TIFF Multi-Asset Fund (Prospectus Summary) | TIFF Multi-Asset Fund

TIFF Multi-Asset Fund Summary

Investment Objective

The fund's investment objective is to attain a growing stream of current income
and appreciation of principal that at least offset inflation.

The fund's performance objective (which is non-fundamental) is to achieve a
total return (price appreciation plus dividends and interest income) net of
expenses that, over a majority of market cycles, exceeds inflation, as measured
by the Consumer Price Index, plus 5% per annum.

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. The "Redemption Fees" shown in this table are referred to as
"exit fees" elsewhere in the prospectus.

Shareholder Fees (fees paid directly from your investment):

Shareholder Fees	TIFF Multi-Asset Fund
Redemption Fees (as a percentage of amount redeemed)	0.50%
Entry Fees on Purchases (as a percentage of amount invested)	0.0050

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
Management Fees	[1]	0.59%
Other Expenses		0.20%
Acquired Fund Fees and Expenses		0.37%
Total Annual Fund Operating Expenses	[1][2]	1.16%

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 (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
TIFF Multi-Asset Fund	219	472	745	1,524

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
TIFF Multi-Asset Fund	168	417	685	1,452

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes for members
that are subject to income or excise taxes. These costs, which are not reflected
in annual fund operating expenses or in the example, affect the fund's
performance. During the most recent fiscal year, the fund's portfolio turnover
rate was 42% of the average value of its portfolio.

Principal Investment Strategies

The fund seeks to achieve its objective through two principal means: (1)
diversification across multiple asset classes and (2) active security selection.
As a "multi-manager" fund, in addition to the fund's investment advisor, TIFF
Advisory Services, Inc. ("TAS"), the fund engages independent money managers to
manage a portion of the fund's assets. The fund also invests a portion of its
assets in other investment funds (referred to in this prospectus summary and in
the prospectus as "acquired funds"), such as exchange-traded funds, open-end
mutual funds, and private investment funds, subject to the limits of the
Investment Company Act of 1940, as amended, and any related rules, regulations
or exemptions, and the fund's policy limiting investments in illiquid securities
to no more than 15% of net assets. Asset class allocations and allocations to
money managers and acquired funds may change from time to time.

The fund invests, either directly or indirectly through its investments in
acquired funds, in common and preferred stocks, real estate investment trusts
("REITs"), high yield bonds, securities issued or guaranteed by the US
government, including Treasury inflation-protected securities ("TIPS"),
corporate bonds, and short-term investments, such as high-quality, short-term
money market instruments. In addition, the fund may invest a substantial portion
of its assets in synthetic and derivative instruments, such as futures, options,
and swaps, in order to gain or hedge exposure to the fund's performance
benchmark or one or more segments of the benchmark, including currency
exposures. Generally, these investments are designed to complement the fund's
other holdings, and may be used in part to adjust the fund's overall exposures
toward the levels desired by TAS.

The fund invests broadly in issuers domiciled in the United States and foreign
countries. The fund's foreign securities may be denominated in currencies other
than the US dollar. Under normal circumstances, up to 50% of the fund's assets
may be invested in foreign securities, including emerging market securities. The
fund invests in companies of all sizes as measured by market capitalizations. A
portion of the fund's assets may be invested in smaller companies. The fund's
investments in bonds and other debt obligations are not subject to any stated
limitations on maturity. Up to 20% of the fund's assets may be invested in debt
obligations rated below investment grade (known as high yield bonds or "junk
bonds").

The Multi-Asset Fund Constructed Index is a blended index composed of asset
segments, weighted according to policy norms, with each segment assigned a
passive market index that TAS believes is an appropriate benchmark for such
segment. The Constructed Index is intended to help TAS and the fund's members
better assess the fund's positioning and performance by providing a comparison
of the active strategies pursued by the fund versus the returns of passive
indices. The Constructed Index may also help convey to the fund's members a
sense of the general asset segment risks to which their capital might be
subject.
  
The current Constructed Index, which took effect January 1, 2010, is comprised
of the following asset segments, weights, and benchmarks:

Asset Segment                 Weight                        Benchmark               
Total Return Assets                    57%                                          
Global Stocks                          51%   Blended global stocks index comprising
                                             MSCI World Index (W) and MSCI Emerging
                                             Markets Index (EM), weighted as        
                                             follows: EM weight is 1.5 times the    
                                             percentage weight of emerging markets  
                                             in the MSCI All Country World Index; W
                                             weight is 100% minus EM weight.        
High Yield Bonds                        6%   Barclays Capital High Yield 2% Issuer  
                                             Capped Bond Index                      
Inflation Hedges                       10%                                          
Commodities                             5%   Dow Jones-UBS Commodity Index Total    
                                             Return                                 
REITs                                   5%   MSCI US REIT Index                     
All Purpose Hedges                     33%                                          
Inflation-Linked Bonds                 20%   Barclays Capital US Government         
                                             Inflation-Linked Bond Index            
Cash Equivalents                       13%   BofA Merrill Lynch US 6-Month Treasury
                                             Bill Index                             


The Multi-Asset Fund Constructed Index weights are rebalanced at each
quarter-end, and actual segment weights in Multi-Asset Fund tend to vary. The
blended global stocks index is calculated by TAS.

Principal Investment Risks

As with all investments, there are certain risks of investing in the fund, and
you could lose money on an investment in the fund. Fluctuations in the market
value of the securities held in the fund's portfolio could cause members'
shares, when redeemed, to be worth more or less than their original cost. The
principal risks associated with the fund's primary investment policies and
strategies are summarized below.

Acquired Funds Risk. As an investor in an acquired fund, the fund will bear its
ratable share of expenses, including advisory and administration fees, of the
acquired fund. Acquired funds that are private investment funds are generally
exempt from registration under the federal and state securities laws and,
therefore, investors in such private funds, including the fund, may not benefit
from the protections afforded by those laws. Investments by the fund in a
private investment fund are not subject to the limitations imposed under the
Investment Company Act of 1940 on shares held by a mutual fund in other
registered investment companies. Interests in private investment funds are
generally illiquid and, if so, will be subject to the fund's 15% limitation on
illiquid securities.

Credit Risk. An issuer or guarantor of a debt obligation or the counterparty to
an over-the-counter derivatives contract or other obligation may default or
otherwise become unable or unwilling to make timely principal and/or interest
payments, or to otherwise honor its obligations. Credit risk is particularly
significant for debt securities that are rated below investment grade ("junk
bonds"), which are generally considered to be speculative and the prices of
which tend to fluctuate more than higher quality securities.

Currency Risk. A decline in the value of a foreign currency relative to the US
dollar will reduce the value of securities denominated in that currency.

Derivatives Risk. Futures, options, swaps, and forward foreign currency exchange
contracts are forms of derivatives. The performance of derivative instruments
depends largely on the performance of an underlying currency, security, index or
commodity and such instruments often have risks similar to their underlying
instrument, in addition to other risks. Derivative instruments involve costs,
may be volatile and illiquid, and may involve a small initial investment
relative to the risk assumed. When used for hedging, the change in value of the
derivative may not correlate specifically with the investment or other risk
being hedged. With over-the-counter derivatives, there is the risk that the
other party to the transaction will fail to perform. The successful use of
derivative instruments, such as futures, options, swaps, and forward
foreign currency exchange contracts, depends on TAS or the money manager's
ability to predict the general direction of market movements, foreign exchange
rates, or interest rates, as applicable. Predicting such fluctuations is
extremely difficult, and thus the successful execution of certain derivative
strategies can be highly uncertain. An incorrect prediction will hurt fund
performance.

Foreign and Emerging Markets Risk. Securities issued by foreign entities may
involve risks not associated with US investments. These risks include the
possibility of expropriation of assets, excessive taxation, and political,
economic, social, or diplomatic instability. There may be less liquidity and
more volatility in foreign markets than in US markets. There may be less
publicly available information about a foreign issuer and foreign issuers may
not be subject to legal, accounting, auditing, and financial reporting standards
and requirements comparable to those of US issuers. These risks are intensified
in the case of investments in emerging market countries, whose political, legal,
economic and social systems supporting their securities markets tend to be less
developed and less stable than those of more developed nations.

Interest Rate Risk. Bond prices typically fluctuate due to changing interest
rates and generally vary inversely with market interest rates. Duration reflects
the expected life of a bond and provides one measure of the sensitivity of a
bond's price to changing interest rates. For a given change in interest rates,
longer duration bonds usually fluctuate more in price than shorter duration
bonds. In addition, falling interest rates may cause the fund's interest income
to decline. The value of some asset-backed securities may be particularly
sensitive to changes in prevailing interest rates.

Leveraging Risk. Certain transactions may give rise to a form of leverage and
many of the acquired funds use leverage on a regular basis. Leverage, including
borrowing, may cause the fund to be more volatile than if the fund had not been
leveraged. The use of derivatives may also create leveraging risk. To limit such
leveraging risk, the fund observes asset segregation requirements to cover its
obligations under derivative instruments.

Liquidity Risk. Certain securities may be difficult or impossible to purchase,
sell, or convert to cash quickly at favorable prices. Interests in many of the
acquired funds and certain other instruments in which the fund invests are
illiquid due to restrictions on transfer, the lack of a trading market, or for
other reasons.

Market Risk. The market value of a security may increase or decrease over time.
Market risk may affect a single issue, an entire industry, or the market as a
whole. Securities markets may from time to time experience short term or even
extended periods of heightened volatility and turmoil. These events could have
an adverse effect on the prices of securities held by the fund.

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.

Real Estate Investment Trust (REIT) Risk. Investing in real estate investment
trusts ("REITs") may subject the fund to risks associated with the ownership of
real estate, such as decreases in real estate values, overbuilding, increases in
operating costs and property taxes, changes in zoning laws, fluctuations in
rental income, and changes in interest rates.

Smaller Company Risk. The stocks of small or medium-sized companies may be more
susceptible to market downturns and their prices may be more volatile than the
stocks of larger companies. In addition, small company stocks typically trade in
lower volume, making them more difficult to sell (liquidity risk).

Fund Performance

The chart below is intended to show the risks of investing in the fund by
showing changes in the fund's performance from year to year. Calendar year total
returns in the bar chart below include the entry and exit fees received by the
fund; however, they do not reflect the deduction of such fees from a member's
account. Therefore, a member's total return for the period, assuming a purchase
at the beginning of the period and a redemption at the end of the period, would
be lower by the amount of entry and exit fees incurred. The fund's past
performance does not necessarily indicate how the fund will perform in the
future. Updated performance information is available online at www.tiff.org.

Calendar Year Total Returns (%)

Highest and Lowest Quarterly Returns
(for periods shown in the bar chart)

Highest (2Q 2009)          17.28%      
Lowest (4Q 2008)          -14.04%

Average Annual Total Returns (for periods ended 12/31/11)

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, which reflect the deduction of entry and exit fees from a
member's account, compared with selected benchmarks. Past performance is not
necessarily an indication of how the fund will perform in the future.

Average Annual Total Returns	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
TIFF Multi-Asset Fund	TIFF Multi-Asset Fund		(2.69%)	3.57%	7.75%	7.83%	Mar. 31, 1995
TIFF Multi-Asset Fund MSCI All Country World Index	MSCI All Country World Index (does not reflect fees, expenses, or taxes)		(7.35%)	(1.93%)	4.24%	5.72%	Mar. 31, 1995
TIFF Multi-Asset Fund Consumer Price Index	Consumer Price Index ("CPI") + 5% per annum (does not reflect fees, expenses, or taxes)		8.10%	7.36%	7.59%	7.52%	Mar. 31, 1995
TIFF Multi-Asset Fund Multi-Asset Fund Constructed Index	Multi-Asset Fund Constructed Index (does not reflect taxes)	[1]	(1.29%)	2.12%	6.35%	7.38%	Mar. 31, 1995

[1] Management Fees and Total Annual Fund Operating Expenses have been restated to show an estimate of what the fund's expenses would have been in 2011 had (i) the fee schedule in the amended and restated advisory agreement betweenTIP and TIFF Advisory Services, Inc., on behalf of Multi-Asset Fund, been in effect during all of 2011, and (ii) the new money manager agreements with OVS Capital Management, LLP and Lansdowne Partners Limited Partnership been in effect during 2011. With respect to OVS Capital Management, LLP, the restated fees and expenses show only the effects of the asset-based portion of the fee schedule but not the performance-based portion of the fee schedule.

[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 the prospectus, which reflects the operating expenses of the fund and does not include Acquired Fund Fees and Expenses.

[1] Performance of the Multi-Asset Fund Constructed Index generated after June 30, 2009, is reduced by 0.20% per annum, prorated monthly, which reflects an estimate of the costs of investing in the Constructed Index's segments. The performance of the Multi-Asset Fund Constructed Index would increase in the absence of a 0.20% reduction.