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TIFF Multi-Asset Fund

TIFF Multi-Asset Fund

TIFF Investment Program (“TIP”)

Supplement Dated May 4, 2022
to the TIP Prospectus dated April 29, 2022, As Supplemented April 29, 2022 and
the TIP Statement of Additional Information Dated April 29, 2022,
and the TIFF Multi-Asset Fund Summary Prospectus Dated April 29, 2022

This supplement provides new and additional information to the TIP prospectus dated April 29, 2022, as supplemented April 29, 2022 (the “Prospectus”), the TIP Statement of Additional Information dated April 29, 2022 (the “SAI”), and the TIFF Multi-Asset Fund summary prospectus dated April 29, 2022 (together with the Prospectus, the “Prospectuses”).

On April 26, 2022, the Board of Trustees of TIP (the “Board”) approved (i) a money manager agreement between TIFF Multi-Asset Fund (the “Fund”) and CenterBook Partners LP (“CenterBook”), a new money manager for the Fund, and (ii) an amendment to the money manager agreement and related fee schedule between the Fund and Amundi Asset Management US, Inc. (“AmundiUS”), an existing money manager for the Fund, both effective immediately.

The following information replaces similar disclosures on page 1 of the Prospectuses:

​ Fees and Expenses of the Fund ​

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

Shareholder Fees	TIFF Multi-Asset Fund TIFF Multi-Asset Fund USD ($)
​	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Annual Fund Operating Expenses	TIFF Multi-Asset Fund TIFF Multi-Asset Fund
Management Fees	0.62%	[1]
Other Expenses	0.37%	[1]
Other Expenses	0.16%
Expenses for Securities Sold Short	0.21%
Acquired Fund Fees and Expenses	0.52%
Total Annual Fund Operating Expenses	1.51%	[1],[2]

​ Example ​

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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	1 Year	3 Years	5 Years	10 Years
TIFF Multi-Asset Fund | TIFF Multi-Asset Fund | USD ($)	154	477	824	1,802

The following information replaces the paragraph titled “Multi-Manager Risk” on page 4 of the Prospectuses:

Multi-Manager Risk.   Multi-manager risk is the risk that TAS may not be able to (1) identify and retain money managers who achieve superior investment returns relative to similar investments; (2) combine money managers in the Fund such that their investment styles are complementary; or (3) allocate cash among the money managers to enhance returns and reduce volatility or risk of loss relative to a fund with a single manager. Money managers selected by TAS may have a limited operating history, fewer resources, and a limited performance track record, and therefore involve greater risk and uncertainty. Certain money managers may invest in securities or other investments using quantitative strategies or methodologies. These methodologies may perform differently from the market as a whole and there can be no assurance that they will perform as intended or enable the Fund to achieve its investment or performance objectives.

Please keep this supplement for future reference.   

[1] 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 2021 had the fee schedules in the new money manager agreement with CenterBook and the amended money manager agreement with AmundiUS had been in effect during 2021. 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.

[2] Total Annual Fund Operating Expenses may not correspond to the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.