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Multi-Asset Fund (MAF) Performance History as of January 31, 2019

Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. MAF charges entry fees on purchases and exit fees on redemptions in the amount of 0.50%. The following returns do not reflect the deduction of the entry and exit fees levied on member purchases and redemptions. Were such fees to be deducted from the performance, the fund's reported performance would be reduced, as indeed they have been in the performance data furnished on this website under Mutual Fund Current Performance, which reflect the deduction of such fees. These fees are paid to the fund rather than to TAS or any other vendors employed by the fund.

Please see the Index Descriptions for details of the Constructed Index, 65/35 Mix, and CPI.

Multi-Asset Fund - The fund may use leverage; invests in illiquid securities, non-US securities, small capitalization stocks, derivatives, below investment grade bonds and engages in short-selling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund's assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor's or Baa by Moody's) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as "junk bonds." As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager, and the fund may not be able to combine money managers such that their styles are complementary.

The prospectus contains detailed information about risks associated with the TIFF mutual funds. Please read the prospectus carefully before investing. Mutual fund investing involves risk. Principal loss is possible. The mutual funds are distributed by Foreside Fund Services, LLC.
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