<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08234
----------------------------------------------
TIFF Investment Program, Inc.
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(Exact name of registrant as specified in charter)
590 Peter Jefferson Parkway, Suite 250, Charlottesville, VA 22911
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(Address of principal executive offices) (Zip code)
Richard J. Flannery
President and Principal Executive Officer
590 Peter Jefferson Parkway, Suite 250,
Charlottesville, VA 22911
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(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: 12/31/2004
----------------------
Date of reporting period: 1/1/2004 - 6/30/2004
----------------------
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
(Semi-Annual Report for the period 1/1/04 through 6/30/04 is filed
herewith)
<Page>
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SEMI-ANNUAL REPORT [LOGO]
JUNE 30, 2004
(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) 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. MAF 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, 2004. 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 27, 2004
CONTENTS
<Table>
TIFF Multi-Asset Fund
/ / Schedule of Investments....................... 3
TIFF International Equity Fund
/ / Schedule of Investments....................... 12
TIFF US Equity Fund
/ / Schedule of Investments....................... 17
TIFF Government Bond Fund
/ / Schedule of Investments....................... 21
TIFF Short-Term Fund
/ / Schedule of Investments....................... 22
Statement of Assets and Liabilities............... 23
Statement of Operations........................... 25
Statement of Changes in Net Assets................ 27
Statement of Cash Flows........................... 30
Financial Highlights.............................. 31
Notes to Financial Statements..................... 36
Directors and Principal Officers.................. 49
</Table>
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Copyright -C- 2004 / / All rights reserved / / This report may not be reproduced
or distributed without written permission from TIFF.
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(This page intentionally left blank)
2
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
COMMON STOCKS -- 41.2%
US COMMON STOCKS -- 21.1%
AEROSPACE AND DEFENSE -- 0.4%
28,600 Boeing Co. $1,461,174
6,300 Northrop Grumman Corp. 338,310
6,200 Textron, Inc. 367,970
------------
2,167,454
------------
AIRLINES -- 0.2%
26,000 AMR Corp.* 314,860
41,500 Northwest Airlines Corp.* 461,480
------------
776,340
------------
AUTOMOTIVE -- 0.1%
19,700 Ford Motor Co. 308,305
6,300 General Motors Corp. 293,517
------------
601,822
------------
BANKING -- 0.8%
13,150 Bank of America Corp. 1,112,753
4,300 CIT Group, Inc. 164,647
6,750 Countrywide Financial Corp. 474,188
5,500 National City Corp. 192,555
5,600 PNC Financial Services Group, Inc. 297,248
23,000 SLM Corp. 930,350
5,400 UnionBanCal Corp. 304,560
13,100 Wachovia Corp. 582,950
------------
4,059,251
------------
BEVERAGES, FOOD, AND TOBACCO -- 0.7%
19,200 Altria Group, Inc. 960,960
17,100 Anheuser-Busch Companies, Inc. 923,400
11,200 Archer-Daniels-Midland Co. 187,936
10,600 Coca-Cola Enterprises, Inc. 307,294
5,400 Conagra, Inc. 146,232
8,200 Pepsi Bottling Group, Inc. 250,428
17,900 Sara Lee Corp. 411,521
16,200 Tyson Foods, Inc., Class A 339,390
------------
3,527,161
------------
CHEMICALS -- 0.2%
5,000 PPG Industries, Inc. 312,450
7,100 The Scotts Co., Class A* 453,548
------------
765,998
------------
COMMERCIAL SERVICES -- 0.4%
18,900 Cendant Corp. 462,672
6,800 H & R Block, Inc. 324,224
4,000 Learning Tree International, Inc.* 58,040
4,500 Monsanto Co. 173,250
53,120 UnitedGlobalCom, Inc., Class A* 385,651
15,400 Waste Management, Inc. 472,010
------------
1,875,847
------------
COMMUNICATIONS -- 0.6%
194,500 Lucent Technologies, Inc.* 735,210
20,800 Motorola, Inc. 379,600
39,600 Nextel Communications, Inc., Class A* 1,055,736
6,000 Qualcomm, Inc. 437,880
12,000 Verizon Communications Corp. 434,280
------------
3,042,706
------------
<Caption>
NUMBER
OF SHARES VALUE +
COMPUTER SOFTWARE AND PROCESSING -- 1.2%
8,400 Computer Sciences Corp.* $390,012
23,500 IMS Health, Inc. 550,840
20,600 Intuit, Inc.* 794,748
91,500 Microsoft Corp. 2,613,240
100,400 Oracle Corp.* 1,197,772
19,500 Unisys Corp.* 270,660
9,400 Yahoo!, Inc.* 341,502
------------
6,158,774
------------
COMPUTERS AND INFORMATION -- 0.8%
17,400 Apple Computer, Inc.* 566,196
40,600 Cisco Systems, Inc.* 962,220
9,100 Dell, Inc.* 325,962
13,000 Hewlett-Packard Co. 274,300
6,130 International Business Machines Corp. 540,360
124,800 Sun Microsystems, Inc.* 541,632
47,300 Xerox Corp.* 685,850
------------
3,896,520
------------
COSMETICS AND PERSONAL CARE -- 0.1%
4,000 Avon Products, Inc. 184,560
4,000 Estee Lauder Companies, Inc., Class A 195,120
7,000 Gillette Co. (The) 296,800
------------
676,480
------------
DIVERSIFIED -- 0.5%
12,000 Ashland, Inc. 633,720
230 Berkshire Hathaway Inc., Class B* 679,650
29,000 General Electric Co. 939,600
------------
2,252,970
------------
ELECTRIC UTILITIES -- 0.4%
3,800 Constellation Energy Group, Inc. 144,020
15,700 Edison International 401,449
18,100 Public Service Enterprise Group, Inc. 724,543
5,800 Sempra Energy 199,694
8,700 TXU Corp. 352,437
------------
1,822,143
------------
ELECTRONICS -- 0.3%
37,100 Intel Corp. 1,023,960
13,600 National Semiconductor Corp.* 299,064
5,200 Raytheon Co. 186,004
6,500 Texas Instruments, Inc. 157,170
------------
1,666,198
------------
ENTERTAINMENT AND LEISURE -- 0.3%
9,500 International Speedway Corp., Class A 462,080
57,100 Liberty Media Corp., Class A* 513,329
13,900 Time Warner, Inc.* 244,362
11,200 Walt Disney Co. 285,488
------------
1,505,259
------------
FINANCIAL SERVICES -- 1.8%
24,700 American Express Co. 1,269,086
28,900 Citigroup, Inc. 1,343,850
2,800 Franklin Resources, Inc. 140,224
2,300 Golden West Financial Corp. 244,605
6,400 Goldman Sachs Group, Inc. 602,624
22,700 JP Morgan Chase & Co., Inc. 880,079
13,300 KeyCorp 397,537
51,000 MBNA Corp. 1,315,290
24,500 Mellon Financial Corp. 718,585
</Table>
3
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
2,600 Merrill Lynch & Co. $140,348
7,800 Moody's Corp. 504,348
24,700 Morgan Stanley 1,303,419
7,600 Washington Mutual, Inc. 293,664
------------
9,153,659
------------
FOREST PRODUCTS AND PAPER -- 0.3%
5,100 Georgia-Pacific Group 188,598
30,100 International Paper Co. 1,345,470
3,100 Kimberly-Clark Corp. 204,228
------------
1,738,296
------------
HEALTHCARE PROVIDERS -- 0.2%
22,300 HCA, Inc. 927,457
1,800 Quest Diagnostics, Inc. 152,910
------------
1,080,367
------------
HEAVY MACHINERY -- 0.2%
5,600 Caterpillar, Inc. 444,864
4,000 Eaton Corp. 258,960
4,200 Paccar, Inc. 243,558
------------
947,382
------------
HOME CONSTRUCTION, FURNISHINGS, AND APPLIANCES -- 0.2%
5,600 Centex Corp. 256,200
10,200 D.R. Horton, Inc. 289,680
9,500 Ethan Allen Interiors, Inc. 341,145
------------
887,025
------------
HOUSEHOLD PRODUCTS -- 0.0%
2,600 Fortune Brands, Inc. 196,118
------------
INSURANCE -- 0.7%
4,800 Aetna, Inc. 408,000
10,100 Allstate Corp. 470,155
4,400 Loews Corp. 263,824
6,100 MBIA Inc. 348,432
7,400 Mercury General Corp. 367,410
3,800 MGIC Investment Corp. 288,268
8,200 Principal Financial Group, Inc. 285,196
4,800 The Progressive Corp. 409,440
4,500 The St. Paul Cos., Inc. 182,430
8,800 Unitrin, Inc. 374,880
------------
3,398,035
------------
LODGING -- 0.7%
37,800 Boca Resorts, Inc., Class A* 749,196
15,800 Hilton Hotels Corp. 294,828
28,200 Interstate Hotels & Resorts, Inc.* 151,998
50,100 Lodgian, Inc.* 528,555
37,900 Starwood Hotels & Resorts Worldwide,
Inc. 1,699,815
------------
3,424,392
------------
MEDIA - BROADCASTING AND PUBLISHING -- 0.6%
17,400 Comcast Corp., Class A* 480,414
32,515 Hollinger International, Inc. 545,927
10,685 Liberty Media International, Inc. Class
A* 396,414
5,400 McGraw-Hill Companies, Inc. 413,478
136,000 Primedia, Inc.* 378,080
23,300 Viacom, Inc., Class B 832,276
------------
3,046,589
------------
MEDICAL SUPPLIES -- 0.2%
8,700 Baxter International, Inc. 300,237
<Caption>
NUMBER
OF SHARES VALUE +
5,100 Becton, Dickinson & Co. $264,180
8,300 Stryker Corp. 456,500
------------
1,020,917
------------
METALS -- 0.1%
4,100 Phelps Dodge Corp.* 317,791
------------
METALS AND MINING -- 1.1%
51,300 Alcoa, Inc. 1,694,439
25,700 Apex Silver Mines Ltd.* 438,185
19,300 CONSOL Energy, Inc. 694,800
24,300 Freeport-McMoRan Copper & Gold, Inc.,
Class B 805,545
14,500 International Steel Group, Inc.* 431,375
13,500 Masco Corp. 420,930
32,300 Massey Energy Co. 911,183
------------
5,396,457
------------
OIL AND GAS -- 3.0%
2,700 Amerada Hess Corp. 213,813
12,542 Anadarko Petroleum Corp. 734,961
12,600 Burlington Resources, Inc. 455,868
15,700 ChevronTexaco Corp. 1,477,527
16,800 ConocoPhillips 1,281,672
7,000 Devon Energy Corp. 462,000
17,600 EOG Resources, Inc. 1,050,896
9,200 Equitable Resources, Inc. 475,732
16,600 Evergreen Resources, Inc.* 670,640
38,660 Exxon Mobil Corp. 1,716,891
13,875 Global Santa Fe Corp. 367,688
16,700 Halliburton Co. 505,342
7,700 Kerr-McGee Corp. 414,029
11,400 Marathon Oil Corp. 431,376
9,400 Newfield Exploration Co.* 523,956
9,600 Noble Energy, Inc. 489,600
20,400 Transocean, Inc.* 590,376
19,700 Valero Energy Corp. 1,453,072
18,000 Western Gas Resources, Inc. 584,640
37,125 XTO Energy, Inc. 1,105,954
------------
15,006,033
------------
PHARMACEUTICALS -- 1.1%
4,400 Abbott Laboratories 179,344
4,900 Amgen, Inc.* 267,393
24,900 Bristol-Myers Squibb Co. 610,050
6,500 Cardinal Health, Inc. 455,325
17,100 Johnson & Johnson 952,470
12,100 McKesson Corp. 415,393
8,000 Merck & Co., Inc. 380,000
27,200 Pfizer, Inc. 932,416
42,600 Schering-Plough Corp. 787,248
21,700 Wyeth 784,672
------------
5,764,311
------------
REAL ESTATE -- 2.1%
18,700 Ashford Hospitality Trust, Inc. (REIT) 156,145
17,900 Developers Diversified Realty Corp.
(REIT) 633,123
30,400 First Potomac Realty Trust (REIT) 582,768
50,000 Hersha Hospitality Trust (REIT) 494,000
41,100 Host Marriott Corp. (REIT)* 507,996
16,700 Koger Equity, Inc. (REIT)* 386,104
17,000 Mack-Cali Realty Corp. (REIT) 703,460
62,800 Omega Healthcare Investors, Inc. (REIT) 630,512
15,800 One Liberty Properties, Inc. (REIT) 286,928
</Table>
4
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
9,600 Ramco-Gershenson Properties (REIT) $232,608
21,000 Reckson Associates Realty Corp. (REIT) 576,660
22,600 Simon Property Group, Inc. (REIT) 1,162,092
20,000 SL Green Realty Corp. (REIT) 936,000
8,100 St. Joe Co. (The) 321,570
40,200 Strategic Hotel Capital, Inc. (REIT)* 590,940
15,300 The Mills Corp. (REIT) 714,510
14,300 The Rouse Co. (REIT) 679,250
16,200 Vornado Realty Trust (REIT) 925,182
------------
10,519,848
------------
RESTAURANTS -- 0.1%
8,400 McDonald's Corp. 218,400
10,400 Yum! Brands, Inc. 387,088
------------
605,488
------------
RETAILERS -- 0.9%
8,500 Albertson's, Inc. 225,590
2,400 AutoZone, Inc.* 192,240
20,300 Costco Wholesale Corp. 833,721
4,200 CVS Corp. 176,484
6,900 Federated Department Stores, Inc. 338,790
19,500 Home Depot, Inc. 686,400
10,000 JC Penney Company, Inc. 377,600
19,700 Kroger Co.* 358,540
41,000 Limited Brands 766,700
7,500 The Gap, Inc. 181,875
7,000 The May Department Stores Co. 192,430
6,100 TJX Companies, Inc. 154,085
------------
4,484,455
------------
TELEPHONE SYSTEMS -- 0.4%
16,000 ALLTEL Corp. 809,920
20,100 BellSouth Corp. 527,022
120,600 Qwest Communications International,
Inc.* 432,954
19,200 SBC Communications, Inc. 465,600
------------
2,235,496
------------
TEXTILES, CLOTHING, AND FABRICS -- 0.1%
5,600 Coach, Inc.* 253,064
------------
TRANSPORTATION -- 0.3%
23,200 Burlington Northern Santa Fe Corp. 813,624
15,700 Kansas City Southern* 243,350
6,300 Norfolk Southern Corp. 167,076
16,300 Sabre Holdings Corp. 451,673
------------
1,675,723
------------
Total US Common Stocks
(Cost $92,604,402) 105,946,369
------------
FOREIGN COMMON STOCKS -- 20.1%
AUSTRALIA -- 1.2%
129,600 Alumina Ltd. 476,675
175,197 Amcor Ltd. 850,634
14,549 Australia and New Zealand Banking Group
Ltd. 185,265
28,000 Caltex Australian Ltd. 180,029
90,096 Coles Myer Ltd. 539,116
12,000 CSR Ltd. 18,557
390,903 Foster's Group Ltd. 1,285,270
55,600 National Australia Bank Ltd. 1,155,732
14,818 Orica Ltd. 155,865
68,000 Rinker Group Ltd. 381,319
<Caption>
NUMBER
OF SHARES VALUE +
56,000 Santos Ltd. $270,337
215,735 Telstra Corp. 755,913
12,143 WMC Resources Ltd. 41,617
------------
6,296,329
------------
BELGIUM -- 0.2%
1,643 Electrabel SA 526,725
22,457 Fortis* 495,627
------------
1,022,352
------------
BERMUDA -- 0.2%
16,600 Accenture Ltd.* 456,168
4,700 ACE Ltd. 198,716
2,100 Ingersoll Rand Co. 143,451
------------
798,335
------------
BRAZIL -- 0.6%
8,100,000 Cia de Saneamento Basico do Estado de
Sao Paulo 350,468
9,347 Cia Vale do Rio Doce - ADR 444,450
30,000 Cia Vale do Rio Doce - Sponsored ADR 1,173,000
23,300 Petroleo Brasileiro SA - ADR 654,031
9,800 Voctorantim Celulose Papel SA - ADR 311,640
------------
2,933,589
------------
CANADA -- 3.0%
146,400 Abitibi-Consolidated, Inc. 1,007,232
29,600 Abitibi-Consolidated, Inc. - Canadian
Exchange 202,006
26,000 Agrium, Inc. 379,116
10,700 Alcan, Inc. 440,530
18,000 Alcan, Inc. - ADR 745,200
10,200 BCE, Inc. 203,125
70,600 Bombardier, Inc., Class B 211,682
14,400 Cameco Corp. 843,984
3,750 Canadian National Railway Co. 163,462
44,600 Canadian Natural Resources Ltd. 1,332,262
37,900 Domtar, Inc. 486,488
4,600 Encana Corp. 198,536
34,083 Encana Corp. - Canadian Exchange 1,464,749
4,400 Fairmont Hotels & Resorts, Inc. 118,307
7,100 Imperial Oil Ltd. 332,422
13,300 Imperial Oil Ltd. (foreign market) 618,997
15,300 Inco Ltd.* 525,044
1,700 Magna International, Inc. 144,789
175,400 Nortel Networks Corp.* 875,201
14,271 Petro-Canada 613,629
61,600 Placer Dome, Inc. 1,025,024
24,400 Rogers Communications, Inc., Class B 439,500
33,184 Suncor Energy, Inc. 841,759
69,000 Talisman Energy - Canadian Exchange 1,497,595
17,500 Western Oil Sands, Inc., Class A* 440,518
------------
15,151,157
------------
CHINA -- 0.3%
11,200 Aluminum Corp. of China Ltd. 609,392
770,000 Beijing Capital International Airport
Co., Ltd., Class H 236,929
14,800 China Petroleum & Chemical Corp. - ADR 546,860
168,000 Guangshen Railway Co. Ltd. 48,463
------------
1,441,644
------------
DENMARK -- 0.1%
800 Coloplast AS, Class B 75,427
</Table>
5
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
8,133 Vestas Wind Systems A/S* $119,481
3,100 William Demant Holding* 117,216
------------
312,124
------------
ESTONIA -- 0.0%
26,496 Hansabank Ltd. 222,431
------------
FINLAND -- 0.2%
11,900 Metso Oyj 150,573
9,400 M-real Oyj, Class B 85,202
16,300 Sampo Oyj, Class A 158,255
5,400 Tietoenator OY 163,919
23,968 UPM-Kymmeme OY 456,073
------------
1,014,022
------------
FRANCE -- 1.2%
13,200 Alcatel SA* 203,638
1,700 Atos Origin* 109,206
2,800 Aventis SA - Frankfurt Exchange 211,040
5,600 AXA SA 123,320
3,000 BNP Paribas 184,505
4,100 Carrefour SA 198,932
18,944 Compagnie de Saint-Gobain 944,285
2,000 Groupe Danone 174,468
200 JC Decaux SA* 4,280
96,000 Scor SA* 149,502
10,583 Societe Generale, Class A 899,375
3,000 Thales SA 109,754
4,912 Total SA 936,468
18,300 Total SA - Sponsored ADR 1,758,264
5,400 Vivendi Universal SA* 149,794
------------
6,156,831
------------
GERMANY -- 0.7%
3,500 BASF AG 187,322
31,695 Bayer AG 913,913
20,433 Bayerische Hypo-und Vereinsbank AG* 363,450
4,400 Bayerische Motoren Werke AG 194,698
5,400 Deutsche Post AG 116,616
2,800 E. ON AG 202,013
2,700 Fresenius Medical Care 200,349
30,897 RWE AG 1,452,886
------------
3,631,247
------------
HONG KONG -- 1.0%
26,000 Asia Satellite Telecom Holdings 45,334
432,000 First Pacific Co. Ltd.* 96,926
78,000 Henderson Land Development Co. 336,009
106,000 Hong Kong & China Gas Co. Ltd. 174,633
41,000 Hong Kong Aircraft Engineering Co. Ltd. 188,184
116,200 Hong Kong Electric Holdings Ltd. 481,200
78,000 Hong Kong Exchanges & Clearing Ltd. 160,004
170,000 Hong Kong Shanghai Hotels Ltd. 102,983
145,080 Hysan Development Co. Ltd. 215,766
348,000 i-Cable Communications Ltd. 132,734
81,200 Jardine Matheson Holdings Ltd. 893,200
89,000 Jardine Strategic Holdings Ltd. 449,450
79,000 Mandarin Oriental International Ltd.* 43,450
502,600 New World Development Ltd. 370,516
166,000 Next Media Ltd.* 55,335
147,000 SmarTone Telecommunications Holdings
Ltd. 161,139
77,000 Television Broadcasts Ltd. 329,726
<Caption>
NUMBER
OF SHARES VALUE +
250,000 Wharf Holdings Ltd. $717,967
131,000 Wheelock & Co. Ltd. 157,876
------------
5,112,432
------------
INDIA -- 0.0%
18,000 ICICI Bank Ltd. - ADR 217,800
------------
INDONESIA -- 0.1%
227,000 PT Astra International, Inc. 132,784
2,682,344 PT Bank Pan Indonesia TBK 74,173
89,000 PT Gudang Garam TBK 129,678
606,000 PT Matahari Putra Prima TBK 33,837
91,000 PT Semen Gresik 77,426
------------
447,898
------------
IRELAND -- 0.0%
23,300 Fyffes plc 48,758
60,300 Independent News & Media plc 140,125
------------
188,883
------------
ITALY -- 0.4%
308,072 Banca Intesa SpA 1,203,159
2,400 E.Biscom SpA* 131,252
10,000 Fiat SpA* 83,900
12,300 Luxottica Group SpA - ADR 207,870
2,500 Natuzzi SpA 26,850
20,300 Saipem SpA 184,741
32,200 Unicredito Italiano SpA 159,055
------------
1,996,827
------------
JAPAN -- 1.5%
4,900 Aisin Seiki Co. Ltd. 102,163
15,000 Canon, Inc. 790,450
18,000 Chiba Bank Ltd. (The) 110,196
8,000 Dai Nippon Printing Co. Ltd. 127,792
12,000 Daifuku Co. Ltd. 61,256
16 Dentsu, Inc. 41,204
18 East Japan Railway Co. 100,958
5,600 FamilyMart Co. Ltd. 182,706
5,000 Fuji Photo Film Co. 156,715
4,600 Fujitsu Frontech Ltd. 43,633
28,000 Hitachi Ltd. 192,714
2,000 Ito-Yokado Co. Ltd. 85,598
23 Japan Tobacco, Inc. 178,747
4,000 Kao Corp. 96,412
27,000 Kawasaki Heavy Industries, Ltd. 43,550
7,000 Kinden Corp. 43,752
20,000 Kirin Brewery Co. Ltd. 197,773
10,000 Koito Manufacturing Co. Ltd. 73,500
8,000 Lion Corp. 46,850
5,000 Matsushita Electric Industries Co. 70,980
10,114 Matsushita Electric Works Ltd. 91,764
8,000 Mitsubishi Corp. 77,716
20,000 Mitsubishi Gas Chemical Co. 82,848
12,000 NGK Insulators Ltd. 96,889
800 Nintendo Co. Ltd. 92,746
6,000 Nippon Meat Packers, Inc. 73,904
28,000 Nippon Oil Corp. 176,291
20,000 Nippon Sanso Corp. 107,043
40,000 Nippon Suisan Kaisha Ltd. 106,310
44 Nippon Telegraph and Telephone Corp. 235,091
10,000 Nisshinbo Industries, Inc. 75,242
10,000 Noritake Co. Ltd. 43,440
38 NTT DoCoMo, Inc. 67,910
</Table>
6
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TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
2,000 OMRON Corp. $46,831
7,000 Onward Kashiyama Co. 112,267
3,000 Ryosan Co. 68,597
2,000 Sankyo Co., Ltd. 81,565
2,000 SECOM Co. Ltd. 84,865
5,000 Shiseido Co. Ltd. 63,007
9,000 Sompo Japan Insurance, Inc. 91,967
17,000 Sumitomo Electric Industries Ltd. 173,404
12,000 Sumitomo Forestry Co. Ltd. 137,910
14,000 Sumitomo Metal Mining Co. Ltd. 91,353
24 Sumitomo Mitsui Financial Group, Inc. 164,524
18,000 Sumitomo Trust & Banking Co. Ltd. 128,177
22,900 Takeda Chemical Industries Ltd. 1,005,279
7,000 Tanabe Seiyaku Co. Ltd. 62,613
42,000 Tokyo Gas Co. 148,962
3,000 Tokyo Ohka Kogyo Co. 58,837
4,000 Toppan Forms Co. Ltd. 54,988
4,000 Tostem Inax Holding Corp. 86,331
3,000 Toyo Seikan 51,524
3,000 Toyota Motor Corp. 121,523
49 West Japan Railway Co. 197,590
6,000 Yamaha Motor Co. Ltd. 93,424
6,000 Yamatake Corp. 61,201
14,000 Yokohama Bank Ltd. 87,504
------------
7,348,386
------------
LUXEMBOURG -- 0.0%
9,500 Arcelor SA 159,503
------------
MALAYSIA -- 0.2%
9,800 British American Tobacco Berhad 130,237
31,000 Carlsberg Brewery Malaysia Berhad 88,105
112,000 CIMB Berhad 165,053
97,000 Commerce Asset-Holding Berhad 124,058
65,000 Kumpulan Guthrie Berhad 34,553
39,000 Malaysian Airlines System Berhad* 48,853
181,000 Multi-Purpose Holdings Berhad* 53,824
123,000 Resorts World Berhad 289,697
------------
934,380
------------
MEXICO -- 0.1%
700 America Movil SA de CV 25,459
201,000 Grupo Continental SA 313,708
800 Telefonos de Mexico, Class L - ADR 26,616
------------
365,783
------------
NETHERLANDS -- 1.1%
7,375 Heineken NV 242,355
41,048 ING Groep NV 968,856
19,300 Koninklijke (Royal) KPN NV 146,993
9,200 Koninklijke (Royal) Philips Electronics
NV 249,153
1,893 Koninklijke Boskalis Westminster NV 48,941
68,669 Reed Elsevier NV 964,122
33,615 Royal Dutch Petroleum Co. 1,725,065
17,900 Royal Dutch Petroleum Co., NY Shares 924,893
4,000 Royal Nedlloyd NV 136,751
4,264 Wolters Kluwer NV 77,402
------------
5,484,531
------------
NEW ZEALAND -- 0.2%
96,000 Carter Holt Harvey Ltd. 126,197
258,241 Telecom Corporation of New Zealand Ltd. 964,296
------------
1,090,493
------------
<Caption>
NUMBER
OF SHARES VALUE +
NORWAY -- 0.0%
15,100 DNB NOR ASA $103,041
4,600 Schibsted ASA 82,457
------------
185,498
------------
PERU -- 0.1%
24,400 Compania de Minas Buenaventura SA - ADR 539,240
------------
PHILIPPINES (THE) -- 0.2%
261,000 ABS-CBN Broadcasting Corp. - PDR* 104,577
4,467,800 Ayala Corp. 453,503
21,000 Globe Telecom, Inc. 306,651
194,000 Jollibee Foods Corp. 82,913
------------
947,644
------------
RUSSIA -- 0.3%
10,670 Lukoil Oil Co. - ADR 1,122,484
6,300 MMC Norilsk Nickel - ADR 349,650
------------
1,472,134
------------
SINGAPORE -- 0.3%
323,000 BIL International Ltd.* 139,705
18,000 Great Eastern Holdings Ltd. 123,313
16,000 Haw Par Corp. 47,374
26,000 Overseas Union Enterprise Ltd. 106,418
73,000 Overseas-Chinese Banking Corp. Ltd. 512,816
301,000 SembCorp Marine 166,014
38,250 Singapore Press Holdings, Ltd. 92,380
189,000 United Industrial Corp. 102,046
------------
1,290,066
------------
SOUTH AFRICA -- 1.0%
25,167 Anglo American Platinum Corp. 952,029
8,656 Anglo American plc - Johannesburg
Exchange 177,098
20,300 Anglo American plc - London Exchange 415,262
2,523 AngloGold Ashanti Ltd. 81,140
1,600 AngloGold Ltd. 52,152
71,800 Aveng Ltd. 85,528
6,700 Edgars Consolidated Stores Ltd. 159,620
73,000 FirstRand Ltd. 119,742
50,000 Gold Fields Ltd. 525,655
22,400 Harmony Gold Mining Co. Ltd. 237,216
5,500 Impala Platinum Holdings Ltd. 416,999
17,100 JD Group Ltd. 117,812
39,500 Kersaf Investments Ltd. 257,515
23,604 Nedcor Ltd. 234,435
11,600 Pretoria Portland Cement Co. Ltd. 291,295
40,200 Rembrandt Group Ltd. 128,645
81,500 RMB Holdings Ltd. 211,876
37,910 Sasol Ltd. 586,446
------------
5,050,465
------------
SOUTH KOREA -- 0.1%
430 Hyundai Motor Co. Ltd. 16,541
730 Kookmin Bank* 22,680
460 Korea Electric Power Corp. 7,405
100 Pohang Iron and Steel Co. Ltd. 12,895
17,266 Posco - ADR 578,584
80 Samsung Electronics Co. Ltd. 33,025
------------
671,130
------------
</Table>
7
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
SPAIN -- 0.8%
2,900 Acciona SA $180,295
4,400 Acerinox SA 250,479
51,362 Banco Central Hispanoamer SA 533,036
4,100 Banco Popular Espanol 231,555
42,320 Iberdrola SA 893,328
10,380 NH Hoteles SA 114,165
1,100 Prosegur Cia de Seguridad SA 16,903
21,800 Repsol SA - ADR 476,548
800 Sogecable SA* 32,266
83,281 Telefonica SA 1,231,085
3,200 Viscofan SA 30,251
------------
3,989,911
------------
SWEDEN -- 0.2%
11,300 Assa Abloy AB 144,382
2,800 Hoganas AB, Class B 68,579
3,900 Svenska Cellulosa AB 148,069
12,000 Svenska Handelsbanken, Class A 240,543
86,400 Telefonaktiebolaget Ericsson LM, Class
B* 254,625
------------
856,198
------------
SWITZERLAND -- 0.2%
800 Adecco SA 39,859
1,900 Alcon, Inc. 149,435
9,300 Compagnie Financiere Richemont AG 242,822
90 Geberit AG 60,005
1,440 Logitech International SA* 65,538
5,600 Novartis AG 247,046
200 Publigroupe SA 63,239
480 SGS Societe General de Surveillance SA 262,153
------------
1,130,097
------------
TAIWAN -- 0.1%
122,000 Asustek Computer, Inc. - GDR 275,720
------------
THAILAND -- 0.4%
166,000 Advanced Information Service Public Co.
Ltd. 369,475
76,000 GMM Grammy Public Co. Ltd. 28,441
80,000 Golden Land Property Development Public
Co. Ltd.* 16,045
157,000 Kasikornbank Public Co. Ltd.* 199,682
48,000 MBK Public Co. Ltd. 59,288
116,000 National Finance Public Co. Ltd. 41,707
51,700 Siam Cement Public Co. Ltd. 308,543
107,100 Siam Cement Public Co. Ltd. - NVDR 607,734
38,000 Siam Commercial Bank Public Co. Ltd. 42,986
389,900 Thai Union Frozen Products Public Co. -
NVDR 192,637
------------
1,866,538
------------
UNITED KINGDOM -- 4.1%
16,700 Abbey National plc 155,440
13,500 Amvescap plc 92,053
28,400 Arriva plc 212,194
25,000 Associated British Ports Holdings plc 183,277
37,428 Aviva plc 386,213
20,600 BAA plc 206,777
76,500 BAE Systems plc 304,172
<Caption>
NUMBER
OF SHARES VALUE +
31,700 Barclays plc $270,050
165,546 BG Group plc 1,019,990
24,942 BOC Group plc 417,494
101,816 Boots Group plc 1,270,346
108,645 BP plc 959,525
29,000 BP plc - ADR 1,553,530
165,166 Brambles Industries plc 637,996
26,000 BT Group plc 93,595
2,600 Bunzl plc 21,678
98,000 Cable & Wireless Communications plc* 230,596
27,000 Capita Group plc 155,952
4,100 Carnival plc 199,119
25,000 Compass Group plc 152,561
15,000 Devro plc 29,243
24,000 Diageo plc 323,601
43,700 Eircom Group plc* 78,688
8,000 EMI Group plc 35,363
52,000 Enodis plc* 96,188
6,200 Enterprise Inns plc 64,651
104,081 GKN plc 472,821
62,267 GlaxoSmithKline plc 1,260,201
49,665 GUS plc 761,521
39,500 Hanson plc 271,669
66,448 HBOS plc 822,436
27,000 Hilton Group plc 135,142
28,600 ICAP plc 141,076
71,664 InterContinental Hotels Group plc 757,033
17,000 Intertek Testing Services plc 176,345
285,900 Invensys plc* 93,326
61,000 ITV plc 127,770
49,200 Kidde plc 106,623
130,066 Lloyds TSB Group plc 1,018,389
102,366 Mitchells & Butlers plc 517,009
38,000 MyTravel Group plc* 5,513
22,000 PIC International Group plc 15,061
109,200 Pilkington plc 193,083
12,000 Provident Financial plc 130,681
7,700 Reckitt Benckiser plc 217,977
27,000 Reed Elsevier plc 262,450
23,200 Rentokil Initial plc 60,796
11,200 Rio Tinto plc 269,327
45,000 Shell Transport & Trading Co. 330,102
15,900 Shell Transport & Trading Co. - ADR 710,730
10,000 Smiths Group plc 135,378
96,000 Stagecoach Group plc 155,816
39,100 TBI plc 47,154
41,600 Tesco plc 200,863
55,800 The Sage Group plc 188,726
1,000 Travis Perkins plc 24,899
92,600 Vedanta Resources Ltd.* 483,219
89,000 Vodafone Group plc 194,892
12,700 WPP Group plc 128,976
68,879 Xstrata plc 920,602
------------
20,487,898
------------
Total Foreign Common Stocks
(Cost $80,784,353) 101,089,516
------------
Total Common Stocks
(Cost $173,388,755) 207,035,885
------------
</Table>
8
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
ASSET-BACKED SECURITIES -- 2.0%
$350,000 ACE Securities Corp.,
Ser. 2003-NC1,
Class M2 (FRN) 3.200% 07/25/33 $361,968
300,000 ACE Securities Corp., Ser.
2003-OP1, Class M2 (FRN) 2.800% 12/25/33 300,502
300,000 Asset Backed Securities Corp.
Home Equity Loan Trust,
Ser. 2003-HE5,
Class M2 (FRN) 3.140% 08/15/33 308,725
254,000 Asset Backed Securities Corp.
Home Equity Loan Trust,
Ser. 2004-HE1,
Class 2 (FRN) 2.890% 01/15/34 261,390
275,000 Centex Home Equity,
Ser. 2003-B,
Class M2 (FRN) 3.000% 06/25/33 280,994
250,000 Chase Funding Loan Acqusition
Trust, Ser. 2003-C1,
Class 2M2 (FRN) 2.750% 10/25/32 253,119
352,922 Chase Funding Mortgage Loan
Asset-Backed Certificates,
Ser. 2000-2,
Class IA5 8.321% 05/25/30 368,913
185,580 CIT Group Home Equity Loan
Trust, Ser. 2003-1,
Class A2 2.350% 04/20/27 185,331
500,000 Countrywide Asset-Backed
Certificates,
Ser. 2003-BC3,
Class M3 (FRN) 2.800% 01/25/33 507,350
407,699 Countrywide Asset-Backed
Certificates,
Series 2004-1,
Class 3A (FRN) 1.580% 04/25/34 408,217
500,000 First Franklin Mortgage Loan
Asset Backed Certificates,
Ser. 2003-FF1,
Class M2 (FRN) 2.950% 07/25/33 510,011
265,000 First Franklin Mortgage Loan
Asset-Backed Certificates,
Ser. 2003-FF5,
Class M2, (FRN) 2.800% 03/25/34 270,099
193,019 Impac CMB Trust, Ser. 2003-5,
Class M2 (FRN) 3.050% 08/25/33 196,286
340,970 Impac CMB Trust, Ser. 2003-6,
Class 1M1 (FRN) 3.000% 07/25/33 346,802
202,238 Impac CMB Trust, Ser. 2003-7,
Class M (FRN) 2.950% 08/25/33 205,373
318,617 Impac CMB Trust, Ser. 2004-4,
Class 1M5 (FRN) 2.600% 09/25/34 318,266
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
$450,000 Long Beach Mortgage Loan
Trust, Ser. 2002-5,
Class M2 (FRN)(a) 3.300% 11/25/32 $460,481
400,000 Long Beach Mortgage Loan
Trust, Ser. 2003-4,
Class M2, (FRN) 3.050% 08/25/33 409,861
606,000 Morgan Stanley ABS Capital,
Inc., Ser. 2004-NC1,
Class M2 (FRN) 2.850% 12/27/33 620,570
500,000 New Century Home Equity Loan
Trust, Ser. 2003-2,
Class M2 (FRN) 3.300% 01/25/33 510,369
300,000 New Century Home Equity Loan
Trust, Ser. 2003-6,
Class M2 (FRN) 2.900% 01/25/34 304,228
350,000 New Century Home Equity Loan
Trust, Ser. 2004-1,
Class M2 (FRN) 2.650% 05/25/34 349,994
51,586 Residential Asset Securities
Corp., Ser. 2001-KS1,
Class AI4 6.374% 03/25/29 51,772
345,034 Residential Asset Securities
Corp., Ser. 2001-KS2,
Class AI4 6.417% 02/25/29 350,858
190,020 Residential Asset Securities
Corp., Ser. 2002-KS1,
Class AI3 4.988% 02/25/27 190,105
250,000 Residential Asset Securities
Corp., Ser. 2003-KS10,
Class M-II-2 (FRN) 2.650% 12/25/33 252,383
301,188 Residential Funding Mortgage
Securities II,
Ser. 2002-HS2, Class A6 5.380% 03/25/17 302,802
144,164 Wachovia Asset Securitization,
Inc., Ser. 2002-1,
Class 1A1 6.250% 10/25/33 146,746
1,000,000 Washington Mutual, Series
2004-AR8, Class A1 (FRN) 1.720% 06/25/44 1,000,000
------------
Total Asset-Backed Securities
(Cost $9,945,730) 10,033,515
------------
US TREASURY SECURITIES -- 17.5%
15,531,613 US Treasury Inflation-Indexed
Bond 1.875% 07/15/13 15,342,934
43,985,127 US Treasury Inflation-Indexed
Bond 2.000% 01/15/14 43,723,944
28,328,000 US Treasury Note+ 4.750% 05/15/14 28,623,461
------------
Total US Treasury Securities
(Cost $88,077,185) 87,690,339
------------
</Table>
9
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
US GOVERNMENT AGENCY OBLIGATIONS - AGENCY NOTES -- 1.0%
$500,000 FHLB 4.250% 09/08/09 $501,881
350,000 FHLB 4.500% 06/10/08 354,094
1,000,000 FHLB 5.625% 07/26/06 1,002,524
1,200,000 FHLB 6.980% 07/20/09 1,203,348
400,000 FHLB 7.195% 08/25/09 403,208
989,545 FHLMC (FRN) 2.889% 07/01/34 957,771
608,000 FNMA 7.300% 09/23/09 615,026
------------
Total US Government Agency
Obligations - Agency Notes
(Cost $5,093,069) 5,037,852
------------
</Table>
<Table>
US GOVERNMENT AGENCY OBLIGATIONS - MORTGAGE-BACKED -- 0.9%
1,613,571 FHLMC, Ser. T-057, Class 1A3 7.500% 07/25/43 1,729,039
566,163 FNMA, Ser. 2001-W1, Class AF-5 7.016% 08/25/31 575,209
1,683,864 FNMA, Ser. 2002-W8, Class A3 7.500% 06/25/42 1,804,361
643,173 GNMA, Ser. 2001-65, Class PG 6.000% 07/20/28 656,896
------------
Total US Government Agency
Obligations - Mortgage-Backed
(Cost $4,826,885) 4,765,505
------------
</Table>
<Table>
<Caption>
NUMBER OF
SHARES
COMMINGLED INVESTMENT VEHICLES -- 0.0%
100 iShares MSCI Emerging Markets Index Fund
(Cost $15,421) 16,163
-----------
LIMITED PARTNERSHIPS -- 18.3%
Bessent Global Fund, LP*(b)(c)(d)(e) 4,844,603
Canyon Value Realization Fund,
LP*(b)(c)(d)(e) 21,890,868
Farallon Capital Institutional Partners,
LP*(a)(b)(c)(d) 18,358,707
Lone Picea, LP*(a)(b)(c)(d) 2,462,600
Lone Redwood, LP*(a)(b)(c)(d) 12,749,156
Maverick Fund USA, Ltd.*(a)(b)(c)(d) 5,454,810
OZ Domestic Partners, LP*(a)(b)(c)(d) 10,756,053
Regiment Capital Ltd.*(a)(b)(c)(d) 6,459,523
Tosca*(a)(b)(c)(d) 8,652,331
-----------
Total Limited Partnerships
(Cost $59,357,234) 91,628,651
-----------
PREFERRED STOCK -- 0.1%
METALS -- 0.0%
5,456 Anglo American Platinum Corp., Ltd.* 100,122
-----------
OIL AND GAS -- 0.1%
13,400 Surgutneftegaz - ADR 438,180
-----------
Total Preferred Stock
(Cost $313,217) 538,302
-----------
<Caption>
NUMBER OF
SHARES VALUE +
WARRANTS -- 0.0%
18,100 Multi-Purpose Holdings Berhad Warrants,
Expires 2/26/2009*
(Cost $500) $2,143
-----------
</Table>
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE
SHORT-TERM INVESTMENTS -- 23.0%
REPURCHASE AGREEMENTS -- 22.1%
$102,724,177 Investors Bank & Trust Company -- Repurchase
Agreement issued 06/30/04 (proceeds at maturity
$102,862,330) (Collateralized by a $27,397,791
SBA, 4.15 - 4.625%, due 03/25/23 - 03/25/29,
$39,701,705 Washington Mutual, 1.8%, due
11/25/33 and a $37,514,093 FNMA, 3.053%, due
12/01/35 with market values of $29,773,769,
$39,764,049 and $38,322,567,
respectively.) 0.700% 07/01/04 102,724,177
8,000,000 Morgan Stanley -- Repurchase Agreement issued
06/30/04 (proceeds at maturity $8,000,342)
(Collateralized by a FNCL, 5%, due 09/01/33,
with a market
value of $8,160,005) 1.540% 07/01/04 8,000,000
------------
Total Repurchase Agreements
(Cost $110,724,177) 110,724,177
------------
US TREASURY SECURITIES -- 0.9%#
1,000,000 US Treasury Bill++ 1.238% 09/09/04 997,597
200,000 US Treasury Bill++ 1.397% 10/14/04 199,192
100,000 US Treasury Bill++ 1.498% 10/28/04 99,510
500,000 US Treasury Bill++ 1.578% 11/18/04 496,970
50,000 US Treasury Bill++ 1.588% 11/26/04 49,679
250,000 US Treasury Bill++ 1.648% 12/02/04 248,263
2,050,000 US Treasury Bill++ 1.692% 12/16/04 2,034,061
500,000 US Treasury Bill++ 1.703% 12/23/04 495,927
------------
Total US Treasury Securities
(Cost $4,623,069) 4,621,199
------------
Total Short-Term Investments
(Cost $115,347,246) 115,345,376
------------
Total Investments -- 104.0%
(Cost $456,365,242) 522,093,731
Liabilities in Excess of Other
Assets -- (4.0%) (20,089,825)
------------
NET ASSETS -- 100.0% $502,003,906
============
SHORT PORTFOLIO -- (0.0%)
COMMINGLED INVESTMENT VEHICLE -- (0.0%)
1,000 iShares MSCI Japan Index Fund $(10,620)
------------
Total Short Portfolio
(Proceeds $10,045) $(10,620)
============
</Table>
10
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS):
Basic Industries 0.3%
Capital Equipment 5.3
Consumer Goods 5.9
Energy 8.2
Finance 32.3
Industrial 0.1
Limited Partnerships(d) 18.3
Materials 5.9
Multi-Industry 1.3
Other 0.1
Services 5.9
US Government Obligations 20.3
Utilities 0.1
Other Assets (Liabilities) (4.0)
------
TOTAL 100.0%
======
</Table>
ADR American Depositary Receipt
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FNCL Federal National Conventional Loan
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
NVDR Non-Voting Depositary Receipt
PDR Phillippine Depositary Receipt
REIT Real Estate Investment Trust
SBA Small Business Administration
# Interest rate represents the yield to maturity at the time of purchase.
* Non-income producing security.
+ Security or a portion thereof is held as collateral for reverse repurchase
agreements. See Appendix F of Notes to Financial Statements.
++ Security or a portion thereof is held as initial margin for financial
futures and forward contracts. See Appendix B and Appendix C of Notes to
Financial Statements.
+ See Note 2 to the Financial Statements.
(a) Illiquid security.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted security. See Appendix E of Notes to Financial Statements.
(d) Industry breakdowns are not available for all limited partnerships. The
information that is available, if included in the industry concentration
presented above, would not affect the percentages by more than 1% (on an
absolute basis).
(e) The valuation committee has determined these partnership interests to be
liquid based on liquidity letters issued by the partnerships' advisor and
duly ratified by the TIP board of directors. In the case of Bessent Global
Fund, LP, the liquity letter states that the partnership interst may be
redeemed upon seven days' notice and payment of a 5% redemption fee. The
fund's advisor, TAS, has agreed to reimburse the fund for any redemption
fees incurred pursuant to the terms of the liquidity letter.
See accompanying Notes to Financial Statements.
11
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
COMMON STOCKS -- 76.2%
AUSTRALIA -- 4.1%
94,000 Alumina Ltd. $345,737
177,793 Amcor Ltd. 863,239
33,900 Australia and New Zealand Banking Group
Ltd. 431,677
48,000 Caltex Australian Ltd. 308,622
102,253 Coles Myer Ltd. 611,861
325,852 Foster's Group Ltd. 1,071,386
54,146 National Australia Bank Ltd. 1,125,508
19,733 Orica Ltd. 207,565
148,000 Santos Ltd. 714,461
201,528 Telstra Corp. 706,134
80,958 WMC Resources Ltd. 277,465
------------
6,663,655
------------
BELGIUM -- 0.6%
1,356 Electrabel SA 434,716
25,697 Fortis* 567,134
------------
1,001,850
------------
BRAZIL -- 0.7%
9,560,000 Cia de Saneamento Basico do Estado de
Sao Paulo 413,639
6,200 Cia Vale do Rio Doce - ADR 294,810
14,700 Voctorantim Celulose Papel SA - ADR 467,460
------------
1,175,909
------------
CANADA -- 1.5%
30,000 Abitibi-Consolidated, Inc. - Canadian
Exchange 204,736
6,710 Agrium, Inc. 97,841
26,000 Air Canada, Class A* 5,818
7,500 Alcan, Inc. 308,782
7,800 BCE, Inc. 155,331
78,500 Bombardier, Inc., Class B 235,368
3,800 Fairmont Hotels & Resorts, Inc. 102,174
10,772 Imperial Oil Ltd. (foreign market) 501,341
7,800 Inco Ltd.* 267,670
45,020 Nortel Networks Corp.* 224,638
20,800 Rogers Communications, Inc., Class B 374,656
------------
2,478,355
------------
CHILE -- 0.2%
12,800 Banco Santander Chile SA, ADR 341,760
------------
CHINA -- 0.2%
962,000 Beijing Capital International
Airport Co., Ltd., Class H 296,008
237,000 Guangshen Railway Co. Ltd. 68,367
------------
364,375
------------
CROATIA -- 0.2%
20,848 Pliva DD - GDR 307,427
------------
DENMARK -- 0.5%
2,600 Coloplast AS, Class B 245,136
19,466 Vestas Wind Systems A/S* 285,972
6,500 William Demant Holding* 245,775
------------
776,883
------------
ESTONIA -- 0.1%
21,956 Hansabank Ltd. 184,318
------------
<Caption>
NUMBER
OF SHARES VALUE +
FINLAND -- 1.1%
25,700 Metso Oyj $325,186
23,900 M-real Oyj, Class B 216,631
38,200 Sampo Oyj, Class A 370,879
12,220 Tietoenator OY 370,943
26,268 UPM-Kymmeme OY 499,838
------------
1,783,477
------------
FRANCE -- 4.7%
31,300 Alcatel SA* 482,869
4,400 Atos Origin* 282,652
6,576 Aventis SA - Frankfurt Exchange 495,643
14,200 AXA SA 312,703
7,908 BNP Paribas 486,355
7,646 Carrefour SA 370,984
29,646 Compagnie de Saint-Gobain 1,477,739
4,800 Groupe Danone 418,722
400 JC Decaux SA* 8,560
222,120 Scor SA* 345,910
12,626 Societe Generale, Class A 1,072,995
7,500 Thales SA 274,385
6,575 Total SA 1,253,518
12,945 Vivendi Universal SA* 359,089
------------
7,642,124
------------
GERMANY -- 3.2%
8,500 BASF AG 454,924
29,081 Bayer AG 838,539
36,583 Bayerische Hypo-und Vereinsbank AG* 650,717
8,900 Bayerische Motoren Werke AG 393,821
11,000 Deutsche Post AG 237,551
6,100 E. ON AG 440,099
1,400 Fresenius Medical Care 103,885
15,780 Fresenius Medical Care - ADR 394,973
36,126 RWE AG 1,698,772
------------
5,213,281
------------
HONG KONG -- 3.5%
28,000 Asia Satellite Telecom Holdings 48,822
562,000 First Pacific Co. Ltd.* 126,093
108,000 Henderson Land Development Co. 465,243
115,000 Hong Kong & China Gas Co. Ltd. 189,460
59,000 Hong Kong Aircraft Engineering Co. Ltd. 270,802
105,000 Hong Kong Electric Holdings Ltd. 434,819
110,000 Hong Kong Exchanges & Clearing Ltd. 225,647
215,000 Hong Kong Shanghai Hotels Ltd. 130,244
201,726 Hysan Development Co. Ltd. 300,010
491,000 i-Cable Communications Ltd. 187,277
105,420 Jardine Matheson Holdings Ltd. 1,159,620
118,881 Mandarin Oriental International Ltd.* 65,385
710,640 New World Development Ltd. 523,883
300,000 Next Media Ltd.* 100,003
202,478 SmarTone Telecommunications Holdings
Ltd. 221,953
89,000 Television Broadcasts Ltd. 381,112
219,571 Wharf Holdings Ltd. 630,579
155,000 Wheelock & Co. Ltd. 186,800
------------
5,647,752
------------
INDIA -- 0.2%
32,100 ICICI Bank Ltd. - ADR 388,410
24,216 Lippo Bank Tbk PT* 1,275
------------
389,685
------------
</Table>
12
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
INDONESIA -- 0.4%
292,307 PT Astra International, Inc. $170,985
4,137,888 PT Bank Pan Indonesia TBK 114,422
343,000 PT Citra Marga Nusaphala Persada TBK* 17,145
114,000 PT Gudang Garam TBK 166,105
1,420,000 PT Matahari Putra Prima TBK 79,287
415,000 PT Mulia Industrindo TBK* 9,710
121,000 PT Semen Gresik 102,951
------------
660,605
------------
IRELAND -- 0.3%
72,300 Fyffes plc 151,298
151,340 Independent News & Media plc 351,684
------------
502,982
------------
ITALY -- 2.0%
360,079 Banca Intesa SpA 1,406,269
5,800 E.Biscom SpA* 317,193
24,000 Fiat SpA* 201,360
28,400 Luxottica Group SpA - ADR 479,960
6,600 Natuzzi SpA 70,884
40,900 Saipem SpA 372,212
78,200 Unicredito Italiano SpA 386,277
------------
3,234,155
------------
JAPAN -- 14.9%
15,800 Aisin Seiki Co. Ltd. 329,423
23,300 Canon, Inc. 1,227,833
49,000 Chiba Bank Ltd. (The) 299,977
25,000 Dai Nippon Printing Co. Ltd. 399,349
27,000 Dai-Dan Co. Ltd. 137,827
15,000 Daifuku Co. Ltd. 76,571
48 Dentsu, Inc. 123,613
50 East Japan Railway Co. 280,438
15,900 Eisai Co. Ltd. 457,554
4,800 Ezaki Glico Co. Ltd. 34,884
18,000 FamilyMart Co. Ltd. 587,270
14,000 Fuji Photo Film Co. 438,803
8,500 Fujitsu Frontech Ltd. 80,626
200,000 Hitachi Ltd. 1,376,529
10,000 Inabata & Co. Ltd. 80,649
6,000 Ito-Yokado Co. Ltd. 256,793
68 Japan Tobacco, Inc. 528,470
12,000 Kao Corp. 289,236
17,000 Kinden Corp. 106,255
64,000 Kirin Brewery Co. Ltd. 632,874
18,000 Koito Manufacturing Co. Ltd. 132,301
1,000 Lintec 14,975
24,000 Lion Corp. 140,549
71,000 Matsushita Electric Industries Co. 1,007,918
21,772 Matsushita Electric Works Ltd. 197,537
37 Millea Holdings, Inc. 549,329
24,000 Mitsubishi Corp. 233,149
58,000 Mitsubishi Gas Chemical Co. 240,260
14,900 Murata Manufacturing Co. Ltd. 849,361
34,000 NGK Insulators Ltd. 274,518
2,200 Nintendo Co. Ltd. 255,052
12,000 Nippon Meat Packers, Inc. 147,807
84,000 Nippon Oil Corp. 528,873
74,000 Nippon Sanso Corp. 396,059
58,000 Nippon Suisan Kaisha Ltd. 154,149
124 Nippon Telegraph and Telephone Corp. 662,530
44,000 Nisshinbo Industries, Inc. 331,064
<Caption>
NUMBER
OF SHARES VALUE +
32,000 Noritake Co. Ltd. $139,009
100 NTT DoCoMo, Inc. 178,711
4,100 OMRON Corp. 96,004
5,500 Ono Pharmaceutical Co. Ltd. 258,580
20,000 Onward Kashiyama Co. 320,762
8,000 Ryosan Co. 182,926
6,400 Sankyo Co., Ltd. 261,009
9,000 Sankyo Seiko 42,891
5,500 SECOM Co. Ltd. 233,378
12,000 Shiseido Co. Ltd. 151,217
28,000 Sompo Japan Insurance, Inc. 286,120
48,000 Sumitomo Electric Industries Ltd. 489,612
38,000 Sumitomo Forestry Co. Ltd. 436,714
40,000 Sumitomo Metal Mining Co. Ltd. 261,009
86 Sumitomo Mitsui Financial Group, Inc. 589,543
70,000 Sumitomo Trust & Banking Co. Ltd. 498,465
14,000 Sumitomo Wiring Systems Ltd. 250,323
38,700 Takeda Chemical Industries Ltd. 1,698,877
19,000 Tanabe Seiyaku Co. Ltd. 169,949
9,000 Tokyo Broadcasting System 158,365
114,000 Tokyo Gas Co. 404,326
8,900 Tokyo Ohka Kogyo Co. 174,550
6,000 Toppan Forms Co. Ltd. 82,482
9,000 Tostem Inax Holding Corp. 194,245
7,000 Toyo Seikan 120,222
30,700 Toyota Motor Corp. 1,243,587
104 West Japan Railway Co. 419,374
23,000 Yamaha Motor Co. Ltd. 358,127
16,000 Yamatake Corp. 163,204
59,000 Yokohama Bank Ltd. 368,767
------------
24,092,753
------------
LUXEMBOURG -- 0.3%
26,200 Arcelor SA 439,892
------------
MALAYSIA -- 1.0%
19,000 British American Tobacco Berhad 252,500
45,000 Carlsberg Brewery Malaysia Berhad 127,895
151,000 CIMB Berhad 222,526
107,000 Commerce Asset-Holding Berhad 136,847
112,000 Kumpulan Guthrie Berhad 59,537
55,000 Malaysian Airlines System Berhad* 68,895
101,700 Malaysian International Shipping Corp.
Berhad (foreign shares) 321,158
204,000 Multi-Purpose Holdings Berhad* 60,663
169,000 Resorts World Berhad 398,039
------------
1,648,060
------------
MEXICO -- 0.3%
800 America Movil SA de CV 29,096
279,100 Grupo Continental SA 435,602
800 Telefonos de Mexico, Class L - ADR 26,616
------------
491,314
------------
NETHERLANDS -- 3.9%
16,750 Heineken NV 550,434
46,369 ING Groep NV 1,094,448
45,250 Koninklijke (Royal) KPN NV 344,634
20,682 Koninklijke (Royal) Philips Electronics
NV 556,852
5,542 Koninklijke Boskalis Westminster NV 143,282
70,343 Reed Elsevier NV 987,626
39,577 Royal Dutch Petroleum Co. 2,031,024
</Table>
13
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
9,842 Royal Nedlloyd NV $336,477
10,504 Wolters Kluwer NV 190,673
------------
6,235,450
------------
NEW ZEALAND -- 1.1%
58,000 Carter Holt Harvey Ltd. 76,244
360,202 Telecom Corporation of New Zealand Ltd. 1,345,028
382,400 Wrightson Ltd. 339,980
------------
1,761,252
------------
NORWAY -- 0.3%
34,000 DNB NOR ASA 232,013
12,200 Schibsted ASA 218,690
------------
450,703
------------
PHILIPPINES (THE) -- 0.8%
352,000 ABS-CBN Broadcasting Corp. - PDR* 141,038
6,122,000 Ayala Corp. 621,412
31,250 Globe Telecom, Inc. 456,326
252,000 Jollibee Foods Corp. 107,702
------------
1,326,478
------------
RUSSIA -- 0.2%
2,600 Lukoil Oil Co. - ADR 273,520
------------
SINGAPORE -- 1.3%
436,000 BIL International Ltd.* 188,580
30,000 Great Eastern Holdings Ltd. 205,521
123,812 Jardine Strategic Holdings Ltd.* 634,536
33,000 Overseas Union Enterprise Ltd. 135,069
63,000 Overseas-Chinese Banking Corp. Ltd. 442,567
357,000 SembCorp Marine 196,900
36,125 Singapore Press Holdings, Ltd. 87,248
240,000 United Industrial Corp. 129,583
------------
2,020,004
------------
SOUTH AFRICA -- 2.5%
3,886 AngloGold Ashanti Ltd. 124,974
3,500 AngloGold Ltd. 114,083
85,200 Aveng Ltd. 101,490
7,609 Edgars Consolidated Stores Ltd. 181,276
159,000 FirstRand Ltd. 260,809
11,786 Gold Fields Ltd. 123,907
36,636 JD Group Ltd. 252,408
52,945 Kersaf Investments Ltd. 345,168
175,804 Nampak Ltd. 411,759
26,871 Nedcor Ltd. 266,882
21,400 Pretoria Portland Cement Co. Ltd. 537,390
41,640 Rembrandt Group Ltd. 133,253
165,000 RMB Holdings Ltd. 428,951
46,448 Sasol Ltd. 718,524
------------
4,000,874
------------
SOUTH KOREA -- 0.7%
950 Hyundai Motor Co. Ltd. 36,545
1,200 Kookmin Bank* 37,283
950 Korea Electric Power Corp. 15,292
28,075 KT&G Corp. (144A){::} 318,651
5,798 KT&G Corp. (144A) - GDR{::} 66,987
200 Pohang Iron and Steel Co. Ltd. 25,790
15,437 Posco - ADR 517,294
170 Samsung Electronics Co. Ltd. 70,177
------------
1,088,019
------------
<Caption>
NUMBER
OF SHARES VALUE +
SPAIN -- 3.5%
7,400 Acciona SA $460,064
10,000 Acerinox SA 569,271
91,888 Banco Central Hispanoamer SA 953,616
9,500 Banco Popular Espanol 536,530
51,734 Iberdrola SA 1,092,047
24,773 NH Hoteles SA 272,466
3,000 Prosegur Cia de Seguridad SA 46,099
1,900 Sogecable SA* 76,631
109,446 Telefonica SA 1,617,863
9,950 Viscofan SA 94,061
------------
5,718,648
------------
SWEDEN -- 1.3%
28,400 Assa Abloy AB 362,872
7,500 Hoganas AB, Class B 183,693
9,500 Svenska Cellulosa AB 360,682
28,400 Svenska Handelsbanken, Class A 569,286
202,120 Telefonaktiebolaget Ericsson LM,
Class B* 595,658
------------
2,072,191
------------
SWITZERLAND -- 1.4%
1,800 Adecco SA 89,684
20,000 Compagnie Financiere Richemont AG 522,197
300 Geberit AG 200,016
3,300 Logitech International SA* 150,192
13,180 Novartis AG 581,440
510 Publigroupe SA 161,258
1,150 SGS Societe General de Surveillance SA 628,074
------------
2,332,861
------------
TAIWAN -- 0.5%
114,750 Asustek Computer, Inc. 260,953
27,700 Chunghwa Telecom Co., Ltd.,
Sponsored ADR 488,628
------------
749,581
------------
THAILAND -- 1.7%
232,000 Advanced Information Service Public Co.
Ltd. 516,375
132,000 GMM Grammy Public Co. Ltd. 49,397
73,364 Golden Land Property Development
Public Co. Ltd.* 14,714
171,636 Golden Land Property Development
Public Co. Ltd. (foreign shares)* 34,424
194,000 Kasikornbank Public Co. Ltd.* 246,741
33,000 Matichon Public Co. Ltd. 72,643
89,000 MBK Public Co. Ltd. 109,930
250,000 National Finance Public Co. Ltd. 89,886
240,000 Post Publishing PCL 33,460
74,000 Siam Cement Public Co. Ltd. 441,629
146,800 Siam Cement Public Co. Ltd. - NVDR 833,010
39,000 Siam Commercial Bank Public Co. Ltd. 44,118
521,200 Thai Union Frozen Products Public Co. -
NVDR 257,509
------------
2,743,836
------------
UNITED KINGDOM -- 17.0%
40,600 Abbey National plc 377,896
32,200 Amvescap plc 219,564
13,731 Anglo American plc - ADR 286,566
67,482 Arriva plc 504,200
58,400 Associated British Ports Holdings plc 428,135
41,866 Aviva plc 432,008
41,500 BAA plc 416,565
</Table>
14
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2004
<Table>
<Caption>
NUMBER
OF SHARES VALUE +
172,500 BAE Systems plc $685,877
71,400 Barclays plc 608,251
178,669 BG Group plc 1,100,845
20,065 BOC Group plc 335,860
138,749 Boots Group plc 1,731,155
151,123 BP plc 1,334,680
138,311 Brambles Industries plc 534,262
60,000 BT Group plc 215,988
6,400 Bunzl plc 53,360
217,000 Cable & Wireless Communications plc* 510,605
57,350 Capita Group plc 331,253
8,856 Carnival plc 430,096
53,290 Compass Group plc 325,198
64,000 Devro plc 124,769
48,804 Diageo plc 658,043
103,000 Eircom Group plc* 185,466
22,600 EMI Group plc 99,901
138,400 Enodis plc* 256,008
21,500 Enterprise Inns plc 224,194
102,140 GKN plc 464,003
69,873 GlaxoSmithKline plc 1,414,136
57,870 GUS plc 887,329
85,950 Hanson plc 591,138
78,396 HBOS plc 970,318
60,000 Hilton Group plc 300,316
66,900 ICAP plc 329,999
78,663 InterContinental Hotels Group plc 830,967
36,000 Intertek Testing Services plc 373,436
533,000 Invensys plc* 173,987
147,490 ITV plc 308,931
136,000 Kidde plc 294,730
132,799 Lloyds TSB Group plc 1,039,788
66,521 Mitchells & Butlers plc 335,971
83,000 MyTravel Group plc* 12,042
73,000 PIC International Group plc 49,976
265,000 Pilkington plc 468,563
22,702 Provident Financial plc 247,226
18,460 Reckitt Benckiser plc 522,579
60,000 Reed Elsevier plc 583,222
54,400 Rentokil Initial plc 142,556
58,396 Rio Tinto plc 1,404,249
102,000 Shell Transport & Trading Co. 748,232
23,250 Smiths Group plc 314,753
239,640 Stagecoach Group plc 388,956
86,000 TBI plc 103,714
109,700 Tesco plc 529,680
118,000 The Sage Group plc 399,097
2,400 Travis Perkins plc 59,758
193,000 Vodafone Group plc 422,632
31,600 WPP Group plc 320,917
------------
27,443,946
------------
Total Common Stocks
(Cost $95,766,833) 123,257,975
------------
<Caption>
NUMBER
OF SHARES VALUE +
LIMITED PARTNERSHIPS -- 5.8%
Bessent Global Fund, LP*(a)(b)(c)(d) $4,569,721
Lansdowne UK Equity Fund
Limited*(a)(b)(c)(d) 4,885,806
------------
Total Limited Partnerships
(Cost $7,880,670) 9,455,527
------------
RIGHTS -- 0.0%
INDONESIA -- 0.0%
1,800,000 PT Bank Universal Certificate of
Entitlement*(b) 0
------------
UNITED KINGDOM -- 0.0%
37,500 TI Automotive Ltd. Certificate of
Entitlement*(b) 1
------------
Total Rights
(Cost $0) 1
------------
WARRANTS -- 0.0%
20,400 Multi-Purpose Holdings Berhad Warrants,
Expires 2/26/2009*
(Cost $564) 2,416
------------
</Table>
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE
SHORT-TERM INVESTMENTS -- 11.7%
REPURCHASE AGREEMENT -- 10.2%
$16,541,479 Investors Bank & Trust Company -- Repurchase
Agreement issued 06/30/04 (proceeds at maturity
$16,541,801) (Collateralized by a $17,128,281
FHLMC, 4.007%, due 12/01/32, with a market value
of $17,368,553)
(Cost $16,541,479) 0.700% 07/01/04 16,541,479
------------
US TREASURY SECURITIES -- 1.5%#
200,000 US Treasury Bill+ 1.375% 10/07/04 199,257
50,000 US Treasury Bill+ 1.498% 10/28/04 49,755
2,100,000 US Treasury Bill+ 1.559% 11/12/04 2,087,963
------------
Total US Treasury Securities
(Cost $2,339,175) 2,336,975
------------
Total Short-Term Investments
(Cost $18,880,654) 18,878,454
------------
Total Investments -- 93.7%
(Cost $122,528,721) 151,594,373
Other Assets in Excess of
Liabilities -- 6.3% 10,262,061
------------
NET ASSETS -- 100.0% $161,856,434
============
</Table>
15
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE
30, 2004
<Table>
<Caption>
SUMMARY OF INDUSTRY CLASSIFICATIONS (AS A % OF TOTAL NET ASSETS):
Capital Equipment 11.4%
Consumer Goods 15.5
Energy 8.1
Finance 23.6
Industrial 0.5
Limited Partnerships(d) 5.8
Materials 10.8
Multi-Industry 3.2
Services 13.0
US Government Obligations 1.5
Utilities 0.3
Other Assets (Liabilities) 6.3
-----
TOTAL 100.0%
=====
</Table>
ADR American Depositary Receipt
ADR FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
PDR Phillippine Depositary Receipt
SBA Small Business Administration
# Interest rate represents the yield to maturity at the time of purchase.
* Non-income producing security.
+ Security or a portion thereof is held as initial margin for financial
futures and forward contracts. See Appendix B and Appendix C of Notes to
Financial Statements.
+ See Note 2 to the 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, 2004, the aggregate market value
of these securities was $385,638 or 0.24% of net assets. The board of
directors has deemed these securities to be liquid.
(a) Illiquid security.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted security. See Appendix E of Notes to Financial Statements.
(d) Industry breakdowns are not available for all limited partnerships. The
information that is available, if included in the industry concentration
presented above, would not affect the percentages by more than 1% (on an
absolute basis).
See accompanying Notes to Financial Statements.
16
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE +
COMMON STOCKS -- 63.9%
AEROSPACE AND DEFENSE -- 1.9%
61,500 AAR Corp.* $698,025
32,200 Alliant Techsystems, Inc.* 2,039,548
20,000 Boeing Co. 1,021,800
3,100 Lockheed Martin Corp. 161,448
3,200 Northrop Grumman Corp. 171,840
6,500 Textron, Inc. 385,775
------------
4,478,436
------------
AUTOMOTIVE -- 0.5%
45,400 Ford Motor Co. 710,510
9,800 General Motors Corp. 456,582
------------
1,167,092
------------
BANKING -- 6.2%
17,300 Bank of America Corp. 1,463,926
1,300 Capital Crossing Bank 72,579
35,625 Chittenden Corp. 1,252,219
5,000 CIT Group, Inc. 191,450
9,700 Commerce Bancorp, Inc. 533,597
6,600 Countrywide Financial Corp. 463,650
31,395 Downey Financial Corp. 1,671,784
8,000 Flagstar Bancorp, Inc. 159,040
31,329 Hudson United Bancorp 1,167,945
3,900 Marshall & Ilsley Corp. 152,451
5,300 National City Corp. 185,553
45,271 National Commerce Financial Corp. 1,471,308
69,300 North Valley Bancorp 1,098,405
48,000 People's Bank 1,495,200
7,000 PNC Financial Services Group, Inc. 371,560
26,000 The South Financial Group 736,840
6,200 UnionBanCal Corp. 349,680
28,000 Wachovia Corp. 1,246,000
6,900 Wells Fargo Corp. 394,887
------------
14,478,074
------------
BEVERAGES, FOOD, AND TOBACCO -- 4.3%
29,000 Altria Group, Inc. 1,451,450
14,900 Archer-Daniels-Midland Co. 250,022
73,800 Chiquita Brands International* 1,543,896
21,500 Coca-Cola Co. 1,085,320
11,200 Coca-Cola Enterprises, Inc. 324,688
5,700 Conagra, Inc. 154,356
36,500 Coors (Adolph), Class B 2,640,410
6,500 Pepsi Bottling Group, Inc. 198,510
1,800 Pepsico, Inc. 96,984
24,600 Robert Mondavi Corp., Class A* 910,692
2,900 Sanderson Farms, Inc. 155,498
7,300 Sara Lee Corp. 167,827
50,100 Tyson Foods, Inc., Class A 1,049,595
------------
10,029,248
------------
CHEMICALS -- 0.8%
140,650 IMC Global, Inc. 1,884,710
------------
COMMERCIAL SERVICES -- 4.2%
16,500 Accenture Ltd.* 453,420
42,800 Cendant Corp. 1,047,744
76,000 DeVry, Inc.* 2,083,920
67,900 Gartner, Inc., Class B* 875,231
25,600 GenTek, Inc.* 1,024,000
7,000 H & R Block, Inc. 333,760
<Caption>
NUMBER OF
SHARES VALUE +
47,100 ITT Educational Services, Inc.* $1,790,742
3,600 Metal Management, Inc. 71,316
4,500 Monsanto Co. 173,250
3,900 R.H. Donnelley Corp.* 170,586
4,700 Ryder System, Inc. 188,329
50,292 The Brink's Co. 1,722,501
------------
9,934,799
------------
COMMUNICATIONS -- 0.9%
20,000 Motorola, Inc. 365,000
32,300 Nextel Communications, Inc., Class
A* 861,118
5,900 Qualcomm, Inc. 430,582
12,600 Verizon Communications Corp. 455,994
------------
2,112,694
------------
COMPUTER SOFTWARE AND PROCESSING -- 2.1%
7,800 Computer Sciences Corp.* 362,154
72,100 Earthlink, Inc.* 746,235
109,400 Microsoft Corp. 3,124,464
27,700 Oracle Corp.* 330,461
66,800 Preview Systems, Inc.* 2,405
9,600 Yahoo!, Inc.* 348,768
------------
4,914,487
------------
COMPUTERS AND INFORMATION -- 1.6%
6,500 Apple Computer, Inc.* 211,510
45,100 Cisco Systems, Inc.* 1,068,870
24,140 Hewlett-Packard Co. 509,354
19,900 International Business Machines
Corp. 1,754,185
19,600 Komag, Inc.* 273,812
28,553 Nexprise, Inc.* 34,549
------------
3,852,280
------------
COSMETICS AND PERSONAL CARE -- 0.9%
3,400 Estee Lauder Companies, Inc.,
Class A 165,852
7,600 Gillette Co. (The) 322,240
31,600 Procter & Gamble Co. 1,720,304
------------
2,208,396
------------
DIVERSIFIED -- 2.7%
6,200 3M Co. 558,062
8 Berkshire Hathaway Inc., Class A* 711,600
20,200 FMC Corp.* 870,822
72,200 General Electric Co. 2,339,280
134,000 Walter Industries, Inc. 1,825,080
------------
6,304,844
------------
ELECTRIC UTILITIES -- 1.7%
6,500 Constellation Energy Group, Inc. 246,350
17,600 Edison International 450,032
23,200 Exelon Corp. 772,328
8,300 Sempra Energy 285,769
247,300 Sierra Pacific Resources 1,906,683
8,600 TXU Corp. 348,386
------------
4,009,548
------------
ELECTRICAL EQUIPMENT -- 0.2%
6,900 Black & Decker Corp. 428,697
------------
ELECTRONICS -- 3.8%
6,400 AMIS Holdings, Inc. 108,288
2,000 Broadcom Corp., Class A* 93,540
62,000 Checkpoint Systems, Inc.* 1,111,660
16,400 Cypress Semiconductor Corp.* 232,716
</Table>
17
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE +
87,000 Intel Corp. $2,401,200
9,600 Maxim Intergrated Products, Inc.* 503,232
14,200 National Semiconductor Corp.* 312,258
49,000 Rogers Corp.* 3,425,100
28,000 Texas Instruments, Inc. 677,040
------------
8,865,034
------------
ENTERTAINMENT AND LEISURE -- 0.4%
31,900 Life Time Fitness, Inc. 669,900
12,800 Time Warner, Inc.* 225,024
6,100 Walt Disney Co. 155,489
------------
1,050,413
------------
FINANCIAL SERVICES -- 3.0%
2,000 Alcon, Inc. 157,300
54,666 Citigroup, Inc. 2,541,969
2,050 Doral Financial Corp. 70,725
20,800 E*TRADE Group, Inc.* 231,920
3,000 Franklin Resources, Inc. 150,240
1,400 Golden West Financial Corp. 148,890
131,900 Instinet Group, Inc.* 696,432
13,500 JP Morgan Chase & Co., Inc. 523,395
13,900 KeyCorp 415,471
40,400 MBNA Corp. 1,041,916
1,400 Merrill Lynch & Co. 75,572
11,700 Morgan Stanley 617,409
8,100 Washington Mutual, Inc. 312,984
------------
6,984,223
------------
FOREST PRODUCTS AND PAPER -- 0.3%
5,100 Georgia-Pacific Group 188,598
2,400 Kimberly-Clark Corp. 158,112
16,300 Louisiana-Pacific Corp. 385,495
------------
732,205
------------
HEALTHCARE PROVIDERS -- 1.9%
36,200 LifePoint Hospitals, Inc.* 1,347,364
40,000 Lincare Holdings, Inc.* 1,314,400
2,200 Quest Diagnostics, Inc. 186,890
37,000 Universal Health Services, Inc.,
Class B 1,697,930
------------
4,546,584
------------
HEAVY MACHINERY -- 0.5%
6,300 Applied Materials, Inc.* 123,606
5,200 Caterpillar, Inc. 413,088
3,600 Eaton Corp. 233,064
2,300 Ingersoll Rand Co. 157,113
4,600 Paccar, Inc. 266,754
------------
1,193,625
------------
HOME CONSTRUCTION, FURNISHINGS, AND APPLIANCES -- 0.3%
6,600 Centex Corp. 301,950
11,700 D.R. Horton, Inc. 332,280
------------
634,230
------------
HOUSEHOLD PRODUCTS -- 0.3%
3,000 Fortune Brands, Inc. 226,290
7,700 The Clorox Co. 414,106
------------
640,396
------------
INSURANCE -- 4.6%
4,500 Aetna, Inc. 382,500
22,400 Allstate Corp. 1,042,720
25,662 American International Group, Inc. 1,829,187
<Caption>
NUMBER OF
SHARES VALUE +
30,000 Brown & Brown, Inc. $1,293,000
4,655 Fidelity National Financial, Inc. 173,818
42,200 Hilb, Rogal & Hobbs Co. 1,505,696
2,900 Loews Corp. 173,884
49,200 Montpelier Re Holdings Ltd. 1,719,540
52,880 Platinum Underwriters Holdings Ltd. 1,609,138
10,800 Principal Financial Group, Inc. 375,624
4,400 The Progressive Corp. 375,320
8,800 The St. Paul Cos., Inc. 356,752
------------
10,837,179
------------
LODGING -- 0.1%
6,600 Starwood Hotels & Resorts
Worldwide, Inc. 296,010
------------
MEDIA - BROADCASTING AND PUBLISHING -- 1.2%
47,500 Emmis Communications Corp., Class
A* 996,550
61,000 Insight Communications Co., Inc.* 564,860
2,100 Knight Ridder, Inc. 151,200
5,500 McGraw-Hill Companies, Inc. 421,135
211,000 Primedia, Inc.* 586,580
------------
2,720,325
------------
MEDICAL SUPPLIES -- 2.8%
3,500 Becton, Dickinson & Co. 181,300
19,200 Fisher Scientific International,
Inc.* 1,108,800
50,800 Owens & Minor, Inc. 1,315,720
74,400 Steris Corp.* 1,678,464
8,800 Stryker Corp. 484,000
21,823 Sybron Dental Specialties* 651,417
60,900 Viasys Healthcare, Inc.* 1,273,419
------------
6,693,120
------------
METALS -- 0.1%
4,700 Phelps Dodge Corp.* 364,297
------------
METALS AND MINING -- 0.4%
8,300 Alcan, Inc. - ADR 343,620
14,600 Masco Corp. 455,228
35,000 Pacific Rim Mining Corp.* 23,450
800 United States Steel Corp. 28,096
------------
850,394
------------
OIL AND GAS -- 2.5%
2,200 Amerada Hess Corp. 174,218
5,600 Burlington Resources, Inc. 202,608
6,600 Canadian Natural Resources Ltd.* 197,340
7,600 ChevronTexaco Corp. 715,236
9,100 ConocoPhillips 694,239
22,900 Encore Acquisition Co.* 638,910
149,583 Hanover Compressor Co.* 1,780,038
6,900 Imperial Oil Ltd. 323,058
12,800 Marathon Oil Corp. 484,352
3,500 Noble Energy, Inc.* 132,615
7,100 Sunoco, Inc. 451,702
2,700 Valero Energy Corp. 199,152
------------
5,993,468
------------
PHARMACEUTICALS -- 5.1%
18,700 Amgen, Inc.* 1,020,459
6,400 Atherogenics, Inc.* 121,792
16,800 Bristol-Myers Squibb Co. 411,600
7,600 Cardinal Health, Inc. 532,380
15,500 Genentech, Inc.* 871,100
</Table>
18
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE +
2,600 Genzyme Corp.* $123,058
1,700 Gilead Sciences, Inc. 113,900
32,100 Hospira, Inc. 885,960
1,300 Invitrogen Corp. 93,587
49,200 Johnson & Johnson 2,740,440
3,300 KOS Pharmaceuticals, Inc.* 108,801
11,300 McKesson Corp. 387,929
30,200 Merck & Co., Inc. 1,434,500
6,000 MGI Pharma, Inc. 162,060
4,800 Onyx Pharmaceuticals, Inc.* 203,328
77,525 Pfizer, Inc. 2,657,557
269,200 PharmChem Laboratories, Inc.* 32,304
5,900 SuperGen, Inc.* 38,055
------------
11,938,810
------------
REAL ESTATE -- 0.3%
20,800 Thornburg Mortgage, Inc. (REIT) 560,560
7,500 Trizec Properties, Inc. (REIT) 121,950
------------
682,510
------------
RESTAURANTS -- 1.0%
9,400 McDonald's Corp. 244,400
65,000 Ruby Tuesday, Inc. 1,784,250
10,500 Yum! Brands, Inc. 390,810
------------
2,419,460
------------
RETAILERS -- 3.2%
8,100 Albertson's, Inc. 214,974
1,800 AutoZone, Inc.* 144,180
75,125 Big Lots, Inc.* 1,086,307
3,800 CVS Corp. 159,676
12,200 Federated Department Stores, Inc. 599,020
66,300 Geerlings & Wade, Inc.* 38,454
35,900 Home Depot, Inc. 1,263,680
19,800 Kroger Co.* 360,360
8,200 Limited Brands 153,340
100,000 Saks, Inc.* 1,500,000
22,100 Supervalu, Inc. 676,481
11,400 The Gap, Inc. 276,450
9,600 Wal-Mart Stores, Inc. 506,496
60,000 Whitehall Jewellers, Inc.* 448,800
------------
7,428,218
------------
TELEPHONE SYSTEMS -- 2.0%
20,000 BellSouth Corp. 524,400
333,600 Cincinnati Bell, Inc.* 1,481,184
94,100 General Communications, Inc., Class
A* 747,154
53,200 United States Cellular Corp.* 2,050,860
------------
4,803,598
------------
<Caption>
NUMBER OF
SHARES VALUE +
TEXTILES, CLOTHING, AND FABRICS -- 0.2%
8,200 Coach, Inc.* $370,558
------------
TRANSPORTATION -- 1.9%
8,400 Burlington Northern Santa Fe Corp. 294,588
4,050 Canadian National Railway Co. 176,539
20,000 CNF, Inc. 831,200
41,800 EGL, Inc.* 1,111,880
6,500 Norfolk Southern Corp. 172,380
65,100 Tidewater, Inc. 1,939,980
------------
4,526,567
------------
Total Common Stocks
(Cost $121,992,076) 150,374,529
------------
COMMINGLED INVESTMENT VEHICLES -- 5.9%
863,267 Vanguard Global Equity Fund
(Cost $9,607,740) 13,838,165
------------
LIMITED PARTNERSHIPS -- 14.5%
Adage Capital Partners,
LP*(a)(b)(c)(d) 34,000,218
Gotham Partners, LP*(a)(b)(c)(d) 199,626
------------
Total Limited Partnerships
(Cost $31,743,910) 34,199,844
------------
PREFERRED STOCK -- 0.0%
59,400 ClickAction, Inc.*(a)(b)
(Cost $0) 0
------------
</Table>
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE
SHORT-TERM INVESTMENTS -- 16.2%
REPURCHASE AGREEMENT -- 14.8%
$34,765,096 Investors Bank & Trust Company -- Repurchase
Agreement issued 6/30/04 (proceeds at maturity
$34,765,772) (Collateralized by 10,542,657 Country
Wide Home Loan, 1.80%, due 5/25/34 and FNMA,
4.25%, due 9/25/22, with a market value of
$10,231,664 and $26,271,687, respectively)
(Cost $34,765,096) 0.700% 07/01/04 34,765,096
------------
</Table>
19
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
US TREASURY SECURITY -- 1.4%#
$3,250,000 US Treasury Bill+
(Cost $3,241,450) 1.230% 09/16/04 $3,241,309
------------
Total Short-Term Investments
(Cost $38,006,546) 38,006,405
------------
Total Investments -- 100.5%
(Cost $201,350,272) 236,418,943
Liabilities in Excess of Other
Assets -- (0.5%) (1,188,647)
------------
NET ASSETS -- 100.0% $235,230,296
============
</Table>
ADR American Depositary Receipt
FNMA Federal National Mortgage Association
SBA Small Business Administration
# Interest rate represents the yield to maturity at the time of purchase.
* Non-income producing security.
+ Security or a portion thereof is held as initial margin for financial
futures and forward contracts. See Appendix B and Appendix C of Notes to
Financial Statements.
+ See Note 2 to the Financial Statements.
(a) Illiquid security.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted security. See Appendix E of Notes to Financial Statements.
(d) Industry breakdowns are not available for all limited partnerships. The
information that is available, if included in the industry concentration
presented above, would not affect the percentages by more than 1% (on an
absolute basis).
See accompanying Notes to Financial Statements.
20
<Page>
- --------------------------------------------------------------------------------
TIFF GOVERNMENT BOND FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30,
2004
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
US TREASURY SECURITY -- 99.5%
$25,584,000 US Treasury Note+
(Cost $25,786,392) 4.750% 05/15/14 $25,850,841
------------
SHORT-TERM INVESTMENTS -- 96.6%
REPURCHASE AGREEMENTS -- 96.6%
1,900,000 Bear Stearns -- Repurchase Agreement issued
06/29/04 (proceeds at maturity $1,900,181)
(Collateralized by a US Treasury Bill, 1.385%,
due 11/18/04,
with a market value
of $1,904,812) 1.140% 07/02/04 1,900,000
182,766 Investors Bank & Trust Company -- Repurchase
Agreement issued 06/30/04 (proceeds at maturity
$182,770) (Collateralized by a $181,405 SBA,
3.375%, due 10/25/27, with a market value
of $191,905) 0.700% 07/01/04 182,766
11,200,000 Morgan Stanley -- Repurchase Agreement issued
06/29/04 (proceeds at maturity $11,200,716)
(Collateralized by a US Treasury Inflation
Indexed Note, 3.625%, due 04/15/28, with a
market value of
$11,228,002) 1.150% 07/01/04 11,200,000
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
$11,800,000 Nomura, Inc. -- Repurchase Agreement issued
06/30/04 (proceeds at maturity $11,802,262)
(Collateralized by a US Treasury Bond, 7.5%, due
11/15/16, with a
market value of $12,041,400) 1.150% 07/06/04 $11,800,000
------------
Total Repurchase Agreements
(Cost $25,082,766) 25,082,766
------------
Total Short-Term Investments
(Cost $25,082,766) 25,082,766
------------
TOTAL INVESTMENTS -- 196.1%
(Cost $50,869,158) 50,933,607
Liabilities in Excess of Other
Assets -- (96.1%) (24,961,039)
------------
NET ASSETS -- 100.0% $25,972,568
============
</Table>
SBA Small Business Administration
+ Security or a portion thereof is held as collateral for reverse repurchase
agreements. See Appendix F of Notes to Financial Statements.
+ See Note 2 to the Financial Statements.
See accompanying Notes to Financial Statements.
21
<Page>
- --------------------------------------------------------------------------------
TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE +
SHORT-TERM INVESTMENTS -- 98.5%
US TREASURY SECURITIES -- 98.4%#
$200,000 US Treasury Bill 1.079% 07/22/04 $199,870
99,300,000 US Treasury Bill 1.718% 12/30/04 98,451,978
------------
Total US Treasury Securities
(Cost $98,689,136) 98,651,848
------------
TIME DEPOSIT -- 0.1%
129,000 Investors Bank & Trust Company
(Cost $129,000) 0.750% 07/01/04 129,000
------------
Total Short-Term Investments
(Cost $98,818,136) 98,780,848
------------
Total Investments -- 98.5%
(Cost $98,818,136) 98,780,848
Other Assets in Excess of
Liabilities -- 1.5% 1,464,484
------------
NET ASSETS -- 100.0% $100,245,332
============
</Table>
# Interest rate represents the yield to maturity at the time of purchase.
+ See Note 2 to the Financial Statements.
See accompanying Notes to Financial Statements.
22
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY
FUND EQUITY FUND FUND
ASSETS
Investments in securities, at
value (a)(b) $522,093,731 $151,594,373 $236,418,943
Cash 1,984,858 6,345,653 520,841
Foreign currency (c) 264,871 495,355 --
Receivables for:
Capital stock sold 311,754 -- --
Securities sold 23,614,703 4,845,234 306,178
Dividends and tax reclaims 469,983 359,508 144,837
Interest 838,907 322 778
Variation margin on financial
futures contracts 28,191 4,313 79,700
Unrealized appreciation on forward
currency contracts (f) 65,275 87,091 --
Deposit with broker for short sales 10,045 -- --
-----------------------------------------
Total Assets 549,682,318 163,731,849 237,471,277
-----------------------------------------
LIABILITIES
Payable for:
Capital stock repurchased -- 610,000 1,338,007
Securities purchased 17,736,361 776,300 825,695
Market value of securities sold
short (d) 10,620 -- --
Reverse repurchase agreements
(Note 5) 27,989,709 -- --
Dividends from net investment
income 1,202,161 -- --
Unrealized depreciation on forward
currency contracts (f) 180,839 163,156 --
Accrued expenses and other
liabilities 558,722 325,959 77,279
-----------------------------------------
Total Liabilities 47,678,412 1,875,415 2,240,981
-----------------------------------------
NET ASSETS $502,003,906 $161,856,434 $235,230,296
=========================================
SHARES OUTSTANDING (G) 37,236,746 13,853,161 17,381,841
=========================================
NET ASSET VALUE PER SHARE $ 13.48 $ 11.68 $ 13.53
=========================================
COMPONENTS OF NET ASSETS
Capital stock (e) $439,995,984 $150,372,900 $210,555,885
Undistributed (distribution in
excess of) net investment
income (4,389,115) 1,144,208 661,004
Accumulated net realized gain
(loss) on investments 41,713 (18,878,578) (10,778,814)
Net unrealized appreciation on
investments, short sales,
financial futures contracts,
forward currency contracts, and
translation of assets and
liabilities denominated in
foreign currency 66,355,324 29,217,904 34,792,221
-----------------------------------------
$502,003,906 $161,856,434 $235,230,296
=========================================
- ------------------------------------------------------------------------------
(a) Cost of investments $456,365,242 $122,528,721 $201,350,272
(b) Includes repurchase agreements
of $110,724,177 $ 16,541,479 $ 34,765,096
(c) Cost of foreign currency $ 262,916 $ 492,472 --
(d) Proceeds $ 10,045 -- --
(e) Includes accumulated entry/exit
fees of $ 5,682,169 $ 3,168,416 $ 1,349,032
</Table>
(f) Appendix B of the Notes to Financials details each fund's open forward
currency contracts at June 30, 2004.
(g) Authorized 500,000,000 shares, par value $0.001 for each fund.
See accompanying Notes to Financial Statements.
23
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2004
<Table>
<Caption>
TIFF TIFF
GOVERNMENT SHORT-TERM
BOND FUND FUND
ASSETS
Investments in securities, at
value (a)(b) $50,933,607 $ 98,780,848
Cash 295,515 2,535
Receivables for:
Capital stock sold -- 697,889
Securities sold -- 99,695,214
Interest 156,424 1,636
-------------------------
Total Assets 51,385,546 199,178,122
-------------------------
LIABILITIES
Payable for:
Capital stock repurchased -- 375,000
Securities purchased 280,063 98,489,243
Variation margin on financial futures
contracts -- 7,558
Reverse repurchase agreements (Note 5) 25,088,278 --
Dividends from net investment income 23,012 9,995
Accrued expenses and other liabilities 21,625 50,994
-------------------------
Total Liabilities 25,412,978
-------------------------
NET ASSETS $25,972,568 $100,245,332
=========================
SHARES OUTSTANDING (C) 2,743,528 10,212,521
=========================
NET ASSET VALUE PER SHARE $ 9.47 $ 9.82
=========================
COMPONENTS OF NET ASSETS
Capital stock $27,405,025 $103,069,268
Undistributed (distribution in excess
of) net investment income (13,717) 53,038
Accumulated net realized loss on
investments (1,483,189) (2,835,950)
Net unrealized appreciation
(depreciation) on investments 64,449 (41,024)
-------------------------
$25,972,568 $100,245,332
=========================
- -------------------------------------------------------------------
(a) Cost of investments $50,869,158 $ 98,818,136
(b) Includes repurchase agreements of $25,082,766 --
</Table>
(c) Authorized 500,000,000 shares, par value $0.001 for each fund.
See accompanying Notes to Financial Statements.
24
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2004
<Table>
<Caption>
TIFF TIFF TIFF
MULTI-ASSET INTERNATIONAL US EQUITY
FUND EQUITY FUND FUND
INVESTMENT INCOME
Interest $ 2,427,952 $ 22,732 $ 150,109
Dividends (a) 2,841,929 2,401,311 1,053,410
----------------------------------------
Total Investment Income 5,269,881 2,424,043 1,203,519
----------------------------------------
OPERATING EXPENSES
Investment advisory fees 446,173 124,422 170,654
Money manager fees 678,932 588,748 445,160
Custodian and accounting fees 281,621 181,753 122,714
Administration fees 80,484 29,926 41,045
Shareholder recordkeeping fees 9,735 5,310 7,561
Professional fees 74,415 37,325 34,824
Operations monitoring agent fees 44,617 16,590 22,753
Insurance expense 10,416 5,015 7,593
Registration and filing fees 14,990 12,428 12,841
Miscellaneous fees and expenses 15,896 14,980 9,598
----------------------------------------
Total Operating Expenses 1,657,279 1,016,497 874,743
Interest expense (Note 5) 75,810 -- --
----------------------------------------
Net Operating Expenses 1,733,089 1,016,497 874,743
----------------------------------------
Net Investment Income 3,536,792 1,407,546 328,776
----------------------------------------
NET REALIZED GAIN (LOSS) ON:
Investments (b) 18,177,153 8,959,343 16,882,082
Short sales 22,227 -- (459,788)
Financial futures contracts 1,077,951 1,160,109 131,482
Forward currency contracts and
foreign currency-related
transactions (278,958) (241,047) --
----------------------------------------
Net realized gain 18,998,373 9,878,405 16,553,776
----------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) ON:
Investments (10,899,065) (4,795,579) (6,272,600)
Short sales (575) -- 232,705
Financial futures contracts 500,965 (417,536) (742,712)
Forward currency contract and
other assets and liabilities
and foreign currency-related
transactions 96,978 (34,880) --
----------------------------------------
Net change in unrealized
depreciation (10,301,697) (5,247,995) (6,782,607)
----------------------------------------
Net realized and unrealized gain 8,696,676 4,630,410 9,771,169
----------------------------------------
Net increase in net assets
resulting from operations $12,233,468 $ 6,037,956 $10,099,945
========================================
- -----------------------------------------------------------------------------
(a) Net of foreign withholding
taxes of $ 211,135 $ 273,801 $ 1,236
(b) Net of foreign withholding
taxes on capital gains of $ 48,574 $ 44,826 --
</Table>
See accompanying Notes to Financial Statements.
25
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2004
<Table>
<Caption>
TIFF TIFF
GOVERNMENT SHORT-TERM
BOND FUND FUND
INVESTMENT INCOME
Interest $ 677,355 $ 619,300
----------------------
Total Investment Income 677,355 619,300
----------------------
OPERATING EXPENSES
Investment advisory fees 6,889 17,207
Money manager fees 21,779 110,795
Custodian and accounting fees 22,528 30,124
Administration fees 4,971 20,695
Shareholder recordkeeping fees 788 9,539
Professional fees 20,036 30,919
Operations monitoring agent fees 2,757 11,474
Insurance expense 1,668 7,102
Registration and filing fees 8,031 16,103
Amortization of organizational costs 3,461 --
Miscellaneous fees and expenses 746 4,731
----------------------
Total Operating Expenses 93,654 258,689
Fee waivers/reimbursements (Note 3) (6,889) (57,900)
Interest expense (Note 5) 60,233 --
----------------------
Net Operating Expenses 146,998 200,789
----------------------
Net Investment Income 530,357 418,511
----------------------
NET REALIZED GAIN (LOSS) ON:
Investments (627,664) (118,279)
Financial futures contracts -- 73,806
----------------------
Net realized loss (627,664) (44,473)
----------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) ON:
Investments (70,163) (52,196)
Financial futures contracts -- (3,736)
----------------------
Net change in unrealized depreciation (70,163) (55,932)
----------------------
Net realized and unrealized loss (697,827) (100,405)
----------------------
Net increase (decrease) in net assets
resulting from operations $(167,470) $ 318,106
======================
</Table>
See accompanying Notes to Financial Statements.
26
<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
6/30/2004 Ended 6/30/2004 Ended
(unaudited) 12/31/2003 (unaudited) 12/31/2003
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income $ 3,536,792 $ 4,900,723 $ 1,407,546 $ 1,932,455
Net realized gain (loss) on
investments, short sales,
financial futures contracts,
forward currency contracts,
and foreign currency-related
transactions 18,998,373 7,149,331 9,878,405 (495,751)
Net change in unrealized
appreciation (depreciation)
on investments, short sales,
financial futures contracts,
forward currency contracts,
and translation of other
assets and liabilities
denominated in foreign
currencies (10,301,697) 64,040,508 (5,247,995) 48,641,639
------------------------------------------------------
Net increase in net assets
resulting from operations 12,233,468 76,090,562 6,037,956 50,078,343
------------------------------------------------------
DISTRIBUTIONS
From net investment income (3,623,602) (6,324,253) -- (2,246,951)
------------------------------------------------------
Decrease in net assets
resulting from distributions (3,623,602) (6,324,253) -- (2,246,951)
------------------------------------------------------
CAPITAL SHARE TRANSACTIONS,
NET (SEE APPENDIX D) 71,232,301 101,859,694 (12,788,418) (2,442,996)
------------------------------------------------------
Total increase (decrease) in
net assets 79,842,167 171,626,003 (6,750,462) 45,388,396
NET ASSETS
Beginning of period 422,161,739 250,535,736 168,606,896 123,218,500
------------------------------------------------------
End of period $502,003,906 $422,161,739 $161,856,434 $168,606,896
======================================================
UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT
INCOME $(4,389,115) $ (4,302,305) $ 1,144,208 $ (263,338)
- --------------------------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
27
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
TIFF US TIFF GOVERNMENT
EQUITY FUND BOND FUND
-------------------------- --------------------------
Six Months Six Months
Ended Year Ended Period from
6/30/2004 Ended 6/30/2004 3/31/2003 to
(unaudited) 12/31/2003 (unaudited) 12/31/2003
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income $ 328,776 $ 378,310 $ 530,357 $ 1,280,970
Net realized gain (loss) on
investments, short sales and
financial futures contracts 16,553,776 (1,618,276) (627,664) (855,525)
Net change in unrealized
appreciation (depreciation)
on investments, short sales
and financial futures
contracts (6,782,607) 64,717,708 (70,163) 134,612
------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations 10,099,945 63,477,742 (167,470) 560,057
------------------------------------------------------
DISTRIBUTIONS
From net investment income -- (367,023) (530,747) (1,304,679)
------------------------------------------------------
Decrease in net assets
resulting from distributions -- (367,023) (530,747) (1,304,679)
------------------------------------------------------
CAPITAL SHARE TRANSACTIONS,
NET (SEE APPENDIX D) (7,367,775) (5,089,541) (11,240,020) 38,655,427
------------------------------------------------------
Total increase (decrease) in
net assets 2,732,170 58,021,178 (11,938,237) 37,910,805
NET ASSETS
Beginning of period 232,498,126 174,476,948 37,910,805 --
------------------------------------------------------
End of period $235,230,296 $232,498,126 $25,972,568 $37,910,805
======================================================
UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT
INCOME $ 661,004 $ 332,228 $ (13,717) $ (13,327)
- --------------------------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
28
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
TIFF
SHORT-TERM FUND
--------------------------
Six Months
Ended Year
6/30/2004 Ended
(unaudited) 12/31/2003
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income $ 418,511 $ 3,188,686
Net realized loss on investments and
financial futures contracts (44,473) (1,571,784)
Net change in unrealized depreciation on
investments and financial futures
contracts (55,932) (5,624)
--------------------------
Net increase in net assets resulting
from operations 318,106 1,611,278
--------------------------
DISTRIBUTIONS
From net investment income (426,108) (4,146,040)
--------------------------
Decrease in net assets resulting from
distributions (426,108) (4,146,040)
--------------------------
CAPITAL SHARE TRANSACTIONS, NET (SEE
APPENDIX D) (28,307,035) (40,013,433)
--------------------------
Total decrease in net assets (28,415,037) (42,548,195)
NET ASSETS
Beginning of period 128,660,369 171,208,564
--------------------------
End of period $100,245,332 $128,660,369
==========================
UNDISTRIBUTED NET INVESTMENT INCOME $ 53,038 $ 60,635
- --------------------------------------------------------------------
</Table>
See accompanying Notes to Financial Statements.
29
<Page>
- --------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2004
<Table>
<Caption>
TIFF
GOVERNMENT
BOND FUND
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
Net decrease in net assets from operations $ (167,470)
Adjustments to reconcile net increase (decrease)
in net assets from
operations to net cash used for operating
activities:
Proceeds from sales of investments 66,094,538
Purchase of investments (54,854,101)
Amortization of discounts and premium, net (492)
Decrease in dividends and interest receivable 56,410
Increase in payable for securities purchased 280,063
Decrease in accrued operating expenses (23,353)
Net decrease in short-term investments 2,246,179
Net realized loss 627,664
Net change in unrealized appreciation 70,163
-------------
Net cash flows from operating activities 14,329,601
-------------
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Proceeds from shares sold 653,056
Cash distribution paid (129,785)
Shares redeemed (12,307,375)
Decrease in payable for reverse repurchase
agreements (2,249,982)
-------------
Net cash flows for financing activities (14,034,086)
-------------
NET INCREASE IN CASH 295,515
-------------
Cash at beginning of period --
-------------
Cash at end of period $ 295,515
=============
- -----------------------------------------------------------------
</Table>
Note: Non-cash financing activities not include herein consist of reinvestment
of dividends and distributions of $414,299.
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.
30
<Page>
- --------------------------------------------------------------------------------
TIFF MULTI-ASSET FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/04 Ended Ended Ended Ended Ended
(unaudited) 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 13.19 $ 10.61 $ 11.59 $ 12.18 $ 13.41 $ 11.42
------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.12 0.21 0.20 0.17 0.23 0.22
Net realized and
unrealized gain (loss)
on investments* 0.27 2.57 (0.96) (0.59) 0.04 2.30
------------------------------------------------------------------
Total from investment
operations 0.39 2.78 (0.76) (0.42) 0.27 2.52
------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income (0.10) (0.22) (0.24) (0.17) (0.28) (0.50)
Net realized gains -- -- -- (0.01) (1.24) (0.07)
------------------------------------------------------------------
Total distributions (0.10) (0.22) (0.24) (0.18) (1.52) (0.57)
------------------------------------------------------------------
Entry/exit fee per share
(Note 6) --# 0.02 0.02 0.01 0.02 0.04
------------------------------------------------------------------
Net asset value, end of
period $ 13.48 $ 13.19 $ 10.61 $ 11.59 $ 12.18 $ 13.41
==================================================================
TOTAL RETURN (A) 2.94%(c) 26.65% (6.33%) (3.34%) 2.39% 22.65%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $502,004 $422,162 $250,536 $208,441 $215,035 $238,644
Ratio of expenses to
average net assets,
exclusive of interest
expense 0.74%(b) 0.70% 0.76% 0.97% 0.94% 0.57%
Ratio of expenses to
average net assets,
inclusive of interest
expense 0.78% 0.73% -- -- -- --
Ratio of net investment
income to average net
assets 1.59%(b) 1.59% 1.44% 1.42% 1.67% 2.20%
Portfolio turnover 47.53%(c) 116.53% 128.81% 139.64% 156.15% 154.49%
</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.
# Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
31
<Page>
- --------------------------------------------------------------------------------
TIFF INTERNATIONAL EQUITY FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/04 Ended Ended Ended Ended Ended
(unaudited) 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 11.16 $ 8.02 $ 9.09 $ 11.25 $ 13.58 $ 11.17
---------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.10 0.16 0.06 0.07 0.12 0.13
Net realized and
unrealized gain (loss)
on investments* 0.40 3.13 (1.08) (2.05) (1.74) 3.93
---------------------------------------------------------------------
Total from investment
operations 0.50 3.29 (1.02) (1.98) (1.62) 4.06
---------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income -- (0.15) (0.05) (0.03) (0.08) (0.13)
Net realized gains -- -- -- (0.12) (0.65) (1.54)
Return of capital -- -- -- (0.04) -- --
---------------------------------------------------------------------
Total distributions -- (0.15) (0.05) (0.19) (0.73) (1.67)
---------------------------------------------------------------------
Entry/exit fee per share
(Note 6) 0.02 --# --# 0.01 0.02 0.02
---------------------------------------------------------------------
Net asset value, end of
period $ 11.68 $ 11.16 $ 8.02 $ 9.09 $ 11.25 $ 13.58
=====================================================================
TOTAL RETURN (A) 4.66%(c) 41.33% (11.24%) (17.49%) (11.66%) 37.40%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $161,856 $168,607 $ 123,219 $ 142,396 $ 181,110 $246,429
Ratio of expenses to
average net assets 1.23%(b) 1.17% 1.38% 1.40% 1.16% 1.00%
Ratio of net investment
income to average net
assets 1.70%(b) 1.41% 0.67% 0.68% 0.99% 1.32%
Portfolio turnover 15.21%(c) 48.98% 48.07% 54.96% 62.04% 28.33%
</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.
# Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
32
<Page>
- --------------------------------------------------------------------------------
TIFF US EQUITY FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/04 Ended Ended Ended Ended Ended
(unaudited) 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 12.95 $ 9.59 $ 12.08 $ 12.96 $ 15.78 $ 15.62
------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.02 0.02 --# 0.01 0.12 0.09
Net realized and
unrealized gain (loss)
on investments 0.56 3.36 (2.49) (0.85) (0.61) 2.70
------------------------------------------------------------------
Total from investment
operations 0.58 3.38 (2.49) (0.84) (0.49) 2.79
------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income -- (0.02) -- (0.03) (0.10) (0.43)
Net realized gains -- -- -- -- (2.24) (2.21)
Return of capital -- -- -- (0.01) -- --
------------------------------------------------------------------
Total distributions -- (0.02) -- (0.04) (2.34) (2.64)
------------------------------------------------------------------
Entry/exit fee per share
(Note 6) --# --# --# --# 0.01 0.01
------------------------------------------------------------------
Net asset value, end of
period $ 13.53 $ 12.95 $ 9.59 $ 12.08 $ 12.96 $ 15.78
==================================================================
TOTAL RETURN (A) 4.48%(c) 35.24% (20.61%) (6.51%) (2.67%) 18.89%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $235,231 $232,498 $174,477 $217,578 $242,806 $280,853
Ratio of expenses to
average net assets 0.77%(b) 0.85% 1.22% 1.28% 0.79% 0.67%
Ratio of net investment
income to average net
assets 0.29%(b) 0.19% --# 0.07% 0.82% 0.68%
Portfolio turnover 20.27%(c) 60.32% 60.45% 103.40% 88.20% 73.59%
</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.
33
<Page>
- --------------------------------------------------------------------------------
TIFF GOVERNMENT BOND FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year
6/30/04 Ended
(unaudited) 12/31/03+
For a share outstanding throughout each
period
Net asset value, beginning of period $ 9.72 $ 10.00
----------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.19 0.29
Net realized and unrealized (loss) on
investments (0.25) (0.27)
----------------------
Total from investment operations (0.06) 0.02
----------------------
LESS DISTRIBUTIONS FROM
Net investment income (0.19) (0.30)
----------------------
Net asset value, end of period $ 9.47 $ 9.72
======================
TOTAL RETURN (A) (0.64%)(c) 0.20%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000s) $ 25,973 $ 37,911
Ratio of expenses to average net assets,
exclusive of interest expense 0.63%(b) 0.46%(b)
Ratio of expenses to average net assets,
inclusive of interest expense 1.07%(b) 0.99%(b)
Ratio of expenses to average net assets
before expense waivers, inclusive of
interest expense 1.12%(b) 1.05%(b)
Ratio of net investment income to
average net assets 3.85%(b) 3.93%(b)
Portfolio turnover 192.18%(c) 322.22%(c)
</Table>
- --------------------------------------------------------------------------------
(a) Total return assumes dividend reinvestment and would have been lower had
certain expenses not been waived.
(b) Annualized.
(c) Not annualized.
+ Fund commenced operations on March 31, 2003.
See accompanying Notes to Financial Statements.
34
<Page>
- --------------------------------------------------------------------------------
TIFF SHORT-TERM FUND -- FINANCIAL HIGHLIGHTS
<Table>
<Caption>
Six Months
Ended Year Year Year Year Year
6/30/04 Ended Ended Ended Ended Ended
(unaudited) 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 9.83 $ 9.97 $ 10.02 $ 10.00 $ 9.94 $ 9.97
------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income 0.04 0.16 0.24 0.47 0.60 0.52
Net realized and
unrealized gain (loss)
on investments (0.01) (0.07) (0.03) 0.04 0.06 (0.03)
------------------------------------------------------------------
Total from investment
operations 0.03 0.09 0.21 0.51 0.66 0.49
------------------------------------------------------------------
LESS DISTRIBUTIONS FROM
Net investment income (0.04) (0.23) (0.24) (0.47) (0.60) (0.52)
Net realized gains -- -- -- (0.02) -- --
Return of capital -- -- (0.02) (0.00)# -- --
------------------------------------------------------------------
Total distributions (0.04) (0.23) (0.26) (0.49) (0.60) (0.52)
------------------------------------------------------------------
Net asset value, end of
period $ 9.82 $ 9.83 $ 9.97 $ 10.02 $ 10.00 $ 9.94
==================================================================
TOTAL RETURN (A) 0.29%(c) 0.88% 2.11% 5.29% 6.86% 4.93%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000s) $100,245 $128,660 $171,209 $ 93,882 $ 76,835 $ 89,756
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 0.45%(b) 0.39% 0.38% 0.40% 0.43% 0.45%
Ratio of net investment
income to average net
assets 0.73%(b) 1.76% 2.30% 4.75% 6.07% 5.14%
Portfolio turnover 0.00%(c) 288.22% 87.15% 145.69% 267.48% 38.80%
</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 greater than ($0.01).
See accompanying Notes to Financial Statements.
35
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
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
------------------------------------------------------------------------------------------------------
Multi-Asset Attain a growing stream of current income and
appreciation of principal that at least offsets
inflation.
International Equity Attain appreciation of principal that at least
offsets inflation.
US Equity Attain a growing stream of current income and
appreciation of principal that at least offset
inflation.
Government Bond Attain as high a rate of current income as is
consistent with maintaining liquidity and to
provide a hedge against deflation-induced declines
in common stock prices and dividend streams.
Short-Term Attain as high a rate of current income as is
consistent with ensuring that the fund's risk of
principal loss does not exceed that of a portfolio
invested in six-month US Treasury bills.
</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 or are obtained from
independent pricing services and are deemed representative of market values at
the close. Unlisted securities or securities for which over-the-counter market
quotations are readily available are valued at the latest bid price. Time
deposits, repurchase agreements, and reverse repurchase agreements are generally
valued at their cost. 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 and
option 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' valuation committee 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
36
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
the recorded fair value and the value that would be received in a sale could be
significant. At June 30, 2004, the aggregate amount of securities fair valued,
including the CIVs referenced above, were as follows:
<Table>
<Caption>
----------------------------------------------------------------------
FUND AMOUNT % OF NET ASSETS
----------------------------------------------------------------------
Multi-Asset $91,628,651 18.34%
International Equity 9,455,528 5.84%
US Equity 34,199,844 14.54%
</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. The funds recognize paydown gains and losses for such
securities and reflect them in investment income. Dividend income is recorded on
the ex-dividend date, except certain dividends from foreign securities that are
recorded as soon after the ex-dividend date as the funds, using reasonable
diligence, become aware of such dividends. Non-cash dividends, if any, are
recorded at the fair market value of the securities received. The funds use the
specific identification method for determining realized gain or loss on sales of
securities and foreign currency transactions.
INCOME TAXES
There is no provision for federal income or excise tax since each fund has
elected to be taxed as a regulated investment company ("RIC") and intends to
comply with the requirements of Subchapter M of the Internal Revenue Code
applicable to RICs and to distribute all of its taxable income. The funds may be
subject to foreign taxes on income, gains on investments, or currency
repatriation. The funds accrue such taxes, as applicable, as a reduction from
the related income and realized and unrealized gain as and when such income is
earned and gains are recognized.
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
FUND INVESTMENT INCOME CAPITAL GAINS DISTRIBUTIONS
-----------------------------------------------------------------------------------------
Multi-Asset Quarterly Annually
International Equity Semi-annually Annually
US Equity Quarterly Annually
Government Bond Monthly Annually
Short-Term Monthly Annually
</Table>
The Multi-Asset Fund has adopted a managed distribution policy that aims, on a
best efforts basis, to distribute approximately 5% of its net assets in the form
of dividends and distributions each year. Pursuant to this policy, the fund may
make distributions that are ultimately characterized as return of capital.
Dividends from net short-term capital gains and net long-term capital gains of
each fund, if any, are normally declared and paid 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.
37
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
The resulting net unrealized foreign currency gain or loss is included in the
Statement of Operations.
The funds do not generally isolate that portion of the results of operations
arising as a result of changes in the foreign currency exchange rates from the
fluctuations arising from changes in the market prices of securities.
Accordingly, such foreign currency gain (loss) is included in net realized and
unrealized gain (loss) on investments. However, the funds do isolate the effect
of fluctuations in foreign exchange rates when determining the gain or loss upon
the sale or maturity of foreign currency-denominated debt obligations pursuant
to US federal income tax regulations; such amount is categorized as foreign
currency gain or loss for income tax reporting purposes.
Net realized gains and losses from foreign currency-related transactions
represent net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses realized
between the trade and settlement dates on securities transactions, and the
difference between the amount of net investment income accrued and the US dollar
amount actually received.
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, 2004.
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, 2004.
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
38
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
amount of the premium originally paid. If the fund enters into a closing sale
transaction, it realizes a gain or loss, depending on whether the proceeds from
the sale are greater or less than the cost of the option.
If the fund exercises a call option, the cost of the securities acquired by
exercising the call option is increased by the premium paid to buy the call
option. If the fund exercises a put option, it realizes a gain or loss from the
sale of the underlying security, and the proceeds from such sale are decreased
by the premium originally paid. The risk associated with purchasing options is
limited to the premium originally paid.
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, 2004. Unless otherwise
indicated, the management fee received by a money manager varies based on the
money manager's investment performance.
During the six months ended June 30, 2004, the Government Bond Fund and
Short-Term Fund received voluntary fee waivers of $6,889 and $57,900 from the
funds' investment advisor and money manager. The fee waiver for the Short-Term
Fund is designed to cap the total annual operating expenses of the fund at
0.35%. There are no recapture agreements in place for fees that have been
waived.
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 Operations Monitoring Agent Agreement effective August 15, 2003,
EOS Fund Services LLC ("EOS"), two employees of which serve as officers of TIP,
earns a fee for providing operations monitoring services to TIP as well as to
other investment vehicles offered by TIP's investment advisor according to the
following schedule: 0.02% of the first $3.5 billion of the aggregated average
daily net assets of TIP and the other vehicles, 0.015% thereafter up to $5
billion, 0.01% thereafter up to $7.5 billion, 0.0075% thereafter up to $10
billion, and 0.005% on assets over $10 billion. Pursuant to an Administration
Agreement effective August 15, 2003, Investors Bank & Trust Company ("IBT")
earns a fee for
39
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
providing fund administration services to TIP according to the following
schedule: 0.05% of the first $300 million of the average daily net assets of
TIP, 0.03% thereafter up to $3 billion, and 0.025% on assets over $3 billion.
IBT also serves as TIP's custodian and accounting and transfer agent. Fees paid
for services rendered by IBT are based upon assets of TIP and on transactions
entered into by TIP during the period. Fees for such services paid to IBT by TIP
are reflected as administration fees, 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,
2004, were as follows:
NON-US GOVERNMENT SECURITIES
<Table>
<Caption>
-------------------------------------------------------------------
FUND PURCHASES SALES
-------------------------------------------------------------------
Multi-Asset $89,735,014 $108,455,292
International Equity 23,765,946 48,266,212
US Equity 42,341,795 70,878,131
</Table>
US GOVERNMENT SECURITIES
<Table>
<Caption>
--------------------------------------------------------------------
FUND PURCHASES SALES
--------------------------------------------------------------------
Multi-Asset $112,521,388 $105,015,878
Government Bond 54,854,101 66,094,538
</Table>
For federal income tax purposes, the cost of securities owned at June 30, 2004,
the aggregate gross unrealized appreciation (depreciation) and the net
unrealized appreciation (depreciation) on securities owned and securities sold
short at June 30, 2004, for each fund are as follows:
<Table>
<Caption>
-----------------------------------------------------------------------------------------------------
NET UNREALIZED
APPRECIATION/
FUND GROSS APPRECIATION GROSS DEPRECIATION (DEPRECIATION) COST
-----------------------------------------------------------------------------------------------------
Multi-Asset $69,766,021 $(4,037,532) $65,728,489 $456,365,242
International Equity 33,364,332 (4,298,680) 29,065,652 122,528,721
US Equity 40,421,630 (5,352,959) 35,068,671 201,350,272
Government Bond 64,449 -- 64,449 50,869,158
Short-Term -- (37,288) (37,288) 98,818,136
</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. The difference between the amount
the fund receives for the securities and the additional amount it pays on
repurchase is deemed to be a payment of interest. Appendix F of the Notes to
Financial Statements details each fund's open reverse repurchase agreements at
June 30, 2004.
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 custodial bank until maturity of the repurchase agreements. In
connection with reverse repurchase agreements, the funds establish segregated
accounts with its custodian in which the funds maintain cash, US government
securities, or other liquid high grade debt obligations in the name of the
counterparty equal in value to its obligation. The funds may also invest in
tri-party repurchase agreements for which securities held as collateral are
maintained in a segregated account by the broker's custodian bank until maturity
of the repurchase agreement. Provisions of the repurchase agreements and the
procedures adopted by the funds require that the market value of the collateral,
including accrued interest thereon, be at least equal to the value of the
securities sold or purchased in order to protect against loss in the event of
default by the counterparty. If the counterparty defaults and the value of the
collateral declines or if the counterparty enters an insolvency proceeding,
realization of the collateral may be delayed or limited.
6. CAPITAL SHARE TRANSACTIONS
As of June 30, 2004, 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 Multi-Asset Fund assesses entry and exit
40
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
fees of 0.50% of capital invested or redeemed; the International Equity Fund
assesses entry and exit fees of 0.75%; and the US Equity Fund assesses entry and
exit fees of 0.25%. These fees, which are paid to the funds directly, not to TAS
or other vendors supplying services to the funds, are designed to allocate
transaction costs associated with purchases and redemptions of a fund's shares.
These fees are deducted from the amount invested or redeemed; they cannot be
paid separately. Entry and exit fees may be waived at TAS's discretion when the
purchase or redemption will not result in significant transaction costs for the
affected fund (e.g., for transactions involving in-kind purchases and
redemptions). Such fees are retained by the funds and included in proceeds from
shares sold or deducted from distributions for redemptions. 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 Fund enters into "TBA" (to be announced) purchase commitments to
purchase mortgage-backed securities for a fixed unit price at a future date
beyond customary settlement time. Although the unit price has been established,
the principal value has not been finalized. However, the principal amount
delivered will not differ more than 0.01% from the commitment. TBA purchase
commitments may be considered securities in themselves and involve a risk of
loss if the value of the security to be purchased declines prior to the
settlement date, which risk is in addition to the risk of decline in the value
of the funds' other assets. Unsettled TBA purchase commitments are valued at the
current market value of the underlying securities, generally according to the
procedures described under VALUATION OF INVESTMENTS above. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts.
Although the fund will generally enter into TBA purchase commitments with the
intention of acquiring securities for their portfolio, the fund may dispose of a
commitment prior to settlement if the funds' money managers deem it appropriate
to do so.
The Multi-Asset Fund enters into TBA sale commitments to hedge the portfolio or
to sell mortgage-backed securities the fund owns under delayed delivery
arrangements. Proceeds of TBA sale commitments are not received until the
contractual settlement date. During the time a TBA sale commitment is
outstanding, equivalent deliverable securities, or an offsetting TBA purchase
commitment (deliverable on or before the sale commitment date), are held as
"cover" for the transaction.
Unsettled TBA sale commitments are valued at the current market value of the
underlying securities, generally according to the procedures described under
VALUATION OF INVESTMENTS above. The contract is marked to market daily, and the
change in market value is recorded by the fund as an unrealized gain or loss. If
the TBA sale commitment is closed through the acquisition of an offsetting
purchase commitment, the fund realizes a gain or loss on the commitment without
regard to any unrealized gain or loss on the underlying security. If the fund
delivers securities under the commitment, the fund realizes a gain or loss from
the sale of the securities upon the unit price established at the date the
commitment was entered into.
8. CONCENTRATION OF RISKS
The funds may engage in transactions with counterparties, including but not
limited to repurchase and reverse repurchase agreements, forward contracts,
futures and options, and 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 CIVs that
entail liquidity risk to the extent they are difficult to sell or convert to
cash quickly at favorable prices.
The Multi-Asset and Government Bond 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.
41
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
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, 2004.
<Table>
<Caption>
----------------------------------------------------------------
FUND NUMBER % OF FUND HELD
----------------------------------------------------------------
Multi-Asset 1 11
International Equity 1 40
US Equity 3 35
Government Bond 2 55
Short-Term 3 44
</Table>
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, 2004, 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, 2004.
11. REPOSITIONING OF SHORT-TERM FUND
On April 19, 2004, a special meeting of the members of the Short-Term Fund of
TIP was held to consider for approval proposals to amend the advisory agreement
between the fund and TAS (Proposal 1); amend the fund's investment objective
(Proposal 2); and amend the fund's current fundamental restriction with respect
to concentration of investments, pursuant to which the fund is required to
invest more than 25% of its total assets in the banking industry or the finance
industry (Proposal 3). Shares represented by proxy totaled 7,369,537.931 or
58.7% of the fund's outstanding shares. 100% of the shares represented by proxy
voted in favor of each of the three proposals.
12. SUBSEQUENT EVENT
Effective July 1, 2004, the money manager agreement between Fischer Francis
Trees & Watts, Inc. ("FFTW") and TIP on behalf of the Short-Term Fund was
terminated. TAS has replaced FFTW as money manager for the Short-Term Fund.
13. PROXY VOTING POLICY AND VOTING RECORD
A description of the policies and procedures that TIP uses to determine how to
vote proxies relating to portfolio securities is available on TIP's Website at
http://www.tiff.org and without charge, upon request, by calling 800-984-0084.
This information is also available on the Website of the US Securities and
Exchange Commission at http://www.sec.gov. Information regarding how the funds
voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30, 2004, is also available on the Websites noted above.
42
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
APPENDIX A
MONEY MANAGER FEE AS PERCENT OF ASSETS MANAGED
FOR THE SIX MONTHS ENDED JUNE 30, 2004
<Table>
<Caption>
EFFECTIVE
MINIMUM MAXIMUM FEE RATE*
TIFF MULTI-ASSET FUND
Aronson+Johnson+Ortiz, LP (a) 0.10 0.80 0.20
Delaware International Advisers
Ltd. 0.30 0.50 0.49
Harding, Loevner Management, LP
(a)(d) 0.10 1.50 0.10
Marathon Asset Management,
Ltd. (a) 0.15 1.60 1.04
K.G. Redding & Associates, LLC (a) 0.50 2.50 0.60
Smith Breeden
Associates, Inc. (a) 0.10 0.85 0.16
Wellington Management Company, LLP 0.35 0.45 0.45
TIFF INTERNATIONAL EQUITY FUND
Delaware International Advisers
Ltd. 0.33 0.55 0.55
Harding, Loevner Management, LP
(a)(d) 0.10 1.50 0.11
Marathon Asset Management,
Ltd. (a) 0.15 1.60 1.20
TIFF US EQUITY FUND
Aronson+Johnson+Ortiz, LP (a) 0.10 0.80 0.27
Martingale Asset Management, LP (b) 0.05 0.10 0.09
Palo Alto Investors (a)(d) 0.10 2.00 2.02
Shapiro Capital Management
Company, Inc. (a) 0.50 0.95 0.52
Westport Asset
Management, Inc. (a) 0.15 2.00 0.12
TIFF GOVERNMENT BOND FUND
Smith Breeden
Associates, Inc. (a) 0.10 0.85 0.16
TIFF SHORT-TERM FUND
Fischer Francis Trees &
Watts, Inc. (c) 0.15 0.20 0.12
- ----------------------------------------------------------------
</Table>
* Annualized.
(a) Money manager receives a fee that includes a performance component. The
effective fee may fall outside of the minimum maximum range because
performance fees are based on assets and performance from a period prior to
when they are accrued.
(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. The effective fee rate is
based on the period prior to defunding.
43
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
APPENDIX B
OPEN FORWARD CURRENCY CONTRACTS AS OF JUNE 30, 2004
<Table>
<Caption>
CONTRACT US DOLLAR FOREIGN CURRENCY UNREALIZED APPRECIATION/
AMOUNT DESCRIPTION RECEIVABLE/(PAYABLE) RECEIVABLE/(PAYABLE) (DEPRECIATION)
MULTI-ASSET FUND
BUY CONTRACTS
6,060,857 Euro settling on 9/15/04 $(7,299,999) $ 7,365,274 $ 65,275
SELL CONTRACTS
2,487,088 Euro settling on 9/15/04 3,000,000 (3,022,359) (22,359)
British Pound settling on
3,230,000 7/30/04 5,684,800 (5,843,280) (158,480)
---------
$(115,564)
=========
INTERNATIONAL EQUITY FUND
BUY CONTRACTS
8,118,339 Euro settling on 9/15/04 (9,778,476) 9,865,567 $ 87,091
SELL CONTRACTS
3,731,107 Euro settling on 9/15/04 4,500,000 (4,534,115) (34,115)
British Pound settling on
2,630,000 7/30/04 4,628,800 (4,757,841) (129,041)
---------
$ (76,065)
=========
</Table>
44
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
APPENDIX C
OPEN FINANCIAL FUTURES CONTRACTS AS OF JUNE 30, 2004
<Table>
<Caption>
UNREALIZED
NUMBER OF COST/ VALUE AT APPRECIATION/
CONTRACTS TYPE (PROCEEDS) JUNE 30, 2004 (DEPRECIATION)
MULTI-ASSET FUND
LONG FINANCIAL FUTURES CONTRACTS
75 July 2004 CAC 40 $ 3,437,960 $ 3,414,072 $ (23,888)
169 September 2004 Topix Index 18,049,925 18,438,757 388,832
167 September 2004 Japanese Yen 19,187,600 19,246,750 59,150
13 September 2004 Canadian Dollar 943,410 974,220 30,810
September 2004 Swiss Franc
61 Currency 6,121,175 6,112,962 (8,213)
53 September 2004 British Pound 6,008,625 5,981,381 (27,244)
132 September 2004 S&P 500 Index 37,387,200 37,633,200 246,000
September 2004 S&P TSE 60
14 Index 982,198 987,597 5,399
17 September 2004 DAX Index 2,073,720 2,113,291 39,571
11 September 2004 MIB30 Index 1,882,705 1,895,656 12,951
September 2004 Swiss Market
50 Index 2,275,631 2,249,681 (25,950)
202 September 2004 Pan-Euro 4,108,089 4,060,010 (48,079)
43 September 2004 FTSE 100 Index 3,495,204 3,486,508 (8,696)
September 2004 10-Year US
109 Treasury Note 11,803,312 11,916,766 113,454
-----------
$ 754,097
===========
SHORT FINANCIAL FUTURES CONTRACTS
2 September 2004 Eurodollar (489,793) (489,900) $ (107)
September 2004 2-Year US
6 Treasury Note (1,258,572) (1,263,281) (4,709)
September 2004 5-Year US
9 Treasury Note (970,600) (978,188) (7,588)
2 December 2004 Eurodollar (487,493) (487,425) 68
2 March 2005 Eurodollar (485,406) (485,150) 256
2 June 2005 Eurodollar (483,531) (483,150) 381
2 September 2005 Eurodollar (481,930) (481,500) 430
2 December 2005 Eurodollar (480,568) (480,050) 518
2 March 2006 Eurodollar (479,343) (478,975) 368
2 June 2006 Eurodollar (478,155) (478,050) 105
2 September 2006 Eurodollar (477,068) (477,200) (132)
2 December 2006 Eurodollar (476,005) (476,375) (370)
2 March 2007 Eurodollar (475,093) (475,675) (582)
2 June 2007 Eurodollar (474,205) (474,975) (770)
2 September 2007 Eurodollar (473,405) (474,350) (945)
-----------
(13,077)
-----------
$ 741,020
===========
INTERNATIONAL EQUITY FUND
LONG FINANCIAL FUTURES CONTRACTS
44 July 2004 CAC 40 $ 2,016,773 $ 2,002,922 $ (13,851)
90 September 2004 Topix Index 9,612,177 9,819,457 207,280
84 September 2004 Japanese Yen 9,664,338 9,681,000 16,662
43 September 2004 Canadian Dollar 3,161,700 3,222,420 60,720
September 2004 Swiss Franc
56 Currency 5,636,400 5,611,900 (24,500)
75 September 2004 British Pound 8,514,925 8,464,219 (50,706)
September 2004 S&P TSE 60
59 Index 4,076,913 4,162,014 85,101
6 September 2004 DAX Index 731,906 745,867 13,961
10 September 2004 MIB30 Index 1,716,693 1,723,324 6,631
September 2004 Swiss Market
43 Index 1,950,902 1,934,725 (16,177)
210 September 2004 Pan-Euro 4,280,490 4,220,802 (59,688)
-----------
$ 225,433
===========
US EQUITY FUND
LONG FINANCIAL FUTURES CONTRACTS
198 September 2004 S&P 500 Index $ 55,725,075 $ 56,449,800 $ 724,725
-----------
SHORT FINANCIAL FUTURES CONTRACTS
79 September 2004 Russell 2000 (22,396,650) (23,397,825) (1,001,175)
-----------
$ (276,450)
===========
</Table>
45
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
APPENDIX D
CAPITAL SHARE TRANSACTIONS
<Table>
<Caption>
SIX MONTHS ENDED JUNE 30, 2004 YEAR ENDED DECEMBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
MULTI-ASSET FUND
Shares Sold 5,711,156 $ 77,316,164 8,805,854 $ 105,845,547
Shares Reinvested 179,632 2,421,441 358,000 4,241,737
Exit/Entry Fee -- 429,655 -- 569,440
---------- ------------ ----------- -------------
Subtotal 5,890,788 80,167,260 9,163,854 110,656,724
Shares Redeemed (661,609) (8,934,959) (769,437) (8,797,030)
---------- ------------ ----------- -------------
Net Increase 5,229,179 $ 71,232,301 8,394,417 $ 101,859,694
---------- ------------ ----------- -------------
INTERNATIONAL EQUITY FUND
Shares Sold 1,013,654 $ 11,743,558 266,978 $ 2,303,964
Shares Reinvested -- -- 190,249 1,811,662
Exit/Entry Fee -- 274,793 -- 67,103
---------- ------------ ----------- -------------
Subtotal 1,013,654 12,018,351 457,227 4,182,729
Shares Redeemed (2,262,127) (24,806,769) (717,312) (6,625,725)
---------- ------------ ----------- -------------
Net Decrease (1,248,473) $(12,788,418) (260,085) $ (2,442,996)
---------- ------------ ----------- -------------
US EQUITY FUND
Shares Sold 1,356,529 $ 17,947,211 1,526,987 $ 15,449,240
Shares Reinvested -- -- 15,057 194,844
Exit/Entry Fee -- 108,539 -- 90,723
---------- ------------ ----------- -------------
Subtotal 1,356,529 18,055,750 1,542,044 15,734,807
Shares Redeemed (1,931,077) (25,423,525) (1,779,775) (20,824,348)
---------- ------------ ----------- -------------
Net Decrease (574,548) $ (7,367,775) (237,731) $ (5,089,541)
---------- ------------ ----------- -------------
GOVERNMENT BOND FUND
Shares Sold 68,543 $ 653,056 5,563,050 $ 55,607,234
Shares Reinvested 42,698 414,299 103,937 1,024,696
---------- ------------ ----------- -------------
Subtotal 111,241 1,067,355 5,666,987 56,631,930
Shares Redeemed (1,269,611) (12,307,375) (1,765,089) (17,976,503)
---------- ------------ ----------- -------------
Net (Decrease) Increase (1,158,370) $(11,240,020) 3,901,898 $ 38,655,427
---------- ------------ ----------- -------------
SHORT-TERM FUND
Shares Sold 5,041,781 $ 49,554,732 19,041,316 $ 188,680,415
Shares Reinvested 35,707 350,748 375,363 3,716,821
---------- ------------ ----------- -------------
Subtotal 5,077,488 49,905,480 19,416,679 192,397,236
Shares Redeemed (7,957,889) (78,212,515) (23,501,848) (232,410,669)
---------- ------------ ----------- -------------
Net Decrease (2,880,401) $(28,307,035) (4,085,169) $ (40,013,433)
---------- ------------ ----------- -------------
</Table>
46
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
APPENDIX E
RESTRICTED SECURITIES AS OF JUNE 30, 2004
The following restricted securities were held by the funds as of June 30, 2004,
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 Bessent Global Fund, LP 07/31/03 $ 4,000,000
Canyon Value Realization Fund, LP 06/01/96 - 06/30/03 13,797,935
Farallon Capital Institutional
Partners, LP 04/01/95 - 12/31/97 7,746,138
Lone Picea, LP 01/02/03 2,279,000
Lone Redwood, LP 12/31/97 2,534,161
Maverick Fund USA, Ltd. 12/31/02 - 12/30/03 5,000,000
OZ Domestic Partners, LP 12/31/01 - 09/30/03 9,000,000
Regiment Capital Ltd. 06/30/03 6,000,000
Tosca 12/30/03 9,000,000
INTERNATIONAL EQUITY FUND Bessent Global Fund, LP 05/31/03 - 08/01/03 $ 3,880,670
Lansdowne UK Equity Fund Limited 05/31/03 4,000,000
US EQUITY FUND Adage Capital Partners, LP 12/31/01 - 06/30/03 $31,500,000
Gotham Partners, LP 12/31/96 - 06/26/97 243,910
</Table>
At June 30, 2004, the aggregate market value of restricted securities was:
Multi-Asset Fund -- $91,628,651 (18.3% of net assets); International Equity
Fund -- $9,455,527 (5.8% of net assets); US Equity Fund -- $34,199,844 (14.5% of
net assets). All of the above listed securities are illiquid, with the exception
Multi-Asset Fund's holdings of Bessent Global Fund, LP and 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.
47
<Page>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2004
APPENDIX F
REVERSE REPURCHASE AGREEMENTS AS OF JUNE 30, 2004
MULTI-ASSET FUND
<Table>
<Caption>
FACE MARKET
DESCRIPTION VALUE VALUE
Morgan Stanley Dean Witter, 0.35%, dated
06/02/04, to be repurchased on
07/01/04, at face value, plus accrued
interest $14,062,500 $14,066,465
Morgan Stanley Dean Witter, 1.00%, dated
06/28/04, to be repurchased on
12/31/05, at face value, plus accrued
interest 13,922,106 13,923,244
-----------
Total reverse repurchase agreements $27,989,709
===========
Average balance outstanding $25,789,457
Average interest rate 0.63%
Maximum balance outstanding $57,746,220
</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 MARKET
DESCRIPTION VALUE VALUE
Morgan Stanley Dean Witter, 1.05%, dated
06/30/04, to be repurchased on
12/31/05, at face value, plus accrued
interest $25,087,546 $25,088,278
===========
Average balance outstanding $24,135,088
Average interest rate 0.63%
Maximum balance outstanding $28,307,858
</Table>
Average balance outstanding was calculated based on daily
balances outstanding during the period that the fund had entered
into reverse repurchase agreements.
48
<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 (46) Director 1 year senior investment officer none
Associate Treasurer and
Senior Investment Officer
The Metropolitan Museum of Art
1000 Fifth Avenue
New York, NY 10028
Harry N. Hoffman III (48) Director 3 years chief investment officer none
Chief Investment Officer
Mayo Foundation
200 First Street SW
Rochester, MN 55905
Sheryl L. Johns (48) Director 8 years chief financial officer none
VP, Treasurer, and CFO
Houston Endowment Inc.
600 Travis, Suite 6400
Houston, TX 77002
INTERESTED DIRECTORS
William H. McLean (49) (b) Director 4 years chief investment officer TIFF Advisory
VP and Chief Investment Services, Inc.
Officer
Northwestern University
Investment Office, Room 1-209
633 Clark Street
Evanston, IL 60208
PRINCIPAL OFFICERS
Richard F. Flannery (46) President and 1 year principal executive TIFF Advisory
TIFF Principal officer previously Services, Inc.
590 Peter Jefferson Parkway, Executive executive vice president
Suite 250 Officer of Delaware Investments
Charlottesville, VA 22911
David A. Salem (48) Vice President 11 years chief investment officer TIFF Advisory
TIFF and Director Services, Inc.
590 Peter Jefferson Parkway,
Suite 250
Charlottesville, VA 22911
Esther Cash (47) Vice President 11 years investment operations
TIFF
590 Peter Jefferson Parkway,
Suite 250
Charlottesville, VA 22911
Tina M. Leiter (38) Secretary 1 year investment operations
TIFF
590 Peter Jefferson Parkway,
Suite 250
Charlottesville, VA 22911
William E. Vastardis (48) Treasurer and 11 years fund administration
EOS Fund Services LLC Principal
26 West 17th Street, Financial
Suite 601 Officer
New York, NY 10011
---------------------------------------------------------------------------------------------------------------------
</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.
49
<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
FUND ADMINISTRATOR
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
FUND DISTRIBUTOR
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, WI 53202
LEGAL COUNSEL
Dechert
1500 I Street, NW
Washington, DC 20005
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
OPERATIONS MONITORING AGENT
EOS Fund Services LLC
26 West 17th Street, Suite 601
New York, NY 10011
MONEY MANAGERS
TIFF MULTI-ASSET FUND
Aronson+Johnson+Ortiz, LP
Bessent Capital, LLC
Canyon Capital Advisors LLC
Delaware International Advisers Ltd.
Farallon Capital Management, LLC
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.
Toscafund Limited
Wellington Management Company, LLP
TIFF INTERNATIONAL EQUITY FUND
Bessent Capital, LLC
Delaware International Advisers Ltd.
Lansdowne Partners Limited
Marathon Asset Management Limited
Toscafund Limited
TIFF US EQUITY FUND
Adage Capital Management, LP
Aronson+Johnson+Ortiz, LP
Marathon Asset Management, Ltd.
Martingale Asset Management, LP
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.
This report must be accompanied or preceded by a prospectus. Mutual fund
investing involves risk. Principal loss is possible.
<Page>
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEMS 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable to this filing.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEMS 8. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILITAED PURCHASERS.
Not applicable to this filing.
ITEMS 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
On April 19th, 2004, a special meeting of the members of the TIFF
Short-Term Fund (the "fund") of TIP to: consider for approval a proposal to
amend the advisory agreement between the fund and TAS ("Proposal 1"); consider
for approval to amend the fund's investment objective ("Proposal 2"); consider
for approval to amend the fund's current fundamental restriction with respect to
concentration of investments, pursuant to which the fund is required to invest
more than 25% of its total assets in the banking industry or the finance
industry ("Proposal 3").
Shares represented by proxy totaled 7,369,537.931 or 58.7% of the funds
outstanding shares. The results of the shareholder vote were as follows:
Proposal 1
For: 7,369,537.931 (equal to 58.7% of outstanding shares);
Against: 0 (equal to 0% of outstanding shares);
Abstain: 0 (equal to 0% of outstanding shares).
Proposal 2
For: 7,369,537.931 (equal to 58.7% of outstanding shares);
Against: 0 (equal to 0% of outstanding shares);
Abstain: 0 (equal to 0% of outstanding shares).
Proposal 3
For: 7,369,537.931 (equal to 58.7% of outstanding shares);
Against: 0 (equal to 0% of outstanding shares);
Abstain: 0 (equal to 0% of outstanding shares).
ITEM 10. CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal Financial
Officer concluded that the Registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940)
<Page>
were effective as of a date within 90 days prior to the filing date of
this report (the "Evaluation Date"), based on their evaluation of the
effectiveness of the Registrant's disclosure controls and procedures as
of the Evaluation Date.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal
half-year (the Registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 11. EXHIBITS.
(a)(1) Code of Ethics (Item 2) is not applicable to this filing.
(a)(2) Certification of 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)) is attached hereto as Exhibit
99CERT.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by
the report by or on behalf of the registrant to 10 or more persons.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17
CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934
(17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the
United States Code (18 U.S.C. 1350) is attached hereto as Exhibit
99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
(Registrant) TIFF Investment Program, Inc.
By (Signature and Title) /s/ Richard J. Flannery
------------------------------------------------
Richard J. Flannery, President and Principal
Executive Officer
Date September 7, 2004
---------------------
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By (Signature and Title) /s/ Richard J. Flannery
------------------------------------------------
Richard J. Flannery, President and Principal
Executive Officer
Date September 7, 2004
---------------------
By (Signature and Title) /s/ William E. Vastardis
------------------------------------------------
William E. Vastardis, Treasurer and Principal
Financial Officer
Date September 7, 2004
---------------------