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2026-07-01
2026-07-01
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2026-07-01
2026-07-01
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TIFF INVESTMENT PROGRAM (“TIP”)<br/>
TIFF MULTI-ASSET FUND (“MAF”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-variant: small-caps"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-variant: small-caps"><b>Supplement
Dated July 1, 2026<br/>
to the Prospectus Dated April 30, 2026, as Supplemented April 30, 2026 </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-variant: small-caps"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>This supplement provides new and additional
information to the MAF Prospectus referenced above. </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 23, 2026, the Board of Trustees of TIP (the “Board”) approved (i) a money manager agreement between TIP, on behalf of
TIFF Multi-Asset Fund (the “Fund”), and Phoenix Asset Management Partners Limited (“Phoenix”), a new money manager
for the Fund, and</span> (<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii) a money manager agreement between
TIP, on behalf of the Fund, and Fidelity Diversifying Solutions LLC (“Fidelity”), a new money manager for the Fund, both effective
July 1, 2026. The Board also approved an amended and restated fee schedule to the money manager agreement between the Fund and CenterBook
Partners LP (“CenterBook”). Finally, effective July 1, 2026, portfolio manager Trevor Graham was appointed Co-Chief Investment
Officer of TIP and Brad Calder was added as a portfolio manager of the Fund. </span></p>
TIFF INVESTMENT PROGRAM
TIFF MULTI-ASSET FUND
2026-04-30
Fees and Expenses of the Fund
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that
you may pay if you buy, hold and sell shares of the Fund.</p>
<table cellpadding="0" style="border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><b>Shareholder Fees</b> <br/>
<span style="font-style: normal; font-weight: normal">(fees paid directly from your investment):</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"></td></tr> <tr style="vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> </table>
Shareholder Fees
(fees paid directly from your investment):
0
<table cellpadding="0" style="border-collapse: collapse; width: 100%; margin-left: 0; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>Annual Fund Operating Expenses <br/>
</b><span style="font-style: normal; font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment):</span></td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.25in; text-align: right"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; width: 83%; font: 10pt Times New Roman, Times, Serif; text-align: left">Management Fees [a]</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.2in; width: 15%; text-align: right">1.05%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Other Expenses [a]</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.2in; text-align: right">0.53%</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Other Expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.46%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Expenses for Securities Sold Short</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.07%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Acquired Fund Fees and Expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.2in; text-align: right">0.74%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Fee Waiver</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.2in; text-align: right">(0.03)%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Fund Operating Expenses After Fee Waiver [a], [b]</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.2in; text-align: right"><b>2.29%</b></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">[a]</td><td style="text-align: justify">Management Fees, Other Expenses and Total Annual Fund Operating Expenses have been restated to show an estimate of what the Fund’s
expenses would have been in 2025 had the fee schedules in the new money manager agreements with Fidelity and Phoenix and the amended and
restated fee schedule with CenterBook been in effect during 2025. In each case, the restated fees and expenses show only the effects of
the asset-based portion of the fee schedules but not the performance-based portion of the fee schedules.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">[b]</td><td style="text-align: justify">Total Annual Fund Operating Expenses does not correspond to the ratio of expenses to average net assets shown in the Financial Highlights
section of the prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</td></tr></table>
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
0.0105
0.0053
0.0046
0.0007
0.0074
-0.0003
0.0229
Management Fees, Other Expenses and Total Annual Fund Operating Expenses have been restated to show an estimate of what the Fund’s
expenses would have been in 2025 had the fee schedules in the new money manager agreements with Fidelity and Phoenix and the amended and
restated fee schedule with CenterBook been in effect during 2025.
Total Annual Fund Operating Expenses does not correspond to the ratio of expenses to average net assets shown in the Financial Highlights
section of the prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Example
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. </p>
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<table cellpadding="0" style="border-collapse: collapse; width: 80%; margin-left: auto; margin-right: auto; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">1
Year</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">3
Years</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">5
Years</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">10 Years</span></td><td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 23%; font: 10pt Times New Roman, Times, Serif; text-align: right">232</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">715</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,224</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,621</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
</table>
232
715
1224
2621
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><i>Please keep this
supplement for</i></span><i> future reference. </i></p>
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2026-07-01