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Apr. 30, 2025
TIFF Multi-Asset Fund
Average Annual Total Returns (for periods ended 12/31/2024)
The table below illustrates the changes in the Fund’s yearly performance and shows how the Fund’s average returns for one year, five years, ten years, and since Fund inception compared with those of a broad-based measure of market performance, the MSCI All Country World Index, as well as additional benchmarks and indices. Prior to December 1, 2021, the Fund received entry fees on purchases and exit fees on redemptions of Fund shares; thus, Fund performance for periods prior to December 1, 2021 reflect those fees’ impact. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend upon a shareholder’s tax situation and may differ from those shown.
TIFF Multi-Asset Fund
One
Year
Five
Years
Ten
Years
Since Inception
(3/31/1995)
Return before Taxes 14.84% 8.63% 6.91% 7.72%
Return after Taxes on Distributions 11.43% 6.36% 4.79% 5.83%
Return after Taxes on Distributions and Sale of Fund Shares 9.05% 6.17% 4.73% 5.70%
Benchmark Returns
65/35 Mix (65% MSCI All Country World Index,
35% Bloomberg US Aggregate Bond Index)
(does not reflect fees, expenses, or taxes)
11.60% 6.58% 6.63% 6.85%
Consumer Price Index (“CPI”) +5% per annum
(does not reflect fees, expenses, or taxes)
8.02% 9.39% 8.14% 7.61%
MSCI All Country World Index
(does not reflect fees, expenses, or taxes)
17.49% 10.05% 9.22% 7.68%
Bloomberg US Aggregate Bond Index
(does not reflect fees, expenses, or taxes)
1.25% (0.33)% 1.35% 4.42%
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TIFF Investment Program (“TIP”)
Supplement dated April 30, 2025
to the Prospectus dated April 30, 2025
TIFF Multi-Asset Fund
(the “Fund”)
For shareholders who are not non-profit organizations, the following supplements similar language under the heading Fund Performance — Average Annual Total Returns in the fund summary section of the prospectus.