Exhibit (d41)

                            AMENDMENT AGREEMENT NO. 1

     Amendment Agreement No. 1, effective as of July 8, 2003 by and between TIFF
Investment Program, Inc. ("TIP"), a Maryland corporation, for the account of its
TIFF Multi-Asset Fund and TIFF Advisory Services, Inc. (formerly Foundation
Advisers, Inc.), a Delaware corporation (the "Adviser").

     WHEREAS, TIP and Adviser entered into an advisory agreement dated March 31,
1995, (the "Advisory Agreement"); and

     WHEREAS, TIP and Adviser desire to amend the Advisory Agreement as set
forth below.

     NOW, THEREFORE, in consideration of the promises and of the mutual
covenants and agreements herein set forth, the parties hereto agree as follows:

1.   Amendment.

     Effective July 8, 2003, the name of Foundation Advisers, Inc. changed to
     TIFF Advisory Services, Inc. Accordingly, all references to Foundation
     Advisers, Inc. in the Advisory Agreement should now read as TIFF Advisory
     Services, Inc.

2.   Miscellaneous.

     (a)  Except as amended hereby, the Advisory Agreement shall remain in full
          force and effect.

     (b)  This Amendment may be executed in two counterparts, each of which
          shall be deemed an original, but all of which together shall
          constitute one and the same instrument.

IN WITNESS WHEREOF, each party hereto has caused this Agreement to be executed
by its duly authorized officer, as the case may be, as of the date and year
first written above.


                                            TIFF INVESTMENT PROGRAM, INC.


                                            By: /s/ Tina M. Leiter
                                                ----------------------------
                                            Name: Tina M. Leiter
                                            Title: Assistant Secretary


                                            TIFF ADVISORY SERVICES, INC.


                                            By:  /s/ Esther Cash
                                                 ---------------------------
                                            Name: Esther Cash
                                            Title: Vice President