N-Q 1 d68541.htm TIFF INVESTMENT PROGRAM, INC. 68541 -- Converted by SECPublisher 4.0, created by BCL Technologies Inc., for SEC Filing

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number   811-08234   
   
 
  
 
TIFF Investment Program, Inc. 
(Exact name of registrant as specified in charter) 

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

Richard J. Flannery, President and Chief Executive Officer 
Four Tower Bridge, 200 Barr Harbor Drive, Suite 100, West Conshohocken, PA 19428 
(Name and address of agent for service) 

Registrant's telephone number, including area code:    (610)   684-8200 
Date of fiscal year end:    12/31/2007       
Date of reporting period:    9/30/2007       

Item 1. Schedule of Investments.

The schedule of investments for the period ending September 30, 2007 is filed herewith.

 

 

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)          September 30, 2007

        Number     
Common Stocks -- 37.5%        of Shares    Value 
 
US Common Stocks -- 15.4%             
 
Aerospace and Defense -- 0.2%             
Boeing Co.        2,500    $    262,475 
Honeywell International, Inc.        4,100    243,827 
Lockheed Martin Corp.        7,400    802,826 
Northrop Grumman Corp.        8,200    639,600 
Precision Castparts Corp.        3,500    517,930 
Raytheon Co.        22,300    1,423,186 
            3,889,844 
Airlines -- 0.2%             
AMR Corp.    (a)    80,600    1,796,574 
Northwest Airlines Corp.    (a)    60,400    1,075,120 
Northwest Airlines Corp., Class A    (a)(c)    37,300    93 
US Airways Group, Inc.    (a)    20,500    538,125 
            3,409,912 
Automobiles -- 0.0%             
Fleetwood Enterprises, Inc.    (a)    106,700    912,285 
 
Banking -- 0.0%             
J.G. Wentworth Inc.    (c)   30,400    364,800 
 
Beverages -- 0.0%             
PepsiCo, Inc.        8,200    600,732 
 
Biotechnology -- 0.0%             
Gilead Sciences, Inc.    (a)    10,600    433,222 
 
Capital Markets -- 0.2%             
Ameriprise Financial, Inc.        4,440    280,208 
Cohen & Steers, Inc.        5,700    211,071 
Franklin Resources, Inc.        1,800    229,500 
Goldman Sachs Group, Inc.        4,900    1,062,026 
MCG Capital Corp.        49,700    715,183 
Merrill Lynch & Co., Inc.        10,700    762,696 
Morgan Stanley        12,600    793,800 
            4,054,484 
Chemicals -- 0.1%             
Dow Chemical Co. (The)        9,100    391,846 
Scotts Miracle-Gro Co. (The)        50,200    2,146,050 
            2,537,896 

 

Commercial Banks -- 0.2%             
Comerica, Inc.        8,200    420,496 
KeyCorp        16,700    539,911 
SunTrust Banks, Inc.        6,400    484,288 
Wachovia Corp.        76,000    3,811,400 
            5,256,095 
Commercial Services & Supplies -- 0.3%             
Learning Tree International, Inc.    (a)    3,900    69,264 
Pitney Bowes, Inc.        61,400    2,788,788 
Viad Corp.        50,500    1,818,000 
Watson, Wyatt Worldwide, Inc.        39,400    1,770,636 
            6,446,688 
Communications Equipment -- 0.1%             
Cisco Systems, Inc.    (a)    31,000    1,026,410 
Juniper Networks, Inc.    (a)    7,900    289,219 
            1,315,629 
Computers & Peripherals -- 0.4%             
Dell, Inc.    (a)    49,200    1,357,920 
EMC Corp.    (a)    14,800    307,840 
Hewlett-Packard Co.        95,700    4,764,903 
Sun Microsystems, Inc.    (a)    478,400    2,683,824 
            9,114,487 
Consumer Finance -- 0.1%             
American Express Co.        25,900    1,537,683 
 
Containers and Packaging -- 0.0%             
Smurfit-Stone Container Corp.    (a)    87,000    1,016,160 
 
Distributors -- 0.2%             
Genuine Parts Co.        66,800    3,340,000 
 
Diversified Financial Services -- 0.6%             
Bank of America Corp.        88,200    4,433,814 
Citigroup, Inc.        104,200    4,863,014 
JPMorgan Chase & Co.        27,500    1,260,050 
KKR Financial Holdings LLC        66,600    1,122,210 
Moody's Corp.        36,800    1,854,720 
            13,533,808 
Diversified Telecommunication Services -- 0.4%             
AT&T, Inc.        25,837    1,093,163 
Cincinnati Bell, Inc.    (a)    195,200    964,288 
Embarq Corp.        5,179    287,952 
Level 3 Communications, Inc.    (a)    179,000    832,350 
Verizon Communications, Inc.        122,100    5,406,588 
            8,584,341 
Electric Utilities -- 0.1%             
Edison International        9,600    532,320 
FirstEnergy Corp.        9,900    627,066 
            1,159,386 
Electrical Equipment -- 0.1%             
Rockwell Automation, Inc.        5,600    389,256 
Superior Essex, Inc.    (a)    65,200    2,430,656 
            2,819,912 
Energy Equipment & Services -- 0.4%             
Baker Hughes, Inc.        43,700    3,949,169 
GlobalSantaFe Corp.        28,475    2,164,669 
Halliburton Co.        72,900    2,799,360 
            8,913,198 
Food & Staples Retailing -- 0.5%             
Costco Wholesale Corp.        114,900    7,051,413 
Kroger Co. (The)        87,400    2,492,648 
Safeway, Inc.        16,800    556,248 
Walgreen Co.        15,400    727,496 
            10,827,805 

Food Products -- 0.4%             
ConAgra Foods, Inc.        141,800    3,705,234 
General Mills, Inc.        10,500    609,105 
H.J. Heinz Co.        65,000    3,003,000 
Kraft Foods, Inc., Class A        19,647    678,018 
            7,995,357 
Gas Utilities -- 0.1%             
Equitable Resources, Inc.        26,700    1,384,929 
 
Health Care Providers & Services -- 0.3%             
Aetna, Inc.        14,000    759,780 
AmerisourceBergen Corp.        9,100    412,503 
Cardinal Health, Inc.        8,800    550,264 
CIGNA Corp.        11,700    623,493 
Express Scripts, Inc.    (a)    9,300    519,126 
McKesson Corp.        10,100    593,779 
Medco Health Solutions, Inc.    (a)    5,200    470,028 
Sunrise Senior Living, Inc.    (a)    72,600    2,567,862 
Wellpoint, Inc.    (a)    7,000    552,440 
            7,049,275 
Hotels, Restaurants & Leisure -- 0.1%             
McDonald's Corp.        7,200    392,184 
Yum! Brands, Inc.        18,800    636,004 
            1,028,188 
Household Durables -- 0.1%             
American Greetings Corp., Class A        85,600    2,259,840 
Garmin Ltd.        3,500    417,900 
            2,677,740 
Household Products -- 0.1%             
Kimberly-Clark Corp.        7,900    555,054 
Procter & Gamble Co.        7,100    499,414 
            1,054,468 
Industrial Conglomerates -- 0.4%             
3M Co.        32,700    3,060,066 
General Electric Co.        155,800    6,450,120 
            9,510,186 
Insurance -- 0.5%             
Allstate Corp. (The)        12,000    686,280 
Aon Corp.        8,500    380,885 
Berkshire Hathaway, Inc., Class B    (a)    1,171    4,627,792 
Chubb Corp.        11,200    600,768 
Loews Corp.        11,500    556,025 
MBIA, Inc.        18,900    1,153,845 
Mercury General Corp.        22,500    1,213,425 
Principal Financial Group        4,700    296,523 
Travelers Companies, Inc. (The)        14,500    729,930 
            10,245,473 

Internet & Catalog Retail -- 0.4%             
Amazon.com, Inc.    (a)    22,200    2,067,930 
Blue Nile, Inc.    (a)    28,200    2,654,184 
Liberty Media Holding Corp., Interactive Series A (Tracking Stock)    (a) (b)    43,050    826,990 
Priceline.com, Inc.    (a)    32,000    2,840,000 
            8,389,104 
Internet Software & Services -- 0.0%             
eBay, Inc.    (a)    14,200    554,084 
 
IT Services -- 0.2%             
Automatic Data Processing, Inc.        14,500    665,985 
Computer Sciences Corp.    (a)    1,600    89,440 
DST Systems, Inc.    (a)    15,900    1,364,379 
Forrester Research, Inc.    (a)    7,400    174,418 
Gartner Group, Inc., Class A    (a)    108,200    2,646,572 
            4,940,794 
Machinery -- 0.1%             
Caterpillar, Inc.        7,200    564,696 
Cummins, Inc.        4,800    613,872 
Eaton Corp.        2,600    257,504 
Ingersoll-Rand Co. Ltd.        4,500    245,115 
Parker-Hannifin Corp.        6,000    670,980 
            2,352,167 

Media -- 1.4%             
Cablevision Systems Corp.    (a)    257,400    8,993,556 
CBS Corp., Class A        17,300    545,123 
CBS Corp., Class B        110,200    3,471,300 
Clear Channel Communications, Inc.        99,700    3,732,768 
DIRECTV Group, Inc. (The)    (a)    23,900    580,292 
Discovery Holding Co., Class A    (a)    58,000    1,673,300 
EchoStar Communications Corp., Class A    (a)    10,900    510,229 
Liberty Global, Inc., Class A    (a)    99,767    4,092,442 
Liberty Global, Inc., Class C    (a)    81,167    3,137,916 
Liberty Media Holding Corp., Capital Series A (Tracking Stock)    (a) (b)    8,750    1,092,262 
Live Nation, Inc.    (a)    2,750    58,437 
Primedia Inc.        69,716    978,813 
Sun-Times Media Group, Inc.    (a)    62,315    141,455 
Time Warner, Inc.        42,900    787,644 
Walt Disney Co. (The)        13,600    467,704 
            30,263,241 
Metals and Mining -- 0.7%             
Alcoa, Inc.        160,700    6,286,584 
Freeport-McMoRan Copper & Gold, Inc.        35,000    3,671,150 
Nucor Corp.        68,200    4,055,854 
Southern Copper Corp.        5,000    619,150 
            14,632,738 
Multiline Retail -- 0.0%             
99 Cents Only Stores    (a)    33,700    346,099 
Kohl's Corp.    (a)    9,000    515,970 
            862,069 
Multi-Utilities -- 0.0%             
Public Service Enterprise Group, Inc.        7,200    633,528 
 
Office Electronics -- 0.1%             
Xerox Corp.    (a)    177,700    3,081,318 
 
Oil, Gas & Consumable Fuels -- 2.5%             
Chevron Corp.        77,100    7,215,018 
ConocoPhillips        53,768    4,719,217 
Consol Energy, Inc.        76,200    3,550,920 
Denbury Resources, Inc.    (a)    45,000    2,011,050 
Devon Energy Corp.        18,600    1,547,520 
EOG Resources, Inc.        77,300    5,591,109 
Exxon Mobil Corp.        97,360    9,011,642 
Marathon Oil Corp.        14,000    798,280 
Newfield Exploration Co.    (a)    47,000    2,263,520 
Noble Energy, Inc.        28,000    1,961,120 
Peabody Energy Corp.        50,900    2,436,583 
Ultra Petroleum Corp.    (a)    29,800    1,848,792 
Valero Energy Corp.        106,900    7,181,542 
XTO Energy, Inc.        71,466    4,419,457 
            54,555,770 
Paper & Forest Products -- 0.0%             
Bowater, Inc.        54,800    817,616 
 
Pharmaceuticals -- 0.8%             
Bristol-Myers Squibb Co.        42,400    1,221,968 
Forest Laboratories, Inc.    (a)    7,000    261,030 
Johnson & Johnson        15,400    1,011,780 
Merck & Co., Inc.        59,800    3,091,062 
Pfizer, Inc.        200,100    4,888,443 
Schering-Plough Corp.        52,400    1,657,412 
Wyeth        94,600    4,214,430 
            16,346,125 
Public Facilities -- 0.0%             
Thornburg Mortgage, Inc.        50,400    647,640 
 
Real Estate Investment Trusts (REITs) -- 1.6%             
American Financial Realty Trust        99,200    798,560 
Apartment Investment & Management Co.        31,800    1,435,134 
Cogdell Spencer, Inc.        57,500    1,063,750 
DCT Industrial Trust, Inc.        132,900    1,391,463 
Digital Realty Trust, Inc.        36,470    1,436,553 
Entertainment Properties Trust        26,800    1,361,440 
Liberty Property Trust..        87,147    3,504,181 
Mack-Cali Realty Corp.        64,800    2,663,280 
Maguire Properties, Inc.        55,000    1,420,650 
Potlatch Corp.        29,300    1,319,379 
Public Storage        26,000    2,044,900 
Rayonier, Inc.        42,500    2,041,700 
Simon Property Group, Inc.        13,600    1,360,000 
SL Green Realty Corp.        47,200    5,511,544 

U-Store-It Trust        86,100    1,136,520 
Vornado Realty Trust        47,400    5,183,190 
            33,672,244 
Real Estate Management & Development -- 0.1%             
Forest City Enterprises, Inc., Class A        50,300    2,774,548 
Meruelo Maddux Properties, Inc.    (a)    7,200    42,552 
            2,817,100 
Road & Rail -- 0.2%             
Kansas City Southern    (a)    74,800    2,406,316 
Norfolk Southern Corp.        10,600    550,246 
Union Pacific Corp.        4,000    452,240 
            3,408,802 
Semiconductors & Semiconductor Equipment -- 0.2%             
Applied Materials, Inc.        32,900    681,030 
Intel Corp.        22,100    571,506 
LSI Corp.    (a)    226,472    1,680,422 
Texas Instruments, Inc.        13,200    482,988 
            3,415,946 
Software -- 0.5%             
Microsoft Corp.        261,400    7,700,844 
Oracle Corp.    (a)    142,200    3,078,630 
Symantec Corp.    (a)    29,300    567,834 
            11,347,308 
Specialty Retail -- 0.0%             
Blockbuster, Inc., Class B    (a)    157,500    763,875 
 
Textiles, Apparel & Luxury Goods -- 0.1%             
Coach, Inc.    (a)    13,100    619,237 
Hanes Brands, Inc.    (a)    19,500    547,170 
Nike, Inc., Class B        11,600    680,456 
            1,846,863 
Thrifts & Mortgage Finance -- 0.1%             
MGIC Investment Corp.        17,200    555,732 
Washington Mutual, Inc.        17,800    628,518 
            1,184,250 
Tobacco -- 0.1%             
Altria Group, Inc.        29,800    2,071,994 
Reynolds American, Inc.        3,600    228,924 
            2,300,918 
Wireless Telecommunication Services -- 0.2%             
American Tower Corp., Class A    (a)    25,400    1,105,916 
NII Holdings, Inc., Class B    (a)    20,400    1,675,860 
SBA Communications Corp., Class A    (a)    50,600    1,785,168 
Sprint Nextel Corp.        35,200    668,800 
            5,235,744 
Total US Common Stocks             
    (Cost $269,201,617)            335,083,227 
 
Foreign Common Stocks -- 22.1%             
 
Australia -- 0.9%             
Alumina Ltd.        467,890    2,952,656 
Amcor Ltd.        349,771    2,287,133 
Australia and New Zealand Banking Group Ltd.        52,857    1,389,922 
Caltex Australia Ltd.        22,300    463,829 
Foster's Group Ltd.        308,892    1,788,239 
Iluka Resources Ltd.        29,422    144,626 
National Australia Bank Ltd.        131,961    4,638,595 
Santos Ltd.        89,088    1,196,165 
Telstra Corp. Ltd.        965,304    3,727,905 
            18,589,070 
Austria -- 0.0%             
BWIN Interactive Entertainment AG    (a)    1,820    43,404 
Oesterreichische Post AG        759    30,540 
            73,944 
Belgium -- 0.1%             
Fortis        59,000    1,736,047 
 
Bermuda -- 0.2%             
Hongkong Land Holdings Ltd.        125,500    567,260 
Lazard Ltd., Class A        29,800    1,263,520 
Macquarie International Infrastructure Fund Ltd.        1,947,000    1,440,017 
Pacific Century Premium Developments Ltd.        412,700    128,662 
            3,399,459 

Brazil -- 0.9%             
Cia Vale do Rio Doce - ADR        36,572    1,240,888 
Cia Vale do Rio Doce - SPADR        476,800    13,564,960 
CPFL Energia SA        48,000    930,933 
Petroleo Brasileiro SA - ADR        59,700    4,507,350 
            20,244,131 
Canada -- 2.8%             
Abitibi-Consolidated, Inc.    (a)    137,600    243,479 
Ace Aviation Holdings, Inc., Class A    (a)    34,500    922,636 
Aeroplane Income Fund Registered, Class D    (c) (d)    20,305    454,216 
Alcan, Inc. - NYSE Shares        2,400    240,192 
Alcan, Inc. - TSE Shares        32,200    3,212,392 
Barrick Gold Corp.        43,516    1,752,824 
BCE, Inc.        28,272    1,134,120 
Bell Aliant Regional Communications Income Fund    (c) (d)    1,558    50,187 
Bombardier, Inc., Class B    (a)    863,400    5,130,140 
BPO Properties Ltd.        10,600    719,242 
Brookfield Asset Management, Inc., Class A        14,850    571,725 
Brookfield Properties Corp.        45,700    1,137,930 
Cameco Corp.        124,800    5,770,752 
Canadian Natural Resources Ltd.        94,300    7,163,633 
EnCana Corp. - NYSE Shares        88,400    5,465,842 
EnCana Corp. - TSE Shares        3,800    235,030 
Fraser Papers, Inc.    (a)    39,400    198,456 
Imperial Oil Ltd.        74,100    3,672,034 
Jazz Air Income Fund    (c) (d)    8,875    70,668 
MI Developments, Inc., Class A        22,700    751,597 
Nortel Networks Corp.    (a)    61,590    1,043,993 
Onex Corp.        13,500    496,079 
Petro-Canada - NYSE Shares        4,200    241,038 
Petro-Canada - TSE Shares        41,342    2,372,079 
Rogers Communications, Inc., Class B - NYSE Shares        5,500    250,415 
Rogers Communications, Inc., Class B - TSE Shares        147,900    6,732,933 
Suncor Energy, Inc.        47,884    4,547,451 
Talisman Energy, Inc.        215,000    4,221,535 
Western Oil Sands, Inc., Class A    (a)    64,587    2,528,545 
            61,331,163 
Cayman Islands -- 0.0%             
Greentown China Holdings Ltd.        328,700    764,485 
 
China -- 0.1%             
Tsingtao Brewery Co. Ltd.        318,000    1,156,981 
 
Denmark -- 0.2%             
Coloplast A/S, Class B        7,100    675,250 
GN Store Nord A/S (GN Great Nordic)    (a)    50,900    516,472 
Vestas Wind Systems A/S    (a)    18,133    1,433,232 
William Demant Holding    (a)    12,500    1,107,972 
            3,732,926 

Finland -- 0.5%             
Boardwalk Real Estate Investment - REIT        92,700    4,412,954 
Metso Oyj        26,130    1,799,804 
Sampo Oyj, Class A        47,900    1,461,075 
Tietoenator Oyj        14,400    322,898 
UPM-Kymmene Oyj        69,968    1,690,847 
Wartsila Oyj Corp., Class B        3,080    210,857 
            9,898,435 
France -- 1.2%             
Alcatel Lucent - SPADR        117,776    1,198,960 
Atos Origin SA    (a)    5,100    296,682 
AXA SA        26,900    1,199,800 
BNP Paribas        10,370    1,133,362 
Carrefour SA        48,876    3,423,595 
Compagnie de Saint-Gobain        3,840    399,858 
France Telecom SA        37,825    1,266,854 
Lagardere S.C.A.        2,220    188,833 
Legrand SA        13,932    468,203 
Renault SA        14,307    2,070,677 
SA des Ciments Vicat        2,010    204,057 
Sanofi-Aventis        10,404    882,003 
SCOR SE        22,592    604,736 
Societe Generale, Class A        11,903    1,994,808 
Suez SA, Strip VVPR    (a) (c)    10,248    146 
Thales SA        16,100    943,711 
Total SA        60,547    4,898,912 
Total SA - SPADR        65,400    5,299,362 
            26,474,559 
Germany -- 0.8%             
BASF AG        10,600    1,462,986 
Bayer AG        27,155    2,158,340 
Bayerische Motoren Werke AG        11,500    741,682 
DaimlerChrysler AG        14,700    1,480,671 
Deutsche Post AG        16,200    471,362 
Deutsche Telekom AG        92,308    1,813,241 
E.ON AG        7,300    1,350,114 
Franconofurt AG        11,370    159,752 
Fraport AG        15,200    1,050,948 
Fresenius Medical Care AG & Co.        31,500    1,674,384 
RWE AG        26,928    3,385,401 
Vivacon AG        87,800    2,283,818 
            18,032,699 

Hong Kong -- 1.0%             
Asia Satellite Telecommunications Holdings Ltd.        31,000    63,776 
China Mobile Ltd.        93,500    1,531,640 
First Pacific Co.        1,884,000    1,394,048 
Henderson Land Development Co.        246,000    1,941,249 
Hong Kong & Shanghai Hotels Ltd. (The)        613,892    1,088,472 
Hong Kong Aircraft Engineering Co. Ltd.        64,400    1,454,002 
Hong Kong Electric Holdings Ltd.        276,700    1,437,027 
i-CABLE Communications Ltd.        1,071,000    222,971 
Kowloon Development Co. Ltd.        135,100    344,960 
New World Development Ltd.        2,198,661    6,072,455 
Next Media Ltd.        838,000    236,820 
Polytec Asset Holdings Ltd.        329,600    112,194 
Shui On Land Ltd.        613,200    742,851 
Silver Grant International Ltd.        372,000    77,111 
SmarTone Telecommunications Holdings Ltd.        534,000    661,124 
SPG Land (Holdings) Ltd.    (a)    14,400    11,478 
Sun Hung Kai Properties Ltd.        45,900    766,951 
Television Broadcasts Ltd.        226,000    1,357,547 
Wharf (Holdings) Ltd. (The)        296,700    1,458,346 
Wheelock & Co. Ltd.        384,000    1,056,562 
Wheelock Properties Ltd.        285,000    315,699 
            22,347,283 
Indonesia -- 0.2%             
Bank Pan Indonesia Tbk PT    (a)    13,748,708    1,050,186 
Gudang Garam Tbk PT        230,000    236,149 
Indofood Sukses Makmur Tbk PT        2,307,000    486,026 
Matahari Putra Prima Tbk PT        4,034,800    339,298 
Semen Gresik Persero Tbk PT        2,350,000    1,367,605 
            3,479,264 
Ireland -- 0.1%             
DCC plc        6,290    186,437 
Fyffes plc        93,400    121,109 
Independent News & Media plc        214,400    814,946 
Paddy Power plc        5,590    197,452 
Total Produce plc    (a)    98,400    93,940 
            1,413,884 
Israel -- 0.0%             
Bank Hapoalim B.M.        198,280    1,017,959 
 
Italy -- 0.8%             
Banco Popolare Scarl    (a)    22,098    496,361 
Eni SpA - SPADR        56,200    4,145,312 
Fiat SpA        62,100    1,882,509 
Finmeccanica SpA        6,400    186,528 
Intesa Sanpaolo        396,669    3,059,455 
Luxottica Group SpA - SPADR        32,900    1,115,310 
Natuzzi SpA - SPADR    (a)    4,400    25,960 
Saipem SpA        50,900    2,159,782 
Seat Pagine Gaille        946,490    528,632 
UniCredito Italiano SpA        388,733    3,323,929 
            16,923,778 
Japan -- 2.0%             
Ajinomoto Co., Inc.        37,000    462,469 
Alfresa Holdings Corp.        6,000    382,340 
Astellas Pharma, Inc.        47,400    2,267,181 
Bank of Yokohama Ltd. (The)        36,000    247,484 
Bridgestone Corp.        26,500    583,530 
Canon, Inc.        42,000    2,275,144 
Chiba Bank Ltd. (The)        24,000    184,614 
Dai Nippon Printing Co. Ltd.        27,000    384,911 
Daifuku Co. Ltd.        7,500    85,495 
East Japan Railway Co.        136    1,071,747 
Ebara Corp.        31,000    142,727 
FamilyMart Co. Ltd.        21,600    562,513 
FUJIFILM Holdings Corp.        21,000    965,288 
Fujitsu Frontech Ltd.        4,600    40,773 
Fukuoka Financial Group, Inc.    (a)    64,000    373,272 
Hitachi Ltd.        66,000    438,045 
Isetan Co. Ltd.        9,400    126,794 
JS Group Corp.        23,000    399,588 
Kao Corp.        38,000    1,132,311 
Kawasaki Heavy Industries Ltd.        137,000    535,425 
KDDI Corp.        68    503,141 
Kinden Corp.        23,000    209,618 
Kirin Holdings Co. Ltd.        48,000    633,524 
Marui Co. Ltd.        35,300    388,911 
Matsushita Electric Industrial        4,000    74,694 
Matsushita Electric Works Ltd.        58,114    698,717 

Millea Holdings, Inc.        38,200    1,532,972 
Mitsubishi Corp.        41,300    1,298,154 
Mitsubishi UFJ Financial Group, Inc.        64    581,337 
Mizuho Financial Group, Inc.        47    266,357 
Namco Bandai Holdings, Inc.        33,050    478,927 
NEC Corp.        73,000    353,088 
Nintendo Co. Ltd.        1,600    828,272 
Nippon Meat Packers, Inc.        31,000    344,377 
Nippon Mining Holdings, Inc.        3,000    30,030 
Nippon Oil Corp.        49,000    452,635 
Nippon Suisan Kaisha Ltd.        60,000    316,271 
Nisshinbo Industries, Inc.        9,000    124,573 
Nitto Denko Corp.        34,400    1,596,008 
Noritake Co. Ltd.        10,000    47,617 
NTT Corp.        643    3,000,453 
NTT DoCoMo, Inc.        307    436,160 
Ohbayashi Corp.        22,000    101,548 
OMRON Corp.        1,200    31,596 
Onward Holdings Co. Ltd.        26,000    262,311 
Ricoh Co. Ltd.        20,000    421,110 
Rohm Co. Ltd.        1,900    167,543 
Ryosan Co. Ltd.        3,000    75,073 
Sankyo Co. Ltd.        1,500    60,630 
Secom Co. Ltd.        15,000    720,140 
Sekisui House Ltd.        41,000    515,243 
Seven & I Holdings Co. Ltd.        18,980    488,540 
Shimizu Corp.        44,000    238,510 
Shiseido Co. Ltd.        15,000    332,411 
Sompo Japan Insurance, Inc.        37,000    422,437 
Sony Corp.        14,200    682,824 
Sumitomo Electric Industries Ltd.        32,000    508,813 
Sumitomo Forestry Co. Ltd.        38,000    312,753 
Sumitomo Metal Mining Co. Ltd.        18,000    433,429 
Sumitomo Mitsui Financial Group, Inc.        104    806,018 
Sumitomo Trust & Banking Co. Ltd.        42,000    316,497 
Taiyo Nippon Sanso Corp.        52,000    465,616 
Takeda Pharmaceutical Co. Ltd.        35,600    2,499,361 
Tanabe Seiyaku Co. Ltd.        32,000    402,952 
TDK Corp.        6,700    587,252 
Tokyo Electric Power Co. Inc. (The)        10,000    252,032 
Tokyo Gas Co. Ltd.        188,000    872,950 
Tokyo Ohka Kogyo Co. Ltd.        9,000    194,102 
Toppan Forms Co. Ltd.        21,200    213,427 
Toyo Seikan Kaisha Ltd.        14,000    263,234 
Toyota Motor Corp.        5,500    321,970 
West Japan Railway Co.        600    2,859,829 
Yamatake Corp.        10,000    333,888 
Yamato Holdings Co. Ltd.        35,000    524,158 
            43,545,684 
Luxembourg -- 0.1%             
ArcelorMittal        30,486    2,399,981 
ProLogis European Properties        42,700    721,024 
            3,121,005 
Malaysia -- 0.3%             
British American Tobacco Malaysia Berhad        36,800    445,264 
Bumiputra-Commerce Holdings Berhad        635,169    1,988,282 
Carlsberg Brewery Malaysia Berhad        138,000    187,983 
Kumpulan Guthrie Berhad        199,000    384,637 
Malaysian Airlines System Berhad    (a)    120,000    151,134 
Multi-Purpose Holdings Berhad        390,000    208,736 
Resorts World Berhad        1,721,000    1,982,200 
Sime Darby Berhad        290,500    886,848 
            6,235,084 
Mexico -- 0.0%             
America Movil SA de CV, Series L - ADR        3,700    236,800 
Telefonos de Mexico SA de CV, Series L - SPADR        2,600    85,462 
            322,262 

Netherlands -- 1.2%             
Arcelor Mittal, Class A        68,639    5,378,552 
Heineken NV        20,475    1,343,454 
ING Groep NV - CVA        88,568    3,927,673 
Koninklijke (Royal) KPN NV        58,600    1,017,535 
Koninklijke (Royal) Philips Electronics NV        27,300    1,230,880 
Koninklijke Boskalis Westminster NV - CVA        22,776    1,146,963 
Reed Elsevier NV        98,668    1,874,066 
Royal Dutch Shell plc, Class A        128,355    5,300,485 
Royal Dutch Shell plc, Class A - ADR        25,800    2,120,244 
Royal Dutch Shell plc, Class B        28,522    1,169,849 
Vedior NV        10,100    222,224 
Wolters Kluwer NV        22,110    656,408 
            25,388,333 
New Zealand -- 0.1%             
Telecom Corp. of New Zealand Ltd.        554,638    1,871,995 
 
Norway -- 0.1%             
DNB NOR ASA        43,000    659,213 
Statoil ASA        22,100    752,672 
            1,411,885 
Philippines (The) -- 0.4%             
ABS-CBN Broadcasting Corp.        1,545,400    1,097,100 
Ayala Corp.        350,971    4,268,011 
Banco de Oro-EPCI, Inc.        131,400    172,718 
Benpres Holdings Corp.    (a)    3,127,000    290,043 
DMCI Holdings, Inc.        1,010,000    203,325 
Globe Telecom, Inc.        87,900    2,864,143 
Jollibee Foods Corp.        531,600    628,460 
            9,523,800 
Russia -- 0.5%             
LUKOIL - SPADR        50,800    4,231,640 
Oao Gazprom - SPADR        92,700    4,067,348 
Oao Rosneft Oil Co. - GDR        203,523    1,722,379 
            10,021,367 
Singapore -- 1.0%             
Allco Commercial Real Estate Investment Trust - REIT        1,513,700    1,077,721 
Ascott Group Ltd. (The)        744,000    814,668 
BIL International Ltd.        833,000    722,730 
CapitaCommerical Trust - REIT        147,900    281,752 
Capitaland Ltd.        71,400    390,561 
Fraser & Neave Ltd.        441,900    1,689,875 
Great Eastern Holdings Ltd.        139,000    1,683,069 
Jardine Matheson Holdings Ltd.        202,200    5,782,920 
Jardine Strategic Holdings Ltd.        259,500    4,100,100 
Keppel Land Ltd.        192,700    1,073,272 
Mandarin Oriental International Ltd.        200,000    450,000 
Oversea-Chinese Banking Corp.        411,800    2,459,508 
Singapore Land Ltd.        13,000    88,887 
Stats Chippac Ltd.    (a)    1,396,000    1,521,461 
United Industrial Corp. Ltd.        75,000    154,180 
Yellow Pages Singapore Ltd.        97,000    78,333 
            22,369,037 

South Africa -- 0.7%             
Anglo Platinum Ltd.        33,147    5,192,904 
AngloGold Ashanti Ltd. - SPADR        41,300    1,936,557 
City Lodge Hotels Ltd.        12,529    147,940 
FirstRand Ltd.        217,617    703,962 
Gold Fields Ltd.        125,696    2,242,861 
Hosken Consolidated Investments Ltd.        33,000    356,426 
JD Group Ltd.        13,740    117,221 
Mondi Ltd. - JSE Shares        2,462    24,362 
Mondi Ltd. - LSE Shares        2,994    29,875 
Nedbank Group Ltd.        44,599    822,687 
New Clicks Holdings Ltd.        59,500    143,684 
RMB Holdings Ltd.        236,100    1,141,337 
Standard Bank Group Ltd.        91,977    1,356,474 
Sun International Ltd.        72,438    1,544,638 
            15,760,928 
South Korea -- 0.1%             
Daelim Industrial Co. Ltd.        9,939    1,831,960 
Hyundai Motor Co.        430    34,630 
Kookmin Bank        730    60,039 
Korea Electric Power Corp.        460    21,515 
POSCO        100    72,022 
Samsung Electronics Co. Ltd.        80    50,200 
            2,070,366 
Spain -- 0.8%             
Acciona SA        7,400    2,007,875 
Acerinox SA        50,960    1,530,803 
Banco Popular Espanol SA        57,550    988,111 
Banco Santander SA        180,738    3,497,959 
Iberdrola SA        36,054    2,112,670 
Prosegur, Compania de Seguridad SA        7,200    261,631 
Sogecable SA    (a)    7,570    274,924 
Telefonica SA        247,491    6,932,649 
Viscofan SA        11,200    261,065 
            17,867,687 
Sweden -- 0.2%             
Assa Abloy AB        44,300    919,522 
Ericsson, Class B        257,000    1,028,686 
Hoganas AB, Class B        10,700    283,474 
Modern Times Group MTG AB, Class B        3,450    223,141 
Svenska Cellulosa AB (SCA) - Class B        47,000    876,503 
Svenska Handelsbanken, Class A        35,800    1,109,961 
TeliaSonera AB        15,500    139,902 
            4,581,189 

Switzerland -- 0.5%             
Adecco SA        12,000      709,683 
Compagnie Financiere Richemonte AG (UNIT)        22,200      1,470,910 
Geberit AG        5,450      712,935 
Logitech International SA    (a)    23,008      684,954 
Novartis AG        95,472      5,253,983 
PubliGroupe SA        700      244,233 
Roche Holding AG        5,120      927,828 
Sonova Holding AG        1,760      176,401 
            10,180,927 
Taiwan -- 0.2%             
Asustek Computer, Inc. - GDR        225,078      674,701 
Chunghwa Telecom Co. Ltd. - ADR        70,180      1,296,926 
Taiwan Semiconductor Manufacturing Co. Ltd.        261,299      508,060 
Taiwan Semiconductor Manufacturing Co. Ltd. - SPADR        83,236      842,348 
            3,322,035 
Thailand -- 0.3%             
Advanced Info Service PCL        548,000      1,407,048 
GMM Grammy PCL - NVDR    (a)    474,000      122,262 
Kasikornbank PCL        340,000      820,476 
Land and Houses Public Co. Ltd.        873,500      222,589 
Matichon PCL        76,000      18,848 
MBK PCL        108,000      206,389 
Siam Cement PCL        134,700      1,020,340 
Siam Cement PCL - NVDR    (a)    368,200      2,722,393 
Thanachart Capital PCL        353,000      161,695 
            6,702,040 
United Kingdom -- 3.8%             
AMEC plc        21,910      331,226 
Anglo American plc - JSE Shares        22,163      1,461,701 
Anglo American plc - LSE Shares        27,497      1,834,630 
Arriva plc        77,200      1,220,272 
Aviva plc        89,176      1,341,680 
BAE Systems plc        178,520      1,801,044 
Barclays plc        94,100      1,144,155 
BG Group plc        61,047      1,056,032 
BP plc        460,523      5,327,130 
BP plc - SPADR        57,400      3,980,690 
Brixton plc        182,400      1,350,465 
BT Group plc        63,840      401,103 
Bunzl plc        26,289      376,804 
Cable & Wireless plc        366,400      1,378,356 
Capita Group plc        100,451      1,488,055 
Carnival plc        15,600      744,400 
Compass Group plc        112,300      693,929 
Daily Mail & General Trust NV - Class A        8,720      112,422 
Devro plc        75,400      136,531 
Diageo plc        58,900      1,292,066 
Enodis plc        174,100      621,626 
Enterprise Inns plc        51,200      621,201 
Eurocastle Investment Ltd.        26,100      902,028 
GKN plc        229,200      1,660,356 
GlaxoSmithKline plc        286,741      7,605,363 
Hays plc        127,040      345,723 
HBOS plc        203,856      3,810,510 
HMV Group plc        23,700      56,673 
Homeserve plc        6,510      230,442 
ICAP plc        101,300      1,091,348 
Informa plc        83,500      854,370 
International Personal Finance        77,400      311,628 
Intertek Group plc        48,700      941,897 
Invensys plc    (a)    123,170      778,974 
INVESCO plc        57,440      776,754 
ITV plc        219,300      460,956 
Ladbrokes plc        36,511      322,243 
Lloyds TSB Group plc        350,369      3,886,092 
Mondi plc - JSE Shares        7,555      71,809 
Mondi plc - LSE Shares        6,089      57,514 
Northgate plc        7,370      139,488 
Provident Financial plc        26,750      487,904 
Reckitt Benckiser plc        25,100      1,474,277 
Reed Elsevier plc        84,800      1,070,405 
Rexam plc        63,100      711,509 
Rio Tinto plc        25,600      2,194,995 
Rolls-Royce Group plc    (a)    22,250      237,683 
Royal & Sun Alliance Insurance Group plc        69,500      219,504 
Sage Group plc        226,200      1,153,725 
Segro PLC - REIT        170,123      1,737,131 
Shaftesbury plc        29,400      297,723 

Smiths Group plc        18,200   397,813 
Sportingbet plc    (a)    62,890   53,135 
Stagecoach Group plc        155,700   723,989 
Tesco plc        135,700   1,219,409 
Thomas Cook Group plc    (a)    156,333   890,008 
Tui Travel plc    (a)    132,331   682,288 
Unilever plc        125,654   3,972,595 
Vedanta Resources plc        146,008   6,031,696 
Vodafone Group plc        209,337   758,252 
WPP Group plc        43,700   591,481 
Xstrata plc        84,195   5,545,908 
            83,471,116 
Total Foreign Common Stocks             
    (Cost $321,419,184)            478,382,807 
 
Total Common Stocks             
    (Cost $590,620,801)            813,466,034 

    Interest     Maturity    Principal     
    Rate     Date    Amount    Value 
Asset-Backed Securities -- 1.2%                 
Ameriquest Mortgage Securities, Inc., Ser. 2005-R1,
    Class A3B (FRN)  		  5.341 %    03/25/35    497,435    496,912 
Bank of America Credit Card Trust, Ser. 2006-A12,
    Class A12 (FRN)  		  5.770 %    03/15/14    1,000,000    988,298 
Bank of America Credit Card Trust, Ser. 2007-A6,
    Class A6 (FRN)  		  5.810 %    09/15/16    2,000,000    1,958,857 
Bear Stearns Asset Backed Securities Trust, Ser. 2005-HE10,
    Class A2 (FRN)  		  5.421 %    11/25/35    1,316,731    1,300,332 
BNC Mortgage Loan Trust, Ser. 2006-1, Class M1 (FRN)    5.391 %    10/25/36    500,000    450,391 
Carrington Mortgage Loan Trust, Ser. 2005-NC5,
    Class A2 (FRN)  		  5.825 %    10/25/35    1,332,290    1,310,584 
Chase Issuance Trust, Ser. 2006-A8, Class A8 (FRN)    5.810 %    02/16/16    1,900,000    1,863,572 
Citibank Credit Card Issuance Trust, Ser. 2007-A7,
    Class A7 (FRN)  		  5.846 %    08/20/14    1,900,000    1,897,738 
Countrywide Asset-Backed Certificates, Ser. 2004-1,
    Class 3A (FRN)  		  5.411 %    04/25/34    293,688    282,783 
Credit-Based Asset Servicing and Securitization, Ser. 2005-CB8,
    Class AF1B (STEP)  		  5.451 %    12/25/35    129,371    128,858 
FBR Securitization Trust, Ser. 2005-2, Class AV31 (FRN) (STEP)    5.401 %    09/25/35    1,042,831    1,029,502 
First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2003-FF5,
    Class M2 (FRN)  		  7.381 %    03/25/34    232,321    227,064 
First Franklin Mortgage Loan Asset Backed Certificates, Ser. 2005-FF10,
    Class A4 (FRN)   		  5.451 %    11/25/35    600,000    564,207 
First Franklin Mortgage Loan Asset Backed Certificates,
    Ser. 2005-FFH2, C (c)  		  5.381 %    04/25/35    134,786    134,690 
Indymac Residential Asset Backed Trust, Ser. 2007-B,
    Class 2A3 (FRN)  		  5.331 %    07/25/37    907,000    877,136 
JP Morgan Mortgage Acquisition Corp., Ser. 2005-FLD1,
    Class A2 (FRN)  		  5.391 %    07/25/35    218,908    216,362 
JP Morgan Mortgage Acquisition Corp., Ser. 2006-NC1,
    Class A5 (FRN)  		  5.401 %    04/25/36    400,000    387,307 
Lehman Mortgage Trust, Ser. 2006-4, Class 4A1    6.000 %    08/25/21    434,423    437,577 
Long Beach Mortgage Loan Trust, Ser. 2006-2,
    Class 2A3 (FRN)  		  5.321 %    03/25/36    3,000,000    2,755,263 
Long Beach Mortgage Loan Trust, Ser. 2006-4,
    Class 2A3 (FRN)  		  5.291 %    05/25/36    1,050,000    1,026,862 
Morgan Stanley ABS Capital I, Ser. 2002-HE3,
    Class A2 (FRN)  		  5.671 %    12/27/32    303,687    295,825 
New Century Home Equity Loan Trust, Ser. 2003-2,
    Class M2 (FRN)  		  8.131 %    01/25/33    500,000    459,655 
Nomura Asset Securities Corp., Ser. 1998-D6,
    Class A3 (FRN)  		  7.252 %    03/15/30    4,000,000    4,449,506 
Ownit Mortgage Loan Asset-Backed Certificates, Ser. 2006-1,
    Class AF1 (STEP)  		  5.424 %    12/25/36    1,688,066    1,670,091 
Residential Asset Securities Corp., Ser. 2004-KS9,
    Class AII4 (FRN)  		  5.431 %    10/25/34    274,094    270,261 
Residential Asset Securities Corp., Ser. 2006-EMX8,
    Class 1A3 (FRN)  		  5.301 %    10/25/36    700,000    655,392 
SACO I Trust, Ser. 2005-WM3, Class A1 (FRN)    5.391 %    09/25/35    90,020    89,430 
Soundview Home Equity Loan Trust, Ser. 2005-OPT4,
    Class 2A3 (FRN)  		  5.391 %    12/25/35    200,000    192,870 
Washington Mutual Asset-Backed Certificates, Ser. 2006-HE2,
    Class A3 (FRN)  		  5.281 %    05/25/36    400,000    391,775 
Total Asset-Backed Securities                 
   (Cost $26,843,535)                26,809,100 

Mortgage-Backed Securities - Private Issuers -- 1.2%                   
American Home Mortgage Investment Trust, Ser. 2004-1,
    Class 4A (FRN)  		    3.280 %    04/25/44    116,274    113,296 
American Home Mortgage Investment Trust, Ser. 2004-4,
    Class 4A (FRN)  		    4.390 %    02/25/45    485,960    480,077 
American Home Mortgage Investment Trust, Ser. 2005-1,
    Class 6A (FRN)  		    5.294 %    06/25/45    584,797    579,135 
American Home Mortgage Investment Trust, Ser. 2005-2,
    Class 5A2 (FRN)  		    5.281 %    09/25/35    163,327    163,070 
Bank of America Commercial Mortgage, Inc., Ser. 2006-2,
    Class A1  		    5.611 %    05/10/45    4,064,874    4,105,928 
Bank of America Funding Corp., Ser. 2004-B,
    Class 1A2 (VRN)  		    3.954 %    12/20/34    372,651    383,187 
Bear Stearns Commercial Mortgage Securities, Inc., Ser. 2002-TOP6,
    Class A2  		6.460 %    10/15/36    2,000,000    2,095,267 
Citigroup Mortgage Loan Trust, Inc., Ser. 2007-AR5,
    Class 1A2A (FRN)  		    5.616 %    04/25/37    691,316    682,087 
Downey Savings & Loan Association Mortgage Loan Trust,
    Ser. 2004-AR3, Class B2 (FRN)  		6.603 %    07/19/44    156,960    130,178 
Harborview Mortgage Loan Trust, Ser. 2004-7,
    Class 2A2 (VRN)  		    6.744 %    11/19/34    179,396    179,680 
Harborview Mortgage Loan Trust, Ser. 2004-8,
    Class 2A3 (FRN)  		    5.913 %    11/19/34    232,222    229,538 
Harborview Mortgage Loan Trust, Ser. 2005-9,
    Class 2A1A (FRN)  		    5.836 %    06/20/35    156,653    153,604 
Impac CMB Trust, Ser. 2004-9, Class M4 (FRN)      6.181 %    01/25/35    143,791    139,432 
JP Morgan Chase Commercial Mortgage Securities Corp.,
    Ser. 2004-CB8, Class A3  		4.007 %    01/12/39    5,000,000    4,796,906 
JP Morgan Chase Commercial Mortgage Securities Corp.,
    Ser. 2005-LDP2, Class A4  		4.738 %    07/15/42    1,480,000    1,410,308 
LB-UBS Commercial Mortgage Trust, Ser. 2000-C5, Class A2      6.510 %    12/15/26    5,000,000    5,205,980 
LB-UBS Commercial Mortgage Trust, Ser. 2003-C3, Class A4      4.166 %    05/15/32    500,000    472,732 
MLCC Mortgage Investors, Inc., Ser. 2004-D, Class A2 (FRN)      5.455 %    08/25/29    241,479    240,235 
Structured Adjustable Rate Mortgage Loan Trust, Ser. 2005-19XS,
    Class 1A1 (FRN)  		5.451 %    10/25/35    647,136    630,619 
Structured Adjustable Rate Mortgage Loan Trust, Ser. 2007-7,
    Class 2AS2  		    5.746 %    08/25/15    588,676    583,709 
Structured Asset Securities Corp., Ser. 2005-RF1,
    Class A (FRN)  		  (c)  5.481 %    03/25/35    541,097    530,602 
Structured Asset Securities Corp., Ser. 2005-RF3,
    Class A1 (FRN)  		  (c)  5.670 %    06/25/35    1,075,996    1,058,839 
Structured Asset Securities Corp., Ser. 2007-OSI,
    Class A4 (FRN)  		    5.331 %    06/25/37    1,000,000    964,722 
Wachovia Asset Securitization, Inc., Ser. 2002-1,
    Class 1A1  		    6.250 %    10/25/33    30,164    30,070 
Washington Mutual, Inc., Ser. 2005-AR1,
    Class A3 (FRN)  		    5.491 %    01/25/45    400,075    394,730 
Total Mortgage-Backed Securities - Private Issuers                   
   (Cost $25,645,615)                  25,753,931 

        Interest     Maturity    Principal     
        Rate     Date    Amount    Value 
Mortgage-Backed Securities - US Government Agency Obligations -- 0.5%                 
FHLMC Pool #781697 (FRN)        4.771 %    07/01/34    414,724    419,653 
FHLMC Strip, Ser. 2004-227, Class IO    (c) (e)    5.000 %    12/01/34    518,803    136,159 
FHLMC Strip, Ser. 2005-232, Class IO    (c) (e)    5.000 %    08/01/35    245,242    64,575 
FHLMC Strip, Ser. 2005-233, Class 5    (c) (e)    4.500 %    09/15/35    86,936    24,188 
FHLMC Structured Pass Through Securities,
    Ser. 2003-T57, Class 1A3  		      7.500 %    07/25/43    571,841    602,175 
FHLMC, Ser. 2004-2882, Class HI    (c) (e)    5.000 %    05/15/18    59,064    7,308 
FHLMC, Ser. 2005-2934, Class HI    (c) (e)    5.000 %    02/15/20    132,002    24,694 
FHLMC, Ser. 2005-2934, Class KI    (c) (e)    5.000 %    02/15/20    65,523    11,992 
FHLMC, Ser. 2005-2967, Class JI    (c) (e)    5.000 %    04/15/20    70,597    13,409 
FNMA Pool #831360        5.500 %    03/01/21    598,151    596,854 
FNMA Pool #865792        5.500 %    03/01/21    614,420    613,087 
FNMA Pool #938469        5.000 %    07/01/22    996,042    976,299 
FNMA Strip, Ser. 2005-357, Class 2    (c) (e)    5.000 %    03/01/35    227,859    59,329 
FNMA Strip, Ser. 2005-360, Class 2    (c) (e)    5.000 %    08/01/35    1,475,423    388,497 
FNMA Strip, Ser. 2005-365, Class 4    (c) (e)    5.000 %    04/01/36    85,818    23,305 
FNMA TBA        5.000 %    10/01/22    1,000,000    980,000 
FNMA TBA        5.500 %    10/01/22    2,300,000    2,294,250 
FNMA TBA        6.500 %    10/01/37    1,000,000    1,018,125 
FNMA TBA        6.500 %    11/01/37    1,000,000    1,017,188 
FNMA Whole Loan, Ser. 2002-W8, Class A3        7.500 %    06/25/42    627,943    660,271 
FNMA, Ser. 2006-10, Class FD (FRN)        5.481 %    03/25/36    238,563    238,179 
GNMA, Ser. 2001-65, Class PG        6.000 %    07/20/28    50,111    50,092 
Total Mortgage-Backed Securities - US Government Agency                      
    Obligations (Cost $10,138,761)                    10,219,629 
 
        Issue     Maturity    Principal     
        Rate     Date    Amount    Value 
Commodity Index-Linked Note -- 0.6%                     
AIG-FP Private Funding (Cayman) Ltd.    (f)    5.205 %    01/31/08    6,000,000    7,328,942 
AIG-FP Private Funding (Cayman) Ltd.    (f)    5.206 %    07/03/08    5,000,000    5,487,436 
Total Commodity Index-Linked Note                     
   (Cost $11,000,000)                    12,816,378 
 
        Interest     Maturity    Principal     
        Rate     Date    Amount    Value 
US Treasury Securities -- 17.9%                     
US Treasury Inflation-Indexed Note        3.875 %    01/15/09    38,104,500    38,884,461 
US Treasury Inflation-Indexed Note        2.000 %    01/15/16    57,723,050    56,424,281 
US Treasury Note        4.875 %    08/15/16    30,000,000    30,703,140 
US Treasury Inflation-Indexed Note        2.375 %    01/15/17    100,193,240    100,913,429 
US Treasury Inflation-Indexed Note    (g)    2.625 %    07/15/17    97,491,825    100,492,721 
US Treasury Note    (g)    4.750 %    08/15/17    59,334,000    60,131,330 
Total US Treasury Securities                     
   (Cost $382,777,511)                    387,549,362 

        Number Of     
        Shares    Value 
Commingled Investment Vehicles -- 19.5%             
Exchange-Traded Funds -- 1.3%             
iShares Dow Jones US Real Estate Index Fund        45,000    3,442,050 
iShares MSCI EAFE Index Fund        302,800    25,020,364 
            28,462,414 
Private Investment Funds -- 18.2%    (h)         
Canyon Value Realization Fund, LP     (a) (c) (d) (f)        43,527,190 
Convexity Capital Offshore, LP    (a) (c) (d) (f)        52,447,948 
Farallon Capital Institutional Partners, LP    (a) (c) (d) (f)        41,785,189 
Freeman Fair Value Fund I, LP    (a) (d) (f)        56,948,660 
Joho Partners, LP    (a) (c) (d) (f)        17,914,542 
Lansdowne UK Equity Fund Ltd.    (a) (c) (d) (f)    110,811    32,612,140 
Lone Cascade, LP    (a) (c) (d) (f)        9,936,109 
Lone Picea, LP, Class B    (a) (c) (d) (f)        2,102,571 
Lone Picea, LP, Class D    (a) (c) (d) (f)        3,467,380 
Lone Redwood, LP    (a) (c) (d) (f)        15,992,432 
Maverick Fund USA Ltd., Class C    (a) (c) (d) (f)        29,212,459 
OZ Domestic Partners, LP    (a) (c) (d) (f)        15,875,201 
Regiment Capital Ltd.    (a) (c) (d) (f)    45,152    8,267,744 
The Nomad Investment Co. Ltd.     (a) (c) (d) (f)    140,000    18,187,397 
Tosca    (a) (c) (d) (f)    153,727    19,823,261 
Tosca Asia    (a) (c) (d) (f)    230,590    26,109,095 
            394,209,318 
Total Commingled Investment Vehicles             
    (Cost $289,204,292)            422,671,732 
 
        Number Of     
        Shares    Value 
Preferred Stocks -- 0.1%             
Anglo Platinum Ltd., 6.38% (South Africa)        5,456    299,358 
Cia Vale do Rio Doce (Brazil)        52,336    1,490,420 
Hyundai Motor Co. Ltd. (South Korea)        14,200    568,520 
Total Preferred Stocks             
    (Cost $1,092,549)            2,358,298 

                Number Of     
                Contracts     
Purchased Options -- 0.4%                     
1YR Put, Strike 90.00, Expiring 01/18/08, OTC    (a) (c)            305,115    4,079,388 
S&P 500 Index Put, Strike 1,400, Expiring 10/20/07    (a)            1,045    250,800 
S&P 500 Index Put, Strike 1,450, Expiring 12/22/07    (a)            1,000    2,380,000 
S&P 500 Index Put, Strike 1,500, Expiring 12/22/07    (a)            500    1,800,000 
Total Purchased Options                     
   (Cost $9,332,697)                    8,510,188 
                Number Of     
                Rights     
 
Rights -- 0.0%                     
Fortis,                     
   Expiring 10/05/07 (Belgium)    (a)            59,000    313,809 
Malaysian Airlines System Berhad,                     
   Expiring 10/17/07 (Malaysia)    (a)            80,000    18,683 
Total Rights                     
   (Cost $210,400)                    332,492 
 
                Number Of     
                Warrants     
Warrants -- 0.0%                     
Bank Pan Indonesia Tbk-Warrants,                     
   Expiring 07/10/09 (Indonesia)    (a)            1,823,341    56,824 
Matahari Putra Prima Tbk-Warrants,                     
   Expiring 07/12/10 (Indonesia)    (a)            530,600    5,802 
Multi-Purpose Holdings Berhad Warrants,                     
   Expiring 02/26/09 (Malaysia)    (a)            18,100    6,268 
Total Warrants                     
   (Cost $24,049)                    68,894 
 
        Interest     Maturity    Principal     
        Rate     Date    Amount    Value 
Short-Term Investments -- 24.6%                     
 
Repurchase Agreements -- 2.1%                     
State Street Bank & Trust Co. Repurchase Agreement issued 09/28/07, (proceeds at maturity $44,963,323) (Collateralized by $44,900,000 05/31/08 US Treasury Note, 4.875%, with a market value of $45,854,125).     3.000 %    10/01/07    44,952,084    44,952,084 
   (Cost $44,952,084)                     
 
US Government Agency Obligations -- 0.0%                     
FNMA Discount Note    (i)    0.000 %    03/28/08    75,000    73,366 
   (Cost $73,962)                     
 
US Treasury Securities -- 22.5%                     
US Treasury Bill    (j)        11/23/07    83,000,000    82,555,784 
US Treasury Bill    (j)        12/13/07    85,000,000    84,373,465 
US Treasury Bill    (j)        12/20/07    100,000,000    99,185,600 
US Treasury Bill    (j)        12/27/07    40,000,000    39,639,920 
US Treasury Bill    (j)        01/24/08    5,000,000    4,939,705 
US Treasury Bill    (j)        01/31/08    5,000,000    4,935,355 
US Treasury Bill    (i) (j)        02/14/08    144,000,000    141,888,240 
US Treasury Bill    (j)        02/21/08    14,000,000    13,784,120 
US Treasury Bill    (j)        03/06/08    18,000,000    17,692,128 
Total US Treasury Securities                     
   (Cost $488,146,502)                    488,994,317 
Total Short-Term Investments                     
   (Cost $533,172,548)                    534,019,767 

Total Investments -- 103.5%           
    (Cost $1,880,062,758)          2,244,575,805  
Liabilities in Excess of Other Assets -- (3.5%)          (74,977,969 ) 
Net Assets -- 100.0%        $   2,169,597,836  
     
 
 
 
 
    Number       
    of Shares       
Securities Sold Short -- (0.4%)           
 
Common Stocks -- (0.4%)           
 
Financial Services -- (0.0%)           
St. Joe Co. (The)    12,300    $   (413,403 ) 
 
Hotels, Restaurants & Leisure -- (0.0%)           
Vail Resorts, Inc.    11,700      (728,793 ) 
 
Real Estate Investment Trusts (REITs) -- (0.4%)           
Associated Estates Realty Corp.    8,800      (114,752 ) 
BRE Properties, Inc.    12,100      (676,753 ) 
Cedar Shopping Centers, Inc.    31,800      (433,116 ) 
Colonial Properties Trust    10,400      (356,720 ) 
Duke Realty Corp.    19,800      (669,438 ) 
Equity One, Inc.    33,000      (897,600 ) 
Franklin Street Properties    25,000      (431,250 ) 
General Growth Properties, Inc.    6,500      (348,530 ) 
HCP, Inc.    20,500      (679,985 ) 
Hersha Hospitality Trust    31,000      (306,900 ) 
Highwoods Properties, Inc.    13,400      (491,378 ) 
Kilroy Realty Corp.    12,800      (776,064 ) 
Kite Realty Group Trust    19,000      (357,200 ) 
National Retail Properties, Inc.    20,000      (487,600 ) 
Pennsylvania Real Estate Investment Trust    8,800      (342,672 ) 
Senior Housing Properties Trust    12,700      (280,162 ) 
          (7,650,120 ) 
 
Thrifts & Mortgage Finance -- (0.0%)           
Downey Financial Corp.    3,500      (202,300 ) 
 
Warrants -- (0.0%)           
China Overseas Land & Investment Ltd.           
           Expiring 8/27/08    7,983      (6,562 ) 
Total Securities Sold Short           
    (Proceeds $9,074,657)        $   (9,001,178 ) 

ADR    American Depositary Receipt 
CVA    Certificaaten van aandelen (share certificates) 
EAFE    Europe, Australasia, and Far East 
FHLMC    Freddie Mac 
FNMA    Fannie Mae 
FRN    Floating Rate Note. Rate disclosed represents rate as on September 30, 2007. 
GDR    Global Depositary Receipt 
GNMA    Ginnie Mae 
JSE    Johannesburg Stock Exchange 
LSE    London Stock Exchange 
MSCI    Morgan Stanley Capital International 
NV    Naamloze Vennootschap 
NVDR    Non-Voting Depositary Receipt 
NYSE    New York Stock Exchange 
REIT    Real Estate Investment Trust 
SPADR    Sponsored ADR 
STEP    A bond that pays an initial coupon rate for the first period, and a higher coupon rate for the following periods. 
TBA    To be Announced 
TSE    Toronto Stock Exchange 
UNIT    A security with an attachment to buy shares, bonds, or other types of securities at a specific price
before a predetermined date. 
VRN    Variable Rate Note. Rate disclosed represents rate as of September 30, 2007. 
VVPR    Verminderde Voorheffing Précompte Réduit (France dividend coupon) 

(a)    Non-income producing security. 
(b) 
 		  
 		 A tracking stock is a common stock issued by a parent company that tracks the performance of a particular division without
having claim on the assets of the division or the parent company . Also known as a  "designer stock". 
(c)    Illiquid security. 
(d) 
 
 
 
 
 		  
 
 
 
 
 		 Restricted Securities. The following restricted securities were held by the fund as of September 30, 2007, and were valued in
accordance with the Valuation of Investments as described in Note 2. Such securities  generally may be sold only in a
privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with
the disposition of such securities. All of the below securities are illiquid, with the exception of Freeman Fair Value Fund I, LP
and the Value Realization Fund, LP. TIP's board of directors has deemed 10% of the Value Realization Fund, LP to be illiquid.
The valuation committee has determined the partnership interest in Freeman Fair Value Fund I, LP to be liquid based on the ability
to redeem the private investment fund interest upon seven days' notice and payment of a 0.25% redemption fee. The TIP
board of directors duly ratified the liquidity determination and agreed to fair value the private investment fund at 99.75% of its
stated market value to take into account this potential redemption fee. The below list does not include securities eligible
for resale without registration pursuant to Rule 144A  under the Securities Act of 1933 that may also be deemed restricted. 

Investment    Date of Acquisition             Cost       Value 
 
Aeroplane Income Fund Registered, Class D    01/08/07-05/22/07        $          335,785       $     454,216 
Bell Aliant Regional Communications Income Fund    07/11/06      46,436       50,187 
Canyon Value Realization Fund, LP     12/31/97-04/03/06      23,797,935       43,527,190 
Convexity Capital Offshore, LP    02/16/06      42,000,000       52,447,948 
Farallon Capital Institutional Partners, LP    04/01/95-11/01/05      17,746,138       41,785,189 
Freeman Fair Value Fund I, LP    10/01/04-07/01/05      50,000,000       56,948,660 
Jazz Air Income Fund    03/12/07-05/22/07      66,081       70,668 
Joho Partners, LP    01/03/07      15,000,000       17,914,542 
Lansdowne UK Equity Fund Ltd.    06/01/06-09/01/07      26,000,000       32,612,140 
Lone Cascade, LP    01/03/06-01/02/07      6,487,000       9,936,109 
Lone Picea, LP, Class B    01/03/05      1,617,000       2,102,571 
Lone Picea, LP, Class D    01/02/03-01/02/04      2,279,000       3,467,380 
Lone Redwood, LP    12/29/98      3,154,356       15,992,432 
Maverick Fund USA Ltd., Class C    06/30/04-01/03/06      20,000,000       29,212,459 
OZ Domestic Partners, LP    12/31/01-09/30/03      9,000,000       15,875,201 
Regiment Capital Ltd.    06/30/03      6,000,000       8,267,744 
The Nomad Investment Co. Ltd.     10/02/06      14,000,000       18,187,397 
Tosca    12/30/03-07/30/04      11,000,000       19,823,261 
Tosca Asia    03/01/07      20,000,000       26,109,095 
Total                  $ 394,784,389 

(e)    Interest Only security. 
(f)    Security is valued in good faith under procedures established by the board of directors. The aggregate amount of
securities fair valued amounts to $407,025,696, which represents 18.8% of the fund's net assets.
     
(g)    Security or a portion thereof is held as collateral by the counterparty for reverse repurchase agreements. See
Note 5 to the Notes to Financial Statements. 
(h)    Portfolio holdings information of the Private Investment Funds is not available as of September 30, 2007. These
positions are therefore grouped into their own industry classification. 
(i)    Security or a portion thereof is held as initial margin for financial futures and held as collateral for short sales. 
(j)    Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. 

    Financial Futures Contracts               
              Notional      
                 Initial     Value at     Unrealized  
Number    Type            Notional Value/     September 30,     Appreciation/  
of Contracts                (Proceeds)     2007     (Depreciation)  
 
    Long Financial Futures Contracts               
37    December 2007 10-Year US Treasury Note        $            4,014,131       $        4,043,406   $             29,275  
6    December 2007 90-Day Eurodollar      1,425,010     1,427,325     2,315  
71    December 2007 Australian Dollar      5,960,450     6,288,470     328,020  
274    December 2007 British Pounds      34,690,675     34,967,538     276,863  
76    December 2007 CAC40      5,994,067     6,238,988     244,921  
130    December 2007 Canadian Dollar      12,504,090     13,093,600     589,510  
31    December 2007 DAX Index      8,420,395     8,790,607     370,212  
527    December 2007 Euro FX GLBX      91,811,688     94,155,138     2,343,450  
433    December 2007 FTSE 100 Index      55,821,693     57,757,424     1,935,731  
875    December 2007 Japanese Yen      96,838,176     96,217,188     (620,988 ) 
37    December 2007 MIB Index      10,309,333     10,563,373     254,040  
505    December 2007 S&P 500      188,528,069     194,185,125     5,657,056  
219    December 2007 Swiss Franc      23,243,532     23,665,688     422,156  
301    December 2007 Topix Index      40,224,176     42,556,392     2,332,216  
143    December 2007 TSE 60 Index      23,601,433     23,678,781     77,348  
1    December 2007 US Long Bond      112,292     111,344     (948 ) 
                  14,241,177  
 
    Short Financial Futures Contracts               
56    December 2007 10-Year Swap      (5,986,423 )    (5,942,125 )    44,298  
12    December 2007 2-Year US Treasury Note      (2,471,220 )    (2,484,563 )    (13,343 ) 
31    December 2007 5-Year US Treasury Note      (3,295,126 )    (3,317,969 )    (22,843 ) 
7    March 2008 90-Day Eurodollar      (1,670,482 )    (1,670,900 )    (418 ) 
10    June 2008 90-Day Eurodollar      (2,384,247 )    (2,390,625 )    (6,378 ) 
7    September 2008 90-Day Eurodollar      (1,672,869 )    (1,674,575 )    (1,706 ) 
32    December 2008 90-Day Eurodollar      (7,608,414 )    (7,654,800 )    (46,386 ) 
7    March 2009 90-Day Eurodollar      (1,671,507 )    (1,673,263 )    (1,756 ) 
7    June 2009 90-Day Eurodollar      (1,670,182 )    (1,671,250 )    (1,068 ) 
24    September 2009 90-Day Eurodollar      (5,717,352 )    (5,723,700 )    (6,348 ) 
24    December 2009 90-Day Eurodollar      (5,714,376 )    (5,718,000 )    (3,624 ) 
23    March 2010 90-Day Eurodollar      (5,474,443 )    (5,475,438 )    (995 ) 
23    June 2010 90-Day Eurodollar      (5,472,693 )    (5,471,413 )    1,280  
6    September 2010 90-Day Eurodollar      (1,426,560 )    (1,426,275 )    285  
6    December 2010 90-Day Eurodollar      (1,425,585 )    (1,425,075 )    510  
6    March 2011 90-Day Eurodollar      (1,424,910 )    (1,424,175 )    735  
6    June 2011 90-Day Eurodollar      (1,424,010 )    (1,423,200 )    810  
6    September 2011 90-Day Eurodollar      (1,423,110 )    (1,422,225 )    885  
6    December 2011 90-Day Eurodollar      (1,422,135 )    (1,421,325 )    810  
6    March 2012 90-Day Eurodollar      (1,421,385 )    (1,420,650 )    735  
6    June 2012 90-Day Eurodollar      (1,420,560 )    (1,419,825 )    735  
6    September 2012 90-Day Eurodollar      (1,419,885 )    (1,419,000 )    885  
                  (52,897 ) 
                    $      14,188,280  

               
          In exchange      Unrealized    
Description    Forward Currency Contracts        for             Depreciation  
Sell Contracts                 
£  4,231,000   Great British Pounds Settling on 10/31/07        $    8,610,593      $      (40,690 ) 

    Total Return Swaps Contracts                 
 
                    Unrealized  
                    Appreciation/  
Notional
Amount  		  Expiration Date      Counterparty     Pay    Receive     (Depreciation)  
 
$9,510,496    6/10/2008    Bear Stearns    Dow Jones    1-Month LIBOR plus      
            Wilshire REIT    a specified spread      
            Index Total         
            Return        $      (117,029 ) 
CAD $1,690,246    7/8/2008    Merrill Lynch    1-Month CDOR plus    Dundee Real Estate      
            a specified spread    Investment Trust     11,392  
$20,210,139    3/26/2008    Merrill Lynch    iShares Dow    1-Month LIBOR plus a      
            Jones US Real    specified spread      
            Estate Index        (236,057 ) 
$5,850,000    10/28/2008    Bear Stearns    1-Month LIBOR plus    iShares MSCI Emerging      
            a specified spread    Markets Index     127,308  
$27,495,000   3/26/2008    Merrill Lynch    1-Month LIBOR plus    iShares MSCI Emerging      
            a specified spread    Markets Index     596,821  
  $43,548    9/25/2008    Merrill Lynch    1-Month LIBOR plus    Santos Brasil SA      
            a specified spread        1,459  
$1,128,091    9/25/2008    Merrill Lynch    1-Month LIBOR plus    Santos Brasil SA      
            a specified spread        (10,866 ) 
  $749,788    9/25/2008    Merrill Lynch    1-Month LIBOR plus    Santos Brasil SA      
            a specified spread        (2,390 ) 
                      $       370,638  
 
 
 
See accompanying Notes to Financial Statements.         

TIFF INTERNATIONAL EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED) 
                                                                                                                            September 30, 2007

        Number of
Shares 		   Value 
Common Stocks -- 75.8%           
Australia -- 4.2%           
Alumina Ltd.      113,000    $   713,096 
Amcor Ltd.      262,853    1,718,781 
Australia and New Zealand Banking Group Ltd.      42,568    1,119,364 
Caltex Australia Ltd.      32,300    671,824 
Foster's Group Ltd.      455,671    2,637,972 
National Australia Bank Ltd.      110,721    3,891,982 
Santos Ltd.      73,164    982,357 
Telstra Corp. Ltd.      998,402    3,855,726 
Wesfarmers Ltd.      39,126    1,462,752 
          17,053,854 
Austria -- 0.0%           
BWIN Interactive Entertainment AG    (a)  1,300    31,003 
Oesterreichische Post AG      555    22,332 
          53,335 
Belgium -- 0.4%           
Fortis      58,685    1,726,778 
 
Bermuda -- 0.2%           
Cosco Pacific Ltd.      320,000    1,009,589 
 
Brazil -- 0.4%           
CPFL Energia SA      42,400    822,324 
Redecard SA    (a)  32,700    610,115 
          1,432,439 
Canada -- 2.0%           
Abitibi-Consolidated, Inc.    (a)  49,000    86,704 
Ace Aviation Holdings, Inc., Class A    (a)  10,200    272,779 
Aeroplane Income Fund Registered, Class D    (b) (c)  7,693    172,090 
Alcan, Inc.      10,600    1,057,496 
BCE, Inc.      8,737    350,481 
Bell Aliant Regional Communications Income Fund    (b) (c)  565    18,200 
Bombardier, Inc., Class B    (a)  347,000    2,061,801 
Fraser Papers, Inc.    (a)  12,100    60,947 
Imperial Oil Ltd.      24,916    1,234,715 
Jazz Air Income Fund    (b) (c)  3,206    25,528 
Nortel Networks Corp.    (a)  7,862    133,266 
Onex Corp.      5,300    194,757 
Rogers Communications, Inc., Class B      53,600    2,440,062 
          8,108,826 
China -- 0.1%           
Tsingtao Brewery Co. Ltd.      159,000    578,491 
 
Denmark -- 0.9%           
Coloplast A/S, Class B      7,200    684,761 
GN Store Nord A/S (GN Great Nordic)    (a)  50,600    513,428 
Vestas Wind Systems A/S    (a)  18,466    1,459,552 
William Demant Holding    (a)  11,600    1,028,198 
          3,685,939 
Finland -- 1.3%           
Metso Oyj      26,670    1,836,998 
Sampo Oyj, Class A      48,200    1,470,225 
Tietoenator Oyj      15,420    345,769 
UPM-Kymmene Oyj      69,520    1,680,020 
Wartsila Oyj Corp., Class B      2,330    159,512 
          5,492,524 
France -- 6.2%           
Atos Origin SA    (a)  5,100    296,682 
AXA SA      27,200    1,213,181 
BNP Paribas      10,598    1,158,281 
Carrefour SA      42,914    3,005,978 
Compagnie de Saint-Gobain      32,807    3,416,184 
France Telecom SA      76,123    2,549,551 
Lagardere S.C.A.      1,660    141,200 
Legrand SA      13,750    462,086 
Renault SA      24,310    3,518,428 
SA des Ciments Vicat      1,440    146,190 
Sanofi-Aventis      10,476    888,107 
SCOR SE      23,009    615,898 
Societe Generale, Class A      17,860    2,993,133 
Suez SA, Strip VVPR    (a) (c)  6,948    99 
Thales SA      16,000    937,849 
Total SA      50,717    4,103,557 
          25,446,404 
Germany -- 3.4%           
BASF AG      10,800    1,490,590 
Bayer AG      9,505    755,479 

Bayerische Motoren Werke AG      11,800    761,030 
DaimlerChrysler AG      14,900    1,500,816 
Deutsche Post AG      15,600    453,904 
Deutsche Telekom AG      123,250    2,421,047 
E.ON AG      7,400    1,368,609 
Fresenius Medical Care AG & Co.      13,700    728,224 
Fresenius Medical Care AG & Co. - ADR      15,780    837,287 
RWE AG      29,588    3,719,818 
          14,036,804 
Hong Kong -- 2.9%           
Asia Satellite Telecommunications Holdings Ltd.      15,000    30,859 
China Mobile Ltd.      83,000    1,359,638 
First Pacific Co.      1,000,000    739,940 
Henderson Land Development Co.      126,000    994,298 
Hong Kong & Shanghai Hotels Ltd. (The)      308,273    546,589 
Hong Kong Aircraft Engineering Co. Ltd.      29,400    663,784 
Hong Kong Electric Holdings Ltd.      317,500    1,648,920 
i-CABLE Communications Ltd.      539,000    112,214 
New World Development Ltd.      853,756    2,357,978 
Next Media Ltd.      432,000    122,084 
Silver Grant International Ltd.      184,000    38,141 
SmarTone Telecommunications Holdings Ltd.      234,478    290,298 
Television Broadcasts Ltd.      113,000    678,773 
Wharf (Holdings) Ltd. (The)      390,571    1,919,743 
Wheelock & Co. Ltd.      199,000    547,541 
          12,050,800 
Indonesia -- 0.5%           
Bank Pan Indonesia Tbk PT    (a)  6,952,902    531,093 
Bank Permata Tbk PT    (a) (c)  5,572    566 
Citra Marga Nusaphala Persada Tbk PT      343,000    90,893 
Gudang Garam Tbk PT      124,000    127,315 
Indofood Sukses Makmur Tbk PT      1,177,000    247,964 
Matahari Putra Prima Tbk PT      2,133,100    179,379 
Mulia Industrindo Tbk PT    (a)  415,000    13,427 
Semen Gresik Persero Tbk PT      1,194,000    694,860 
          1,885,497 
Ireland -- 0.3%           
DCC plc      4,740    140,495 
Fyffes plc      100,000    129,667 
Independent News & Media plc      216,340    822,320 
Paddy Power plc      500    17,661 
Total Produce plc    (a)  99,200    94,703 
          1,204,846 
Israel -- 0.2%           
Bank Hapoalim B.M.      145,176    745,326 
 
Italy -- 3.3%           
Banco Popolare Scarl    (a)  21,801    489,689 
Fiat SpA      61,800    1,873,415 
Finmeccanica SpA      4,700    136,982 
Intesa Sanpaolo      477,733    3,684,690 
Luxottica Group SpA - SPADR      33,300    1,128,870 
Natuzzi SpA - SPADR    (a)  6,600    38,940 
Saipem SpA      49,800    2,113,107 
Seat Pagine Gaille      915,440    511,290 
UniCredito Italiano SpA      391,488    3,347,486 
          13,324,469 
Japan -- 13.0%           
Ajinomoto Co., Inc.      41,000    512,466 
Alfresa Holdings Corp.      5,400    344,106 
Astellas Pharma, Inc.      47,700    2,281,530 
Bank of Yokohama Ltd. (The)      39,000    268,107 
Bridgestone Corp.      29,900    658,398 
Canon, Inc.      63,850    3,458,760 
Chiba Bank Ltd. (The)      26,000    199,999 
Dai Nippon Printing Co. Ltd.      27,000    384,911 
Dai-Dan Co. Ltd.      27,000    130,963 
Daifuku Co. Ltd.      7,000    79,795 
East Japan Railway Co.      122    961,420 
Ebara Corp.      30,000    138,123 
FamilyMart Co. Ltd.      22,000    572,929 
FUJIFILM Holdings Corp.      22,000    1,011,254 
Fujitsu Frontech Ltd.      8,500    75,341 
Fukuoka Financial Group, Inc.    (a)  79,000    460,758 
Hitachi Ltd.      68,000    451,319 
Inabata & Co. Ltd.      10,000    64,994 
Isetan Co. Ltd.      9,000    121,398 
JS Group Corp.      26,000    451,708 
Kao Corp.      139,000    4,141,874 
Kawasaki Heavy Industries Ltd.      150,000    586,231 
KDDI Corp.      303    2,241,935 
Kinden Corp.      23,000    209,618 
Kirin Holdings Co. Ltd.      55,000    725,913 
Marui Co. Ltd.      39,500    435,184 

Matsushita Electric Industrial    3,000    56,021 
Matsushita Electric Works Ltd.    59,772    718,652 
Millea Holdings, Inc.    61,700    2,476,030 
Mitsubishi Corp.    45,500    1,430,170 
Mitsubishi UFJ Financial Group, Inc.    71    644,921 
Mizuho Financial Group, Inc.    52    294,693 
Namco Bandai Holdings, Inc.    35,000    507,185 
NEC Corp.    73,000    353,088 
Nintendo Co. Ltd.    1,700    880,039 
Nippon Meat Packers, Inc.    34,000    377,704 
Nippon Mining Holdings, Inc.    3,000    30,030 
Nippon Oil Corp.    51,000    471,110 
Nippon Suisan Kaisha Ltd.    70,000    368,983 
Nisshinbo Industries, Inc.    9,000    124,573 
Nitto Denko Corp.    24,700    1,145,971 
Noritake Co. Ltd.    14,000    66,664 
NTT Corp.    222    1,035,926 
NTT DoCoMo, Inc.    315    447,525 
Ohbayashi Corp.    26,000    120,011 
OMRON Corp.    1,000    26,330 
Onward Holdings Co. Ltd.    25,000    252,222 
Ricoh Co. Ltd.    20,000    421,110 
Rohm Co. Ltd.    2,400    211,633 
Ryosan Co. Ltd.    8,000    200,194 
Sankyo Co. Ltd.    1,600    64,672 
Sankyo Seiko Co. Ltd.    9,000    33,351 
Secom Co. Ltd.    14,500    696,136 
Sekisui House Ltd.    34,000    427,275 
Seven & I Holdings Co. Ltd.    20,560    529,209 
Shimizu Corp.    45,000    243,931 
Shiseido Co. Ltd.    15,000    332,411 
Sompo Japan Insurance, Inc.    40,000    456,688 
Sony Corp.    14,900    716,484 
Sumitomo Electric Industries Ltd.    45,700    726,649 
Sumitomo Forestry Co. Ltd.    43,000    353,905 
Sumitomo Metal Mining Co. Ltd.    21,000    505,667 
Sumitomo Mitsui Financial Group, Inc.    92    713,016 
Sumitomo Trust & Banking Co. Ltd.    42,000    316,497 
Taiyo Nippon Sanso Corp.    58,000    519,340 
Takeda Pharmaceutical Co. Ltd.    56,100    3,938,600 
Tanabe Seiyaku Co. Ltd.    35,000    440,729 
TDK Corp.    7,000    613,547 
Tokyo Electric Power Co. Inc. (The)    10,800    272,195 
Tokyo Gas Co. Ltd.    195,000    905,454 
Tokyo Ohka Kogyo Co. Ltd.    8,900    191,945 
Toppan Forms Co. Ltd.    21,700    218,460 
Toyo Seikan Kaisha Ltd.    11,000    206,827 
Toyota Motor Corp.    50,800    2,973,831 
West Japan Railway Co.    449    2,140,105 
Yamatake Corp.    11,500    383,971 
Yamato Holdings Co. Ltd.    38,000    569,086 
        53,119,800 
Luxembourg -- 0.6%         
ArcelorMittal    30,495    2,400,690 
 
Malaysia -- 1.0%         
British American Tobacco Malaysia Berhad    19,000    229,892 
Bumiputra-Commerce Holdings Berhad    328,599    1,028,620 
Carlsberg Brewery Malaysia Berhad    78,000    106,251 
Kumpulan Guthrie Berhad    107,000    206,815 
Malaysian Airlines System Berhad  (a)  60,000    75,567 
MISC Berhad    317,700    913,613 
Multi-Purpose Holdings Berhad    204,000    109,185 
Resorts World Berhad    909,000    1,046,961 
Sime Darby Berhad    147,200    449,377 
        4,166,281 
Mexico -- 0.2%         
America Movil SA de CV, Series L - ADR    2,400    153,600 
Grupo Televisa SA - SPADR    28,200    681,594 
Telefonos de Mexico SA de CV, Series L - SPADR    1,600    52,592 
        887,786 
Netherlands -- 4.1%         
Heineken NV    21,150    1,387,743 
ING Groep NV - CVA    71,038    3,150,280 
Koninklijke (Royal) KPN NV    59,750    1,037,504 
Koninklijke (Royal) Philips Electronics NV    27,382    1,234,577 
Koninklijke Boskalis Westminster NV - CVA    21,759    1,095,749 
Reed Elsevier NV    127,445    2,420,646 
Royal Dutch Shell plc, Class A    110,772    4,574,386 
Royal Dutch Shell plc, Class B    29,191    1,197,289 
Vedior NV    7,400    162,818 
Wolters Kluwer NV    22,457    666,710 
        16,927,702 
New Zealand -- 0.4%         

PGG Wrightson Ltd.      164,038    239,543 
Telecom Corp. of New Zealand Ltd.      447,797    1,511,390 
          1,750,933 
Norway -- 0.4%           
DNB NOR ASA      43,400    665,345 
Statoil ASA      22,700    773,107 
          1,438,452 
Philippines (The) -- 1.2%           
ABS-CBN Broadcasting Corp.      824,800    585,537 
Ayala Corp.      185,168    2,251,750 
Banco de Oro-EPCI, Inc.      101,400    133,285 
Benpres Holdings Corp.    (a)  1,664,000    154,343 
DMCI Holdings, Inc.      538,000    108,306 
Globe Telecom, Inc.      45,250    1,474,431 
Jollibee Foods Corp.      270,000    319,195 
          5,026,847 
Russia -- 0.2%           
LUKOIL - SPADR      10,400    866,320 
 
Singapore -- 2.2%           
BIL International Ltd.      433,000    375,681 
Great Eastern Holdings Ltd.      65,000    787,047 
Jardine Matheson Holdings Ltd.      123,020    3,518,372 
Jardine Strategic Holdings Ltd.      131,312    2,074,730 
Mandarin Oriental International Ltd.      100,881    226,982 
Oversea-Chinese Banking Corp.      190,000    1,134,790 
Stats Chippac Ltd.    (a)  745,000    811,954 
United Industrial Corp. Ltd.      42,000    86,341 
Yellow Pages Singapore Ltd.      74,000    59,759 
          9,075,656 
South Africa -- 1.3%           
Anglo Platinum Ltd.      2,600    407,323 
City Lodge Hotels Ltd.      9,008    106,364 
FirstRand Ltd.      165,816    536,393 
Gold Fields Ltd.      8,286    147,851 
Hosken Consolidated Investments Ltd.      20,000    216,016 
JD Group Ltd.      9,926    84,682 
Nedbank Group Ltd.      31,944    589,249 
New Clicks Holdings Ltd.      44,500    107,461 
RMB Holdings Ltd.      170,400    823,735 
Standard Bank Group Ltd.      73,231    1,080,009 
Sun International Ltd.      52,891    1,127,825 
          5,226,908 
South Korea -- 0.4%           
Daelim Industrial Co. Ltd.      5,443    1,003,256 
Hyundai Motor Co.      950    76,508 
Kookmin Bank      1,200    98,695 
Korea Electric Power Corp.      950    44,433 
POSCO      200    144,044 
Samsung Electronics Co. Ltd.      170    106,675 
          1,473,611 
Spain -- 4.3%           
Acciona SA      7,300    1,980,742 
Acerinox SA      51,720    1,553,633 
Banco Popular Espanol SA      59,020    1,013,350 
Banco Santander SA      216,698    4,193,921 
Iberdrola SA      41,393    2,425,522 
Prosegur, Compania de Seguridad SA      7,800    283,433 
Sogecable SA    (a)  8,025    291,448 
Telefonica SA      196,456    5,503,070 
Viscofan SA      9,950    231,928 
          17,477,047 
Sweden -- 1.1%           
Assa Abloy AB      43,800    909,144 
Ericsson, Class B      257,120    1,029,166 
Hoganas AB, Class B      10,000    264,929 
Modern Times Group MTG AB, Class B      2,570    166,223 
Svenska Cellulosa AB (SCA) - Class B      46,600    869,044 
Svenska Handelsbanken, Class A      35,700    1,106,860 
TeliaSonera AB      16,500    148,928 
          4,494,294 
Switzerland -- 2.4%           
Adecco SA      12,100    715,597 
Compagnie Financiere Richemonte AG (UNIT)      21,900    1,451,033 
Geberit AG      5,280    690,697 
Logitech International SA    (a)  24,955    742,916 
Novartis AG      88,287    4,858,580 
PubliGroupe SA      710    247,722 
Roche Holding AG      5,515    999,408 
Sonova Holding AG      2,085    208,976 
          9,914,929 
Taiwan -- 0.7%           
Asustek Computer, Inc. - GDR      261,944    785,211 
Chunghwa Telecom Co. Ltd. - ADR      58,679    1,084,395 

Taiwan Semiconductor Manufacturing Co. Ltd.    117,584    228,626 
Taiwan Semiconductor Manufacturing Co. Ltd. - SPADR    89,431    905,042 
        3,003,274 
Thailand -- 1.0%         
Advanced Info Service PCL    277,900    713,537 
GMM Grammy PCL    132,000    34,083 
Kasikornbank PCL    177,000    427,130 
Land and Houses Public Co. Ltd.    549,000    139,898 
Matichon PCL    330,000    81,838 
MBK PCL    89,000    170,080 
Post Publishing PCL    240,000    36,761 
Siam Cement PCL    70,000    530,244 
Siam Cement PCL - NVDR  (a)  225,900    1,670,257 
Thanachart Capital PCL    178,000    81,535 
        3,885,363 
Turkey -- 0.2%         
Akbank TAS    84,286    639,340 
 
United Kingdom -- 14.7%         
AMEC plc    16,330    246,870 
Anglo American plc    2,000    131,905 
Anglo American plc - ADR    24,990    835,915 
Arriva plc    77,682    1,227,891 
Aviva plc    74,178    1,116,031 
BAE Systems plc    178,270    1,798,522 
Barclays plc    93,500    1,136,860 
BG Group plc    118,917    2,057,106 
BP plc    409,998    4,742,679 
BT Group plc    63,600    399,595 
Bunzl plc    26,567    380,789 
Cable & Wireless plc    373,300    1,404,313 
Capita Group plc    97,887    1,450,072 
Carnival plc    16,056    766,159 
Compass Group plc    281,263    1,737,992 
Daily Mail & General Trust NV - Class A    6,550    84,445 
Devro plc    63,600    115,164 
Diageo plc    60,304    1,322,865 
Enodis plc    146,400    522,723 
Enterprise Inns plc    54,975    667,003 
GKN plc    186,009    1,347,475 
GlaxoSmithKline plc    183,041    4,854,880 
Hays plc    139,130    378,624 
HBOS plc    161,551    3,019,738 
HMV Group plc    17,400    41,608 
Homeserve plc    4,600    162,832 
ICAP plc    103,600    1,116,127 
Informa plc    83,700    856,416 
International Personal Finance    76,602    308,415 
Intertek Group plc    49,800    963,172 
Invensys plc  (a)  124,376    786,601 
INVESCO plc    61,490    831,522 
ITV plc    228,100    479,453 
Ladbrokes plc    35,570    313,938 
Lloyds TSB Group plc    274,631    3,046,049 
Northgate plc    5,460    103,338 
Provident Financial plc    27,551    502,513 
Reckitt Benckiser plc    26,060    1,530,664 
Reed Elsevier plc    86,100    1,086,814 
Rexam plc    62,800    708,126 
Rio Tinto plc    26,425    2,265,732 
Rolls-Royce Group plc  (a)  16,560    176,900 
Royal & Sun Alliance Insurance Group plc    51,500    162,654 
Royal Bank of Scotland Group plc    260,058    2,790,435 
Sage Group plc    226,600    1,155,766 
Smiths Group plc    20,500    448,086 
Sportingbet plc  (a)  47,150    39,837 
Stagecoach Group plc    162,666    756,380 
Tesco plc    136,300    1,224,801 
Thomas Cook Group plc  (a)  161,833    921,320 
Tui Travel plc  (a)  130,635    673,544 
Unilever plc    110,498    3,493,433 
Vodafone Group plc    208,987    756,984 
WPP Group plc    44,700    605,016 
        60,054,092 
United States -- 0.1%         
NII Holdings, Inc., Class B  (a)  5,800    476,470 
 
Total Common Stocks         
    (Cost $200,362,550)        310,141,716 

Commingled Investment Vehicles -- 12.4%                           
                Number of
Shares  		    Value 
Exchange-Traded Funds -- 2.6%                       
iShares MSCI EAFE Index Fund                128,700          10,634,481 
     (Cost $9,307,888)                       
 
Private Investment Funds -- 9.8%    (d)                   
Convexity Capital Offshore, LP    (a) (b) (c) (e)                  15,729,868 
Lansdowne UK Equity Fund Ltd.    (a) (b) (c) (e)            54,038      15,876,003 
Tosca    (a) (b) (c) (e)            65,654      8,466,096 
Total Private Investment Funds                       
     (Cost $23,700,000)                      40,071,967 
Total Commingled Investment Vehicles                       
     (Cost $33,007,888)                      50,706,448 
 
                Number of       
                Shares      Value 
Preferred Stocks -- 0.5%                       
Cia Vale Do Rio Doce (Brazil)                52,940      1,507,620 
Hyundai Motor Co., Ltd. (South Korea)                10,100      404,370 
Total Preferred Stocks                       
     (Cost $929,659)                      1,911,990 
 
                Number of       
                Rights      Value 
Rights -- 0.1%                       
Fortis,                       
 Expiring 10/05/07 (Belgium)    (a)            58,685      312,133 
Malaysian Airlines System Berhad,                       
 Expiring 10/17/07 (Malaysia)    (a)            40,000      9,342 
Total Rights                       
     (Cost $235,835)                      321,475 
 
                Number of       
                Warrants      Value 
Warrants -- 0.0%                       
Bank Pan Indonesia Tbk-Warrants,                       
 Expiring 7/10/2009 (Indonesia)    (a)            1,266,980      39,485 
Matahari Putra Prima Tbk-Warrants,                       
 Expiring 7/12/2010 (Indonesia)    (a)            370,825      4,055 
Multi-Purpose Holdings Berhad Warrants,                       
 Expiring 2/26/2009 (Malaysia)    (a)            20,400      7,064 
Total Warrants                       
     (Cost $16,955)                      50,604 
 
        Interest     Maturity    Principal       
        Rate     Date    Amount      Value 
Short-Term Investments -- 10.9%                       
 
Repurchase Agreements -- 4.2%                       
State Street Bank & Trust Co. Repurchase Agreement issued 09/28/07     3.000 %    10/01/07    17,067,560     
(proceeds at maturity $17,071,827) (Collateralized by $17,050,000 05/31/08 US Treasury Note, 4.875%, with a market value of $17,412,313)                        
    (Cost $17,067,560)  17,067,560 
 
US Treasury Securities -- 6.7%                       
US Treasury Bill    (f)        12/13/07    2,000,000      1,985,258 
US Treasury Bill    (f)        12/27/07    2,000,000      1,981,996 
US Treasury Bill    (f) (g)        01/31/08    5,000,000      4,935,355 
US Treasury Bill    (f) (g)        02/21/08    2,000,000      1,969,160 
US Treasury Bill    (f)        03/06/08    17,000,000      16,709,232 
Total US Treasury Securities                       
     (Cost $27,552,108)                      27,581,001 
Total Short-Term Investments                       
     (Cost $44,619,668)                      44,648,561 
 
Total Investments -- 99.7%                       
     (Cost $279,172,555)                      407,780,794 
Other Assets in Excess of Liabilities -- 0.3%                      1,338,428 
Net Assets -- 100.0%                        $  409,119,222 

ADR    American Depositary Receipt 
CVA    Certificaaten van aandelen (share certificates) 
EAFE    Europe, Australasia, and Far East 
GDR    Global Depositary Receipt 
MSCI    Morgan Stanley Capital International 
NVDR    Non-Voting Depositary Receipt 
SCA    Sociedad en Comandita por Acciónes 
SPADR    Sponsored ADR 
UNIT    A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a
predetermined date. 
VVPR    Verminderde Voorheffing Précompte Réduit (France dividend coupon) 
 
(a)    Non-income producing security. 
(b)    Restricted Securities. The following restricted securities were held by the fund as of September 30, 2007, and were valued in
accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a
privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection
with the disposition of such securities. All of the below securities are illiquid. The below list does not include securities
eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be
deemed restricted.  

Investment    Date of Acquisition        Cost          Value 
 
Aeroplane Income Fund Registered, Class D    01/08/07-05/22/07        $        125,543          $     172,090 
Bell Aliant Regional Communications Income Fund    07/11/06        16,840          18,200 
Convexity Capital Offshore, LP    02/16/06        11,000,000          15,729,868 
Jazz Air Income Fund    03/12/07-05/22/07        23,682          25,528 
Lansdowne UK Equity Fund Ltd.    05/31/03        8,000,000          15,876,003 
Tosca    07/01/04        4,700,000          8,466,096 
Total                        $  40,287,785 

(c)      Illiquid security.
(d)      Portfolio holdings information of the Private Investment Funds is not available as of September 30, 2007. These positions are therefore grouped into their own industry classification.
(e)      Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $40,071,967, which represents 9.8% of the fund's net assets.
(f)      Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.
(g)      Security or a portion thereof is pledged as initial margin for financial futures contracts.
 
    Financial Futures Contracts                     
                  Notional        
Number              Initial    Value at       Unrealized  
of              Notional Value/   September 30,       Appreciation/  
Contracts    Type          (Proceeds)      2007       (Depreciation)  
 
    Long Financial Futures Contracts                     
 
65    December 2007 Australian Dollar          5,456,750    5,757,050       $       300,300  
28    December 2007 British Pounds          3,545,037    3,573,325       28,288  
120    December 2007 CAC40          9,464,315    9,851,033       386,718  
135    December 2007 Canadian Dollar          13,027,785    13,597,200       569,415  
24    December 2007 DAX Index          6,575,394    6,805,631       230,237  
56    December 2007 Euro FX GLBX          9,753,369    10,005,100       251,731  
120    December 2007 FTSE 100 Index          15,470,215    16,006,676       536,461  
148    December 2007 Japanese Yen          16,283,119    16,274,450       (8,669 ) 
10    December 2007 MIB Index          2,786,306    2,854,966       68,660  
125    December 2007 Swiss Franc          13,245,944    13,507,813       261,869  
79    December 2007 Topix Index          10,557,176    11,169,286       612,110  
93    December 2007 TSE 60 Index          15,349,184    15,399,487       50,303  
                          $    3,287,423  
 
 
    Forward Currency Contracts                     
              In exchange          Unrealized  
Description              for          Depreciation  
Sell Contracts                         
  £2,754,000    Great British Pounds Settling on 10/31/07            $       5,602,680            $        (28,526 ) 
 
 
 
    Total Return Swaps Contracts                     
 
Notional                        Unrealized  
Amount    Expiration Date    Counterparty      Pay    Receive       Appreciation  
 
  $      3,656,250    7/28/2008    Barclays      1-Month LIBOR plus    iShares MSCI Emerging        
              a specified spread    Market Index         $         79,415  
 
  $     7,312,500    7/28/2008    Barclays      1- Month LIBOR plus    iShares MSCI Emerging        
              a specified spread    Markets Index       158,831  
                          $       238,246  

 

TIFF US EQUITY FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)             September 30, 2007

       Number of       
      Shares     Value 
Common Stocks -- 63.6%           
Aerospace and Defense -- 2.0%           
AAR Corp.    (a)  61,500    $1,865,910 
Boeing Co.      4,700    493,453 
Honeywell International, Inc.      6,400    380,608 
L-3 Communications Holdings, Inc.      2,300    234,922 
Lockheed Martin Corp.      6,600    716,034 
Northrop Grumman Corp.      7,900    616,200 
Precision Castparts Corp.      3,300    488,334 
          4,795,461 
Beverages -- 0.3%           
PepsiCo, Inc.      10,900    798,534 
 
Biotechnology -- 0.2%           
Gilead Sciences, Inc.    (a)  14,300    584,441 
 
Capital Markets -- 1.0%           
Franklin Resources, Inc.      1,700    216,750 
Goldman Sachs Group, Inc.      4,300    931,982 
Merrill Lynch & Co., Inc.      9,800    698,544 
Morgan Stanley      11,100    699,300 
          2,546,576 
Chemicals -- 1.6%           
Dow Chemical Co. (The)      8,800    378,928 
Nalco Holding Co.      95,481    2,831,012 
Tronox, Inc., Class A      56,500    525,450 
Tronox, Inc., Class B      31,000    279,930 
          4,015,320 
Commercial Banks -- 2.5%           
Comerica, Inc.      7,200    369,216 
KeyCorp      12,900    417,057 
North Valley Bancorp      69,300    1,563,408 
Prosperity Bancshares, Inc.      46,187    1,531,561 
South Financial Group, Inc. (The)      64,000    1,455,360 
Wachovia Corp.      6,800    341,020 
Wells Fargo & Co.      10,300    366,886 
          6,044,508 
Commercial Services & Supplies -- 0.0%           
Preview Systems    (a) (b)  66,800    334 
 
Communications Equipment -- 0.6%           
Cisco Systems, Inc.    (a)  32,400    1,072,764 
Juniper Networks, Inc.    (a)  7,500    274,575 
          1,347,339 
Computers & Peripherals -- 0.6%           
EMC Corp.    (a)  15,200    316,160 
Hewlett-Packard Co.      24,200    1,204,918 
          1,521,078 
Diversified Consumer Services -- 3.3%           
DeVry, Inc.      96,000    3,552,960 
ITT Educational Services, Inc.    (a)  37,100    4,514,699 
          8,067,659 

Diversified Financial Services -- 1.1%         
Bank of America Corp.    7,800    392,106 
Citigroup, Inc.    24,800    1,157,416 
JPMorgan Chase & Co.    25,900    1,186,738 
        2,736,260 
Diversified Telecommunication Services -- 1.0%         
AT&T, Inc.    22,392    947,405 
General Communications, Inc., Class A  (a)  94,100    1,142,374 
Verizon Communications, Inc.    10,100    447,228 
        2,537,007 
Electric Utilities -- 1.6%         
American Electric Power Co., Inc.    2,000    92,160 
Edison International    9,500    526,775 
FirstEnergy Corp.    8,500    538,390 
Portland General Electric Co.    102,100    2,838,380 
        3,995,705 
Electrical Equipment -- 0.2%         
Rockwell Automation, Inc.    7,000    486,570 
 
Electronic Equipment & Instruments -- 3.1%         
Checkpoint Systems, Inc.  (a)  208,500    5,502,315 
Rogers Corp.  (a)  49,000    2,018,310 
        7,520,625 
Energy Equipment & Services -- 0.1%         
Halliburton Co.    6,400    245,760 
 
Food & Staples Retailing -- 0.7%         
Kroger Co. (The)    20,900    596,068 
Safeway, Inc.    14,700    486,717 
Walgreen Co.    16,000    755,840 
        1,838,625 
Food Products -- 0.4%         
ConAgra Foods, Inc.    18,300    478,179 
General Mills, Inc.    9,500    551,095 
        1,029,274 
Health Care Equipment & Supplies -- 2.2%         
Cooper Companies, Inc. (The)    55,598    2,914,447 
STERIS Corp.    91,100    2,489,763 
        5,404,210 
Health Care Providers & Services -- 5.3%         
Aetna, Inc.    13,200    716,364 
AmerisourceBergen Corp.    9,500    430,635 
AmSurg Corp.  (a)  45,000    1,038,150 
Cardinal Health, Inc.    8,300    518,999 
CIGNA Corp.    10,800    575,532 
Express Scripts, Inc.  (a)  10,400    580,528 
LifePoint Hospitals, Inc.  (a)  74,447    2,234,154 
Lincare Holdings, Inc.  (a)  20,000    733,000 
McKesson Corp.    9,500    558,505 
Medco Health Solutions, Inc.  (a)  3,400    307,326 
Odyssey HealthCare, Inc.  (a)  105,100    1,010,011 
Owens & Minor, Inc.    50,800    1,934,972 
PharmChem, Inc.  (a) (b)  269,200    2,154 
Universal Health Services, Inc., Class B    37,000    2,013,540 
Wellpoint, Inc.  (a)  5,000    394,600 
        13,048,470 
Hotels, Restaurants & Leisure -- 1.4%         
Applebee's International, Inc.    50,000    1,244,000 

McDonald's Corp.    9,700    528,359 
Ruby Tuesday, Inc.    65,000    1,192,100 
Yum! Brands, Inc.    17,600    595,408 
        3,559,867 
Household Durables -- 0.2%         
Garmin Ltd.    3,300    394,020 
 
Household Products -- 0.2%         
Kimberly-Clark Corp.    4,500    316,170 
Procter & Gamble Co.    3,200    225,088 
        541,258 
Industrial Conglomerates -- 0.1%         
3M Co.    2,600    243,308 
 
Insurance -- 4.2%         
Allstate Corp. (The)    12,200    697,718 
Aon Corp.    8,000    358,480 
Arthur J. Gallagher & Co.    50,000    1,448,500 
Brown & Brown, Inc.    60,000    1,578,000 
Chubb Corp.    11,200    600,768 
Hilb, Rogal & Hobbs Co.    42,200    1,828,526 
Loews Corp.    12,700    614,045 
Montpelier Re Holdings Ltd. (Bermuda)    138,500    2,451,450 
Principal Financial Group    3,700    233,433 
Travelers Companies, Inc. (The)    11,500    578,910 
        10,389,830 
Internet & Catalog Retail -- 0.0%         
Geerlings & Wade, Inc.  (a)  66,300    49,725 
 
Internet Software & Services -- 0.2%         
eBay, Inc.  (a)  11,800    460,436 
 
IT Services -- 2.6%         
Automatic Data Processing, Inc.    13,200    606,276 
Computer Sciences Corp.  (a)  2,600    145,340 
MoneyGram International, Inc.    127,500    2,880,225 
Wright Express Corp.  (a)  75,800    2,765,942 
        6,397,783 
Life Sciences Tools & Services -- 0.9%         
Thermo Fisher Scientific, Inc.  (a)  38,400    2,216,448 
 
Machinery -- 1.5%         
Caterpillar, Inc.    5,700    447,051 
Crane Co.    30,700    1,472,679 
Cummins, Inc.    4,500    575,505 
Eaton Corp.    2,400    237,696 
Ingersoll-Rand Co. Ltd. (Bermuda)    4,800    261,456 
Parker-Hannifin Corp.    5,200    581,516 
        3,575,903 
Media -- 3.2%         
Cox Radio, Inc., Class A  (a)  176,036    2,297,270 
DIRECTV Group, Inc. (The)  (a)  24,500    594,860 
EchoStar Communications Corp., Class A  (a)  11,100    519,591 
Liberty Global, Inc., Class A  (a)  9,600    393,792 
Live Nation, Inc.  (a)  131,491    2,794,184 
Time Warner, Inc.    43,400    796,824 
Walt Disney Co. (The)    11,900    409,241 
        7,805,762 

Metals and Mining -- 0.6%         
Alcan, Inc.    2,200    220,176 
Nucor Corp.    10,000    594,700 
Pacific Rim Mining Corp. (Canada)  (a) (c)  35,000    40,250 
Southern Copper Corp.    5,100    631,533 
        1,486,659 
Multiline Retail -- 2.2%         
Big Lots, Inc.  (a)  110,125    3,286,130 
Kohl's Corp.  (a)  8,400    481,572 
Saks, Inc.    100,000    1,715,000 
        5,482,702 
Multi-Utilities -- 0.9%         
PNM Resources, Inc.    76,800    1,787,904 
Public Service Enterprise Group, Inc.    6,100    536,739 
        2,324,643 
Office Electronics -- 1.1%         
Zebra Technologies Corp., Class A  (a)  74,700    2,725,803 
 
Oil, Gas & Consumable Fuels -- 5.8%         
Chevron Corp.    13,700    1,282,046 
ConocoPhillips    14,000    1,228,780 
EnCana Corp. (Canada)    4,100    253,585 
Encore Acquisition Co.  (a)  103,500    3,275,775 
Exxon Mobil Corp.    24,500    2,267,720 
Marathon Oil Corp.    12,400    707,048 
Petro (Canada)    5,500    315,645 
Pogo Producing Co.    30,000    1,593,300 
Stone Energy Corp.  (a)  64,000    2,560,640 
Valero Energy Corp.    10,700    718,826 
        14,203,365 
Pharmaceuticals -- 1.5%         
Forest Laboratories, Inc.  (a)  7,200    268,488 
Johnson & Johnson    14,500    952,650 
Pfizer, Inc.    41,900    1,023,617 
Salix Pharmaceuticals Ltd.  (a)  109,500    1,359,990 
        3,604,745 
Real Estate -- 0.2%         
Brookfield Asset Management, Inc., Class A (Canada)    13,200    508,200 
 
Road & Rail -- 0.4%         
Norfolk Southern Corp.    11,100    576,201 
Union Pacific Corp.    3,200    361,792 
        937,993 
Semiconductors & Semiconductor Equipment -- 1.6%         
Applied Materials, Inc.    28,100    581,670 
Cabot Microelectronics Corp.  (a)  57,000    2,436,750 
Intel Corp.    11,300    292,218 
Texas Instruments, Inc.    16,200    592,758 
        3,903,396 
Software -- 1.2%         
Microsoft Corp.    55,600    1,637,976 
NexPrise, Inc.  (a) (b)  28,553    9,994 
Oracle Corp.  (a)  38,600    835,690 
Symantec Corp.  (a)  29,600    573,648 
        3,057,308 
Specialty Retail -- 2.0%         
Aaron Rents, Inc.    70,388    1,569,652 
Sally Beauty Holdings, Inc.  (a)  124,200    1,049,490 

Zale Corp.    (a)            99,500    2,302,430  
                    4,921,572  
Textiles, Apparel & Luxury Goods -- 0.5%                     
Coach, Inc.    (a)            13,000    614,510  
Nike, Inc., Class B                10,000    586,600  
                    1,201,110  
Thrifts & Mortgage Finance -- 2.2%                     
BankUnited Financial Corp., Class A                62,000    963,480  
Downey Financial Corp.                31,395    1,814,631  
People's United Financial, Inc.                121,200    2,094,336  
Washington Mutual, Inc.                16,700    589,677  
                    5,462,124  
Tobacco -- 0.1%                     
Reynolds American, Inc.                4,200    267,078  
 
Trading Companies & Distributors -- 0.7%                     
United Rentals, Inc.    (a)            50,200    1,614,934  
 
Wireless Telecommunication Services -- 0.3%                     
Sprint Nextel Corp.                36,700    697,300  
 
Total Common Stocks                     
   (Cost $123,791,135)                    156,597,028  
 
                Number of     
                Shares    Value  
Commingled Investment Vehicles -- 22.3%                     
Private Investment Funds -- 22.3%    (d)                 
Adage Capital Partners, LP    (a) (b) (c) (e)                34,280,533  
Freeman Fair Value Fund I, LP    (a) (c) (e)                20,528,674  
Gotham Partners, LP    (a) (b) (c) (e)                138,087  
                    54,947,294  
Total Commingled Investment Vehicles                     
   (Cost $38,507,879)                    54,947,294  
 
        Interest     Maturity    Principal     
        Rate     Date    Amount    Value  
Short-Term Investments -- 14.6%                     
 
Repurchase Agreements -- 4.2%                     
State Street Bank & Trust Co. Repurchase Agreement issued 09/28/07 (proceeds
   at maturity $10,209,424) (Collateralized by $10,195,000 05/31/08 US Treasury Note,
  4.875%, with a market value of $10,411,644) 		   3.000 %    10/01/07    10,206,872    10,206,872  
   (Cost $10,206,872)                     
 
US Treasury Securities -- 10.4%                     
US Treasury Bill    (f)        11/23/07    2,000,000    1,989,296  
US Treasury Bill    (f)        12/13/07    3,500,000    3,474,201  
US Treasury Bill    (f)        12/27/07    1,000,000    990,998  
US Treasury Bill    (f) (g)        02/14/08    13,500,000    13,302,023  
US Treasury Bill    (f)        02/21/08    4,000,000    3,938,320  
US Treasury Bill    (f)        03/06/08    2,000,000    1,965,792  
Total US Treasury Securities                     
   (Cost $25,629,711)                    25,660,630  
Total Short-Term Investments                     
   (Cost $35,836,583)                    35,867,502  
 
Total Investments -- 100.5%                     
   (Cost $198,135,597)                    247,411,824  
Liabilities in Excess of Other Assets -- (0.5%)                    (1,327,318 ) 
Net Assets -- 100.0% $ 246,084,506


(a)      Non-income producing security.
(b)      Illiquid security.
(c)      
 		 Restricted Securities. The following restricted securities were held by the fund as of September 30, 2007, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. All of the below securities are illiquid, with the exception of Freeman Fair Value Fund I, LP, and Pacific Rim Mining Corp. (Canada). TIP's board of directors deemed Pacific Rim Mining Corp. (Canada) to be liquid. The valuation committee has determined the partnership interest in Freeman Fair Value Fund I, LP to be liquid based on the ability to redeem the private investment fund interest upon seven days' notice and payment of a 0.25% redemption fee. The TIP board of directors duly ratified the liquidity determination and agreed to fair value the private investment fund at 99.75% of its stated market value to take into account this potential redemption fee. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.
 
Investment    Date of Acquisition      Cost          Value 
 
Adage Capital Partners, LP    01/01/02-06/30/03        $      19,847,065          $      34,280,533 
Freeman Fair Value Fund I, LP    10/01/04-12/31/04      18,000,000          20,528,674 
Gotham Partners, LP    06/29/97      660,814          138,087 
Pacific Rim Mining Corp. (Canada)    06/01/04      100,800          40,250 
Total                      $      54,987,544 

(d)      Portfolio holdings information of the Private Investment Funds is not available as of September 30, 2007. These positions are therefore grouped into their own industry classification.
(e)      Security is valued in good faith under procedures established by the board of directors. The aggregate amount of securities fair valued amounts to $54,947,294, which represents 22.3% of the fund's net assets.
(f)      Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.
(g)      Security or a portion thereof is pledged as initial margin for financial futures contracts.
 
    Financial Futures Contracts               
                             Initial     Notional       Unrealized  
Number                           Notioanl/Value     Value at       Appreciation/  
of Contracts    Type                      (Proceeds)     September 30, 2007       (Depreciation)  
 
    Long Financial Futures Contracts               
244    December 2007 S&P 500 Index    91,020,341     93,824,100       $     2,803,759  
 
    Short Financial Futures Contracts               
18    December 2007 MidCap 400 Index    (8,019,200 )    (8,039,700 )      (20,500 ) 
90    December 2007 Russell 2000 Index    (37,101,375 )    (36,594,000 )                    507,375  
                    $        486,875  
                      $     3,290,634  

See accompanying Notes to Financial Statements.

TIFF SHORT-TERM FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)    September 30, 2007  
 
 
    Interest     Maturity    Principal     
    Rate     Date    Amount    Value  
               Short-Term Investments -- 100.1%                 
 
               Time Deposit -- 1.5%                 
               State Street Bank & Trust Co.    4.500 %    10/01/07    $2,489,000    $      2,489,000  
                   (Cost $2,489,000)                 
 
               US Treasury Securities -- 98.6%                 
               US Treasury Bill    (a)     11/23/07    11,000,000    10,941,128  
               US Treasury Bill    (a)     12/13/07    27,000,000    26,800,983  
               US Treasury Bill    (a)     12/20/07    3,000,000    2,975,568  
               US Treasury Bill    (a)     12/27/07    20,000,000    19,819,960  
               US Treasury Bill    (a)     01/03/08    2,000,000    1,980,234  
               US Treasury Bill    (a)     01/17/08    16,000,000    15,819,280  
               US Treasury Bill    (a)     01/24/08    1,000,000    987,941  
               US Treasury Bill    (a)     01/31/08    5,000,000    4,935,355  
               US Treasury Bill    (a)     02/07/08    1,000,000    986,125  
               US Treasury Bill    (a)     02/14/08    19,000,000    18,721,365  
               US Treasury Bill    (a)     02/28/08    3,000,000    2,951,100  
               US Treasury Bill    (a)     03/06/08    53,000,000    52,093,488  
               US Treasury Bill    (a)     03/27/08    5,000,000    4,903,090  
               Total US Treasury Securities                 
                   (Cost $163,688,063)                163,915,617  
               Total Short-Term Investments                 
                   (Cost $166,177,063)                166,404,617  
 
               Total Investments -- 100.1%                 
                   (Cost $166,177,063)                166,404,617  
               Liabilities in Excess of Other Assets -- (0.1%)                (243,405 ) 
               Net Assets -- 100.0%                $ 166,161,212  

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

 

See accompanying Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)    September 30, 2007 
1. Organization     

TIFF Investment Program, Inc. (TIP) was organized as a Maryland corporation on December 23, 1993, and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. TIP currently has four active funds: TIFF Multi-Asset Fund (Multi-Asset Fund), TIFF International Equity Fund (International Equity Fund), TIFF US Equity Fund (US Equity Fund), and TIFF Short-Term Fund (Short-Term Fund), collectively referred to as the “funds”.

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

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

Valuation of Investments

Securities listed on a securities exchange for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services and are deemed representative of market values at the close. Unlisted securities or securities for which over-the-counter market quotations are readily available are valued at the latest bid price. Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, or by amortizing their value on the 61st day prior to maturity if their term to maturity at the date of purchase was greater than 60 days. Exchange-traded and over-the-counter options and futures contracts are valued at the closing settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short future and written option sales contracts). Forward foreign currency exchange contracts are valued at their respective fair market values. Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value net of any applicable sales loads.

Events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) and the time at which net asset values of the funds are determined may be reflected in the funds’ calculation of the net asset value if the funds’ valuation committee believes that the particular event would materially affect net asset value. The funds also employ a fair value model to adjust prices to reflect such events.

Certain funds invest in private investment funds formed for the purpose of earning returns from alternative investment strategies. Private investment interests held by the funds are generally not securities for which market quotations are readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The TIP board of directors has approved valuation procedures pursuant to which the fund values its interests in private investment funds at ‘‘fair value’’. In accordance with these procedures, fair

value of private investment interests ordinarily is based on the estimated value of the private investment fund, as provided to the fund by the management of the private investment fund. Fair value is intended to represent a good faith approximation of the amount that the fund could reasonably expect to receive from the private investment fund if the fund’s interest in the private investment fund were sold at the time of valuation, based on information reasonably available at the time valuation is made and that the fund believes is reliable. If the private investment fund does not provide a value to the fund on a timely basis, the fund would determine the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment, as well as any other relevant information reasonably available at the time the fund values its portfolio. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated.

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

Foreign Currency Translation

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

(i)      the foreign currency value of investments and other assets and liabilities denominated in foreign currency are translated at the closing rate of exchange on the valuation date; and
 
(ii)      purchases and sales of investments, income, and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.
 

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

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

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

3. Financial Instruments

Forward Currency Contracts

The funds may enter into forward currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure associated with some or all of the fund’s portfolio securities. A forward currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily, and the change in value is recorded by the funds as an unrealized gain or loss. When a forward currency contract is extinguished through delivery or by entry into a closing contract, the funds record a realized gain or loss on foreign currency-related transactions equal to the difference between the value of the contract at the time of purchase and the value of the contract at the time it was extinguished. These contracts may

involve market risk in excess of the unrealized gain or loss reflected in the fund’s Statement of Assets and Liabilities. In addition, the funds could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the US dollar.

Financial Futures Contracts

The funds may engage in trading financial futures contracts. A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery at a future date. The funds are exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require a fund to “mark to market” on a daily basis, which reflects the change in the market value of the contract at the close of each day’s trading. Accordingly, variation margin payments are made to or received from the broker in the amount of daily unrealized gains or losses. When the contracts are closed, the fund recognizes a realized gain or loss in the Statement of Operations. These investments require initial margin deposits which consist of cash or cash equivalents, equal to approximately 5%-10% of the contract amount.

Each fund may use futures contracts to manage its market exposures and its exposure to fluctuations in currency values. Futures contracts are primarily used to increase or decrease the funds’ exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin included in the Statement of Assets and Liabilities. Losses may arise from changes in the value of the underlying instrument, an illiquid secondary market for the contracts, or counterparties not performing under the contract terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Short Selling

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

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

Options

If a fund purchases an option, an amount equal to the premium paid by the fund is included in the fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current market value of the option purchased. The current market value of a purchased option is the last sale price on the market on which it is principally traded. If the purchased option expires, the fund realizes a loss in the amount of the premium originally paid. If the fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option.

If the fund exercises a call option, the cost of the securities acquired by exercising the call option is increased by the premium paid to buy the call option. If the fund exercises a put option, it realizes a gain or loss from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid.

If a fund writes an option, an amount equal to the premium received by the fund is included in the fund’s Statement of Assets and Liabilities as a liability and subsequently marked to market to reflect the current value of the option written. The current market value of a written option is the last sale price on the market on which it is principally traded. If the written option expires, the fund

realizes a gain in the amount of the premium received. If the fund enters into a closing transaction, it recognizes a gain or loss, depending on whether the cost of the purchase is less than or greater than the premium received.

If a written call option is exercised, the proceeds from the security sold are increased by the premium received. If a put option is exercised, the cost basis of the security purchased by the fund is reduced by the premium received. The fund as a writer of an option has no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. Written options present risk of loss in excess of related amounts shown on the Statement of Assets and Liabilities.

Each fund may use option contracts to manage its market exposures and its exposure to fluctuation in interest rates and currency values. Option contracts are primarily used to increase or decrease the fund’s exposure to the underlying instrument and may serve as hedges for other fund investments.

Interest Only Securities

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

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Risks may arise as a result of the failure of another party to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty generally is limited to the net payment to be received by the fund and/or the termination value at the end of the contract. Therefore, the fund considers the creditworthiness of each counterparty to a swap contract evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities or indices.

The fund records a net receivable or payable and interest for the amount expected to be received or paid in the period. Fluctuations in the value of interest rate swap contracts are recorded for financial statement purposes as unrealized appreciation (depreciation) on investments. The swap is valued at fair market value as determined by changes in the relationship between the stated rate of interest and the return on the index. The valuation of the swap is provided by the counterparty.

Commodity Index-Linked Notes

The Multi-Asset Fund may invest in structured notes whose value is based on the price movements of commodities, including an index of commodities. The value of these notes will rise and fall in response to changes in the underlying commodities, and the amount of such response will depend upon the amount of leverage embedded in the note. These types of notes may be more or less volatile and more or less liquid than more traditional debt securities. Fluctuations in the value of these notes are recorded as unrealized gain and losses in the accompanying financial statements. Net payments are recorded as net realized gain/losses.

4. Investment Transactions

For federal income tax purposes, the cost of securities owned at September 30, 2007, the aggregate gross unrealized appreciation (depreciation), and the net unrealized appreciation (depreciation) on securities owned at September 30, 2007, for each fund are as follows:

            Net     
    Gross    Gross     Unrealized     
Fund    Appreciation    Depreciation     Appreciation    Cost 
Multi-Asset    $322,025,437    $(13,594,229 )    $308,431,208    $1,936,144,597 
International Equity    118,104,056    (3,170,029 )    114,934,027    292,846,767 
US Equity    49,357,771    (6,987,471 )    42,370,300    205,041,524 
Short-Term    227,554    __     227,554    166,177,063 

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 and asset-backed securities agrees, upon entering into a contract, to sell US government securities to a fund and repurchase such securities from such fund at a mutually agreed upon price and date.

Each fund is also permitted to enter into reverse repurchase agreements under which a primary or reporting dealer in US government securities purchases US government securities from a fund and such fund agrees to repurchase the securities at an agreed upon price and date. The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Open reverse repurchase agreements at September 30, 2007 were as follows:

        Face         
Description        Value         
Multi-Asset Fund                 
JP Morgan Chase & Co., 4.35%, dated 09/25/07, to be repurchased on 10/02/07, at $50,239,804    $    50,197,345        
Morgan Stanley, 4.50%, dated 09/25/07, to be repurchased on 10/02/07, at $2,036,781        2,035,000        
Morgan Stanley, 4.40%, dated 09/27/07, to be repurchased on 10/02/07, at $3,563,426        3,561,250        
Total reverse repurchase agreements        55,793,595        
Average balance outstanding (1)    $    16,165,181        
Average interest rate        4.75 % (2)       
                 

 
(1)      Average balance outstanding was calculated based on daily balances outstanding during the period that the fund had entered into reverse repurchase agreements.
(2)      Annualized.
 

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

6. Delayed Delivery Transactions

The funds may purchase or sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the

underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The funds identify these securities in their records as segregated with a value at least equal to the amount of the purchase commitment.

The Multi-Asset Fund enters into “TBA” (to be announced) purchase commitments to purchase mortgage-backed securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price has been established, the principal value has not been finalized. However, the principal amount delivered will not differ more than 0.01% from the commitment. TBA purchase commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, which risk is in addition to the risk of decline in the value of the funds’ other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under Valuation of Investments above. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts.

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

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

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

7. Concentration of Risks

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

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

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

The Multi-Asset, International Equity, and US Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. While the funds’ investment in emerging markets debt securities is limited, the yields of these obligations reflect perceived credit risk.

  Item 2. Controls and Procedures.

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

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

  Item 3. Exhibits.

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

 

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.

  TIFF Investment Program, Inc.

    By:  /s/ Richard J. Flannery
    Richard J. Flannery, President and Chief Executive Officer 

Date  11/29/07  
 
 		  

  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:  /s/ Richard J. Flannery
    Richard J. Flannery, President and Chief Executive Officer 

Date  11/29/07  
 
 		  

    By:  /s/ William E. Vastardis
     William E. Vastardis, Treasurer and Chief Financial Officer

Date  11/29/07