<PAGE>
TIFF Investment Program, Inc. (TIP)
Supplement dated December 29, 2000
to the Prospectus dated December 8, 2000
Effective January 2, 2001, the TIP Prospectus dated December 8, 2000 is changed
as follows:
1. The table appearing after the third paragraph of page 4 is deleted and
replaced with the following:
<TABLE>
<CAPTION>
Asset Class Weight Benchmark
<S> <C>
US Stocks 25% Wilshire 5000 Stock Index
Foreign Stocks 25% MSCI All Country World Free ex US Index
Absolute Return Strategies 20% 3-month Treasury bills plus 5% per annum
Resource-Related Stocks 5% Resource-related sectors of MSCI World Index
75% Energy
20% Metals and Mining
5% Paper and Forest Products
Inflation-Linked Bonds 10% 10-year US Treasury inflation protected security
US Bonds 15% Lehman Aggregate Bond Index
</TABLE>
Note: The self-constructed Multi-Asset Fund Benchmark has changed three
times since the TIFF Multi-Asset Fund's inception in order to reflect the
directors' evolving thinking on appropriate asset allocation targets. On
January 1, 1998, the Foreign Stock segment was reduced from 30% to 25% of
the benchmark and the Absolute Return segment was increased from 15% to
20%. On October 1, 1999, the Resource-Related segment was reduced from 10%
to 5%, Foreign Bonds were eliminated, US Bonds increased from 15% to 20%
and Inflation-Linked Bonds were added to the benchmark at a 5% weight. On
January 2, 2001, the US Bonds segment of the benchmark was decreased from
20% to 15% and Inflation-Linked Bonds were increased from 5% to 10%.
2. The performance chart for the TIFF Bond Fund, the fifth chart from the top
of the right hand column on page 15, is deleted and replaced with the
following:
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
18.07% 3.75% 9.35% 7.31% -0.45%
