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

TIFF Multi-Asset Fund

TIFF Investment Program, Inc. (“TIP”)

Supplement dated April 27, 2012

to the Prospectus dated April 27, 2012

TIFF Multi-Asset Fund

For members who are not non-profit organizations, the following supplements similar language under the heading Fund Performance — Average Annual Total Returns in each fund summary section of the prospectus.

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

The table below illustrates the changes in the funds’ yearly performance and shows how each 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 (before and after taxes) is not necessarily an indication of how the funds 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 member’s tax situation and may differ from those shown.

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	Return before Taxes		(2.69%)	3.57%	7.75%	7.83%	Mar. 31, 1995
After Taxes on Distributions TIFF Multi-Asset Fund	Return after Taxes on Distributions		(3.41%)	2.13%	6.35%	6.12%	Mar. 31, 1995
After Taxes on Distributions and Sales TIFF Multi-Asset Fund	Return after Taxes on Distributions and Sale of Fund Shares		(1.08%)	2.39%	6.10%	5.92%	Mar. 31, 1995
MSCI All Country World Index (does not reflect fees, expenses, or taxes) TIFF Multi-Asset Fund	MSCI All Country World Index (does not reflect fees, expenses, or taxes)		(7.35%)	(1.93%)	4.24%	5.72%
Consumer Price Index (“CPI”) + 5% per annum (does not reflect fees, expenses, or taxes) TIFF Multi-Asset Fund	Consumer Price Index (“CPI”) + 5% per annum (does not reflect fees, expenses, or taxes)		8.10%	7.36%	7.59%	7.52%
Multi-Asset Fund Constructed Index (does not reflect taxes) TIFF Multi-Asset Fund	Multi-Asset Fund Constructed Index (does not reflect taxes)	^[1]	(1.29%)	2.12%	6.35%	7.38%

[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.

If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also shouldshow the returns of an appropriate broadbased securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).

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