 Lukoil Oil Co. - ADR 284,400
------------
SINGAPORE -- 1.4%
436,000 BIL International Ltd.* 200,545
54,900 DBS Group Holdings Ltd. 321,107
9,300 Fraser and Neave Ltd. 45,417
30,000 Great Eastern Holdings Ltd. 166,099
123,812 Jardine Strategic Holdings Ltd. 343,578
33,000 Overseas Union Enterprise Ltd. 131,176
63,000 Overseas-Chinese Banking Corp. Ltd. 357,751
357,000 SembCorp Marine 198,671
8,500 Singapore Press Holdings 88,331
240,000 United Industrial Corp. 117,206
------------
1,969,881
------------
SOUTH AFRICA -- 2.9%
4,400 AngloGold Ltd. 137,437
<Caption>
NUMBER
OF SHARES VALUE +
869 AngloGold Ltd. - ADR $27,424
233,324 Aspen Pharmacare Holdings Ltd. 240,780
58,000 Aveng Ltd. 67,422
19,209 Edgars Consolidated Stores Ltd. 183,291
159,000 FirstRand Ltd. 163,446
11,786 Gold Fields Ltd. 141,087
265,191 Hosken Consolidated Investments Ltd.* 123,591
36,636 JD Group Ltd. 121,957
68,545 Kersaf Investments Ltd. 266,057
101,000 MTN Group Ltd.* 217,197
175,804 Nampak Ltd. 284,423
21,400 Pretoria Portland Cement Co. Ltd. 284,953
165,000 RMB Holdings Ltd. 233,768
24,908 SABMiller plc 169,149
274,324 Sanlam Ltd. 255,695
91,864 Sasol Ltd. 1,024,571
------------
3,942,248
------------
SOUTH KOREA -- 0.5%
950 Hyundai Motor Co. Ltd. 25,132
1,200 Kookmin Bank 36,166
950 Korea Electric Power Corp. 15,031
28,075 KT&G Corp. (144A)(a){::} 231,509
5,798 KT&G Corporation (144A) - GDR(a){::} 47,811
200 Pohang Iron and Steel Co. Ltd. 20,762
9,937 Posco - ADR 260,250
170 Samsung Electronics Co. Ltd. 50,523
------------
687,184
------------
SPAIN -- 3.8%
7,400 Acciona SA 352,658
10,000 Acerinox SA 382,171
160,038 Banco Central Hispanoamer SA 1,402,239
9,500 Banco Popular Espanol 480,010
11,500 Bankinter SA 408,462
6,573 Endesa SA 110,051
30,475 Iberdrola SA 527,739
27,743 NH Hoteles SA* 291,825
3,000 Prosegur Cia de Seguridad SA 44,338
90,406 Telefonica SA 1,049,597
11,750 Viscofan SA 91,483
------------
5,140,573
------------
SWEDEN -- 2.1%
13,188 ABB Ltd.* 43,658
23,000 Assa Abloy AB 222,675
8,500 Hoganas AB, Class B 173,080
14,500 OM AB 103,249
59,000 Securitas AB, B Shares 604,376
42,800 Skandinaviska Enskilda Banken AB, Class
A 435,755
11,300 Svenska Cellulosa AB 386,080
28,400 Svenska Handelsbanken, Class A 464,762
346,520 Telefonaktiebolaget Ericsson LM, Class
B* 372,279
------------
2,805,914
------------
SWITZERLAND -- 3.6%
20,000 Compagnie Financiere Richemont AG 323,355
300 Geberit AG 92,355
15,710 Nestle SA - ADR 810,413
29,680 Novartis AG 1,174,448
100 Phoenix Mecano AG* 17,570
610 Publigroupe SA* 102,676
6,300 Roche Holding AG 494,168
1,000 Sarna Kunststoff Holding AG 88,959
</Table>
13
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
1,150 SGS Societe General de Surveillance SA $449,116
12,100 Swiss Reinsurance Co. 670,411
12,780 UBS AG 710,917
------------
4,934,388
------------
TAIWAN -- 0.2%
102,000 Asustek Computer, Inc. 257,876
------------
THAILAND -- 1.6%
232,000 Advanced Information Service Public Co.
Ltd. 315,387
132,000 GMM Grammy Public Co. Ltd. 66,577
73,364 Golden Land Property Development Public
Co. Ltd.* 21,713
171,636 Golden Land Property Development Public
Co. Ltd. (foreign shares)* 52,594
194,000 Kasikornbank plc* 156,898
33,000 Matichon Public Co. Ltd. 52,135
89,000 MBK Properties & Development Public Co.
Ltd. 72,979
250,000 National Finance Public Co. Ltd. 84,514
24,000 Post Publishing Co. Ltd. 24,263
87,000 Siam Cement Public Co. Ltd. 314,197
210,000 Siam Cement Public Co. Ltd. - NVDR 686,784
39,000 Siam Commercial Bank Public Co. Ltd.* 31,575
521,200 Thai Union Frozen Products Public Co. -
NVDR 325,440
------------
2,205,056
------------
UNITED KINGDOM -- 18.8%
13,731 Anglo American plc - ADR 210,911
69,882 Arriva plc 396,294
58,400 Associated British Ports Holdings plc 385,600
41,866 Aviva plc 296,548
41,500 BAA plc 339,496
172,500 BAE Systems plc 405,628
71,400 Barclays plc 530,193
182,062 BG Group plc 806,864
115,485 Boots Group plc 1,235,831
49,000 BP plc 339,803
23,500 BP plc - ADR 987,470
138,311 Brambles Industries plc 374,304
132,889 British Airways plc* 344,149
60,000 BT Group plc 201,454
364,231 Cable & Wireless Communications plc 679,771
48,350 Capita Group plc 181,114
24,873 Carnival plc 757,265
44,000 Close Brothers Group plc 475,573
49,490 Compass Group plc 271,948
64,000 Devro plc 73,082
48,804 Diageo plc 521,054
22,600 EMI Group plc 45,733
118,400 Enodis plc* 77,663
102,140 GKN plc 381,538
48,695 GlaxoSmithKline plc 982,730
21,490 Granada plc 31,887
81,780 GUS plc 917,655
88,450 Hanson plc 492,966
78,396 HBOS plc 1,013,841
60,000 Hilton Group plc 183,167
<Caption>
NUMBER
OF SHARES VALUE +
26,720 HSBC Holdings plc $316,947
63,140 InterContinental Hotels Group plc* 451,061
36,000 Intertek Testing Services plc 258,116
136,000 Kidde plc 190,757
96,579 Lloyds TSB Group plc 685,689
94,239 Mitchells & Butlers plc* 371,385
83,000 MyTravel Group plc* 25,588
265,000 Pilkington plc 299,694
139,800 Premier Farnell Plc 465,073
22,702 Provident Financial plc 241,628
20,460 Reckitt Benckiser plc 375,434
60,000 Reed Elsevier plc 506,776
142,000 Rentokil Initial plc 443,453
93,186 Rio Tinto plc 1,779,051
1,000 SABMiller plc 6,696
102,000 Shell Transport & Trading Co. 673,261
21,250 Smiths Group plc 247,476
281,640 Stagecoach Group plc 297,388
28,550 Standard Chartered plc 349,095
93,000 Sygen International plc* 72,128
86,000 TBI plc 78,407
71,000 Tesco Plc 256,875
118,000 The Sage Group plc 315,521
69,600 Unilever plc 554,153
160,000 Vodafone Group plc 312,868
45,970 Vodafone Group plc - ADR 903,311
157,240 WPP Group plc 1,232,481
------------
25,651,844
------------
Total Common Stocks
(Cost $115,578,937) 116,844,041
------------
PREFERRED STOCK -- 0.6%
TAIWAN -- 0.6%
107,746 Taiwan Semiconductor Manufacturing Co.
Ltd. (144A) (PREF)*(b){::}
(Cost $779,357) 887,247
------------
LIMITED PARTNERSHIPS -- 6.0%
Bessent Euro-Equities II,
LP*(a)(b)(c)(d) 3,960,531
Lansdowne UK Equity Fund*(a)(b)(c)(d) 4,225,959
------------
Total Limited Partnerships
(Cost $8,000,000) 8,186,490
------------
</Table>
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE
SHORT-TERM INVESTMENTS -- 6.9%
REPURCHASE AGREEMENT -- 5.5%
$7,456,790 Investors Bank & Trust Co. --
Repurchase Agreement, issued 06/30/03 (proceeds
at maturity $7,456,945) (Collateralized by a
$7,810,742 FNMA, due 11/15/31, with a market
value of $7,829,991)
(Cost $7,456,790) 0.750% 07/01/03 7,456,790
------------
US TREASURY SECURITIES -- 1.4%#
75,000 US Treasury Bill+ 0.565% 10/23/03 74,788
</Table>
14
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2003
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
$500,000 US Treasury Bill+ 0.706% 11/13/03 $498,228
1,350,000 US Treasury Bill+ 0.747% 11/20/03 1,344,947
------------
Total US Treasury Securities
(Cost $1,917,010) 1,917,963
------------
Total Short-Term Investments
(Cost $9,373,800) 9,374,753
------------
Total Investments -- 99.2%
(Cost $133,732,094) 135,292,531
Other Assets in Excess of
Liabilities -- 0.8% 1,070,610
------------
NET ASSETS -- 100.0% $136,363,141
============
</Table>
<Table>
<Caption>
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS):
Capital Equipment 13.6%
Consumer Goods 18.7
Energy 8.9
Finance 15.6
Industrial 0.5
Limited Partnerships(d) 6.0
Materials 12.3
Multi-Industry 2.4
Repurchase Agreement 5.5
Services 14.3
US Treasury Obligations 1.4
Other Assets (Liabilities) 0.8
-----
Total 100.0%
=====
</Table>
ADR American Depositary Receipt
FNMA Fannie Mae
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
PDR Phillippine Depositary Receipt
PREF Preference Shares
* Non-income producing security.
+ Security or a portion thereof is held with a broker as initial margin for
financial futures and forward contracts. See Appendix B and Appendix C of
Notes to Financial Statements.
{::} Security exempt from registration under Rule 144A of the Securities Act of
1933. Security may be resold in transactions exempt from registration,
normally to qualified buyers. At June 30, 2003, the aggregate market value
of these securities was $1,166,567 or 0.86% of net assets. The board of
directors has deemed $887,247 or 0.65% of net assets to be liquid.
+ See Note 2 to the Financial Statements.
# Interest rate represents the yield to maturity at the time of purchase.
(a) Illiquid security.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted security.
(d) Underlying fund investments and industry breakdowns at June 30, 2003, not
available to the advisor.
See accompanying Notes to Financial Statements.
15
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
COMMON STOCKS -- 75.6%
AEROSPACE AND DEFENSE -- 0.7%
61,500 AAR Corp. $434,190
3,900 Boeing Co. 133,848
2,800 Lockheed Martin Corp. 133,196
6,500 Textron, Inc. 253,630
6,600 United Technologies Corp. 467,478
------------
1,422,342
------------
AIRLINES -- 0.3%
39,500 ExpressJet Holdings, Inc. 596,450
------------
APPAREL RETAILERS -- 0.1%
11,400 The Gap, Inc. 213,864
------------
AUTOMOTIVE -- 0.2%
10,500 General Motors Corp. 378,000
1,200 Johnson Controls, Inc. 102,720
------------
480,720
------------
BANKING -- 6.2%
36,400 Bank of America Corp. 2,876,692
35,625 Chittenden Corp. 974,344
4,600 Countrywide Financial Corp. 320,022
31,395 Downey Financial Corp. 1,296,613
7,000 First Tennessee National Corp. 307,370
3,700 Greenpoint Financial Corp. 188,478
31,329 Hudson United Bancorp 1,069,885
12,200 National City Corp. 399,062
45,271 National Commerce Financial Corp. 1,004,563
69,300 North Valley Bancorp 1,039,500
32,000 People's Bank 927,680
3,600 Regions Financial Corp. 121,608
26,000 The South Financial Group 606,580
10,000 Union Planters Corp. 310,300
15,800 Wachovia Corp. 631,368
17,500 Wells Fargo Corp. 882,000
------------
12,956,065
------------
BEVERAGES, FOOD, AND TOBACCO -- 4.3%
23,600 Altria Group, Inc. 1,072,384
31,500 Anheuser-Busch Companies, Inc. 1,608,075
9,700 Campbell Soup Co. 237,650
109,700 Chiquita Brands International* 1,590,650
33,500 Coca-Cola Co. 1,554,735
47,500 Coca-Cola Enterprises, Inc. 862,125
12,500 Coors (Adolph), Class B 612,250
1,500 Dean Foods Co. 47,250
500 Kraft Foods, Inc. 16,275
9,500 Peets Coffee & Tea, Inc. 165,870
20,600 Pepsico, Inc. 916,700
15,300 Sara Lee Corp. 287,793
------------
8,971,757
------------
BIOTECHNOLOGY -- 0.2%
5,500 Dyax Corp.* 22,440
24,500 Genencor International, Inc.* 403,515
------------
425,955
------------
CHEMICALS -- 0.2%
3,800 PPG Industries, Inc. 192,812
3,800 Rohm & Haas Co. 117,914
------------
310,726
------------
<Caption>
NUMBER
OF SHARES VALUE +
COMMERCIAL SERVICES -- 3.0%
16,500 Accenture Ltd. $298,485
2,200 Apollo Group, Inc.* 135,872
7,520 Bull Run Corp. 24,966
12,200 Cendant Corp.* 223,504
32,800 Gartner, Inc., Class A* 248,624
109,200 Gartner, Inc., Class B* 819,000
14,300 H & R Block, Inc. 618,475
63,700 ITT Educational Services, Inc.* 1,863,225
12,600 R.H. Donnelley Corp.* 459,522
11,400 Rent-A-Center, Inc. 863,892
50,292 The Brink's Co. 732,754
------------
6,288,319
------------
COMMUNICATIONS -- 1.6%
21,100 Nextel Communications, Inc.,
Class A* 381,488
6,200 Qualcomm, Inc.* 221,650
47,951 Scientific-Atlanta, Inc. 1,143,152
54,260 Superconductor Technologies, Inc.* 124,798
39,100 Verizon Communications Corp. 1,542,495
------------
3,413,583
------------
COMPUTER SOFTWARE AND PROCESSING -- 5.4%
408,300 Actuate Corp.* 1,135,074
3,700 Adobe Systems, Inc. 118,659
1,200 Affiliated Computer Services* 54,876
112,300 Centra Software, Inc.* 348,130
281,700 Chordiant Software, Inc. 523,962
8,200 Computer Sciences Corp.* 312,584
113,552 Docent, Inc. 386,077
186,600 Earthlink, Inc.* 1,472,274
3,400 Intuit, Inc.* 151,402
67,100 Marimba, Inc.* 195,261
106,800 Mercator Software, Inc.* 159,132
112,400 Microsoft Corp.* 2,878,564
35,900 Oracle Corp.* 431,518
66,800 Preview Systems, Inc. 2,839
21,200 Take-Two Interactive Software, Inc. 600,808
505,056 Tumbleweed Communications Corp.* 1,303,043
47,000 Websense, Inc.* 736,020
11,300 Yahoo!, Inc.* 370,188
------------
11,180,411
------------
COMPUTERS AND INFORMATION -- 3.3%
48,600 Cisco Systems, Inc.* 806,274
15,800 Dell Computer Corp.* 504,968
46,100 Digital Insight Corp. 878,205
47,800 Digital River, Inc. 922,540
20,240 Hewlett-Packard Co. 431,112
17,500 International Business Machines Corp. 1,443,750
1,800 Lexmark International, Inc.* 127,386
28,553 Nexprise, Inc.* 89,942
28,000 Secure Computing Corp.* 218,249
98,700 SeeBeyond Technology Corp.* 227,997
272,000 Selectica, Inc.* 862,240
40,800 Sun Microsystems, Inc.* 187,680
16,400 Xerox Corp.* 173,676
------------
6,874,019
------------
COSMETICS AND PERSONAL CARE -- 2.7%
3,900 Estee Lauder Companies, Inc., Class
A 130,767
</Table>
16
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
128,200 Playtex Products, Inc.* $823,044
51,100 Procter & Gamble Co. 4,557,098
------------
5,510,909
------------
DIVERSIFIED -- 3.5%
7,400 3M Co. 954,452
11 Berkshire Hathaway Inc., Class A* 797,500
144,100 General Electric Co. 4,132,788
121,600 Walter Industries, Inc. 1,428,800
------------
7,313,540
------------
ELECTRIC UTILITIES -- 1.1%
9,500 American Electric Power, Inc. 283,385
8,100 Edison International* 133,083
4,700 Entergy Corp. 248,066
20,400 Exelon Corp. 1,220,124
12,900 Sempra Energy 368,037
------------
2,252,695
------------
ELECTRICAL EQUIPMENT -- 0.1%
5,900 Analogic Corp. 287,684
------------
ELECTRONICS -- 2.2%
62,000 Checkpoint Systems, Inc.* 877,300
97,700 Intel Corp. 2,030,597
52,000 Rogers Corp.* 1,731,600
------------
4,639,497
------------
ENTERTAINMENT AND LEISURE -- 0.3%
9,000 Eastman Kodak Co. 246,150
14,400 Mattel, Inc. 272,448
------------
518,598
------------
FINANCIAL SERVICES -- 5.2%
4,800 Bear, Stearns & Co., Inc. 347,616
105,066 Citigroup, Inc. 4,496,825
139,000 E-LOAN, Inc.* 810,370
15,700 Fannie Mae 1,058,808
2,900 Freddie Mac 147,233
3,500 Golden West Financial Corp. 280,035
377,600 Instinet Group, Inc.* 1,759,616
9,400 JP Morgan Chase & Co., Inc. 321,292
4,800 Lehman Brothers Holdings, Inc. 319,104
6,500 MBNA Corp. 135,460
7,500 Merrill Lynch & Co. 350,100
7,000 Morgan Stanley 299,250
11,500 Washington Mutual, Inc. 474,950
------------
10,800,659
------------
HEALTHCARE PROVIDERS -- 1.3%
40,000 Lincare Holdings, Inc.* 1,260,400
37,000 Universal Health Services, Inc.,
Class B* 1,465,940
------------
2,726,340
------------
HEAVY MACHINERY -- 0.5%
4,400 Dover Corp. 131,824
3,900 Eaton Corp. 306,579
6,800 Ingersoll Rand Co. 321,776
5,300 Paccar, Inc. 357,326
------------
1,117,505
------------
<Caption>
NUMBER
OF SHARES VALUE +
HOUSEHOLD PRODUCTS -- 0.2%
3,400 Fortune Brands, Inc. $177,480
7,700 The Clorox Co. 328,405
------------
505,885
------------
INSURANCE -- 4.1%
21,200 Allstate Corp. 755,780
26,962 American International Group, Inc. 1,487,763
30,000 Brown & Brown, Inc. 975,000
80,300 CNA Surety Corp. 790,955
18,050 Fidelity National Financial, Inc. 555,218
42,200 Hilb, Rogal & Hamilton Co. 1,436,488
32,300 John Hancock Financial Services,
Inc. 992,579
6,700 Loews Corp. 316,843
2,600 Marsh & McLennan Companies, Inc. 132,782
10,800 Principal Financial Group, Inc. 348,300
4,400 The Progressive Corp. 321,640
8,000 United Health Group, Inc. 402,000
------------
8,515,348
------------
MEDIA - BROADCASTING AND PUBLISHING -- 2.3%
15,000 AOL Time Warner, Inc.* 241,350
2,500 E.W. Scripps Co. 221,800
4,000 EchoStar Communications Corp. 138,480
47,500 Emmis Communications Corp., Class
A* 1,090,125
18,300 Fox Entertainment Group, Inc. 526,674
41,000 Insight Communications Co., Inc.* 540,380
4,200 Knight Ridder, Inc. 289,506
4,700 McGraw-Hill Companies, Inc. 291,400
369,000 Primedia, Inc.* 1,125,450
5,500 Tribune Co. 265,650
200 Washington Post Co. 146,580
------------
4,877,395
------------
MEDICAL SUPPLIES -- 5.6%
62,300 Apogent Technologies, Inc. 1,246,000
67,600 ArthoCare Corp.* 1,132,976
23,400 Beckman Coulter, Inc. 950,976
37,800 Curon Medical, Inc. 42,714
5,400 Guidant Corp.* 239,706
57,700 Johnson & Johnson 2,983,090
3,300 Medtronic, Inc. 158,301
6,600 North American Scientific, Inc.* 50,556
50,800 Owens & Minor, Inc. 1,135,380
84,900 PerkinElmer, Inc. 1,172,469
3,400 St. Jude Medical, Inc.* 195,500
63,123 Sybron Dental Specialties* 1,489,703
40,400 Viasys Healthcare, Inc. 836,280
------------
11,633,651
------------
METALS AND MINING -- 0.3%
10,300 Alcan, Inc. - ADR 322,287
5,500 Alcoa, Inc. 140,250
34,100 North American Palladium Ltd.* 114,917
35,000 Pacific Rim Mining Corp. 11,200
------------
588,654
------------
OIL AND GAS -- 6.5%
2,300 Apache Corp. 149,638
6,600 Burlington Resources, Inc. 356,862
29,700 Cal Dive International, Inc. 647,460
</Table>
17
<Page>
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TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
246,900 Canadian Superior Energy, Inc. $293,811
10,700 Carbon Energy Corp.* 159,965
4,700 ChevronTexaco Corp. 339,340
12,100 Comstock Resources, Inc. 165,528
2,200 ConocoPhillips 120,560
59,800 Denbury Resources, Inc.* 803,114
52,900 Encore Acquisition Co.* 1,013,035
19,000 Exxon Mobil Corp. 682,290
148,183 Hanover Compressor Co.* 1,674,468
12,800 Marathon Oil Corp. 337,280
3,500 Noble Energy, Inc. 120,050
13,200 Occidental Petroleum Corp. 442,860
26,250 Patina Oil & Gas Corp. 843,938
180,500 PetroQuest Energy, Inc.* 424,175
19,900 Sunoco, Inc. 751,026
61,900 Superior Energy Services, Inc. 586,812
6,800 Talisman Energy, Inc. 311,780
53,600 Tom Brown, Inc.* 1,489,544
99,000 Ultra Petroleum Corp.* 1,278,090
29,700 W-H Energy Services, Inc.* 578,556
------------
13,570,182
------------
PHARMACEUTICALS -- 5.5%
5,500 Abbott Laboratories 240,680
25,400 Amgen, Inc.* 1,701,292
1,588 Angiotech Pharmaceuticals, Inc. 64,695
25,900 Arena Pharmaceuticals, Inc.* 171,976
14,500 Bristol-Myers Squibb Co. 393,675
17,750 Cardinal Health, Inc. 1,141,325
2,900 Chiron Corp.* 126,788
2,900 Forest Laboratories, Inc.* 158,775
22,200 Genaissance Pharmaceuticals, Inc. 34,632
3,300 Genentech, Inc. 237,996
11,300 McKesson Corp. 403,862
49,200 Merck & Co., Inc. 2,979,060
8,500 Mylan Laboratories, Inc. 295,545
41,000 Neurobiological Technologies, Inc. 143,090
88,625 Pfizer, Inc. 3,026,544
27,200 Pharmacyclics, Inc.* 128,928
269,200 PharmChem Laboratories, Inc.* 80,760
69,400 Titan Pharmaceuticals, Inc.* 163,784
------------
11,493,407
------------
RESTAURANTS -- 0.8%
65,000 Ruby Tuesday, Inc. 1,607,450
------------
RETAILERS -- 4.4%
15,600 Albertson's, Inc. 299,520
3,800 AutoZone, Inc.* 288,686
4,300 Best Buy Co., Inc.* 188,856
75,125 Big Lots, Inc. 1,129,880
10,600 Cache, Inc. 163,240
73,100 Duane Reade, Inc. 1,078,225
9,200 Federated Department Stores, Inc.* 339,020
66,300 Geerlings & Wade, Inc.* 87,516
21,000 Home Depot, Inc. 695,520
30,000 Kirkland's, Inc. 484,500
<Caption>
NUMBER
OF SHARES VALUE +
19,800 Kroger Co.* $330,264
18,000 Limited Brands 279,000
2,400 Lowe's Companies, Inc. 103,080
123,700 Restoration Hardware, Inc.* 556,650
15,500 Safeway, Inc.* 317,130
100,000 Saks, Inc.* 970,000
6,400 TJX Companies, Inc. 120,576
20,900 Wal-Mart Stores, Inc. 1,121,703
60,000 Whitehall Jewellers, Inc.* 544,200
------------
9,097,566
------------
TECHNOLOGY -- 0.1%
83,500 Latitude Communications, Inc.* 155,310
------------
TELEPHONE SYSTEMS -- 2.4%
12,480 AT&T Corp. 240,240
8,200 BCE, Inc. 189,502
14,000 BellSouth Corp. 372,820
239,600 Cincinnati Bell, Inc. 1,605,320
94,100 General Communications, Inc., Class
A* 814,906
17,600 Sprint Corp. (FON Group) 253,440
60,600 United States Cellular Corp.* 1,542,270
------------
5,018,498
------------
TRANSPORTATION -- 1.0%
8,400 Burlington Northern Santa Fe Corp. 238,896
20,000 CNF, Inc. 507,600
41,800 EGL, Inc.* 635,360
4,800 FedEx Corp. 297,744
30,800 Wabtec Corp. 428,428
------------
2,108,028
------------
Total Common Stocks
(Cost $143,926,770) 157,473,012
------------
COMMINGLED INVESTMENT VEHICLES -- 5.6%
949,957 Vanguard Global Equity Fund
(Cost $10,500,000) 11,703,472
------------
LIMITED PARTNERSHIPS -- 13.6%
Adage Capital Partners,
LP*(a)(b)(c)(d) 27,995,096
Gotham Partners, LP*(a)(b)(c)(d) 284,798
------------
Total Limited Partnerships
(Cost $32,473,105) 28,279,894
------------
PREFERRED STOCK -- 0.0%
59,400 ClickAction, Inc.*(a)
(Cost $0) 0
------------
</Table>
<Table>
<Caption>
EXPIRATION
DATE
WARRANTS -- 0.0%
20,000 Conductus, Inc.*
(Cost $0) 09/20/03 0
------------
</Table>
18
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
SHORT-TERM INVESTMENTS -- 5.2%
REPURCHASE AGREEMENT -- 4.6%
$9,421,293 Investors Bank & Trust Co. --
Repurchase Agreement issued 06/30/03 (proceeds at
maturity $9,421,489) (Collateralized by a
$9,541,976 FNMA, 5.43%, due 11/01/31, with a
market value of $9,892,358)
(Cost $9,421,293) 0.750% 07/01/03 $9,421,293
------------
US TREASURY SECURITY -- 0.6%#
1,275,000 US Treasury Bill+
(Cost $1,272,338) 0.413% 09/25/03 1,272,387
------------
Total Short-Term Investments
(Cost $10,693,631) 10,693,680
------------
Total Investments -- 100.0%
(Cost $197,593,506) 208,150,058
Other Assets in Excess of
Liabilities -- 0.0% 69,099
------------
NET ASSETS -- 100.0% $208,219,157
============
</Table>
<Table>
<Caption>
NUMBER
OF SHARES
SHORT PORTFOLIO -- (0.9%)
BIOTECHNOLOGY -- (0.0%)
2,800 Exact Sciences Corp. (30,688)
5,000 Lexicon Genetics, Inc. (33,550)
400 Trimeris, Inc. (18,272)
-----------
(82,510)
-----------
COMMUNICATIONS -- (0.0%)
600 Videolan Technologies, Inc.* (1)
-----------
COMPUTER SOFTWARE AND PROCESSING -- (0.0%)
4,000 Novadigm, Inc. (10,360)
-----------
MEDICAL SUPPLIES -- (0.1%)
2,100 Endocardial Solutions, Inc. (12,852)
2,500 Johnson & Johnson (129,250)
5,600 Kyphon, Inc. (84,672)
-----------
(226,774)
-----------
PHARMACEUTICALS -- (0.8%)
17,200 AVI Biopharma, Inc. (105,436)
6,000 Allos Therapeutics, Inc.* (18,060)
<Caption>
NUMBER
OF SHARES VALUE +
3,600 Angiotech Pharmaceuticals, Inc. $(146,664)
8,300 Antigenics, Inc. (95,616)
23,200 Aphton Corp.* (191,168)
7,800 Atherogenics, Inc.* (116,454)
12,000 Axonyx, Inc. (29,040)
7,800 Cell Genesys, Inc. (67,392)
600 Celgene Corp. (18,240)
400 CYTOGEN Corp. (3,332)
2,600 Exelixis, Inc. (18,044)
2,300 Geron Corp. (16,928)
5,100 Human Genome Sciences, Inc.* (64,872)
31,200 Ista Pharmaceuticals, Inc. (173,160)
3,400 Immunomedics, Inc. (21,454)
1,500 Merck & Co., Inc. (90,825)
6,300 Myriad Genetics, Inc.* (85,743)
900 Nektar Therapeutics (8,307)
6,345 Neopharm, Inc. (87,878)
400 OXiGENE, Inc.* (3,956)
1,800 Pozen, Inc.* (19,764)
1,400 Progenics Pharmeceuticals, Inc. (21,084)
3,300 Sangamo Biosciences, Inc.* (9,405)
18,000 SuperGen, Inc. (97,200)
1,900 Tularik, Inc. (18,886)
3,100 Zymogenetics, Inc. (36,084)
-----------
(1,564,992)
-----------
Total Short Portfolio
(Proceeds $1,367,674) $(1,884,637)
===========
</Table>
ADR American Depositary Receipt
FNMA Fannie Mae
* Non-income producing security.
+ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C of Notes to Financial
Statements.
+ See Note 2 to the Financial Statements.
# Interest rate represents the yield to maturity at the time of purchase.
(a) Illiquid security.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted security.
(d) Underlying fund investments and industry breakdowns at June 30, 2003, not
available to the advisor.
See accompanying Notes to Financial Statements.
19
<Page>
- --------------------------------------------------------------------------------
TIFF GOVERNMENT BOND FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30,
2003
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
US TREASURY OBLIGATION -- 99.6%
$43,917,000 US Treasury Note
(Cost $44,789,378) 3.625% 05/15/13 $44,260,080
-----------
SHORT-TERM INVESTMENTS -- 98.6%
REPURCHASE AGREEMENTS -- 98.6%
22,655 Investors Bank & Trust Co. -- Repurchase Agreement
issued 06/30/03 (proceeds at maturity $22,655)
(Collateralized by a $21,906 SBA Bond, 5.125%,
due 04/25/16, with a market value of
$23,788) 0.750% 07/01/03 22,655
43,780,000 Nomura, Inc. -- Repurchase Agreement issued
06/30/03 (proceeds at maturity $43,781,277)
(Collateralized by a $32,820,000 US Treasury
Bond, 7.50%, due 11/15/16, with a market value
of
$44,094,376) 1.050% 07/01/03 43,780,000
-----------
Total Repurchase Agreements
(Cost $43,802,655) 43,802,655
-----------
Total Short-Term Investments
(Cost $43,802,655) 43,802,655
-----------
Total Investments -- 198.2%
(Cost $88,592,033) 88,062,735
Liabilities in Excess of Other
Assets -- (98.2%) (43,638,774)
-----------
NET ASSETS -- 100.0% $44,423,961
===========
</Table>
SBA Small Business Administration
+ See Note 2 to the Financial Statements.
See accompanying Notes to Financial Statements.
20
<Page>
- --------------------------------------------------------------------------------
TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
ASSET-BACKED SECURITIES -- 91.2%
COLLATERALIZED AIRCRAFT LEASES -- 0.7%
$2,000,000 Lease Investment Flight Trust,
Ser. 1, Class A1 (FRN)(a) 1.570% 07/15/31 $1,460,000
------------
COLLATERALIZED AUTO LOAN -- 16.3%
2,095,957 Americredit Automobile
Receivables Trust, Ser.
2001-1, Class A3 5.130% 11/06/05 2,122,203
229,278 Associates Automobile
Receivables Trust, Ser.
2000-1, Class A3 7.300% 01/15/04 229,874
59,519 Associates Automobile
Receivables Trust, Ser.
2000-2, Class A3 6.820% 02/15/05 59,766
333,691 BMW Vehicle Owner Trust, Ser.
2002-A, Class A2 2.830% 12/27/04 334,480
3,500,000 Capital Auto Receivables Asset
Trust, Ser. 2001-2, Class
A4 5.000% 12/15/06 3,625,692
3,500,000 Capital Auto Receivables Asset
Trust, Ser. 2003-1, Class
A2B 1.240% 01/17/06 3,500,613
477,417 Chase Manhattan Auto Owner
Trust, Ser. 2002-A, Class
A2 2.630% 10/15/04 477,805
2,900,000 Chase Manhattan Auto Owner
Trust, Ser. 2002-A, Class
A3 3.490% 03/15/06 2,942,062
443,074 DaimlerChrysler Auto Trust,
Ser. 2000-D, Class A3 6.660% 01/08/05 446,700
168,673 DaimlerChrysler Auto Trust,
Ser. 2001-C, Class A2 3.710% 07/06/04 168,750
2,160,000 DaimlerChrysler Auto Trust,
Ser. 2001-C, Class A3 4.210% 07/06/05 2,185,449
1,350,596 Ford Credit Auto Owner Trust
Ser. 2001-D, Class A3 4.310% 06/15/05 1,367,830
1,095,916 Ford Credit Auto Owner Trust,
Ser. 2000-E, Class A4 6.740% 06/15/04 1,101,879
239,664 Harley-Davidson Motorcycle
Trust, Ser. 2001-2, Class
A1 3.770% 04/17/06 240,611
2,104,854 Harley-Davidson Motorcycle
Trust, Ser. 2002-2, Class
A1 1.910% 04/15/07 2,113,233
3,500,000 Honda Auto Receivables Owner
Trust, Ser. 2002-4, Class
A2 1.660% 06/15/05 3,505,548
1,716,637 Household Automotive Trust,
Ser. 2002-1, Class A2 2.750% 05/17/05 1,723,366
1,947,497 Navistar Financial Corp. Owner
Trust, Ser. 2001-B, Class
A3 (FRN) 1.430% 07/17/06 1,947,426
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
$386,670 Nissan Auto Receivables Owner
Trust, Ser. 2002-A, Class
A2 2.670% 07/15/04 $386,944
3,050,000 Nissan Auto Receivables Owner
Trust, Ser. 2003-A, Class
A3 1.890% 12/15/06 3,073,308
1,434,631 Onyx Acceptance Auto Trust,
Ser. 2000-D, Class A4 6.850% 08/15/07 1,475,752
63,658 SSB RV Trust, Ser. 2001-1,
Class A2 2.890% 12/15/08 63,639
------------
33,092,930
------------
COLLATERALIZED CREDIT CARD -- 11.2%
4,000,000 American Express Credit
Account Master Trust, Ser.
1999-1, Class A 5.600% 11/15/06 4,139,000
4,850,000 Capital One Master Trust, Ser.
1998-4, Class A 5.430% 01/15/07 4,923,623
3,500,000 Citibank Credit Card Master
Trust I, Ser. 1997-6, Class
A# 0.000% 08/15/06 3,455,396
5,000,000 Discover Card Master Trust I,
Ser. 1998-7, Class A 5.600% 05/16/06 5,084,415
3,000,000 MBNA Master Credit Card Trust,
Ser. 1999-G, Class A 6.350% 12/15/06 3,158,850
1,833,333 Sears Credit Account Master
Trust, Ser. 1995-5, Class A 6.050% 01/15/08 1,861,625
------------
22,622,909
------------
COLLATERALIZED EQUIPMENT -- 3.2%
3,591,729 Caterpillar Financial Asset
Trust, Ser. 2003-A, Class
A1 1.229% 05/25/04 3,588,361
2,845,503 CNH Equipment Trust, Ser.
2001-B, Class A3 (FRN) 1.490% 03/15/06 2,845,290
------------
6,433,651
------------
COLLATERALIZED HOME EQUITY LOAN -- 27.8%
1,557,209 ABSC Home Equity Loan Trust,
Ser. 2002-HE2, Class A1
(FRN) 1.480% 08/15/32 1,556,890
872,970 ABSC Long Beach Home Equity
Loan Trust, Ser. 2000-LB1,
Class AV (FRN) 1.318% 08/21/30 873,059
2,067,382 Advanta Mortgage Loan Trust,
Ser. 2000-1, Class A3 8.370% 12/25/20 2,093,348
230,780 Ameriquest Mortgage
Securities, Inc., Ser.
2000-2, Class A (FRN) 1.480% 07/15/30 230,918
830,845 Ameriquest Mortgage
Securities, Inc., Ser.
2002-3, Class AF1 2.540% 08/25/32 832,653
940,107 Ameriquest Mortgage
Securities, Ser. 2002-5,
Class AF1 2.600% 02/25/33 944,751
</Table>
21
<Page>
- --------------------------------------------------------------------------------
TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
$492,950 Amortizing Residential
Collateral Trust, Ser.
2000-BC1, Class A1 (FRN) 1.355% 04/25/29 $493,038
2,446,730 Amortizing Residential
Collateral Trust, Ser.
2002-BC1, Class A (FRN) 1.375% 01/01/32 2,447,934
3,418,578 CDC Mortgage Capital Trust,
Ser. 2002-HE1, Class A
(FRN) 1.345% 01/25/33 3,418,951
903,429 Centex Home Equity, Ser.
2002-B, Class AV (FRN) 1.295% 04/25/32 903,376
2,219,357 Centex Home Equity, Ser.
2002-D, Class AF1 2.430% 02/25/18 2,226,969
1,465,955 Chase Funding Loan Acquisition
Trust, Ser. 2001-C2, Class
IA2 5.673% 05/25/22 1,470,555
1,539,319 Citifinancial Mortgage
Securities, Inc., Ser.
2002-1, Class AF1 2.474% 09/25/32 1,546,152
581,516 Conseco Finance, Ser. 2000-C,
Class A (FRN) 1.550% 12/15/29 580,624
1,808,937 Countrywide Asset-Backed
Certificates, Ser. 1999-3,
Class AF5 7.730% 09/25/27 1,867,950
378,473 Countrywide Home Equity Loan
Trust, Ser. 1998-A, Class A
(FRN) 1.370% 03/15/24 376,654
1,750,000 EQCC Home Equity Loan Trust,
Ser. 1997-3, Class A7 6.930% 02/15/29 1,810,268
1,249,131 EQCC Trust, Ser. 2002-1, Class
2A (FRN) 1.335% 11/25/31 1,250,239
974,926 FNMA, Ser. T-45, Class A2 2.910% 08/27/07 980,359
1,690,182 GE Capital Mortgage Services,
Inc., Ser. 1999-HE1, Class
A5 6.285% 08/25/26 1,705,549
686,769 GRMT II Mortgage Loan Trust,
Ser. 2000-1A, Class AF2 7.409% 06/20/32 688,811
2,497,213 Household Home Equity Loan
Trust, Ser. 2002-1, Class A
(FRN) 1.688% 12/22/31 2,500,509
2,133,125 Impac CMB Trust, Ser. 2001-3,
Class A1 (FRN) 1.405% 10/25/31 2,135,531
94,261 Long Beach Mortgage Loan
Trust, Ser. 2002-1,
Class 2A2 3.500% 03/25/22 94,245
3,848,511 Option One Mortgage Loan
Trust, Ser. 2000-2,
Class 1A (FRN) 1.325% 02/25/32 3,851,363
632,323 Provident Bank Home Equity
Loan Trust, Ser. 1996-2,
Class A2 (FRN) 1.275% 01/25/28 631,148
1,246,424 Residential Asset Securities
Corp., Ser. 1996-KS2, Class
A4 7.980% 05/25/26 1,245,353
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
$3,000,000 Residential Asset Securities
Corp., Ser. 1999-KS2, Class
AI7 7.390% 06/25/28 $3,171,285
2,121,003 Residential Asset Securities
Corp., Ser. 2000-KS3, Class
AI4 8.035% 09/25/28 2,200,587
118,121 Residential Asset Securities
Corp., Ser. 2002-KS1, Class
AI1 (FRN) 1.225% 02/25/20 118,130
3,500,000 Residential Funding Mortgage
Securities I, Ser.
2003-HI1, Class A1 1.198% 08/25/10 3,498,268
2,185,024 Salomon Brothers Mortgage
Securities VII, Ser.
2002-CIT, Class A (FRN) 1.620% 03/25/32 2,183,689
1,674,629 Structured Asset Securities
Corp., Ser. 2002-1A, Class
2A1 (FRN) 2.962% 02/25/32 1,674,730
1,101,216 Vanderbilt Mortgage Finance,
Ser. 2001-A, Class A2 6.120% 02/07/15 1,118,019
2,423,059 Vanderbilt Mortgage Finance,
Ser. 2002-C, Class A1F 2.550% 01/07/10 2,437,641
1,116,980 Westpac Securitization Trust,
Ser. 2002-1G, Class A (FRN) 1.440% 06/05/33 1,114,667
------------
56,274,213
------------
COLLATERALIZED MBS CMO SEQUENTIAL -- 6.0%
3,782,772 FHLMC, Ser. H006, Class A1 1.724% 04/15/08 3,788,753
3,000,000 FHLMC, Ser. H008, Class A2 1.770% 06/15/07 2,996,640
3,185,364 FHLMC, Ser. 2589, Class GA 5.500% 07/15/06 3,217,195
2,202,568 Washington Mutual Ser.
2003-AR4, Class A1 1.532% 05/25/33 2,202,335
------------
12,204,923
------------
GOVERNMENT GUARANTEED AGENCY SECURITIES -- 26.0%
30,000,000 FHLMC 3.150% 09/02/05 30,108,270
5,000,000 FNMA 1.875% 12/15/04 5,045,025
17,000,000 FNMA 5.125% 02/13/04 17,422,909
------------
52,576,204
------------
Total Asset-Backed Securities
(Cost $185,679,727) 184,664,830
------------
SHORT-TERM INVESTMENTS -- 4.9%
TIME DEPOSITS -- 4.9%
9,968,000 Investors Bank & Trust
(Cost $9,968,000) 0.750% 07/01/03 9,968,000
------------
Total Investments -- 96.1%
(Cost $195,647,727) 194,632,830
Other Assets in Excess of
Liabilities -- 3.9% 7,830,959
------------
NET ASSETS -- 100.0% $202,463,789
============
</Table>
22
<Page>
- --------------------------------------------------------------------------------
TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS):
Capital Equipment 3.9%
Consumer Goods 6.3
Finance 49.6
Time Deposit 4.9
US Government Obligations 31.4
Other Assets (Liabilities) 3.9
-----
Total 100.0%
=====
</Table>
FHLMC Freddie Mac
FNMA Fannie Mae
FRN Floating Rate Note. Rate disclosed represents rate as of June 30, 2003.
+ See Note 2 to the Financial Statements.
# Zero coupon security.
(a) Security is valued in good faith under procedures established by the board
of directors.
See accompanying Notes to Financial Statements.
23
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY
FUND EQUITY FUND FUND
ASSETS
Investments in securities, at
value (a) $300,203,898 $135,292,531 $208,150,058
Cash 851,689 2,612 --
Foreign currency (b) 1,267,340 789,084 --
Receivables for:
Securities sold short -- -- 52,118
Capital stock sold 23,000,000 -- --
Securities sold 5,305,929 1,054,041 126,584
Dividends and tax reclaims 279,409 388,370 148,435
Interest 766,513 156 196
Unrealized appreciation on
forward currency contracts (d) 3,394 14,432 --
Deposit with broker for short sales -- -- 1,847,740
-----------------------------------------
Total Assets 331,678,172 137,541,226 210,325,131
-----------------------------------------
LIABILITIES
Payable for:
Capital stock repurchased 6,000,000 -- --
Securities purchased 7,201,435 695,552 142,537
Market value of securities sold
short (c) -- -- 1,884,637
Reverse repurchase agreements
(Note 5) 17,997,489 -- --
Variation margin on financial
futures contracts 37,881 165,240 5,632
Unrealized depreciation of
forward currency contracts (d) 78,367 246,715 --
Dividends on short sales -- -- 968
Accrued expenses and other
liabilities 121,260 70,578 72,200
-----------------------------------------
Total Liabilities 31,436,432 1,178,085 2,105,974
-----------------------------------------
NET ASSETS $300,241,740 $136,363,141 $208,219,157
=========================================
SHARES OUTSTANDING (e) 25,618,541 15,406,225 19,146,103
=========================================
NET ASSET VALUE PER SHARE $ 11.72 $ 8.85 $ 10.88
=========================================
COMPONENTS OF NET ASSETS:
Capital stock (f) $290,066,345 $165,995,606 $231,895,465
Undistributed (distribution in
excess of) net investment
income (41,547) 999,947 312,528
Accumulated net realized loss on
investments (25,090,496) (31,745,480) (33,893,475)
Net unrealized appreciation on
investments, short sales and
financial futures contracts,
forward currency contracts, and
translation of assets and
liabilities denominated in
foreign currency 35,307,438 1,113,068 9,904,639
-----------------------------------------
$300,241,740 $136,363,141 $208,219,157
=========================================
- ------------------------------------------------------------------------------
(a) Cost of investments $264,689,463 $133,732,094 $197,593,506
(b) Cost of foreign currency $ 1,272,964 $ 795,024 --
(c) Proceeds -- -- $ 1,367,674
</Table>
(d) Appendix B of the Notes to Financials details each funds open forward
currency contracts at June 30, 2003.
(e) Authorized 500,000,000 shares, par value $0.001 for each fund.
(f) Includes accumulated entry/exit fees of $5,239,508, $2,934,208, and
$1,244,175, respectively.
See accompanying Notes to Financial Statements.
24
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
TIFF TIFF
GOVERNMENT SHORT-TERM
BOND FUND FUND
ASSETS
Investments in securities, at value (a) $88,062,735 $194,632,830
Cash -- 10,000,111
Receivables for:
Capital stock sold -- 7,496
Securities sold -- 171,064
Interest 204,603 942,290
-------------------------
Total Assets 88,267,338 205,753,791
-------------------------
LIABILITIES
Payable for:
Capital stock repurchased -- 25,000
Securities purchased -- 3,165,029
Reverse repurchase agreements (Note 5) 43,787,205 --
Dividends from net investment income 25,386 35,333
Accrued expenses and other liabilities 30,786 64,640
-------------------------
Total Liabilities 43,843,377 3,290,002
-------------------------
NET ASSETS $44,423,961 $202,463,789
=========================
SHARES OUTSTANDING (b) 4,335,925 20,466,517
=========================
NET ASSET VALUE PER SHARE $ 10.25 $ 9.89
=========================
COMPONENTS OF NET ASSETS:
Capital stock $42,852,139 $204,128,205
Undistributed (distribution in excess
of) net investment income 11,212 (541,263)
Accumulated net realized gain (loss)
on investments 2,089,908 (108,256)
Net unrealized depreciation on
investments (529,298) (1,014,897)
-------------------------
$44,423,961 $202,463,789
=========================
- -------------------------------------------------------------------
(a) Cost of investments $88,592,033 $195,647,727
</Table>
(b) Authorized 500,000,000 shares, par value $0.001 for each fund.
See accompanying Notes to Financial Statements.
25
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2003
<Table>
<Caption>
TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY
FUND EQUITY FUND FUND
INVESTMENT INCOME
Interest $1,622,322 $ 15,830 $ 36,633
Dividends (a) 2,157,228 2,172,864 867,941
---------------------------------------
Total Investment Income 3,779,550 2,188,694 904,574
---------------------------------------
OPERATING EXPENSES
Investment advisory fees 259,285 91,729 135,289
Money manager fees 246,887 459,135 558,706
Custodian and accounting fees 183,925 187,978 115,903
Administration fees 99,349 34,901 51,483
Shareholder recordkeeping fees 11,251 6,912 9,536
Professional fees 73,502 40,528 41,734
Insurance expense 6,263 4,228 5,796
Registration and filing fees 5,301 2,488 3,560
Miscellaneous fees and expenses 1,767 -- 929
---------------------------------------
Total Operating Expenses 887,530 827,899 922,936
Interest expense (Note 5) 33,122 -- --
---------------------------------------
Net Expenses 920,652 827,899 922,936
---------------------------------------
Net Investment Income (Loss) 2,858,898 1,360,795 (18,362)
---------------------------------------
NET REALIZED GAIN (LOSS) ON:
Investments (b) (2,430,279) (6,030,684) (8,814,684)
Short sales -- -- (1,450,724)
Financial futures contracts 3,079,201 1,749,406 1,297,733
Forward currency contracts and
foreign currency-related
transactions 344,116 385,024 --
---------------------------------------
Net realized gain (loss) 993,038 (3,896,254) (8,967,675)
---------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) ON:
Investments (c) 23,031,584 15,978,782 33,634,857
Short sales -- -- (778,625)
Financial futures contracts (171,546) (422,094) 191,287
Forward currency contract and
other assets and liabilities
and foreign currency-related
transactions (169,113) (267,880) --
---------------------------------------
Net change in unrealized
appreciation 22,690,925 15,288,808 33,047,519
---------------------------------------
Net realized and unrealized gain 23,683,963 11,392,554 24,079,844
---------------------------------------
Net increase in net assets
resulting from operations $26,542,861 $12,753,349 $24,061,482
=======================================
- ----------------------------------------------------------------------------
(a) Net of foreign withholding
taxes $ 158,474 $ 276,426 $ 767
(b) Net of foreign withholding
taxes on realized gains -- $ 86,277 --
(c) Net of foreign withholding
taxes on unrealized appreciation -- $ 132,662 --
</Table>
See accompanying Notes to Financial Statements.
26
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2003
<Table>
<Caption>
TIFF TIFF
GOVERNMENT SHORT-TERM
BOND FUND (A) FUND
INVESTMENT INCOME
Interest $ 617,970 $ 2,318,828
----------------------------
Total Investment Income 617,970 2,318,828
----------------------------
OPERATING EXPENSES
Investment advisory fees 6,331 29,516
Money manager fees 17,323 172,441
Custodian and accounting fees 10,000 35,875
Administration fees 7,226 56,132
Shareholder recordkeeping fees 1,667 14,200
Professional fees 12,520 44,079
Insurance expense -- 4,191
Registration and filing fees 3,962 3,766
Miscellaneous fees and expenses 1,486 3,558
----------------------------
Total Operating Expenses before Fee
Waivers 60,515 363,758
Fee waivers/reimbursements (Note 3) (9,858) (19,403)
Interest expense (Note 5) 71,476 --
----------------------------
Net Expenses 122,133 344,355
----------------------------
Net Investment Income 495,837 1,974,473
----------------------------
NET REALIZED GAIN ON:
Investments 2,089,908 80,821
----------------------------
Net realized gain 2,089,908 80,821
----------------------------
NET CHANGE IN UNREALIZED DEPRECIATION
ON:
Investments (529,298) (1,035,429)
----------------------------
Net change in unrealized depreciation (529,298) (1,035,429)
----------------------------
Net realized and unrealized gain (loss) 1,560,610 (954,608)
----------------------------
Net increase in net assets resulting
from operations $2,056,447 $ 1,019,865
============================
- ----------------------------------------------------------------------
</Table>
(a) Period from March 31, 2003 (commencement of operations) through June 30,
2003.
See accompanying Notes to Financial Statements.
27
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
TIFF TIFF INTERNATIONAL
MULTI-ASSET FUND EQUITY FUND
-------------------------- --------------------------
Six Months Six Months
Ended Year Ended Year
6/30/2003 Ended 6/30/2003 Ended
(unaudited) 12/31/2002 (unaudited) 12/31/2002
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income $ 2,858,898 $ 3,192,955 $ 1,360,795 $ 910,926
Net realized gain (loss) on
investments, financial
futures contracts, forward
currency contracts, and
foreign currency-related
transactions 993,038 (12,750,638) (3,896,254) (6,228,590)
Net change in unrealized
appreciation (depreciation)
on investments, financial
futures contracts, forward
currency contracts, and
translation of other assets
and liabilities denominated
in foreign currencies 22,690,925 (5,682,061) 15,288,808 (10,664,960)
------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations 26,542,861 (15,239,744) 12,753,349 (15,982,624)
------------------------------------------------------
DISTRIBUTIONS
From net investment income -- (4,848,006) -- (771,706)
------------------------------------------------------
Decrease in net assets
resulting from distributions -- (4,848,006) -- (771,706)
------------------------------------------------------
CAPITAL SHARE TRANSACTIONS,
NET (SEE APPENDIX E) 23,163,143 62,182,344 391,292 (2,422,824)
------------------------------------------------------
Total increase (decrease) in
net assets 49,706,004 42,094,594 13,144,641 (19,177,154)
NET ASSETS
Beginning of period 250,535,736 208,441,142 123,218,500 142,395,654
------------------------------------------------------
End of period $300,241,740 $250,535,736 $136,363,141 $123,218,500
======================================================
UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT
INCOME $ (41,547) $ (2,900,445) $ 999,947 $ (360,848)
- --------------------------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
28
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
TIFF US TIFF GOVERNEMENT
EQUITY FUND BOND FUND
-------------------------- ----------------
Six Months Period
Ended Year Ended
6/30/2003 Ended 6/30/2003 (a)
(unaudited) 12/31/2002 (unaudited)
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss) $ (18,362) $ 6,275 $ 495,837
Net realized gain (loss) on
investments, short sales, and
financial futures contracts (8,967,675) (15,665,288) 2,089,908
Net change in unrealized
appreciation (depreciation) on
investments, short sales, and
financial futures contracts 33,047,519 (28,456,134) (529,298)
--------------------------------------------
Net increase (decrease) in net
assets resulting from operations 24,061,482 (44,115,147) 2,056,447
--------------------------------------------
DISTRIBUTIONS
From net investment income -- -- (484,625)
--------------------------------------------
Decrease in net assets resulting
from distributions -- -- (484,625)
--------------------------------------------
CAPITAL SHARE TRANSACTIONS, NET
(SEE APPENDIX E) 9,680,727 1,014,460 42,852,139
--------------------------------------------
Total increase (decrease) in net
assets 33,742,209 (43,100,687) 44,423,961
NET ASSETS
Beginning of period 174,476,948 217,577,635 --
--------------------------------------------
End of period $208,219,157 $174,476,948 $44,423,961
============================================
UNDISTRIBUTED NET INVESTMENT INCOME $ 312,528 $ 330,890 $ 11,212
- ---------------------------------------------------------------------------------
</Table>
(a) Period from March 31, 2003 (commencement of operations) through June 30,
2003.
See accompanying Notes to Financial Statements.
29
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
TIFF
SHORT-TERM FUND
--------------------------
Six Months
Ended Year
6/30/2003 Ended
(unaudited) 12/31/2002
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income $ 1,974,473 $ 3,495,677
Net realized gain (loss) on investments 80,821 (17,251)
Net change in unrealized depreciation on
investments (1,035,429) (269,639)
--------------------------
Net increase in net assets resulting
from operations 1,019,865 3,208,787
--------------------------
DISTRIBUTIONS
From net investment income (2,503,109) (3,611,692)
Return of capital -- (254,639)
--------------------------
Decrease in net assets resulting from
distributions (2,503,109) (3,866,331)
--------------------------
CAPITAL SHARE TRANSACTIONS, NET (SEE
APPENDIX E) 32,738,469 77,984,208
--------------------------
Total increase in net assets 31,255,225 77,326,664
NET ASSETS
Beginning of period 171,208,564 93,881,900
--------------------------
End of period $202,463,789 $171,208,564
==========================
DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME $ (541,263) $ (12,627)
- --------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
30
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE PERIOD ENDED JUNE 30, 2003 (B)
<Table>
<Caption>
TIFF
GOVERNMENT
BOND FUND
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from
operations $ 2,056,447
Adjustments to reconcile net increase in net
assets resulting from
operations to net cash used for operating
activities:
Investments purchased (100,199,608)
Investments sold 57,491,258
Purchase of short-term investments, net (43,802,655)
Amortization of discount and premium, net 8,880
Increase in interest receivable (204,603)
Increase in accrued expenses and other
liabilities 30,786
Net change in unrealized depreciation on
investments 529,298
Net realized gain from investments (2,089,908)
-------------
Net cash used for operating activities (86,180,105)
-------------
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Proceeds from shares sold 55,463,073
Shares redeemed (12,980,927)
Cash distributions paid (a) (89,246)
Increase in payable for reverse repurchase
agreements 43,787,205
-------------
Net cash provided by financing activities 86,180,105
-------------
NET INCREASE IN CASH 0
Cash at beginning of period 0
-------------
Cash at end of period $ 0
=============
- -----------------------------------------------------------------
</Table>
(a) Total distributions paid of $459,239 includes reinvested dividends of
$369,993.
(b) Period from March 31, 2003 (commencement of operations) through June 30,
2003.
This Statement of Cash Flows has been included as required by Financial
Accounting Standard (FAS) 95. The TIFF Multi-Asset, International Equity, US
Equity, and Short-Term Funds are not required to present a Statement of Cash
Flows pursuant to an exemption provided by FAS 102.
See accompanying Notes to Financial Statements.
31
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/03 Ended Ended Ended Ended Ended
(unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 10.61 $ 11.59 $ 12.18 $ 13.41 $ 11.42 $ 11.65
------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.12 0.20 0.17 0.23 0.22 0.20
Net realized and
unrealized gain (loss)
on investments* 0.98 (0.96) (0.59) 0.04 2.30 (0.20)
------------------------------------------------------------------
Total from investment
operations 1.10 (0.76) (0.42) 0.27 2.52 0.00
------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income -- (0.24) (0.17) (0.28) (0.50) (0.26)
Net realized gains -- -- (0.01) (1.24) (0.07) --
------------------------------------------------------------------
Total distributions -- (0.24) (0.18) (1.52) (0.57) (0.26)
------------------------------------------------------------------
Entry/exit fee per share
(Note 6) 0.01 0.02 0.01 0.02 0.04 0.03
------------------------------------------------------------------
Net asset value, end of
period $ 11.72 $ 10.61 $ 11.59 $ 12.18 $ 13.41 $ 11.42
==================================================================
TOTAL RETURN (a) 10.46%(c) (6.33%) (3.34%) 2.39% 22.65% 0.22%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $300,242 $250,536 $208,441 $215,035 $238,644 $291,847
Ratio of expenses to
average net assets,
exclusive of interest
expense 0.68%(b) 0.76% 0.97% 0.94% 0.57% 0.65%
Ratio of expenses to
average net assets,
inclusive of interest
expense 0.71%(b) -- -- -- -- --
Ratio of net investment
income to average net
assets 2.21%(b) 1.44% 1.42% 1.67% 2.20% 1.85%
Portfolio turnover 64.06%(c) 128.81% 139.64% 156.15% 154.49% 196.06%
</Table>
- --------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment and includes the effects of
entry and exit fees received by the fund; however, a shareholder's total
return for the period, assuming a purchase at the beginning of the period
and a redemption at the end of the period, would be lower by the amount of
entry and exit fees paid by the shareholder.
(b) Annualized.
(c) Not annualized.
* Includes foreign currency-related transactions.
See accompanying Notes to Financial Statements.
32
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/03 Ended Ended Ended Ended Ended
(unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 8.02 $ 9.09 $ 11.25 $ 13.58 $ 11.17 $ 11.77
------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.09 0.06 0.07 0.12 0.13 0.19
Net realized and
unrealized gain (loss)
on investments* 0.74 (1.08) (2.05) (1.74) 3.93 0.12
------------------------------------------------------------------
Total from investment
operations 0.83 (1.02) (1.98) (1.62) 4.06 0.31
------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income -- (0.05) (0.03) (0.08) (0.13) (0.32)
Net realized gains -- -- (0.12) (0.65) (1.54) (0.62)
Return of capital -- -- (0.04) -- -- --
------------------------------------------------------------------
Total distributions -- (0.05) (0.19) (0.73) (1.67) (0.94)
------------------------------------------------------------------
Entry/exit fee per share
(Note 6) --# --# 0.01 0.02 0.02 0.03
------------------------------------------------------------------
Net asset value, end of
period $ 8.85 $ 8.02 $ 9.09 $ 11.25 $ 13.58 $ 11.17
==================================================================
TOTAL RETURN (a) 10.35%(e) (11.24%) (17.49%) (11.66%) 37.40% 3.03%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $136,363 $123,219 $142,396 $181,110 $246,429 $260,030
Ratio of expenses to
average net assets 1.34%(d) 1.38% 1.40% 1.16% 1.00% 0.81%(b)
Ratio of expenses to
average net assets
before expense waivers 1.34%(d) 1.38% 1.40% 1.16% 1.00% 0.84%(b)
Ratio of net investment
income to average net
assets 2.22%(d) 0.67% 0.68% 0.99% 1.32% 1.47%
Portfolio turnover 36.78%(e) 48.07% 54.96% 62.04% 28.33% 30.62%
</Table>
- --------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment and includes the effects of
entry and exit fees received by the fund; however, a shareholder's total
return for the period, assuming a purchase at the beginning of the period
and a redemption at the end of the period, would be lower by the amount of
entry and exit fees paid by the shareholder.
(b) Expenses include tax expense for the year ended December 31, 1998. Without
the tax expense, the ratio of expenses to average net assets and the ratio
of expenses to average net assets before expense waivers would have been
0.76% and 0.79%, respectively.
(c) Total return would have been lower had certain expenses not been waived or
reimbursed.
(d) Annualized.
(e) Not annualized.
* Includes foreign currency-related transactions.
# Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
33
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/03 Ended Ended Ended Ended Ended
(unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 9.59 $ 12.08 $ 12.96 $ 15.78 $ 15.62 $ 15.66
------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income --# --# 0.01 0.12 0.09 0.17
Net realized and
unrealized gain (loss)
on investments 1.29 (2.49) (0.85) (0.61) 2.70 1.58
------------------------------------------------------------------
Total from investment
operations 1.29 (2.49) (0.84) (0.49) 2.79 1.75
------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income -- -- (0.03) (0.10) (0.43) (0.14)
Net realized gains -- -- -- (2.24) (2.21) (1.66)
Return of capital -- -- (0.01) -- -- --
------------------------------------------------------------------
Total distributions -- -- (0.04) (2.34) (2.64) (1.80)
------------------------------------------------------------------
Entry/exit fee per share
(Note 6) --# --# --# 0.01 0.01 0.01
------------------------------------------------------------------
Net asset value, end of
period $ 10.88 $ 9.59 $ 12.08 $ 12.96 $ 15.78 $ 15.62
==================================================================
TOTAL RETURN (a) 13.45%(c) (20.61%) (6.51%) (2.67%) 18.89% 11.85%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $208,219 $174,477 $217,578 $242,806 $280,853 $312,587
Ratio of expenses to
average net assets 1.02%(b) 1.22% 1.28% 0.79% 0.67% 0.72%
Ratio of net investment
income (loss) to
average net assets (0.02%)(b) --# 0.07% 0.82% 0.68% 0.99%
Portfolio turnover 33.09%(c) 60.45% 103.40% 88.20% 73.59% 98.30%
</Table>
- --------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment and includes the effects of
entry and exit fees received by the fund; however, a shareholder's total
return for the period, assuming a purchase at the beginning of the period
and a redemption at the end of the period, would be lower by the amount of
entry and exit fees paid by the shareholder.
(b) Annualized.
(c) Not annualized.
# Rounds to less than 0.01% or $0.01 as applicable.
See accompanying Notes to Financial Statements.
34
<Page>
- --------------------------------------------------------------------------------
TIFF GOVERNMENT BOND FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Period ended
6/30/03+
(unaudited)
For a share outstanding throughout each period
Net asset value, beginning of period $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS
Net realized and unrealized gain on investments 0.35
------------
Total from investment operations 0.35
------------
LESS DISTRIBUTIONS FROM
Net investment income (0.10)
------------
Net asset value, end of period $ 10.25
============
TOTAL RETURN (a) 3.46%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000s) $ 44,424
Ratio of expenses to average net assets, exclusive
of interest expense 0.40%(b)
Ratio of expenses to average net assets, inclusive
of interest expense 0.96%(b)
Ratio of expenses to average net assets before
expense waivers, inclusive of interest expense 1.04%(b)
Ratio of net investment income to average net
assets 3.92%(b)
Portfolio turnover 259.37%(c)
</Table>
- --------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment and would have been lower had
certain expenses not been waived.
(b) Annualized.
(c) Not annualized.
+ Period from March 31, 2003 (commencement of operations) through June 30,
2003.
See accompanying Notes to Financial Statements.
35
<Page>
- --------------------------------------------------------------------------------
TIFF SHORT-TERM FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/03 Ended Ended Ended Ended Ended
(unaudited) 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 9.97 $ 10.02 $ 10.00 $ 9.94 $ 9.97 $ 9.95
-------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.10 0.24 0.47 0.60 0.52 0.54
Net realized and
unrealized gain (loss)
on investments (0.05) (0.03) 0.04 0.06 (0.03) 0.01
-------------------------------------------------------------------
Total from investment
operations 0.05 0.21 0.51 0.66 0.49 0.55
-------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income (0.13) (0.24) (0.47) (0.60) (0.52) (0.53)
Net realized gains -- -- (0.02) -- -- --
Return of capital -- (0.02) (0.00)# -- -- --
-------------------------------------------------------------------
Total distributions (0.13) (0.26) (0.49) (0.60) (0.52) (0.53)
-------------------------------------------------------------------
Net asset value, end of
period $ 9.89 $ 9.97 $ 10.02 $ 10.00 $ 9.94 $ 9.97
===================================================================
TOTAL RETURN (a) 0.45%(c) 2.11% 5.29% 6.86% 4.93% 5.59%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $202,464 $171,209 $ 93,882 $ 76,835 $89,756 $ 74,907
Ratio of expenses to
average net assets 0.35%(b) 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of expenses to
average net assets
before expense waivers 0.37%(b) 0.38% 0.40% 0.43% 0.45% 0.53%
Ratio of net investment
income to average net
assets 2.01%(b) 2.30% 4.75% 6.07% 5.14% 5.41%
Portfolio turnover 89.47%(c) 87.15% 145.69% 267.48% 38.80% 383.95%
</Table>
- --------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment and would have been lower had
certain expenses not been waived.
(b) Annualized.
(c) Not annualized.
# Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
36
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
1. ORGANIZATION
TIFF Investment Program, Inc. ("TIP") was organized as a Maryland corporation on
December 23, 1993, and is registered under the Investment Company Act of 1940,
as amended, as an open-end, management investment company. TIP currently has
five active funds: TIFF Multi-Asset Fund ("Multi-Asset"), TIFF International
Equity Fund ("International Equity"), TIFF US Equity Fund ("US Equity"), TIFF
Government Bond Fund ("Government Bond"), and TIFF Short-Term Fund
("Short-Term"), collectively referred to as the "funds."
INVESTMENT OBJECTIVES
<Table>
<Caption>
------------------------------------------------------------------------------------------------------
FUND INVESTMENT OBJECTIVES
------------------------------------------------------------------------------------------------------
Attain a growing stream of current income and
appreciation of principal that at least offsets
Multi-Asset inflation.
Attain appreciation of principal that at least
International Equity offsets inflation.
Attain a growing stream of current income and
appreciation of principal that at least offsets
US Equity inflation.
Attain a high rate of current income, subject to
restrictions designed to ensure liquidity and to
provide a hedge against deflation-induced declines
in common stock prices and dividend streams.
Government Bond
Attain a high rate of current income, subject to
restrictions designed to control interest rate
Short-Term risk.
</Table>
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of asset and
liabilities, the reported amounts of increases and decreases in net assets from
operations during the reported period, and disclosure of contingent assets and
liabilities at the date of the financial statements. Actual results could differ
from these estimates.
VALUATION OF INVESTMENTS
Securities listed on a securities exchange for which market quotations are
readily available are valued at their last quoted sales price on the principal
exchange on which they are traded on the valuation date or, if there is no such
reported sale on the valuation date, at the most recently quoted bid price, or
asked price in the case of securities sold short. Debt securities are valued at
prices that reflect broker/dealer-supplied valuations and electronic data
processing techniques or matrix pricing and are deemed representative of market
values at the close. Unlisted securities or securities for which
over-the-counter market quotations are readily available are valued at the
latest bid price. Time deposits, repurchase agreements, and reverse repurchase
agreements are generally valued at their cost plus accrued interest. Short-term
debt securities having a remaining maturity of 60 days or less are valued at
amortized cost, which approximates fair value, or by amortizing their value on
the 61st day prior to maturity if their term to maturity at the date of purchase
was greater than 60 days. Exchange-traded and over-the-counter options and
futures contracts are valued at the closing settlement price or, if there were
no sales that day for a particular position, at the closing bid price (closing
ask price in the case of open future sales contracts). Forward foreign currency
exchange contracts are valued at the estimated current cost of covering or
offsetting the contracts. Investments in other open-end funds or trusts are
valued at their closing net asset value per share on valuation date, which
represents their redeemable value.
Events affecting the values of certain portfolio securities that occur between
the close of trading on the principal market for such securities (foreign
exchanges and over-the-counter markets) and the time at which net asset value of
the funds is determined will not be reflected in the funds' calculation of the
net asset value unless the funds' investment advisor believes that the
particular event would materially affect net asset value, in which case
adjustments would be made.
Certain funds invest in privately offered commingled investment vehicles
("CIVs") formed for the purpose of earning returns from alternative investment
strategies. CIV interests held by the funds are generally not securities for
which market quotations are readily available. Rather, such interests generally
can be sold back to the CIV only at specified intervals or on specified dates.
The TIP board of directors has approved valuation procedures pursuant to which
the fund values its interests in CIVs at "fair value." In accordance with these
procedures, fair value of CIV interests ordinarily is based on the "estimated"
value of the CIV, as provided to the fund by the management of the CIV. Fair
value is intended to represent a good faith approximation of the amount that the
fund could reasonably expect to receive from the CIV if the fund's interest in
the CIV were sold at the time of valuation, based on information reasonably
available at the time valuation is made and that the fund believes is reliable.
In the unlikely event that the CIV does not provide a value to the fund on a
timely basis, the fund would determine the fair value of that CIV based on the
most recent estimated value provided by the management of the CIV, as well as
any other relevant information reasonably available at the time the fund values
its portfolio. The fair values of the CIVs are based on available information
and do not necessarily represent the amounts that might ultimately be realized,
which depend on future circumstances and cannot be reasonably determined until
the investment is actually liquidated.
Securities for which market quotations are not readily available are valued at
their fair value as determined in good faith under procedures established by
TIP's board of directors. Such procedures use fundamental valuation methods
which include, but are not limited to, the analysis of the effect of any
restrictions on the resale of the security, industry analysis and trends,
significant changes in the issuer's financial position, and any other event
which could have a significant impact on the value of the security.
Determination of fair value involves subjective judgment as the actual market
value of a particular security can be established only by negotiations between
the parties in a sales transaction, and the difference between
37
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
the recorded fair value and the value that would be received in a sale could be
significant. At June 30, 2003, the aggregate amount of securities fair valued,
including the limited partnership referenced above, were as follows:
<Table>
<Caption>
----------------------------------------------------------------------
FUND AMOUNT % OF NET ASSETS
----------------------------------------------------------------------
Multi-Asset $65,143,121 21.70%
International Equity 9,073,737 6.65
US Equity 28,279,894 13.58
Short-Term 1,460,000 0.72
</Table>
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date (the date on which the
buy or sell order is executed). Interest income and expenses are recorded on an
accrual basis. The funds accrete discount or amortize premium using the
yield-to-maturity method on a daily basis, except for mortgage-backed securities
that record paydowns. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities that are recorded as soon after
the ex-dividend date as the funds, using reasonable diligence, become aware of
such dividends. Non-cash dividends, if any, are recorded at the fair market
value of the securities received. The funds use the specific identification
method for determining realized gain or loss on sales of securities and foreign
currency transactions.
INCOME TAXES
There is no provision for federal income or excise tax since each fund has
elected to be taxed as a regulated investment company ("RIC") and intends to
comply with the requirements of Subchapter M of the Internal Revenue Code
applicable to RICs and to distribute all of its taxable income. Net realized
losses attributable to security transactions and foreign currency transactions
after October 31 are treated as arising on the first day of a fund's next fiscal
year if so elected by the fund. The funds may be subject to foreign taxes on
income, gains on investments, or currency repatriation. The funds accrue such
taxes, as applicable, as a reduction from the related income and realized and
unrealized gain as and when such income is earned and gains are recognized.
EXPENSES
Expenses directly attributable to a fund are charged to that fund's operations;
expenses that are applicable to all funds are allocated among them based on
their relative average daily net assets.
DIVIDENDS TO MEMBERS
It is the policy of all funds to declare dividends according to the following
schedule:
<Table>
<Caption>
---------------------------------------------------------------------------
DIVIDENDS FROM NET CAPITAL GAINS
FUND INVESTMENT INCOME DISTRIBUTIONS
---------------------------------------------------------------------------
Multi-Asset Semi-annually Annually
International Equity Semi-annually Annually
US Equity Quarterly Annually
Government Bond Monthly Annually
Short-Term Monthly Annually
</Table>
Dividends from net short-term capital gains and net long-term capital gains of
each fund, if any, are normally declared and paid annually, but each fund may
make distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that a net realized
capital gain could be reduced by a capital loss carryover, such gain will not be
distributed. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax regulations, which
may differ from accounting principles generally accepted in the United States of
America. These "book/tax" differences are considered either temporary or
permanent in nature. To the extent these differences are permanent in nature,
such amounts are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences do not require reclassification.
FOREIGN CURRENCY TRANSLATION
The books and records of the funds are maintained in US dollars. Foreign
currency amounts are translated into US dollars on the following basis:
(i) the foreign currency value of investments and other assets and liabilities
denominated in foreign currency are translated at the closing rate of
exchange on the valuation date and
(ii) purchases and sales of investments, income, and expenses are translated at
the rate of exchange prevailing on the respective dates of such
transactions.
The resulting net unrealized foreign currency gain or loss is included in the
Statement of Operations.
38
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
The funds do not generally isolate that portion of the results of operations
arising as a result of changes in the foreign currency exchange rates from the
fluctuations arising from changes in the market prices of securities.
Accordingly, such foreign currency gain (loss) is included in net realized and
unrealized gain (loss) on investments. However, the funds do isolate the effect
of fluctuations in foreign exchange rates when determining the gain or loss upon
the sale or maturity of foreign currency-denominated debt obligations pursuant
to US federal income tax regulations; such amount is categorized as foreign
currency gain or loss for income tax reporting purposes.
Net realized gains and losses from foreign currency-related transactions
represent net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses realized
between the trade and settlement dates on securities transactions, and the
difference between the amount of net investment income accrued and the US dollar
amount actually received.
FORWARD CURRENCY CONTRACTS
The funds may enter into forward currency contracts in connection with settling
planned purchases or sales of securities or to hedge the currency exposure
associated with some or all of the fund's portfolio securities. A forward
currency contract is an agreement between two parties to buy or sell a currency
at a set price on a future date. The market value of a forward currency contract
fluctuates with changes in forward currency exchange rates. Forward currency
contracts are marked to market daily, and the change in value is recorded by the
funds as an unrealized gain or loss. When a forward currency contract is
extinguished through delivery or by entry into a closing contract, the funds
record a realized gain or loss on foreign currency-related transactions equal to
the difference between the value of the contract at the time of purchase and the
value of the contract at the time it was extinguished. These contracts may
involve market risk in excess of the unrealized gain or loss reflected in the
fund's Statement of Assets and Liabilities. In addition, the funds could be
exposed to risk if the counterparties are unable to meet the terms of the
contracts or if the value of the currency changes unfavorably to the US dollar.
Appendix B of the Notes to Financial Statements details each fund's outstanding
forward currency contracts at June 30, 2003.
FINANCIAL FUTURES CONTRACTS
Certain funds are engaged in trading financial futures contracts. A financial
futures contract is an agreement to purchase (long) or sell (short) an agreed
amount of securities at a set price for delivery at a future date. The funds are
exposed to market risk as a result of changes in the value of the underlying
financial instruments. Investments in financial futures require a fund to "mark
to market" on a daily basis, which reflects the change in the market value of
the contract at the close of each day's trading. Accordingly, variation margin
payments are made to or received from the broker in the amount of daily
unrealized gains or losses. When the contracts are closed, the fund recognizes a
realized gain or loss in the Statement of Operations. These investments require
initial margin deposits which consist of cash or cash equivalents, equal to
approximately 5%-10% of the contract amount.
Each fund may use futures contracts to manage its exposure to the stock and bond
markets and to fluctuations in currency values. Futures contracts are primarily
used to increase or decrease the funds' exposure to the underlying instrument or
hedge other fund investments. Futures contracts involve, to varying degrees,
risk of loss in excess of the variation margin included in the Statement of
Assets and Liabilities. Losses may arise from changes in the value of the
underlying instrument, an illiquid secondary market for the contracts, or
counterparties not performing under the contract terms. Futures contracts are
valued at the settlement price established each day by the board of trade or
exchange on which they are traded.
Appendix C of the Notes to Financial Statements details each fund's open futures
contracts at June 30, 2003.
SHORT SELLING
The funds may sell securities they do not own in anticipation of a decline in
the market price of such securities or in order to hedge portfolio positions.
The fund will generally borrow the security sold in order to make delivery to
the buyer. Upon entering into a short position, the fund records the proceeds as
a deposit with broker in its Statement of Assets and Liabilities and establishes
an offsetting liability for the securities sold under the short sale agreement.
The cash is retained by the fund's broker as collateral for the short position.
The liability is marked to market while it remains open to reflect the current
settlement obligation. Until the security is replaced, the fund is required to
pay the lender any dividend or interest earned. Such payments are recorded as
expenses to the fund. When a closing purchase is entered into by the fund, a
gain or loss equal to the difference between the proceeds originally received
and the purchase cost is realized.
In "short selling," a fund sells borrowed securities which must at some date be
repurchased and returned to the lender. If the market value of securities sold
short increases, the fund may realize losses upon repurchase in amounts which
may exceed the liability on the Statement of Assets and Liabilities. Further, in
unusual circumstances, the fund may be unable to repurchase securities to close
its short position except at prices significantly above those previously quoted
in the market.
OPTIONS
When a fund purchases an option, an amount equal to the premium paid by the fund
is included in the fund's Statement of Assets and Liabilities as an investment
and subsequently marked to market to reflect the current market value of the
option purchased. The current market value of a purchased option is the last
sale price on the market on which it is principally traded. If the purchased
option expires, the fund realizes a loss in the amount of the premium originally
paid. If the fund enters into a closing sale transaction, it realizes a gain or
loss, depending on whether the proceeds from the sale are greater or less than
the cost of the option.
39
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
If the fund exercises a call option, the cost of the securities acquired by
exercising the call option is increased by the premium paid to buy the call
option. If the fund exercises a put option, it realizes a gain or loss from the
sale of the underlying security, and the proceeds from such sale are decreased
by the premium originally paid. The risk associated with purchasing options is
limited to the premium originally paid.
When a fund writes an option, an amount equal to the premium received by the
fund is included in the fund's Statement of Assets and Liabilities as a
liability and subsequently marked to market to reflect the current value of the
option written. The current market value of a written option is the last sale
price on the market on which it is principally traded. If the written option
expires, the fund realizes a gain in the amount of the premium received. If the
fund enters into a closing transaction, it recognizes a gain or loss, depending
on whether the cost of the purchase is less than or greater than the premium
received.
If a written call option is exercised, the proceeds from the security sold are
increased by the premium received. If a put option is exercised, the cost basis
of the security purchased by the fund is reduced by the premium received. The
fund as a writer of an option has no control over whether the underlying
securities may be sold (call) or purchased (put) and as a result bears the
market risk of an unfavorable change in the price of the security underlying the
written option. Written options present risk of loss in excess of related
amounts shown on the Statement of Assets and Liabilities.
Each fund may use option contracts to manage its exposure to the stock and bond
markets and to fluctuations in interest rates and currency values. Option
contracts are primarily used to increase or decrease the fund's exposure to the
underlying instrument and may serve as hedges for other fund investments.
NET ASSET VALUE
The net asset value per share is calculated on a daily basis by dividing the
assets of each fund, less its liabilities, by the number of outstanding shares
of the fund.
3. INVESTMENT ADVISORY AGREEMENT AND MONEY MANAGER AGREEMENTS
TIP's board of directors has approved investment advisory agreements with TIFF
Advisory Services ("TAS"). Each fund pays TAS a maximum monthly fee calculated
by applying the following annual rates to such fund's average daily net assets
for the month:
<Table>
<Caption>
----------------------------------------------------------------------------------
MULTI- INTERNATIONAL US GOVERNMENT SHORT-
ASSETS ASSET EQUITY EQUITY BOND TERM
----------------------------------------------------------------------------------
On the first $500 million 0.20% 0.15% 0.15% 0.05% 0.03%
On the next $500 million 0.18% 0.13% 0.13% 0.05% 0.03%
On the next $500 million 0.15% 0.11% 0.11% 0.04% 0.02%
On the next $500 million 0.13% 0.09% 0.09% 0.04% 0.02%
On the next $500 million 0.11% 0.07% 0.07% 0.03% 0.01%
On the remainder (> $2.5
billion) 0.09% 0.05% 0.05% 0.03% 0.01%
</Table>
TIP's board of directors has approved money manager agreements with each of the
money managers. Money managers will receive annual management fees equal to a
stated percentage of the value of fund assets under management that is adjusted
upward or downward, proportionately, to reflect actual investment performance
over the applicable time period relative to a chosen benchmark rate of return.
Certain money managers, however, will receive management fees equal to a flat
percentage per annum of the assets under management with a single rate or on a
descending scale.
Appendix A of the Notes to Financial Statements identifies money managers who
provide services to the funds and the minimum, maximum, and effective fee rates
applicable during the six months ended June 30, 2003. Unless otherwise
indicated, the management fee received by a money manager varies based on the
money manager's investment performance.
During the period ended June 30, 2003, the Government Bond Fund and the
Short-Term Fund received fee waivers of $9,858 and $19,403, respectively, from
the fund's investment advisor. These fee waivers, which are voluntary, are
designed to cap the total annual operating expenses of the funds at 0.40% and
0.35%, respectively.
With respect to funds' investments in other registered investment companies,
private investment funds, investment partnerships, and other commingled
investment vehicles, the funds bear their ratable share of each such entity's
expenses and would also be subject to their share of the management and
performance fees, if any, charged by such entity. The funds' share of management
and performance fees charged by such entities is in addition to fees paid by the
respective fund to TAS and money managers.
Pursuant to an Administration Agreement, Investors Capital Services, Inc.
("Investors Capital," a wholly owned subsidiary of Investors Financial Services
Co.), two employees of which serve as officers of TIP, earns a fee for providing
fund administration services to TIP according to the following schedule: 0.07%
of the first $300 million of the average daily net assets of TIP, 0.05% of the
next $2.7 billion, 0.04% of the next $2.0 billion, and 0.03% of the average
daily net assets over $5.0 billion. In addition, TIP has agreed to pay Investors
Capital an incentive fee not to exceed 0.02% of average daily net assets for
reducing the expense ratio of one or more funds of TIP below certain levels
specified for each fund. For the six months ended June 30, 2003, the amount
accrued of this incentive fee was $25,398. Investors Bank & Trust Company
("IBT"), which is a wholly owned subsidiary of Investors Financial Services Co.,
serves as the funds' custodian and accounting and transfer agent. Fees paid for
services
40
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
rendered by IBT are based upon assets of the funds and on transactions entered
into by the funds during the period. Fees for such services paid to IBT by the
funds are reflected as custodian and accounting fees and shareholder
recordkeeping fees in the Statement of Operations.
Pursuant to TIP's exemptive order obtained from the Securities and Exchange
Commission, shareholder approval of money manager agreements and material
changes to such agreements is not required.
4. INVESTMENT TRANSACTIONS
Cost of investment securities purchased and proceeds from sales of investment
securities, other than short-term investments, during the period ended June 30,
2003, were as follows:
NON-US GOVERNMENT SECURITIES
<Table>
<Caption>
-------------------------------------------------------------------
FUND PURCHASES SALES
-------------------------------------------------------------------
Multi-Asset $ 99,138,367 $91,488,774
International Equity 42,723,421 42,655,563
US Equity 61,629,722 57,382,303
Short-Term 111,309,676 95,239,456
</Table>
US GOVERNMENT SECURITIES
<Table>
<Caption>
-------------------------------------------------------------------
FUND PURCHASES SALES
-------------------------------------------------------------------
Multi-Asset $ 57,901,622 $77,477,238
Government Bond 100,199,608 57,491,258
Short-Term 78,976,081 61,389,099
</Table>
For federal income tax purposes, the cost of securities owned at June 30, 2003,
the aggregate gross unrealized appreciation (depreciation) and the net
unrealized appreciation (depreciation) on securities owned and securities sold
short at June 30, 2003, for each fund are as follows:
<Table>
<Caption>
-----------------------------------------------------------------------------------------
NET UNREALIZED
GROSS GROSS APPRECIATION/
FUND APPRECIATION DEPRECIATION (DEPRECIATION) COST
-----------------------------------------------------------------------------------------
Multi-Asset $41,199,095 $(5,684,660) $35,514,435 $264,689,463
International Equity 16,150,621 (14,590,184) 1,560,437 133,732,094
US Equity 28,738,595 (18,182,043) 10,556,552 197,593,506
Government Bond -- (529,298) (529,298) 88,592,033
Short-Term 204,544 (1,291,441) (1,014,897) 195,647,727
</Table>
5. REPURCHASE AND REVERSE REPURCHASE AGREEMENTS
Each fund may enter into repurchase agreements under which a bank or securities
firm that is a primary or reporting dealer in US government securities agrees,
upon entering into a contract, to sell US government securities to a fund and
repurchase such securities from such fund at a mutually agreed upon price and
date.
Each fund is also permitted to enter into reverse repurchase agreements under
which a primary or reporting dealer in US government securities purchases US
government securities from a fund and such fund agrees to repurchase the
securities at an agreed upon price and date. Appendix F of the Notes to
Financial Statements details each fund's open reverse repurchase agreements at
June 30, 2003.
Each fund will engage in repurchase and reverse repurchase transactions with
parties approved by the fund's board of directors on the basis of such party's
creditworthiness. Securities pledged as collateral for repurchase agreements are
held by the custodian bank until maturity of the repurchase agreements. The
funds may also invest in tri-party repurchase agreements for which securities
held as collateral are maintained in a segregated account by the broker's
custodian bank until maturity of the repurchase agreement. Provisions of the
repurchase agreements and the procedures adopted by the funds require that the
market value of the collateral, including accrued interest thereon, be at least
equal to the value of the securities sold or purchased in order to protect
against loss in the event of default by the counterparty. If the counterparty
defaults and the value of the collateral declines or if the counterparty enters
an insolvency proceeding, realization of the collateral may be delayed or
limited.
6. CAPITAL SHARE TRANSACTIONS
As of June 30, 2003, each fund had 500,000,000 shares of $0.001 par value
capital stock authorized. The funds may charge entry or exit fees on
subscriptions or redemptions, respectively. While there are no sales commissions
(loads) or 12b-1 fees, the US Equity Fund assesses entry and exit fees of 0.25%
of capital invested or redeemed; the Multi-Asset Fund assesses entry and exit
fees of 0.50%; and the International Equity Fund assesses entry and exit fees of
0.75%. These fees, which are paid to the funds directly, not to TAS or other
vendors supplying services to the funds, are designed to allocate transaction
costs associated with purchases and redemptions of a fund's shares. These fees
are deducted from the amount invested or redeemed; they cannot be paid
separately. Entry and exit fees may be waived at TAS's discretion when the
purchase or redemption will not result in significant transaction costs for the
affected fund (e.g., for transactions involving in-kind purchases and
redemptions). Such fees are
41
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
retained by the funds and included in proceeds from shares sold or deducted from
distributions for redemptions. Transactions in capital stock are listed in
Appendix D of the Notes to Financial Statements.
7. DELAYED DELIVERY TRANSACTIONS
The funds may purchase or sell securities on a when-issued or forward commitment
basis. Payment and delivery may take place a month or more after the date of the
transaction. The price of the underlying securities and the date when the
securities will be delivered and paid for are fixed at the time the transaction
is negotiated. The funds identify these securities in their records as
segregated with a value at least equal to the amount of the purchase commitment.
The Multi-Asset and Government Bond Funds enter into "TBA" (to be announced)
purchase commitments to purchase mortgage-backed securities for a fixed unit
price at a future date beyond customary settlement time. Although the unit price
has been established, the principal value has not been finalized. However, the
principal amount delivered will not differ more than 0.01% from the commitment.
TBA purchase commitments may be considered securities in themselves and involve
a risk of loss if the value of the security to be purchased declines prior to
the settlement date, which risk is in addition to the risk of decline in the
value of the funds' other assets. Unsettled TBA purchase commitments are valued
at the current market value of the underlying securities, generally according to
the procedures described under VALUATION OF INVESTMENTS above. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts.
Although the funds will generally enter into TBA purchase commitments with the
intention of acquiring securities for their portfolio, the funds may dispose of
a commitment prior to settlement if the funds' money managers deem it
appropriate to do so.
The Multi-Asset and Government Bond Funds enter into TBA sale commitments to
hedge their portfolios or to sell mortgage-backed securities they own under
delayed delivery arrangements. Proceeds of TBA sale commitments are not received
until the contractual settlement date. During the time a TBA sale commitment is
outstanding, equivalent deliverable securities, or an offsetting TBA purchase
commitment (deliverable on or before the sale commitment date), are held as
"cover" for the transaction.
Unsettled TBA sale commitments are valued at the current market value of the
underlying securities, generally according to the procedures described under
VALUATION OF INVESTMENTS above. The contract is marked to market daily, and the
change in market value is recorded by the fund as an unrealized gain or loss. If
the TBA sale commitment is closed through the acquisition of an offsetting
purchase commitment, the fund realizes a gain or loss on the commitment without
regard to any unrealized gain or loss on the underlying security. If the fund
delivers securities under the commitment, the fund realizes a gain or loss from
the sale of the securities upon the unit price established at the date the
commitment was entered into.
8. CONCENTRATION OF RISKS
The funds may engage in transactions with counterparties, including but not
limited to repurchase agreements, forward contracts, futures and options, and
interest rate and currency swaps. A fund may be subject to various delays and
risks of loss if the counterparty becomes insolvent or is otherwise unable to
meet its obligations.
The Multi-Asset, International Equity, and US Equity Funds invest in limited
partnerships that entail liquidity risk to the extent they are difficult to sell
or convert to cash quickly at favorable prices.
The Multi-Asset, Government Bond, and Short-Term Funds invest in fixed income
securities issued by banks and other financial companies, the market values of
which may change in response to interest rate changes. Although these funds
generally maintain diversified portfolios, the ability of the issuers of the
respective funds' portfolio securities to meet their obligations may be affected
by changing business and economic conditions in a specific industry, state, or
region.
The Multi-Asset and International Equity Funds invest in securities of foreign
issuers in various countries. These investments may involve certain
considerations and risks not typically associated with investments in the United
States, a result of, among other factors, the possibility of future political
and economic developments and the level of governmental supervision and
regulation of securities markets in the respective countries. While the funds'
investment in emerging markets debt securities is limited, the yields of these
obligations reflect perceived credit risk.
9. PRINCIPAL MEMBERS
The schedule below shows the number of members each owning 10% or more of a fund
and the total percentage of the fund held by such members as of June 30, 2003.
<Table>
<Caption>
----------------------------------------------------------------
FUND NUMBER % OF FUND HELD
----------------------------------------------------------------
Multi-Asset 1 14
International Equity 1 45
US Equity 2 23
Government Bond 3 54
Short-Term 3 52
</Table>
42
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
From time to time, a fund may have members that hold significant portions of the
respective fund's outstanding shares. Investment activities of such members
could have a material impact on those funds.
10. RESTRICTED SECURITIES
Restricted securities that were held by the funds at June 30, 2003, were valued
in accordance with the VALUATION OF INVESTMENTS section as described in Note 2.
Such securities generally may be sold only in a privately negotiated transaction
with a limited number of purchasers. Each fund will bear any costs incurred in
connection with the disposition of such securities.
Appendix E of the Notes to Financial Statements details each fund's restricted
securities at June 30, 2003.
11. SUBSEQUENT EVENTS
On July 8, 2003, Foundation Advisers, Inc. officially changed its name to TIFF
Advisory Services, Inc.
Effective August 15, 2003, EOS Fund Services LLC ("EOS") assumed the operations
monitoring services formerly performed by Investors Capital under an
administration agreement between Investors Capital and the fund. Certain
administration functions formerly performed under that agreement have been
assumed by IBT pursuant to a new administration agreement. The Investors Capital
fees listed in Note 3 have been allocated between EOS and IBT.
43
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
APPENDIX A
MONEY MANAGER FEE AS PERCENT OF ASSETS MANAGED
FOR THE PERIOD ENDED JUNE 30, 2003
<Table>
<Caption>
EFFECTIVE
MINIMUM MAXIMUM FEE RATE
TIFF MULTI-ASSET FUND
Aronson+Johnson+Ortiz, LP 0.10 0.80 0.45
Delaware International Advisers
Ltd. (a) 0.30 0.50 0.50
Harding, Loevner Management, LP 0.10 1.50 0.20
Marathon Asset Management, Ltd. 0.15 1.60 0.23
Oechsle International Advisors, LLC
(d) 0.20 0.60 0.20
K.G. Redding & Associates, LLC (a) 0.50 0.75 0.75
Seix Invesment Advisors, Inc. (d) 0.10 0.80 0.10
Smith Breeden Associates, Inc. 0.10 0.85 0.13
Wellington Management Company, LLP
(a) 0.35 0.45 0.45
TIFF INTERNATIONAL EQUITY FUND
Delaware International Advisers
Ltd. (a) 0.33 0.55 0.53
Harding, Loevner Management, LP 0.10 1.50 0.18
Marathon Asset Management, Ltd. 0.15 1.60 1.50
Oechsle International Advisors, LLC
(d) 0.20 1.00 0.20
TIFF US EQUITY FUND
Aronson+Johnson+Ortiz, LP 0.10 0.80 0.45
Martingale Asset Management, LP
(a)(b) 0.05 0.10 0.09
Palo Alto Investors 0.10 2.00 0.27
Shapiro Capital Management
Company, Inc. 0.50 0.95 0.95
Westport Asset Management, Inc. 0.15 2.00 1.93
TIFF GOVERNMENT BOND FUND
Smith Breeden Associates, Inc. (c) 0.10 0.85 0.14
TIFF SHORT-TERM FUND
Fischer Francis Trees &
Watts, Inc. (a) 0.15 0.20 0.18
</Table>
- -------------
(a) Money manager receives a fee that does not include a performance component.
(b) Money manager receives a fee based on assets of the entire fund.
(c) Money manager has agreed voluntarily to waive a portion of its fee, and the
effective rate is after such waiver.
(d) The money manager was defunded during the period.
44
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
APPENDIX B
OPEN FORWARD CURRENCY CONTRACTS AS OF JUNE 30, 2003
<Table>
<Caption>
UNREALIZED
US DOLLAR FOREIGN CURRENCY APPRECIATION/
CONTRACTS DESCRIPTION RECEIVABLE/(PAYABLE) RECEIVABLE/(PAYABLE) (DEPRECIATION)
MULTI-ASSET FUND
BUY CONTRACTS -- FORWARDS
2,202,238 Euro settling on 9/17/03 $(2,601,724) $ 2,523,357 $ (78,367)
SELL CONTRACTS -- FORWARDS
British Pound settling on
1,375,000 8/29/03 2,263,387 (2,259,993) 3,394
---------
$ (74,973)
=========
INTERNATIONAL EQUITY FUND
BUY CONTRACTS -- FORWARDS
6,933,110 Euro settling on 9/17/03 (8,190,776) 7,944,061 $(246,715)
SELL CONTRACTS -- FORWARDS
423,405 Euro settling on 9/17/03 499,576 (485,144) 14,432
---------
$(232,283)
=========
</Table>
45
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
APPENDIX C
OPEN FUTURES CONTRACTS AS OF JUNE 30, 2003
<Table>
<Caption>
UNREALIZED
NUMBER OF COST/ VALUE AT APPRECIATION/
CONTRACTS TYPE (PROCEEDS) JUNE 30, 2003 (DEPRECIATION)
MULTI-ASSET FUND
LONG FUTURES CONTRACTS
11 July 2003 CAC 40 $ 389,566 $ 389,945 $ 379
264 September 2003 Pan-Euro 4,496,310 4,320,096 (176,214)
34 September 2003 British Pound 3,507,312 3,499,449 (7,863)
40 September 2003 TOPIX Index 2,909,161 3,009,099 99,938
24 September 2003 S&P 500 Index 5,837,400 5,839,800 2,400
18 September 2003 FTSE 100 Index 1,192,613 1,192,266 (347)
3 September 2003 DAX Index 278,001 278,059 58
37 September 2003 Japanese Yen 3,921,288 3,870,662 (50,626)
---------
(132,275)
---------
SHORT FUTURES CONTRACTS
September 2003 10-year US
12 Treasury Notes (1,413,563) (1,409,250) 4,313
---------
$(127,962)
=========
INTERNATIONAL EQUITY FUND
LONG FUTURES CONTRACTS
4 September 2003 Canadian Dollar 295,200 294,960 $ (240)
37 July 2003 CAC 40 1,316,097 1,304,837 (11,260)
363 September 2003 Pan-Euro 6,288,678 6,046,904 (241,774)
71 September 2003 TOPIX Index 5,278,670 5,445,899 167,229
16 September 2003 DAX Index 1,559,246 1,509,867 (49,379)
50 September 2003 Japanese Yen 5,320,625 5,230,625 (90,000)
---------
$(225,424)
=========
US EQUITY FUND
LONG FUTURES CONTRACTS
51 September 2003 S&P 500 Index 12,544,525 12,409,575 $(134,950)
=========
</Table>
46
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
APPENDIX D
CAPITAL SHARE TRANSACTIONS
<Table>
<Caption>
SIX MONTHS ENDED JUNE 30, 2003* YEAR ENDED DECEMBER 31, 2002
SHARES AMOUNT SHARES AMOUNT
MULTI-ASSET FUND
Shares Sold 2,508,147 $ 28,493,185 6,365,804 $ 70,485,136
Shares Reinvested -- -- 356,129 3,636,148
Exit/Entry Fee -- 170,757 -- 419,543
---------- ------------ ----------- -------------
Subtotal 2,508,147 28,663,942 6,721,933 74,540,827
Shares Redeemed (502,756) (5,500,799) (1,085,775) (12,358,483)
---------- ------------ ----------- -------------
Net Increase (Decrease) 2,005,391 $ 23,163,143 5,636,158 $ 62,182,344
========== ============ =========== =============
INTERNATIONAL EQUITY FUND
Shares Sold 181,857 $ 1,443,913 194,671 $ 1,710,347
Shares Reinvested -- -- 80,545 667,719
Exit/Entry Fee -- 18,946 -- 49,299
---------- ------------ ----------- -------------
Subtotal 181,857 1,462,859 275,216 2,427,365
Shares Redeemed (137,351) (1,071,567) (576,296) (4,850,189)
---------- ------------ ----------- -------------
Net Increase (Decrease) 44,506 $ 391,292 (301,080) $ (2,422,824)
========== ============ =========== =============
US EQUITY FUND
Shares Sold 1,403,913 $ 14,001,446 1,343,297 $ 13,706,735
Exit/Entry Fee -- 46,034 -- 66,248
---------- ------------ ----------- -------------
Subtotal 1,403,913 14,047,480 1,343,297 13,772,983
Shares Redeemed (451,930) (4,366,753) (1,160,586) (12,758,523)
---------- ------------ ----------- -------------
Net Increase (Decrease) 951,983 $ 9,680,727 182,711 $ 1,014,460
========== ============ =========== =============
GOVERNMENT BOND FUND+
Shares Sold 5,550,563 $ 55,463,073 -- $ --
Shares Reinvested 36,320 369,993 -- --
---------- ------------ ----------- -------------
Subtotal 5,586,883 55,833,066 -- --
Shares Redeemed (1,250,958) (12,980,927) -- --
---------- ------------ ----------- -------------
Net Increase (Decrease) 4,335,925 $ 42,852,139 -- $ --
========== ============ =========== =============
SHORT-TERM FUND
Shares Sold 11,369,040 $113,143,504 21,875,275 $ 218,691,101
Shares Reinvested 229,035 2,275,174 364,665 3,641,307
---------- ------------ ----------- -------------
Subtotal 11,598,075 115,418,678 22,239,940 222,332,408
Shares Redeemed (8,309,649) (82,680,209) (14,433,393) (144,348,200)
---------- ------------ ----------- -------------
Net Increase (Decrease) 3,288,426 $ 32,738,469 7,806,547 $ 77,984,208
========== ============ =========== =============
</Table>
- -------------
* Unaudited
+ Period from March 31, 2003 (commencement of operations) through June 30,
2003.
47
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
APPENDIX E
RESTRICTED SECURITIES AS OF JUNE 30, 2003
The following restricted securities were held by the funds as of June 30, 2003,
and were valued in accordance with the VALUATION OF INVESTMENTS as described in
Note 2. Such securities generally may be sold only in a privately negotiated
transaction with a limited number of purchasers. Each fund will bear any costs
incurred in connection with the disposition of such securities.
<Table>
<Caption>
INVESTMENT DATE OF ACQUISITION COST
MULTI-ASSET FUND Canyon Value Realization Fund, LP 06/01/96 $13,797,935
Farallon Capital Institutional
Partners, LP 04/01/95 7,746,138
Lone Picea, LP 01/02/03 1,315,000
Lone Redwood, LP 12/31/97 2,738,471
Maverick Fund USA, Ltd. 12/31/02 3,000,000
OZ Domestic Partners, LP 12/31/01 5,000,000
Regiment Capital, Ltd. 06/30/03 6,000,000
INTERNATIONAL EQUITY FUND Bessent Euro-Equities II, LP 5/31/03 $ 4,000,000
Lansdowne UK Equity Fund 5/31/03 4,000,000
US EQUITY FUND Adage Capital Partners, LP 12/31/01 $31,500,000
Gotham Partners, LP 12/31/96 973,106
</Table>
At June 30, 2003, the aggregate market value of restricted securities was:
Multi-Asset Fund -- $64,242,065 (21.4% of net assets); International Equity
Fund -- $8,186,490 (6.0% of net assets); US Equity Fund -- $28,279,894 (13.6% of
net assets). All of the above listed securities are illiquid, with the exception
of Canyon Value Realization Fund, LP, which the board of directors deemed to be
liquid. The above list does not include securities registered under Rule 144A of
the Securities Act of 1933. These securities may also be deemed to be
restricted.
48
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2003
APPENDIX F
REVERSE REPURCHASE AGREEMENTS AS OF JUNE 30, 2003
MULTI-ASSET FUND
<Table>
<Caption>
FACE VALUE DESCRIPTION MARKET VALUE
$17,997,489 Morgan Stanley Dean Witter, 0.65%, dated $17,997,489
7/1/03, to be repurchased on demand, at
face value, plus accrued interest.
===========
Average balance outstanding $17,356,023
Average interest rate 0.69%
Maximum balance outstanding $18,397,593
</Table>
Average balance outstanding was calculated based on daily balances outstanding
during the period that the fund had entered into reverse repurchase agreements.
GOVERNMENT BOND FUND
<Table>
<Caption>
FACE VALUE DESCRIPTION MARKET VALUE
$28,627,830 Morgan Stanley Dean Witter, 0.05%, dated $28,627,830
7/1/03, to be repurchased on demand, at
face value, plus accrued interest.
15,159,375 Morgan Stanley Dean Witter, 0.50%, dated 15,159,375
8/15/03, to be repurchased on demand, at
face value, plus accrued interest.
-----------
Total reverse repurchase agreements $43,787,205
===========
Average balance outstanding $49,856,586
Average interest rate 0.55%
Maximum balance outstanding $55,644,286
</Table>
Average balance outstanding was calculated based on daily balances outstanding
during the period that the fund had entered into reverse repurchase agreements.
49
<Page>
- --------------------------------------------------------------------------------
DIRECTORS AND PRINCIPAL OFFICERS
<Table>
<Caption>
---------------------------------------------------------------------------------------------------------------------
NAME (AGE) POSITION LENGTH OF PRINCIPAL OCCUPATION OTHER
ADDRESS WITH FUND SERVICE (A) FOR LAST FIVE YEARS DIRECTORSHIPS
---------------------------------------------------------------------------------------------------------------------
INDEPENDENT DIRECTORS
Suzanne Brenner (45) Director 1 year senior investment none
Associate Treasurer and officer
Senior Investment Officer
The Metropolitan Museum of Art
1000 Fifth Avenue
New York, NY 10028
Harry N. Hoffman III (47) Director 2 years chief investment none
Chief Investment Officer officer
Mayo Foundation
200 First Street SW
Rochester, MN 55905
Sheryl L. Johns (47) Director 7 years chief financial officer none
VP, Treasurer, and CFO
Houston Endowment Inc.
600 Travis, Suite 6400
Houston, TX 77002
PRINCIPAL OFFICERS AND
INTERESTED DIRECTORS
William H. McLean (48)(b) Director 3 years chief investment none
VP and Chief Investment officer
Officer
Northwestern University
Investment Office --
Room 1-209
633 Clark Street
Evanston, IL 60208
Esther Cash (46) President and 10 years investment operations none
TIFF Principal
590 Peter Jefferson Parkway, Executive
Suite 250 Officer
Charlottesville, VA 22911
David A. Salem (47) Vice President 10 years chief executive officer none
TIFF
590 Peter Jefferson Parkway,
Suite 250
Charlottesville, VA 22911
Cynthia J. Surprise (56) Secretary 4 years legal counsel none
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
William E. Vastardis (47) Treasurer and 10 years fund administration none
EOS Fund Services LLC Principal
26 West 17th Street, 6th Floor Financial
New York, NY 10011 Officer
</Table>
- -------------
(a) Each director serves until the date that director resigns, retires, or is
removed by the board of directors or shareholders in accordance with the
Articles of Incorporation.
(b) Mr. McLean is deemed to be an "interested director" because he also serves
as a director of TIFF Advisory Services, Inc., the mutual funds' advisor.
50
<Page>
- --------------------------------------------------------------------------------
TIFF INVESTMENT PROGRAM
ADVISOR
TIFF Advisory Services, Inc.
590 Peter Jefferson Parkway, Suite 250
Charlottesville, VA 22911
PHONE (434) 817-8200
FAX (434) 817-8231
CUSTODIAN
ACCOUNTING AGENT
TRANSFER AGENT
DIVIDEND DISBURSING AGENT
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
FUND ADMINISTRATOR
Investors Capital Services, Inc.
33 Maiden Lane, 4th Floor
New York, NY 10038
FUND DISTRIBUTOR
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, WI 53202
LEGAL COUNSEL
Dechert
1500 I Street, N.W.
Washington, DC 20005
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
160 Federal Street
Boston, MA 02110
OPERATIONS MONITORING AGENT
EOS Fund Services LLC
26 West 17th Street, 6th Floor
New York, NY 10011
MONEY MANAGERS
TIFF MULTI-ASSET FUND
Aronson+Johnson+Ortiz, LP
Canyon Capital Advisors LLC
Delaware International Advisers Ltd.
Farallon Capital Management, LLC
Harding, Loevner Management, LP
Lone Pine Capital LLC
Marathon Asset Management, Ltd.
Maverick Capital, Ltd.
Och-Ziff Capital Management Group
K.G. Redding & Associates, LLC
Regiment Capital Management, LLC
Smith Breeden Associates, Inc.
Wellington Management Company, LLP
TIFF INTERNATIONAL EQUITY FUND
Bessent Capital, LLC
Delaware International Advisers Ltd.
Harding, Loevner Management, LP
Lansdowne Partners
Marathon Asset Management, Ltd.
TIFF US EQUITY FUND
Adage Capital Management, LP
Aronson+Johnson+Ortiz, LP
Marathon Asset Management, Ltd.
Martingale Asset Management, LP
Palo Alto Investors
Shapiro Capital Management Company, Inc.
Westport Asset Management, Inc.
TIFF GOVERNMENT BOND FUND
Smith Breeden Associates, Inc.
TIFF SHORT-TERM FUND
Fischer Francis Trees & Watts, Inc.
<Page>
ITEM 2 CODE OF ETHICS.
Not applicable to this filing.
ITEM 3 AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4 PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5 AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6 [RESERVED]
ITEM 7 DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8 [RESERVED]
ITEM 9 CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal
Financial Officer concluded that the Registrant's disclosure controls
and procedures are effective based on their evaluation of the
Registrant's disclosure controls and procedures as of a date within 90
days prior to the filing date of this report (the "Evaluation Date").
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect internal
controls subsequent to the Evaluation Date, including any corrective
actions with regard to significant deficiencies and material
weaknesses.
ITEM 10 (EXHIBITS):
(a)(1) Code of Ethics Described in Item 2: Not applicable to this
filing.
(a)(2) Certifications of the Principal Executive Officer and Principal
Financial Officer of the Registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940 (17 CFR 270.30a-2(a) are attached
hereto as Exhibit 99CERT.302
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are attached hereto as Exhibit 99CERT.906.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) TIFF Investment Program, Inc.
By (Signature and Title): /s/ Esther L. Cash
-----------------------------------------------------
Esther L. Cash, President and Principal Executive
Officer
Date 9/4/03
------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities, and on the
dates indicated.
By (Signature and Title): /s/ Esther L. Cash
-----------------------------------------------------
Esther L. Cash, President and Principal Executive
Officer
Date 9/4/03
------------
By (Signature and Title): /s/ William E. Vastardis
-----------------------------------------------------
William E. Vastardis, Treasurer and Principal
Financial Officer
Date 9/4/03
---------------