13F-HR 1 edgsupp.txt 2003 4TH QUARTER 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2003 ------------------ Check here if Amendment ( ); Amendment Number: ______________ This Amendment (Check only one.) : ( ) is a restatement. ( ) adds new holdings entries. Institutional Investment Manager Filing this Report: Name: TIFF Advisory Services, Inc. (formerly known as Foundation Advisers, Inc.) ------------------------- Address: 590 Peter Jefferson Parkway, Suite 250 -------------------------------------- Charlottesville, VA 22911 -------------------------- Form 13F File Number: 028-06313 --------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that is it understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Tina Leiter ----------- Title: Secretary, TIFF Advisory Services, Inc. ------------------------------------ Phone: 434-817-8200 ------------ Signature, Place, and Date of Signing: /s/ Tina M. Leiter Charlottesville, VA February 9, 2004 --------------- ------------------- ---------------- (Signature) (City, State) (Date) Report Type (Check only one.): ( ) 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) ( ) 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported in this report and a portion are reported by other reporting manager(s).) ( X ) 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 8 -- Form 13F Information Table Entry Total: 45 -- Form 13F Information Table Value Total: $23,881,349.00 -------------- List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file numbers(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. Aronson + Johnson + Ortiz, LP - 028-05508 Harding, Loevner Management, L.P. - 028-04434 Marathon Asset Management, Ltd. - 028-03743 Martingale Asset Management, L.P. - 028-04632 Palto Alto Investors - 028-10266 Shapiro Capital Management Company, Inc. - 028-04097 Wellington Management Company, LLP - 028-04557 Westport Asset Management, Inc. - 028-04441

Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: ------ ------ ------- ------- ------- ------- ------ Title Fair Market Shares or Investment Discretion ----- ----------- --------- --------------------- Name Of Issuer of Class CUSIP Value Principal Amt. (a)Sole (b)Shared (c)Shared Other Managers -------------- -------- ----- ----- -------------- ------ -------- --------------- -------- ~~Agree~~American Financial Realty ~~Corp.~~Trust REIT COM ~~008492100~~02607P305 $36497,~~720~~860.00 129,~~500~~200.00 X ~~American~~Boston ~~Financial~~Properties, ~~Realty~~Inc. ~~Trust~~REIT COM ~~02607P305~~101121101 $~~411~~240,~~720~~950.00 295,~~200~~000.00 X ~~Boston~~Camden ~~Properties,~~Property ~~Inc.~~Trust REIT COM ~~101121101~~133131102 $~~326~~385,~~025~~410.00 78,~~500~~700.00 X ~~Camden~~Cedar ~~Property~~Shopping ~~Trust~~Centers, Inc. REIT COM ~~133131102~~150602209 $~~288~~193,~~225~~752.00 715,~~500~~600.00 X Chelsea Property Group, Inc. REIT COM 163421100 $~~249~~131,~~080~~544.00 52,~~200~~400.00 X Cresent Real Estate ~~Equity~~Co. REIT COM 225756105 $~~210~~405,~~250~~981.00 1423,~~500~~700.00 X Eastgroup Properties, Inc. REIT COM 277276101 $~~283~~330,~~356~~276.00 10,200.00 X First Industrial Realty Trust REIT COM 32054K103 $~~253~~266,~~353~~625.00 7,900.00 X First Potomac Realty Trust REIT COM 33610F109 $243,620.00 13,000.00 X General Growth Properties, Inc. REIT COM 370021107 $~~537~~532,~~750~~800.00 719,~~500~~200.00 X ~~Hilton~~Heritage ~~Hotels~~Property Investment Trust REIT COM ~~432848109~~42725M107 $~~212~~230,~~482~~445.00 138,100.00 X ~~Home~~Hersha ~~Properties~~Hospitality ofTrust ~~New~~REIT ~~York~~COM 427825104 $221,190.00 ~~Inc~~21,900.00 X Highland Hospitality Corp. REIT COM ~~437306103~~430141101 $~~211~~160,~~680~~230.00 514,~~400~~700.00 X Hilton Hotels Corp. COM 432848109 $224,403.00 13,100.00 X Host Marriott Corp. REIT COM 44107P104 $~~444~~582,~~222~~736.00 4147,~~400~~300.00 X ~~Istar~~iStar Financial, Inc. REIT COM 45031U101 $~~541~~412,~~405~~340.00 1310,~~900~~600.00 X Lexington ~~Corp~~Corporate Properties Trust REIT COM 529043101 $~~356~~300,~~376~~831.00 1814,~~600~~900.00 X Mills Corp. (The) REIT COM 601148109 $~~365~~325,~~955~~600.00 97,~~300~~400.00 X ~~Pan~~One ~~Pacific~~Liberty ~~Retail~~ Properties, Inc. REIT COM ~~69806L104~~682406103 $~~210~~271,~~700~~320.00 413,~~900~~600.00 X ~~Parkway Properties~~Pennsylvania, ~~Inc.~~REIT COM ~~70153Q104~~709102107 $~~201~~486,~~020~~420.00 413,~~600~~400.00 X ~~Pennsylvania~~Prologis ~~Real Estate~~ REIT COM ~~709102107~~743410102 $~~448~~494,~~230~~186.00 1315,400.00 X ~~Prologis~~Ramco-Gershenson ~~Trust~~Properties REIT COM ~~743410102~~751452202 $~~538~~339,~~450~~600.00 1712,~~800~~000.00 X Regency Centers Corp. REIT COM 758849103 $~~431~~ 47,~~145~~820.00 111,~~700~~200.00 X Rouse Co. (The) REIT COM 779273101 $~~354~~399,~~450~~500.00 8,500.00 X Alcoa, Inc. COM 013817101 $~~593~~934,~~832~~800.00 2224,~~700~~600.00 X American Express Co. COM 025816109 $~~662~~766,~~382~~857.00 1415,~~700~~900.00 X Bank of America Corp. COM 060505104 $731,913.00 9,100.00 X Baxter International, Inc. COM 071813109 $~~697~~814,~~440~~884.00 2426,~~000~~700.00 X Boeing Co. (The) COM 097023105 $~~635~~842,~~105~~800.00 1820,~~500~~000.00 X ~~Chevron~~ChevronTexaco ~~Texaco~~ Corp. COM 166764100 $~~564~~734,~~455~~315.00 78,~~900~~500.00 X Chubb Corp. COM 171232101 $~~622~~708,~~848~~240.00 910,~~600~~400.00 X Comerica, Inc. COM 200340107 $~~629~~818,~~100~~476.00 1314,~~500~~600.00 X ~~Deere~~General &Electric Co. COM ~~244199105~~369604103 $~~677~~783,~~037~~794.00 1225,~~700~~300.00 X HCA, Inc. COM 404119109 $790,464.00 18,400.00 X Intuit, Inc. COM 461202103 $~~675~~798,~~360~~941.00 1415,~~000~~100.00 X JP Morgan Chase & Co. COM 46625H100 $~~666~~771,~~002~~330.00 1921,~~400~~000.00 X Ltd. Brands COM 532716107 $809,547.00 44,900.00 X Marsh & McLennan Cos., Inc. COM 571748102 $~~537~~804,~~993~~552.00 1116,~~300~~800.00 X Mellon Financial Corp. COM 58551A108 $~~632~~728,~~940~~897.00 2122,~~000~~700.00 X Microsoft Corp. COM 594918104 $~~680~~729,~~855~~810.00 2426,500.00 X Morgan Stanley, ~~Dean Witter, Discover & Co.~~COM 617446448 $~~615~~763,~~612~~884.00 1213,200.00 X Newell Rubbermaid, Inc. COM 651229106 $~~595~~678,~~925~~546.00 2729,~~500~~800.00 X Oracle Corp. COM 68389X105 $~~585~~745,~~684~~800.00 5256,~~200~~500.00 X Public Service Enterprise Group, Inc. COM 744573106 $~~651~~735,~~000~~840.00 1516,~~500~~800.00 X ~~The Healthcare Co. COM 404119109 $626,620.00 17,000.00 X The Limited, Inc. COM 532716107 $625,820.00 41,500.00 X~~ Wyeth Corp. COM 983024100 $~~663~~662,~~840~~220.00 1415,~~400~~600.00 X Item 1: Item 8: ------ ------- Voting Auth. ------------ Name Of Issuer (a) Sole (b) Shared ( c) None -------------- -------- ---------- -------- ~~Agree Realty Corp. X~~ American Financial Realty Trust REIT X Boston Properties, Inc. REIT X Camden Property Trust REIT X Cedar Shopping Centers, Inc. REIT X Chelsea Property Group, Inc. REIT X Cresent Real Estate ~~Equity~~Co. REIT X Eastgroup Properties, Inc. REIT X First Industrial Realty Trust REIT X First Potomac Realty Trust REIT X General Growth Properties, Inc. REIT X ~~Hilton~~Heritage ~~Hotels~~Property Investment Trust REIT X ~~Home~~Hersha ~~Properties~~Hospitality ofTrust ~~New~~REIT ~~York,~~X ~~Inc~~Highland Hospitality Corp. REIT X Hilton Hotels Corp. X Host Marriott Corp. REIT X ~~Istar~~iStar Financial, Inc. REIT X Lexington ~~Corp~~Corporate Properties Trust REIT X Mills Corp. X(The) ~~Pan~~REIT ~~Pacific~~X ~~Retail~~One Liberty Properties, Inc. REIT X ~~Parkway Properties~~Pennsylvania, ~~Inc.~~REIT X ~~Pennsylvania~~Prologis ~~Real Estate~~ REIT X ~~Prologis~~Ramco-Gershenson ~~Trust~~Properties REIT X Regency Centers Corp. REIT X Rouse Co. (The) REIT X Alcoa, Inc. X American Express Co. X Bank of America Corp. X Baxter International, Inc. X Boeing Co. (The) X ~~Chevron~~ChevronTexaco ~~Texaco~~ Corp. X Chubb Corp. X Comerica, Inc. X ~~Deere~~General &Electric Co. X HCA, Inc. X Intuit, Inc. X JP Morgan Chase & Co. X Ltd. Brands X Marsh & McLennan Cos., Inc. X Mellon Financial Corp. X Microsoft Corp. X Morgan Stanley, ~~Dean Witter, Discover & Co.~~ X Newell Rubbermaid, Inc. X Oracle Corp. X Public Service Enterprise Group, Inc. X ~~The Healthcare Co. X The Limited, Inc. X~~ Wyeth Corp. X

Filing Compare · TIFF INVESTMENT PROGRAM