TIFF INVESTMENT PROGRAM INC (Form Type: NSAR-A, Filing Date: 08/28/2007)

PAGE 1 000 A000000 06/30/2007 000 C000000 0000916622 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 TIFF INVESTMENT PROGRAM, INC. 001 B000000 811-8234 001 C000000 8009840084 002 A000000 200 BARR HARBOR DRIVE, SUITE 100 002 B000000 WEST CONSHOHOCKEN 002 C000000 PA 002 D010000 19248 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 4 007 C010100 1 007 C020100 TIFF US EQUITY FUND 007 C030100 N 007 C010200 2 007 C020200 TIFF INTERNATIONAL EQUITY FUND 007 C030200 N 007 C010300 3 007 C010400 4 007 C010500 5 007 C020500 TIFF SHORT-TERM FUND 007 C030500 N 007 C010600 6 007 C020600 TIFF MULTI-ASSET FUND 007 C030600 N 007 C010700 7 007 C020700 TIFF GOVERNMENT BOND FUND 007 C030700 Y 007 C010800 8 007 C010900 9 007 C011000 10 007 C011100 11 007 C011200 12 007 C011300 13 007 C011400 14 007 C011500 15 007 C011600 16 007 C011700 17 007 C011800 18 007 C011900 19

PAGE 2 007 C012000 20 010 A00AA01 STATE STREET BANK & TRUST CO. 010 B00AA01 8-57720 010 C01AA01 BOSTON 010 C02AA01 MA 010 C03AA01 02116 010 A00AA02 VASTARDIS FUND SERVICES LLC 010 C01AA02 NEW YORK 010 C02AA02 NY 010 C03AA02 10010 011 A00AA01 QUASAR DISTRIBUTORS, LLC 011 B00AA01 8-52323 011 C01AA01 MILWAUKEE 011 C02AA01 WI 011 C03AA01 53202 012 A00AA01 STATE STREET BANK & TRUST CO. 012 B00AA01 85-7720 012 C01AA01 BOSTON 012 C02AA01 MA 012 C03AA01 02116 013 A00AA01 ERNST & YOUNG LLP 013 B01AA01 PHILADELPHIA 013 B02AA01 PA 013 B03AA01 19103 014 A00AA01 U.S. BANCORP 014 B00AA01 8-35359 015 A00AA01 STATE STREET BANK & TRUST CO. 015 B00AA01 C 015 C01AA01 BOSTON 015 C02AA01 MA 015 C03AA01 02116 015 E01AA01 X 015 A00AA02 NATIONAL AUSTRALIA BANK 015 B00AA02 S 015 C01AA02 MELBOURNE 015 D01AA02 AUSTRALIA 015 E04AA02 X 015 A00AA03 BNP PARIBAS SECURITIES SERVICES 015 B00AA03 S 015 C01AA03 BRUSSELS 015 D01AA03 BELGIUM 015 E04AA03 X 015 A00AA04 HSBC BANK PLC 015 B00AA04 S 015 C01AA04 HAMILTON 015 D01AA04 BERMUDA 015 E04AA04 X 015 A00AA05 CITIBANK N.A. (BRAZIL) 015 B00AA05 S 015 C01AA05 SAO PAULO 015 D01AA05 BRAZIL

PAGE 3 015 E04AA05 X 015 A00AA06 RBC DEXIA INVESTOR SERVICES TRUST LTD. 015 B00AA06 S 015 C01AA06 TORONTO 015 D01AA06 CANADA 015 E04AA06 X 015 A00AA07 STANDARD CHARTERED BANK 015 B00AA07 S 015 C01AA07 SHANGHAI 015 D01AA07 CHINA 015 E04AA07 X 015 A00AA08 SKANDINAVISKA ENSKILDA BANKEN 015 B00AA08 S 015 C01AA08 COPENHAGEN 015 D01AA08 DENMARK 015 E04AA08 X 015 A00AA09 CITIBANK, N.A. 015 B00AA09 S 015 C01AA09 SANTIAGO 015 D01AA09 CHILE 015 E04AA09 X 015 A00AA10 SKANDINAVISKA ENSKILDA BANKEN 015 B00AA10 S 015 C01AA10 HELSINKI 015 D01AA10 FINLAND 015 E04AA10 X 015 A00AA11 BNP PARIBAS SECURITIES SERVICES 015 B00AA11 S 015 C01AA11 PARIS 015 D01AA11 FRANCE 015 E04AA11 X 015 A00AA12 BNP PARIBAS SECURITIES SERVICES 015 B00AA12 S 015 C01AA12 FRANKFURT 015 D01AA12 GERMANY 015 E04AA12 X 015 A00AA13 HSBC BANK PLC 015 B00AA13 S 015 C01AA13 LONDON 015 D01AA13 UNITED KINGDOM 015 E04AA13 X 015 A00AA14 STANDARD CHARTERED BANK LTD. 015 B00AA14 S 015 C01AA14 HONG KONG 015 D01AA14 HONG KONG 015 E04AA14 X 015 A00AA15 BANK BPH SA 015 B00AA15 S 015 C01AA15 WARSAW 015 D01AA15 POLAND 015 E04AA15 X

PAGE 4 015 A00AA16 STANDARD CHARTERED BANK PCL 015 B00AA16 S 015 C01AA16 BANGKOK 015 D01AA16 THAILAND 015 E04AA16 X 015 A00AA17 STANDARD CHARTERED BANK 015 B00AA17 S 015 C01AA17 JAKARTA 015 D01AA17 INDONESIA 015 E04AA17 X 015 A00AA18 HSBC BANK PLC 015 B00AA18 S 015 C01AA18 DUBLIN 015 D01AA18 IRELAND 015 E04AA18 X 015 A00AA19 BNP PARIBAS SECURITIES SERVICES 015 B00AA19 S 015 C01AA19 MILAN 015 D01AA19 ITALY 015 E04AA19 X 015 A00AA20 STANDARD CHARTERED BANK 015 B00AA20 S 015 C01AA20 TOKYO 015 D01AA20 JAPAN 015 E04AA20 X 015 A00AA21 STANDARD CHARTERED FIRST BANK 015 B00AA21 S 015 C01AA21 SEOUL 015 D01AA21 KOREA 015 E04AA21 X 015 A00AA22 EUROCLEAR CLEARANCE SYSTEM S.C. 015 B00AA22 S 015 C01AA22 LUXEMBOURG 015 D01AA22 LUXEMBOURG 015 E04AA22 X 015 A00AA23 STANDARD CHARTERED MALAYSIA BERHAD 015 B00AA23 S 015 C01AA23 KUALA LUMPUR 015 D01AA23 MALAYSIA 015 E04AA23 X 015 A00AA24 BANAMEX 015 B00AA24 S 015 C01AA24 MEXICO CITY 015 D01AA24 MEXICO 015 E04AA24 X 015 A00AA25 BNP PARIBAS SECURITIES SERVICES 015 B00AA25 S 015 C01AA25 AMSTERDAM 015 D01AA25 NETHERLANDS 015 E04AA25 X 015 A00AA26 NATIONAL NOMINEES LTD.

PAGE 5 015 B00AA26 S 015 C01AA26 AUCKLAND 015 D01AA26 NEW ZEALAND 015 E04AA26 X 015 A00AA27 SKANDINAVISKA ENSKILDA BANKEN 015 B00AA27 S 015 C01AA27 OSLO 015 D01AA27 NORWAY 015 E04AA27 X 015 A00AA28 STANDARD CHARTERED BANK 015 B00AA28 S 015 C01AA28 MANILA 015 D01AA28 THE PHILIPPINES 015 E04AA28 X 015 A00AA29 ZAO CITIBANK 015 B00AA29 S 015 C01AA29 MOSCOW 015 D01AA29 RUSSIA 015 E04AA29 X 015 A00AA30 STANDARD CHARTERED BANK 015 B00AA30 S 015 C01AA30 SINGAPORE 015 D01AA30 SINGAPORE 015 E04AA30 X 015 A00AA31 STANDARD BANK OF SOUTH AFRICA LTD. 015 B00AA31 S 015 C01AA31 JOHANNESBURG 015 D01AA31 SOUTH AFRICA 015 E04AA31 X 015 A00AA32 BNP PARIBAS SECURITIES SERVICES 015 B00AA32 S 015 C01AA32 MADRID 015 D01AA32 SPAIN 015 E04AA32 X 015 A00AA33 SKANDINAVISKA ENSKILDA BANKEN 015 B00AA33 S 015 C01AA33 STOCKHOLM 015 D01AA33 SWEDEN 015 E04AA33 X 015 A00AA34 CREDIT SUISSE 015 B00AA34 S 015 C01AA34 ZURICH 015 D01AA34 SWITZERLAND 015 E04AA34 X 015 A00AA35 STANDARD CHARTERED BANK 015 B00AA35 S 015 C01AA35 TAIPEI 015 D01AA35 TAIWAN 015 E04AA35 X 015 A00AA36 CITIBANK, N.A. 015 B00AA36 S

PAGE 6 015 C01AA36 BUENOS AIRES 015 D01AA36 ARGENTINA 015 E04AA36 X 015 A00AA37 BANK AUSTRIA CREDITANSTALT AG 015 B00AA37 S 015 C01AA37 VIENNA 015 D01AA37 AUSTRIA 015 E04AA37 X 015 A00AA38 HSBC BANK MIDDLE EAST LTD. 015 B00AA38 S 015 C01AA38 MANAMA 015 D01AA38 BAHRAIN 015 E04AA38 X 015 A00AA39 STANDARD CHARTERED BANK 015 B00AA39 S 015 C01AA39 DHAKA 015 D01AA39 BANGLADESH 015 E04AA39 X 015 A00AA40 BARCLAYS BANK OF BOTSWANA LTD. 015 B00AA40 S 015 C01AA40 GABORONE 015 D01AA40 BOTSWANA 015 E04AA40 X 015 A00AA41 CITITRUST COLOMBIA S.A. 015 B00AA41 S 015 C01AA41 BOGOTA 015 D01AA41 COLOMBIA 015 E04AA41 X 015 A00AA42 HVB ZAGREBACKA BANKA 015 B00AA42 S 015 C01AA42 ZAGREB 015 D01AA42 CROATIA 015 E04AA42 X 015 A00AA43 CYPRUS POPULAR BANK 015 B00AA43 S 015 C01AA43 NICOSIA 015 D01AA43 CYPRUS 015 E04AA43 X 015 A00AA44 HVB BANK 015 B00AA44 S 015 C01AA44 PRAGUE 015 D01AA44 CZECH REPUBLIC 015 E04AA44 X 015 A00AA45 CITIBANK, N.A. 015 B00AA45 S 015 C01AA45 CAIRO 015 D01AA45 EGYPT 015 E04AA45 X 015 A00AA46 SKANDINAVISKA ENSKILDA BANKEN 015 B00AA46 S 015 C01AA46 TALLINN

PAGE 7 015 D01AA46 ESTONIA 015 E04AA46 X 015 A00AA47 BARCLAYS BANK OF GHANA LTD. 015 B00AA47 S 015 C01AA47 ACCRA 015 D01AA47 GHANA 015 E04AA47 X 015 A00AA48 BNP PARIBAS GREECE 015 B00AA48 S 015 C01AA48 ATHENS 015 D01AA48 GREECE 015 E04AA48 X 015 A00AA49 HVB BANK HUNGARY RT 015 B00AA49 S 015 C01AA49 BUDAPEST 015 D01AA49 HUNGARY 015 E04AA49 X 015 A00AA50 ARION CUSTODY SERVICES 015 B00AA50 S 015 C01AA50 REYKJAVIK 015 D01AA50 ICELAND 015 E04AA50 X 015 A00AA51 HONGKONG & SHANGHAI BANKING CORP. LTD. 015 B00AA51 S 015 C01AA51 NEW DELHI 015 D01AA51 INDIA 015 E04AA51 X 015 A00AA52 STANDARD CHARTERED BANK 015 B00AA52 S 015 C01AA52 MUMBAI 015 D01AA52 INDIA 015 E04AA52 X 015 A00AA53 BANK HAPOALIM B.M. 015 B00AA53 S 015 C01AA53 JERUSALEM 015 D01AA53 ISRAEL 015 E04AA53 X 015 A00AA54 HSBC BANK MIDDLE EAST LTD. 015 B00AA54 S 015 C01AA54 AMMAN 015 D01AA54 JORDAN 015 E04AA54 X 015 A00AA55 BARCLAYS BANK OF KENYA LTD. 015 B00AA55 S 015 C01AA55 NAIROBI 015 D01AA55 KENYA 015 E04AA55 X 015 A00AA56 SKANDINAVISKA ENSKILDA BANKEN 015 B00AA56 S 015 C01AA56 RIGA 015 D01AA56 LATVIA

PAGE 8 015 E04AA56 X 015 A00AA57 HSBC BANK MIDDLE EAST LTD. 015 B00AA57 S 015 C01AA57 BEIRUT 015 D01AA57 LEBANON 015 E04AA57 X 015 A00AA58 SEB VILNIAUS BANKAS AB 015 B00AA58 S 015 C01AA58 VILNIUS 015 D01AA58 LITHUANIA 015 E04AA58 X 015 A00AA59 HONGKONG & SHANGHAI BANKING CORP. LTD. 015 B00AA59 S 015 C01AA59 PORT LOUIS 015 D01AA59 MAURITIUS 015 E04AA59 X 015 A00AA60 CITIBANK N.A. 015 B00AA60 S 015 C01AA60 RABAT 015 D01AA60 MOROCCO 015 E04AA60 X 015 A00AA61 HSBC BANK MIDDLE EAST LTD. 015 B00AA61 S 015 C01AA61 MUSCAT 015 D01AA61 OMAN 015 E04AA61 X 015 A00AA62 STANDARD CHARTERED BANK 015 B00AA62 S 015 C01AA62 KARACHI 015 D01AA62 PAKISTAN 015 E04AA62 X 015 A00AA63 CITIBANK PERU 015 B00AA63 S 015 C01AA63 LIMA 015 D01AA63 PERU 015 E04AA63 X 015 A00AA64 BNP PARIBAS SECURITIES SERVICES 015 B00AA64 S 015 C01AA64 LISBON 015 D01AA64 PORTUGAL 015 E04AA64 X 015 A00AA65 HVB BANK ROMANIA SA 015 B00AA65 S 015 C01AA65 BUCHAREST 015 D01AA65 ROMANIA 015 E04AA65 X 015 A00AA66 HVB BANK 015 B00AA66 S 015 C01AA66 BRATISLAVA 015 D01AA66 SLOVAK REPUBLIC 015 E04AA66 X

PAGE 9 015 A00AA67 BANK AUSTRIA CREDITANSTALT D.D. LJUBLJANA 015 B00AA67 S 015 C01AA67 LJUBLJANA 015 D01AA67 SLOVENIA 015 E04AA67 X 015 A00AA68 STANDARD CHARTERED BANK 015 B00AA68 S 015 C01AA68 COLOMBO 015 D01AA68 SRI LANKA 015 E04AA68 X 015 A00AA69 HSBC BANK PCL 015 B00AA69 S 015 C01AA69 ANKARA 015 D01AA69 TURKEY 015 E04AA69 X 015 A00AA70 BANKBOSTON 015 B00AA70 S 015 C01AA70 MONTEVIDEO 015 D01AA70 URUGUAY 015 E04AA70 X 015 A00AA71 CITIBANK, N.A. 015 B00AA71 S 015 C01AA71 CARACAS 015 D01AA71 VENEZUELA 015 E04AA71 X 015 A00AA72 BARCLAYS BANK OF ZAMBIA LTD. 015 B00AA72 S 015 C01AA72 LUSAKA 015 D01AA72 ZAMBIA 015 E04AA72 X 015 A00AA73 BARCLAYS BANK OF ZIMBABWE LTD. 015 B00AA73 S 015 C01AA73 HARARE 015 D01AA73 ZIMBABWE 015 E04AA73 X 015 A00AA74 HVB BANK BIOCHIM 015 B00AA74 S 015 C01AA74 SOFIA 015 D01AA74 BULGARIA 015 E04AA74 X 015 A00AA75 HVB BANK 015 B00AA75 S 015 C01AA75 KIEV 015 D01AA75 UKRAINE 015 E04AA75 X 015 A00AA76 HSBC BANK KAZAKHSTAN 015 B00AA76 S 015 C01AA76 ASTANA 015 D01AA76 KAZAKHSTAN 015 E04AA76 X 015 A00AA77 DEUTSCHE BANK (DCC)

PAGE 10 015 B00AA77 S 015 C01AA77 LONDON 015 D01AA77 UNITED KINGDOM 015 E04AA77 X 015 A00AA78 STANDARD CHARTERED BANK 015 B00AA78 S 015 C01AA78 SHENZHEN 015 D01AA78 CHINA 015 E04AA78 X 015 A00AA79 EUROCLEAR PLC 015 B00AA79 S 015 C01AA79 BRUSSELS 015 D01AA79 BELGIUM 015 E04AA79 X 018 00AA00 Y 019 A00AA00 N 019 B00AA00 0 020 A000001 BEAR STEARNS & CO., INC. 020 B000001 13-3299429 020 C000001 356 020 A000002 UBS AG 020 B000002 13-3873456 020 C000002 105 020 A000003 DEUTSCHE BANK 020 B000003 13-2730828 020 C000003 80 020 A000004 MERRILL LYNCH & CO., INC. 020 B000004 13-5674085 020 C000004 75 020 A000005 JEFFERIES & COMPANY, INC. 020 B000005 95-2622900 020 C000005 36 020 A000006 CITIGROUP, INC. 020 B000006 13-3214963 020 C000006 30 020 A000007 LEHMAN BROTHERS, INC. 020 B000007 13-2518466 020 C000007 29 020 A000008 MORGAN STANLEY & CO., INC. 020 B000008 13-2655998 020 C000008 18 020 A000009 CREDIT SUISSE FIRST BOSTON 020 B000009 13-5659485 020 C000009 18 020 A000010 WACHOVIA SECURITIES, INC. 020 B000010 34-1542819 020 C000010 16 021 000000 966 022 A000001 INVESTORS BANK & TRUST CO. 022 B000001 04-2447211 022 C000001 10709798

PAGE 11 022 D000001 0 022 A000002 DEUTSCHE BANK 022 B000002 13-2730828 022 C000002 529742 022 D000002 335263 022 A000003 BEAR STEARNS & CO., INC. 022 B000003 13-3299429 022 C000003 318767 022 D000003 264749 022 A000004 CITIGROUP, INC. 022 B000004 13-3214963 022 C000004 366028 022 D000004 194687 022 A000005 MERRILL LYNCH & CO., INC. 022 B000005 13-5674085 022 C000005 348223 022 D000005 211037 022 A000006 GOLDMAN SACHS & CO. 022 B000006 13-5108880 022 C000006 68386 022 D000006 73357 022 A000007 CREDIT SUISSE FIRST BOSTON 022 B000007 13-5659485 022 C000007 52807 022 D000007 52065 022 A000008 J.P. MORGAN CHASE & CO. 022 B000008 13-3379014 022 C000008 48459 022 D000008 46518 022 A000009 HSBC SECURITIES, INC. 022 B000009 13-2650272 022 C000009 17956 022 D000009 18135 022 A000010 LEHMAN BROTHERS, INC. 022 B000010 13-2518466 022 C000010 6764 022 D000010 23764 023 C000000 12490908 023 D000000 1242134 026 A000000 N 026 B000000 Y 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 Y 029 00AA00 N 030 A00AA00 0

PAGE 12 030 B00AA00 0.00 030 C00AA00 0.00 031 A00AA00 0 031 B00AA00 0 032 00AA00 0 033 00AA00 0 034 00AA00 N 035 00AA00 0 036 B00AA00 0 042 A00AA00 0 042 B00AA00 0 042 C00AA00 0 042 D00AA00 0 042 E00AA00 0 042 F00AA00 0 042 G00AA00 0 042 H00AA00 0 043 00AA00 0 044 00AA00 0 054 A00AA00 Y 054 B00AA00 Y 054 C00AA00 N 054 D00AA00 N 054 E00AA00 N 054 F00AA00 N 054 G00AA00 N 054 H00AA00 N 054 I00AA00 N 054 J00AA00 Y 054 K00AA00 N 054 L00AA00 N 054 M00AA00 Y 054 N00AA00 N 054 O00AA00 Y 077 A000000 Y 077 B000000 N 077 C000000 N 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 P000000 N 077 Q010000 Y 078 000000 N

PAGE 13 080 C00AA00 0 081 B00AA00 0 082 B00AA00 0 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 008 A000101 TIFF ADVISORY SERVICES, INC. 008 B000101 A 008 C000101 801-45618 008 D010101 WEST CONSHOHOCKEN 008 D020101 PA 008 D030101 19248 008 A000102 ARONSON+JOHNSON+ORTIZ 008 B000102 S 008 C000102 801-22950 008 D010102 PHILADELPHIA 008 D020102 PA 008 D030102 19102 008 A000103 WESTPORT ASSET MANAGEMENT, INC. 008 B000103 S 008 C000103 801-21845 008 D010103 WESTPORT 008 D020103 CT 008 D030103 06880 008 A000104 SHAPIRO CAPITAL MANAGEMENT CO., INC. 008 B000104 S 008 C000104 801-04723 008 D010104 ATLANTA 008 D020104 GA 008 D030104 30305 024 000100 Y 025 A000101 CITIGROUP, INC. 025 B000101 13-3214963 025 C000101 E 025 D000101 1416 025 A000102 INVESTORS BANK & TRUST CO. 025 B000102 04-2447211 025 C000102 D 025 D000102 8669 025 A000103 MERRILL LYNCH & CO., INC. 025 B000103 13-5674085 025 C000103 E

PAGE 14 025 D000103 819 025 A000104 GOLDMAN SACHS & CO. 025 B000104 13-5108880 025 C000104 E 025 D000104 932 025 A000105 LEHMAN BROTHERS, INC. 025 B000105 13-2518466 025 C000105 E 025 D000105 246 025 A000106 MORGAN STANLEY & CO., INC. 025 B000106 13-2655998 025 C000106 E 025 D000106 931 025 A000107 WACHOVIA SECURITIES, INC. 025 B000107 34-1542819 025 C000107 E 025 D000107 349 025 A000108 J.P. MORGAN CHASE & CO. 025 B000108 13-3379014 025 C000108 E 025 D000108 1255 025 D000109 0 025 D000110 0 025 D000111 0 025 D000112 0 025 D000113 0 025 D000114 0 025 D000115 0 025 D000116 0 028 A010100 3541 028 A020100 0 028 A030100 0 028 A040100 208 028 B010100 3601 028 B020100 0 028 B030100 0 028 B040100 636 028 C010100 6806 028 C020100 221 028 C030100 0 028 C040100 919 028 D010100 3643 028 D020100 0 028 D030100 0 028 D040100 1532 028 E010100 2494 028 E020100 0 028 E030100 0 028 E040100 1478 028 F010100 2140 028 F020100 298

PAGE 15 028 F030100 0 028 F040100 785 028 G010100 22225 028 G020100 519 028 G030100 0 028 G040100 5558 028 H000100 0 037 000100 Y 038 000100 14 039 000100 N 040 000100 N 041 000100 N 045 000100 Y 046 000100 Y 047 000100 N 048 000100 0.000 048 A010100 0 048 A020100 0.000 048 B010100 0 048 B020100 0.000 048 C010100 0 048 C020100 0.000 048 D010100 0 048 D020100 0.000 048 E010100 0 048 E020100 0.000 048 F010100 0 048 F020100 0.000 048 G010100 0 048 G020100 0.000 048 H010100 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 0 048 K020100 0.000 049 000100 N 050 000100 N 051 000100 Y 052 000100 N 053 A000100 N 055 A000100 N 055 B000100 N 056 000100 Y 057 000100 N 058 A000100 N 059 000100 Y 060 A000100 Y 060 B000100 Y

PAGE 16 061 000100 1000000 062 A000100 N 062 B000100 0.0 062 C000100 0.0 062 D000100 0.0 062 E000100 0.0 062 F000100 0.0 062 G000100 0.0 062 H000100 0.0 062 I000100 0.0 062 J000100 0.0 062 K000100 0.0 062 L000100 0.0 062 M000100 0.0 062 N000100 0.0 062 O000100 0.0 062 P000100 0.0 062 Q000100 0.0 062 R000100 0.0 063 A000100 0 063 B000100 0.0 066 A000100 Y 066 B000100 N 066 C000100 N 066 D000100 N 066 E000100 N 066 F000100 N 066 G000100 Y 067 000100 N 068 A000100 N 068 B000100 N 069 000100 N 070 A010100 Y 070 A020100 Y 070 B010100 Y 070 B020100 N 070 C010100 Y 070 C020100 N 070 D010100 Y 070 D020100 N 070 E010100 Y 070 E020100 N 070 F010100 Y 070 F020100 Y 070 G010100 Y 070 G020100 N 070 H010100 Y 070 H020100 N 070 I010100 Y 070 I020100 N 070 J010100 Y

PAGE 17 070 J020100 Y 070 K010100 Y 070 K020100 Y 070 L010100 Y 070 L020100 Y 070 M010100 Y 070 M020100 N 070 N010100 Y 070 N020100 N 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 N 070 Q020100 N 070 R010100 Y 070 R020100 N 071 A000100 38745 071 B000100 43382 071 C000100 203991 071 D000100 19 072 A000100 6 072 B000100 717 072 C000100 768 072 D000100 0 072 E000100 0 072 F000100 621 072 G000100 82 072 H000100 0 072 I000100 14 072 J000100 81 072 K000100 0 072 L000100 2 072 M000100 0 072 N000100 11 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 24 072 S000100 0 072 T000100 0 072 U000100 0 072 V000100 0 072 W000100 16 072 X000100 851 072 Y000100 0 072 Z000100 634 072AA000100 18095 072BB000100 0 072CC010100 383 072CC020100 0

PAGE 18 072DD010100 630 072DD020100 0 072EE000100 0 073 A010100 0.0406 073 A020100 0.0000 073 B000100 0.0000 073 C000100 0.0000 074 A000100 35 074 B000100 8669 074 C000100 31907 074 D000100 0 074 E000100 0 074 F000100 157878 074 G000100 0 074 H000100 0 074 I000100 54243 074 J000100 206 074 K000100 0 074 L000100 206 074 M000100 0 074 N000100 253144 074 O000100 654 074 P000100 0 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 383 074 S000100 0 074 T000100 252107 074 U010100 15641 074 U020100 0 074 V010100 16.12 074 V020100 0.00 074 W000100 0.0000 074 X000100 72 074 Y000100 154762 075 A000100 0 075 B000100 236100 076 000100 0.00 083 B000100 0 084 B000100 0 008 A000201 TIFF ADVISORY SERVICES, INC. 008 B000201 A 008 C000201 801-45618 008 D010201 WEST CONSHOHOCKEN 008 D020201 PA 008 D030201 19248 008 A000202 MARATHON ASSET MANAGEMENT, LLP 008 B000202 S 008 C000202 801-36717

PAGE 19 008 D010202 LONDON 008 D050202 UNITED KINGDOM 008 D060202 WC2H9EA 008 A000203 MONDRIAN INVESTMENT PARTNERS LIMITED 008 B000203 S 008 C000203 801-37702 008 D010203 LONDON 008 D050203 UNITED KINGDOM 008 D060203 EC2V6EE 024 000200 Y 025 A000201 INVESTORS BANK & TRUST CO. 025 B000201 04-2447211 025 C000201 D 025 D000201 9864 025 A000202 DELETE 025 D000202 0 025 D000203 0 025 D000204 0 025 D000205 0 025 D000206 0 025 D000207 0 025 D000208 0 025 D000209 0 025 D000210 0 025 D000211 0 025 D000212 0 025 D000213 0 025 D000214 0 025 D000215 0 025 D000216 0 028 A010200 3151 028 A020200 0 028 A030200 0 028 A040200 86 028 B010200 47 028 B020200 0 028 B030200 0 028 B040200 0 028 C010200 1097 028 C020200 0 028 C030200 0 028 C040200 271 028 D010200 34 028 D020200 0 028 D030200 0 028 D040200 10635 028 E010200 0 028 E020200 0 028 E030200 0 028 E040200 526 028 F010200 1809

PAGE 20 028 F020200 3313 028 F030200 0 028 F040200 8798 028 G010200 6138 028 G020200 3313 028 G030200 0 028 G040200 20316 028 H000200 0 037 000200 Y 038 000200 152 039 000200 N 040 000200 N 041 000200 N 045 000200 Y 046 000200 Y 047 000200 N 048 000200 0.000 048 A010200 0 048 A020200 0.000 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 0 048 K020200 0.000 049 000200 N 050 000200 N 051 000200 Y 052 000200 N 053 A000200 N 055 A000200 N 055 B000200 N 056 000200 Y 057 000200 N 058 A000200 N 059 000200 Y 060 A000200 Y

PAGE 21 060 B000200 Y 061 000200 1000000 062 A000200 N 062 B000200 0.0 062 C000200 0.0 062 D000200 0.0 062 E000200 0.0 062 F000200 0.0 062 G000200 0.0 062 H000200 0.0 062 I000200 0.0 062 J000200 0.0 062 K000200 0.0 062 L000200 0.0 062 M000200 0.0 062 N000200 0.0 062 O000200 0.0 062 P000200 0.0 062 Q000200 0.0 062 R000200 0.0 063 A000200 0 063 B000200 0.0 066 A000200 Y 066 B000200 N 066 C000200 Y 066 D000200 N 066 E000200 N 066 F000200 N 066 G000200 N 067 000200 N 068 A000200 N 068 B000200 Y 069 000200 N 070 A010200 Y 070 A020200 Y 070 B010200 Y 070 B020200 N 070 C010200 Y 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 Y 070 E020200 N 070 F010200 Y 070 F020200 Y 070 G010200 Y 070 G020200 N 070 H010200 Y 070 H020200 N 070 I010200 Y 070 I020200 Y

PAGE 22 070 J010200 Y 070 J020200 Y 070 K010200 Y 070 K020200 Y 070 L010200 Y 070 L020200 Y 070 M010200 Y 070 M020200 Y 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 N 070 Q020200 N 070 R010200 Y 070 R020200 N 071 A000200 20059 071 B000200 23742 071 C000200 288540 071 D000200 7 072 A000200 6 072 B000200 464 072 C000200 4658 072 D000200 0 072 E000200 0 072 F000200 944 072 G000200 107 072 H000200 0 072 I000200 14 072 J000200 199 072 K000200 0 072 L000200 7 072 M000200 0 072 N000200 12 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 25 072 S000200 0 072 T000200 0 072 U000200 0 072 V000200 0 072 W000200 23 072 X000200 1331 072 Y000200 0 072 Z000200 3791 072AA000200 14118 072BB000200 0 072CC010200 22307

PAGE 23 072CC020200 0 072DD010200 4005 072DD020200 0 072EE000200 0 073 A010200 0.2430 073 A020200 0.0000 073 B000200 0.0000 073 C000200 0.0000 074 A000200 594 074 B000200 9864 074 C000200 5872 074 D000200 0 074 E000200 1143 074 F000200 253789 074 G000200 0 074 H000200 0 074 I000200 46822 074 J000200 4087 074 K000200 0 074 L000200 1178 074 M000200 0 074 N000200 323349 074 O000200 830 074 P000200 0 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 1167 074 S000200 0 074 T000200 321352 074 U010200 16654 074 U020200 0 074 V010200 19.30 074 V020200 0.00 074 W000200 0.0000 074 X000200 83 074 Y000200 93531 075 A000200 0 075 B000200 312548 076 000200 0.00 083 B000200 0 084 B000200 0 008 A000501 TIFF ADVISORY SERVICES, INC. 008 B000501 A 008 C000501 801-45618 008 D010501 WEST CONSHOHOCKEN 008 D020501 PA 008 D030501 19248 024 000500 Y 025 A000501 INVESTORS BANK & TRUST CO.

PAGE 24 025 B000501 04-2447211 025 C000501 D 025 D000501 992 025 D000502 0 025 D000503 0 025 D000504 0 025 D000505 0 025 D000506 0 025 D000507 0 025 D000508 0 028 A010500 18057 028 A020500 310 028 A030500 0 028 A040500 13415 028 B010500 10047 028 B020500 294 028 B030500 0 028 B040500 10432 028 C010500 10026 028 C020500 347 028 C030500 0 028 C040500 3417 028 D010500 1676 028 D020500 335 028 D030500 0 028 D040500 7337 028 E010500 18312 028 E020500 359 028 E030500 0 028 E040500 10862 028 F010500 44929 028 F020500 358 028 F030500 0 028 F040500 28855 028 G010500 103047 028 G020500 2003 028 G030500 0 028 G040500 74318 028 H000500 0 037 000500 N 038 000500 0 039 000500 N 040 000500 N 041 000500 N 045 000500 Y 046 000500 N 047 000500 Y 048 000500 0.000 048 A010500 1000000 048 A020500 0.030 048 B010500 1000000

PAGE 25 048 B020500 0.020 048 C010500 0 048 C020500 0.000 048 D010500 0 048 D020500 0.000 048 E010500 0 048 E020500 0.000 048 F010500 0 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 2000000 048 K020500 0.010 049 000500 N 050 000500 N 051 000500 N 052 000500 N 053 A000500 N 055 A000500 N 055 B000500 N 056 000500 Y 057 000500 N 058 A000500 N 059 000500 Y 060 A000500 Y 060 B000500 Y 061 000500 50000 062 A000500 Y 062 B000500 99.5 062 C000500 0.0 062 D000500 0.0 062 E000500 0.0 062 F000500 0.0 062 G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.8 062 K000500 0.0 062 L000500 0.0 062 M000500 0.0 062 N000500 0.0 062 O000500 0.0 062 P000500 0.0 062 Q000500 0.0 062 R000500 0.0

PAGE 26 063 A000500 151 063 B000500 0.0 064 A000500 N 064 B000500 N 066 A000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 Y 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 Y 070 E020500 N 070 F010500 Y 070 F020500 N 070 G010500 Y 070 G020500 N 070 H010500 Y 070 H020500 N 070 I010500 Y 070 I020500 N 070 J010500 Y 070 J020500 N 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 N 070 M010500 Y 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 N 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 0 071 B000500 0 071 C000500 0 071 D000500 0 072 A000500 6 072 B000500 2723

PAGE 27 072 C000500 0 072 D000500 0 072 E000500 0 072 F000500 16 072 G000500 39 072 H000500 0 072 I000500 15 072 J000500 15 072 K000500 0 072 L000500 1 072 M000500 0 072 N000500 12 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 9 072 S000500 0 072 T000500 0 072 U000500 0 072 V000500 0 072 W000500 6 072 X000500 113 072 Y000500 0 072 Z000500 2610 072AA000500 105 072BB000500 0 072CC010500 0 072CC020500 19 072DD010500 2610 072DD020500 0 072EE000500 0 073 A010500 0.2271 073 A020500 0.0000 073 B000500 0.0000 073 C000500 0.0000 074 A000500 14 074 B000500 0 074 C000500 130444 074 D000500 0 074 E000500 0 074 F000500 0 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 9832 074 K000500 0 074 L000500 2032 074 M000500 0 074 N000500 142322 074 O000500 0 074 P000500 0

PAGE 28 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 12260 074 S000500 0 074 T000500 130062 074 U010500 13340 074 U020500 0 074 V010500 9.75 074 V020500 0.00 074 W000500 0.0000 074 X000500 115 074 Y000500 0 075 A000500 0 075 B000500 109514 076 000500 0.00 083 B000500 0 084 B000500 0 008 A000601 TIFF ADVISORY SERVICES, INC. 008 B000601 A 008 C000601 801-45618 008 D010601 WEST CONSHOHOCKEN 008 D020601 PA 008 D030601 19248 008 A000602 WELLINGTON MANAGEMENT CO., LLP 008 B000602 S 008 C000602 801-15908 008 D010602 BOSTON 008 D020602 MA 008 D030602 02109 008 A000603 SMITH BREEDEN ASSOCIATES, INC. 008 B000603 S 008 C000603 801-17567 008 D010603 CHAPEL HILL 008 D020603 NC 008 D030603 27517 008 A000604 ARONSON+JOHNSON+ORTIZ, LP 008 B000604 S 008 C000604 801-22950 008 D010604 PHILADELPHIA 008 D020604 PA 008 D030604 19102 008 A000605 MONDRIAN INVESTMENT PARTNERS LIMITED 008 B000605 S 008 C000605 801-37702 008 D010605 LONDON 008 D050605 UNITED KINGDOM 008 D060605 EC2V6EE 008 A000606 K.G. REDDING & ASSOCIATES, LLC 008 B000606 S

PAGE 29 008 C000606 801-60716 008 D010606 CHICAGO 008 D020606 IL 008 D030606 60610 008 A000607 MARATHON ASSET MANAGEMENT LLP 008 B000607 S 008 C000607 801-36717 008 D010607 LONDON 008 D050607 UNITED KINGDOM 008 D060607 WC2H9EA 024 000600 Y 025 A000601 CITIGROUP, INC. 025 B000601 13-3214963 025 C000601 E 025 D000601 5585 025 A000602 GOLDMAN SACHS & CO. 025 B000602 13-5108880 025 C000602 E 025 D000602 1062 025 A000603 WACHOVIA SECURITIES, INC. 025 B000603 34-1542819 025 C000603 E 025 D000603 3895 025 A000604 MERRILL LYNCH & CO., INC. 025 B000604 13-5674085 025 C000604 E 025 D000604 894 025 A000605 INVESTORS BANK & TRUST CO. 025 B000605 04-2447211 025 C000605 D 025 D000605 25577 025 A000606 LEHMAN BROTHERS, INC. 025 B000606 13-2518466 025 C000606 E 025 D000606 358 025 A000607 MORGAN STANLEY & CO, INC. 025 B000607 13-2655998 025 C000607 E 025 D000607 1057 025 A000608 J.P. MORGAN CHASE & CO. 025 B000608 13-3379014 025 C000608 E 025 D000608 1332 025 A000609 MORGAN STANLEY & CO, INC. 025 B000609 13-2655998 025 C000609 D 025 D000609 9000 025 D000610 0 025 D000611 0 025 D000612 0 025 D000613 0

PAGE 30 025 D000614 0 025 D000615 0 025 D000616 0 028 A010600 160406 028 A020600 0 028 A030600 0 028 A040600 834 028 B010600 34775 028 B020600 0 028 B030600 0 028 B040600 990 028 C010600 42663 028 C020600 5713 028 C030600 0 028 C040600 1585 028 D010600 12759 028 D020600 0 028 D030600 0 028 D040600 3143 028 E010600 38094 028 E020600 0 028 E030600 0 028 E040600 4456 028 F010600 47413 028 F020600 9891 028 F030600 0 028 F040600 1663 028 G010600 336110 028 G020600 15604 028 G030600 0 028 G040600 12671 028 H000600 0 037 000600 Y 038 000600 63 039 000600 N 040 000600 N 041 000600 N 045 000600 Y 046 000600 Y 047 000600 N 048 000600 0.000 048 A010600 0 048 A020600 0.000 048 B010600 0 048 B020600 0.000 048 C010600 0 048 C020600 0.000 048 D010600 0 048 D020600 0.000 048 E010600 0 048 E020600 0.000

PAGE 31 048 F010600 0 048 F020600 0.000 048 G010600 0 048 G020600 0.000 048 H010600 0 048 H020600 0.000 048 I010600 0 048 I020600 0.000 048 J010600 0 048 J020600 0.000 048 K010600 0 048 K020600 0.000 049 000600 N 050 000600 N 051 000600 Y 052 000600 N 053 A000600 N 055 A000600 N 055 B000600 N 056 000600 Y 057 000600 N 058 A000600 N 059 000600 Y 060 A000600 N 060 B000600 N 061 000600 1000000 062 A000600 N 062 B000600 0.0 062 C000600 0.0 062 D000600 0.0 062 E000600 0.0 062 F000600 0.0 062 G000600 0.0 062 H000600 0.0 062 I000600 0.0 062 J000600 0.0 062 K000600 0.0 062 L000600 0.0 062 M000600 0.0 062 N000600 0.0 062 O000600 0.0 062 P000600 0.0 062 Q000600 0.0 062 R000600 0.0 063 A000600 0 063 B000600 0.0 066 A000600 Y 066 B000600 N 066 C000600 N 066 D000600 N 066 E000600 N

PAGE 32 066 F000600 N 066 G000600 Y 067 000600 Y 068 A000600 N 068 B000600 N 069 000600 N 070 A010600 Y 070 A020600 Y 070 B010600 Y 070 B020600 Y 070 C010600 Y 070 C020600 N 070 D010600 Y 070 D020600 Y 070 E010600 Y 070 E020600 N 070 F010600 Y 070 F020600 Y 070 G010600 Y 070 G020600 Y 070 H010600 Y 070 H020600 Y 070 I010600 Y 070 I020600 Y 070 J010600 Y 070 J020600 Y 070 K010600 Y 070 K020600 Y 070 L010600 Y 070 L020600 Y 070 M010600 Y 070 M020600 Y 070 N010600 Y 070 N020600 N 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 N 070 Q020600 N 070 R010600 Y 070 R020600 Y 071 A000600 674846 071 B000600 409784 071 C000600 1325491 071 D000600 31 072 A000600 6 072 B000600 24266 072 C000600 9398 072 D000600 0 072 E000600 0

PAGE 33 072 F000600 3864 072 G000600 622 072 H000600 0 072 I000600 18 072 J000600 658 072 K000600 0 072 L000600 17 072 M000600 0 072 N000600 18 072 O000600 0 072 P000600 628 072 Q000600 0 072 R000600 44 072 S000600 83 072 T000600 0 072 U000600 0 072 V000600 0 072 W000600 400 072 X000600 6352 072 Y000600 0 072 Z000600 27312 072AA000600 59288 072BB000600 0 072CC010600 65363 072CC020600 0 072DD010600 27083 072DD020600 0 072EE000600 0 073 A010600 0.2353 073 A020600 0.0000 073 B000600 0.0000 073 C000600 0.0000 074 A000600 1583 074 B000600 34577 074 C000600 507179 074 D000600 355861 074 E000600 1986 074 F000600 786841 074 G000600 0 074 H000600 6065 074 I000600 390281 074 J000600 9900 074 K000600 0 074 L000600 39137 074 M000600 0 074 N000600 2133410 074 O000600 22354 074 P000600 0 074 Q000600 0 074 R010600 28320 074 R020600 6594

PAGE 34 074 R030600 0 074 R040600 10884 074 S000600 0 074 T000600 2065258 074 U010600 118574 074 U020600 0 074 V010600 17.42 074 V020600 0.00 074 W000600 0.0000 074 X000600 298 074 Y000600 628832 075 A000600 0 075 B000600 1872046 076 000600 0.00 083 B000600 0 084 B000600 0 008 A000701 TIFF ADVISORY SERVICES, INC. 008 B000701 A 008 C000701 801-45618 008 D010701 WEST CONSHOHOCKEN 008 D020701 PA 008 D030701 19248 008 A000702 SMITH BREEDEN ASSOCIATES, INC. 008 B000702 S 008 C000702 801-17567 008 D010702 CHAPEL HILL 008 D020702 NC 008 D030702 27517 024 000700 N 025 A000701 DELETE 025 D000701 0 025 A000702 DELETE 025 D000702 0 025 D000703 0 025 D000704 0 025 D000705 0 025 D000706 0 025 D000707 0 025 D000708 0 028 A010700 100 028 A020700 101 028 A030700 0 028 A040700 3320 028 B010700 126 028 B020700 65 028 B030700 0 028 B040700 3403 028 C010700 24 028 C020700 65 028 C030700 0 028 C040700 3100

PAGE 35 028 D010700 50 028 D020700 55 028 D030700 0 028 D040700 1663 028 E010700 445 028 E020700 48 028 E030700 0 028 E040700 80 028 F010700 0 028 F020700 79 028 F030700 0 028 F040700 19044 028 G010700 745 028 G020700 413 028 G030700 0 028 G040700 30610 028 H000700 0 037 000700 N 038 000700 0 039 000700 N 040 000700 N 041 000700 N 045 000700 Y 046 000700 Y 047 000700 N 048 000700 0.000 048 A010700 0 048 A020700 0.000 048 B010700 0 048 B020700 0.000 048 C010700 0 048 C020700 0.000 048 D010700 0 048 D020700 0.000 048 E010700 0 048 E020700 0.000 048 F010700 0 048 F020700 0.000 048 G010700 0 048 G020700 0.000 048 H010700 0 048 H020700 0.000 048 I010700 0 048 I020700 0.000 048 J010700 0 048 J020700 0.000 048 K010700 0 048 K020700 0.000 049 000700 N 050 000700 N 051 000700 Y

PAGE 36 052 000700 N 053 A000700 Y 053 B000700 Y 053 C000700 N 055 A000700 N 055 B000700 N 056 000700 Y 057 000700 N 058 A000700 N 060 A000700 Y 060 B000700 N 061 000700 0 062 A000700 N 062 B000700 0.0 062 C000700 0.0 062 D000700 0.0 062 E000700 0.0 062 F000700 0.0 062 G000700 0.0 062 H000700 0.0 062 I000700 0.0 062 J000700 0.0 062 K000700 0.0 062 L000700 0.0 062 M000700 0.0 062 N000700 0.0 062 O000700 0.0 062 P000700 0.0 062 Q000700 0.0 062 R000700 0.0 063 A000700 0 063 B000700 0.0 066 A000700 N 067 000700 N 068 A000700 N 068 B000700 N 069 000700 N 070 A010700 Y 070 A020700 Y 070 B010700 Y 070 B020700 N 070 C010700 Y 070 C020700 N 070 D010700 Y 070 D020700 N 070 E010700 Y 070 E020700 N 070 F010700 Y 070 F020700 N 070 G010700 Y 070 G020700 N

PAGE 37 070 H010700 Y 070 H020700 N 070 I010700 Y 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 N 070 L010700 Y 070 L020700 N 070 M010700 Y 070 M020700 N 070 N010700 Y 070 N020700 N 070 O010700 Y 070 O020700 N 070 P010700 Y 070 P020700 N 070 Q010700 N 070 Q020700 N 070 R010700 Y 070 R020700 N 071 A000700 71832 071 B000700 101883 071 C000700 19675 071 D000700 365 072 A000700 6 072 B000700 1053 072 C000700 0 072 D000700 0 072 E000700 0 072 F000700 38 072 G000700 8 072 H000700 0 072 I000700 13 072 J000700 25 072 K000700 0 072 L000700 0 072 M000700 0 072 N000700 7 072 O000700 0 072 P000700 461 072 Q000700 0 072 R000700 23 072 S000700 2 072 T000700 0 072 U000700 0 072 V000700 0 072 W000700 0 072 X000700 577 072 Y000700 5

PAGE 38 072 Z000700 481 072AA000700 0 072BB000700 1156 072CC010700 591 072CC020700 0 072DD010700 510 072DD020700 0 072EE000700 0 073 A010700 0.2182 073 A020700 0.0000 073 B000700 0.0000 073 C000700 0.0000 074 A000700 0 074 B000700 0 074 C000700 0 074 D000700 0 074 E000700 0 074 F000700 0 074 G000700 0 074 H000700 0 074 I000700 0 074 J000700 0 074 K000700 0 074 L000700 0 074 M000700 0 074 N000700 0 074 O000700 0 074 P000700 0 074 Q000700 0 074 R010700 0 074 R020700 0 074 R030700 0 074 R040700 0 074 S000700 0 074 T000700 0 074 U010700 0 074 U020700 0 074 V010700 0.00 074 V020700 0.00 074 W000700 0.0000 074 X000700 0 074 Y000700 0 075 A000700 0 075 B000700 22484 076 000700 0.00 083 B000700 0 084 B000700 0 SIGNATURE WILLIAM VASTARDIS TITLE TREASURER

Amended and Restated

Money Manager Agreement

This Agreement is between the TIFF Investment Program, Inc. (“TIP”), a Maryland Corporation, for its TIFF Multi-Asset Fund (the “Fund”), and Marathon Asset Management LLP, a registered investment adviser under the Investment Advisers Act of 1940 (the “Manager”), and is effective as of July 1, 2007 (the “Effective Date”).

Recitals

TIP is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”); and

The Fund wishes to retain the Manager to render advisory services to the Fund and the Manager is willing to render those services.

The parties therefore agree as follows:

1.Managed Assets

The Manager will provide investment management services with respect to assets placed with the Manager on behalf of the Fund from time to time. Such assets, as changed by investment, reinvestment, additions, disbursements of expenses, and withdrawals, are referred to in this Agreement as the “Managed Assets.” The Fund may make additions to or withdraw all or any portion of the Managed Assets from this management arrangement at any time.

2.Appointment and Powers of Manager; Investment Approach

(a)Appointment. TIP, acting on behalf of the Fund, hereby appoints the Manager to manage the Managed Assets for the period and on the terms set forth in this Agreement. The Manager hereby accepts this appointment and agrees to render the services herein described in accordance with the requirements described in Section 3(a).

(b)Objective. The Manager’s performance objective is to outperform the benchmark designated in the Investment Guidelines. This objective is to be treated as a target only and should not be considered as an assurance or guarantee of the performance of the Managed Assets or any part of the Managed Assets.

(c)Powers. Subject to the supervision of the board of directors of TIP and subject to the supervision of TIFF Advisory Services, Inc. (“TAS”) as Investment Adviser to the Fund, the Manager shall direct investment of the Managed Assets in accordance with the requirements of Section 3(a). The Fund grants the Manager authority to:

(i)acquire (by purchase, exchange, subscription, or otherwise), to hold, and to dispose of (by sale, exchange, or otherwise) securities and other investments;

(ii)determine what portion of the Managed Assets will be held uninvested; and

(iii)enter into such agreements and make such representations (including representations regarding the purchase of securities for investment) as may be necessary or proper in connection with the performance by Manager of its duties hereunder.

(d)Power of Attorney. To enable the Manager to exercise fully discretion granted hereunder, TIP appoints the Manager as its attorney-in-fact to invest, sell, and reinvest the Managed Assets as fully as TIP itself could do. The Manager hereby accepts this appointment.

(e)Voting. The Manager shall be authorized to vote on behalf of the Fund any proxies relating to the Managed Assets, provided, however, that the Manager shall comply with any instructions received from the Fund as to the voting of securities and handling of proxies.

(f)Independent Contractor. Except as expressly authorized herein, the Manager shall for all purposes be deemed to be an independent contractor and shall have no authority to act for or to represent TIP, the Fund, or TAS in any way, or otherwise to be an agent of any of them.

(g)Reporting. The Manager shall furnish to TIP upon reasonable request such information that TIP may reasonably require to complete documents, reports, or regulatory filings.

3.Requirements; Duties

(a)Requirements. In performing services for the Fund and otherwise discharging its obligations under this Agreement, the Manager shall act in conformity with the following requirements (the “Requirements”):

(i)the 1940 Act, the Internal Revenue Code of 1986, as amended, and all other applicable federal and state laws and regulations which apply to the Manager in conjunction with performing services for the Fund, if any;

(ii)

TIP’s Registration Statement under the 1940 Act and the Securities Act of 1933 on Form N-1A as filed with the Securities and Exchange Commission relating to the Fund and the shares of common stock in the Fund, as such Registration Statement may be amended from time to time (the “Registration Statement”);

(iii)the Manager’s Investment Guidelines (appended to this Agreement as Exhibit A), which may be amended from time to time through mutual agreement by TAS and the Manager;

(iv)written instructions and directions of the board of directors of TIP; and

(v)written instructions and directions of TAS.

(b)Responsibility with Respect to Actions of Others. TIP may place the investment portfolio of each of its funds, including the Fund, with one or more investment managers. To the extent the applicability of, or conformity with, the Requirements depends upon investments made by, or activity of, the managers other than the Manager, the Manager agrees to comply with such Requirements: (i) to the extent that such compliance is within the Manager’s Investment Guidelines; and (ii) to the extent that the Manager is provided with information sufficient to ascertain the applicability of such Requirements. If it appears to the Fund at any time that the Fund may not be in compliance with any Requirement and the Fund so notifies the Manager, the Manager shall promptly take such actions not inconsistent with applicable law as the Fund may reasonably specify to effect compliance.

(c)Responsibility with Respect to Performance of Duties. In performing its duties under this Agreement, the Manager will act solely in the interests of the Fund and shall use reasonable care and its best judgment in matters relating to the Fund. The Manager will not deal with the Managed Assets in its own interest or for its own account.

4.Recordkeeping and Reporting

(a)Records. The Manager shall maintain proper and complete records relating to the furnishing of investment management services under this Agreement, including records with respect to the securities transactions for the Managed Assets required by Rule 31a-1 under the 1940 Act. All records maintained pursuant to this Agreement shall be subject to examination by the Fund and by persons authorized by it during reasonable business hours upon reasonable notice. Records required by Rule 31a-1 maintained as specified above shall be the property of the Fund; the Manager will preserve such records for the periods prescribed by Rule 31a-2 under the 1940 Act and shall surrender such records promptly at the Fund's request. Upon termination of this Agreement, the Manager shall promptly return records that are the Fund's property and, upon demand, shall make and deliver to the Fund true and complete and legible copies of such other records maintained as required by this Section 4(a) as the Fund may request. The Manager may retain copies of records furnished to the Fund.

(b)Reports to Custodian. The Manager shall provide to the Fund's custodian and to Fund, on each business day, information relating to all transactions concerning the Managed Assets.

(c)Other Reports. The Manager shall render to the board of directors of TIP and to TAS such periodic and special reports as the board or TAS may reasonably request.

5.Purchase and Sale of Securities

(a)Selection of Brokers. The Manager shall place all orders for the purchase and sale of securities on behalf of the Fund with brokers or dealers selected by the Manager in conformity with the policy respecting brokerage set forth in the Registration Statement. Neither the Manager nor any of its officers, employees, or any of its “affiliated persons”, as defined in the 1940 Act, will act as principal or receive any compensation in connection with the purchase or sale of investments by the Fund other than the management fees provided for in Section 6 hereof.

(b)Aggregating Orders. On occasions when the Manager deems the purchase or sale of a security to be in the best interest of Fund as well as other advisory funds of the Manager, the Manager, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be so sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of securities so purchased or sold, as well as the expense incurred in the transaction, will be made by Manager in the manner it considers to be most equitable and consistent with its fiduciary obligations to Fund and its other funds.

6.Management Fees; Expenses

(a)Management Fees. Schedule I attached hereto sets out the fees to be paid by the Fund to the Manager by the tenth business day of the following month in connection with this Agreement. The applicable fee rate will be applied to the average daily net assets (gross of expenses except: custodian transaction charges and such legal costs and expenses paid directly by the Fund or reimbursed to the Manager (pursuant to Section 6(b) hereto as (i) “other costs of securities transactions to which the Fund is a party” and (ii) “non-recurring special out-of-pocket costs and expenses as may be authorized in advance by the Fund”) and incurred in association with the acquisition or disposition of securities for the Managed Assets or the defense of legal rights with respect to securities in the Managed Assets) of the Managed Assets, computed as described in the Fund’s Registration Statement, pursuant to this Agreement.

(b)Expenses. The Manager shall furnish at its own expense all office facilities, equipment and supplies, and shall perform at its own expense all routine and recurring functions necessary to render the services required under this Agreement including administrative, bookkeeping and accounting, clerical, statistical, and correspondence functions. The Manager shall not have responsibility for calculating the Net Asset Value of the Fund’s portfolio, but must daily review the pricing of the Managed Assets. The Fund shall pay directly, or, if the Manager makes payment, reimburse the Manager for, (i) custodial fees for the Managed Assets, (ii) brokerage commissions, issue and transfer taxes and other costs of securities transactions to which the Fund is a party, including any portion of such commissions attributable to research and brokerage services; and (iii) taxes, if any, payable by the Fund. In addition, the Fund shall pay directly, or, if the Manager makes payment, reimburse the Manager for, such non-recurring special out-of-pocket costs and expenses as may be authorized in advance by the Fund.

7.Non-Exclusivity of Services

The Manager is free to act for its own account and to provide investment management services to others. The Fund acknowledges that the Manager and its officers and employees, and the Manager's other funds, may at any time have, acquire, increase, decrease or dispose of positions in the same investments which are at the same time being held, acquired or disposed of under this Agreement for the Fund. Neither the Manager nor any of its officers or employees shall have any obligation to effect a transaction under this Agreement simply because such a transaction is effected for his or its own account or for the account of another fund. Fund agrees that the Manager may refrain from providing any advice or services concerning securities of companies for which any officers, directors, partners or employees of the Manager or any of the Manager’s affiliates act as financial adviser, investment manager or in any capacity that the Manager deems confidential, unless the Manager determines in its sole discretion that it may appropriately do so. The Fund appreciates that, for good commercial and legal reasons, material nonpublic information which becomes available to affiliates of the Manager through these relationships cannot be passed on to Fund.

8.Liability

The Manager shall not be liable to the Fund, TIP, or TAS for any error of judgment, but the Manager shall be liable to the Fund for any loss resulting from willful misfeasance, bad faith, or gross negligence by the Manager in providing services under this Agreement or from reckless disregard by the Manager of its obligations and duties under this Agreement.

9.Representations

(a)The Manager hereby confirms to the Fund that the Manager is registered as an investment adviser under the Investment Advisers Act of 1940, that it has full power and authority to enter into and perform fully the terms of this Agreement and that the execution of this Agreement on behalf of the Manager has been duly authorized and, upon execution and delivery, this Agreement will be binding upon the Manager in accordance with its terms.

(b)The Manager represents that it complies in all material respects with all applicable laws, both federal and state.

(c)TIP hereby confirms to the Manager that it has full power and authority to enter into this Agreement and that the execution of this Agreement on behalf of the Fund has been duly authorized and, upon execution and delivery, this Agreement will be binding upon TIP in accordance with its terms.

(d) TIP acknowledges receipt of the Manager’s Form ADV and Commodity Trading Advisor (CTA) Disclosure Document (if applicable).

(e) TIP represents that TIP and the Fund are in material compliance with all applicable state and federal securities laws and regulations.

10.Term

This Agreement shall continue in effect for a period of two (2) years from the date hereof and shall thereafter be automatically renewed for successive periods of one (1) year each, provided such renewals are specifically approved at least annually in conformity with the requirements of the 1940 Act; provided, however, that this Agreement may be terminated without the payment of any penalty, by (a) the Fund, if a decision to terminate is made by the board of directors of TIP or by a vote of a majority of the Fund’s outstanding voting securities (as defined in the 1940 Act), or (b) by the Manager, in each case with at least 30 days' written notice from the terminating party and on the date specified in the notice of termination.

This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

11.Amendment

Except as otherwise provided in this Agreement, this Agreement may be amended by mutual consent, but the consent of the Fund must be approved in conformity with the requirements of the 1940 Act and any order of the Securities and Exchange Commission that may address the applicability of such requirements in the case of the Fund.

12.Notices

Notices or other communications required to be given pursuant to this Agreement shall be deemed duly given when delivered in writing or sent by fax or three days after mailing registered mail postage prepaid as follows:

Fund:TIFF Investment Program

c/o TIFF Advisory Services, Inc.

200 Barr Harbor Drive, Suite 100

West Conshohocken, PA 19428

Fax:610-684-8080

Manager:Marathon Asset Management LLP

Orion House

5 Upper Street Martin’s Lane

London WC2H 9EA

Fax:011-44-207-497-2399

Each party may change its address by giving notice as herein required.

13.Sole Instrument

This instrument constitutes the sole and only agreement of the parties to it relating to its object and correctly sets forth the rights, duties, and obligations of each party to the other as of its date. Any prior agreements, promises, negotiations, or representations not expressly set forth in this Agreement are of no force or effect.

14.Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which, taken together, shall be deemed to constitute one and the same instrument.

15.Applicable Law

This Agreement shall be governed by, and the rights of the parties arising hereunder construed in accordance with, the laws of the Commonwealth of Pennsylvania without reference to principles of conflict of laws. Nothing herein shall be construed to require either party to do anything in violation of any applicable law or regulation.

In witness whereof, the parties hereto execute this Agreement on and make it effective on the Effective Date specified in the first paragraph of this Agreement.

On behalf of Fund by theOn behalf of Marathon Asset

TIFF Investment Program, Inc.Management LLP

/s/Richelle S. Maestro/s/Neil Ostrer SignatureSignature

Richelle S. Maestro/VPNeil Ostrer- Member

Print Name/TitlePrint Name/Title

Schedule I to

Amended and Restated Money Manager Agreement

Effective as of July 1, 2007 between

Marathon Asset Management LLP and

TIFF Multi-Asset Fund

Fee Calculation

Compensation

As compensation for the services performed and the facilities and personnel provided by the manager pursuant to this Agreement, the Fund will pay to the Manager a fee applied to the average daily net assets of the Managed Assets as provided in section 6(a) of this Agreement according to the following formula:

Fee = 40 basis points + [.167 x (Excess Return-140 basis points)] subject to floor of 15 basis points; cap of 160 basis points.