The TIFF Investment Program funds will be closed on Friday, July 3, 2009, in observance of the Fourth of July holiday. Purchase and redemption orders will not be accepted that day. The funds will resume normal trading activity on Monday, July 6, 2009.

The TIFF Multi-Asset Fund's Constructed Index (a/k/a policy portfolio) changed as of July 1, 2009. The changes are described in a memorandum published June 5, 2009, and made available here.

We are pleased to announce that Erik Lundberg, chief investment officer at the University of Michigan, will join the board of TIFF Advisory Services (TAS) in June. Before taking up his duties in Ann Arbor in 1999, Erik was a corporate investment strategist, overseeing pension and other plan assets. He is a CFA charterholder.

Will McLean, chief investment officer at Northwestern University, and John Craig, executive vice president and chief operating officer of The Commonwealth Fund in New York, have joined the board of the TIFF Education Foundation (TEF). Will has been a stalwart on the board of TIFF Advisory Services (TAS) since 2000. During his tenure, Will has tirelessly and skillfully chaired multiple committees as well as the TAS board itself. Although Will stepped aside from his TAS role in March, we are delighted that he has agreed to remain within the TIFF family by shifting his wise counsel to an expanded TEF board, where he has been joined by John Craig. We thank John profusely for returning to the TIFF fold for a second tour of duty - John was founding board member when TIFF was organized in 1991 and served until 2001.

TIFF's founding president and chief investment officer David Salem penned recently an essay discussing TIFF's origins, evolving mission and the outlook for certain forms of investing in which TIFF is engaged. This essay can be downloaded in pdf form by clicking here.

The TIFF Education Foundation (TEF) will conduct the next edition of its popular seminar series on endowment management in Cambridge, Massachusetts, on Thursday, October 1, 2009. Please continue to check this website for seminar developments and contact tiffevents@tiff.org if you are interested in receiving registration particulars when they become available.

In a bulletin distributed on March 10 to endowed charities that have invested capital in the TIFF Multi-Asset Fund, TIFF Advisory Services reviews the fund's objectives and explains why it is giving active consideration to shifting more of the fund's capital into equities and other securities whose prices have fallen materially in recent quarters. This bulletin is available here.

A current TIFF Investment Program, Inc. Prospectus is available here.

Mutual fund investing involves risk. Principal loss is possible.

The funds are distributed by Quasar Distributors, LLC.