# EDGAR Filing Document

**Accession Number:** 0000916622
**File Stem:** 0001104659-26-053080
**Filing Date:** 2026-4
**Character Count:** 961615
**Document Hash:** cfb5246dae08555e943f1e9b47c899c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053080.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-053080

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIFF INVESTMENT PROGRAM
- **CENTRAL INDEX KEY:** 0000916622

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08234
- **FILM NUMBER:** 26926577

**BUSINESS ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 300
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610-684-8000

**MAIL ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 300
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIFF INVESTMENT PROGRAM INC
- **DATE OF NAME CHANGE:** 19931228
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIFF INVESTMENT PROGRAM
- **CENTRAL INDEX KEY:** 0000916622

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-73408
- **FILM NUMBER:** 26926576

**BUSINESS ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 300
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610-684-8000

**MAIL ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 300
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIFF INVESTMENT PROGRAM INC
- **DATE OF NAME CHANGE:** 19931228

## Series and Classes Contracts Data

### TIFF Multi-Asset Fund (Series ID: S000006387)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000017543 | TIFF Multi-Asset Fund |  |

?xml version='1.0' encoding='ASCII'?

As Filed With The Securities And Exchange Commission On April 30, 2026

File Nos. 33-73408 and 811-8234

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-1A**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

Pre-Effective Amendment No.

Post-Effective Amendment No. 64

and/or

**REGISTRATION STATEMENT**

**UNDER THE INVESTMENT COMPANY ACT OF 1940**

Amendment No. 68

**TIFF INVESTMENT PROGRAM**

(Exact Name of Registrant as Specified in Charter)

170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087

(Address of Principal Executive Offices) (Zip Code)

(800) 984-0084

(Registrant's Telephone Number, Including Area Code)

David Brenner, TIFF Advisory Services, LLC, 170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087

(Name and Address of Agent for Service of Process)

With Copies to:

Kristin H. Ives

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

It is proposed that this filing will become effective:

☒ Immediately upon filing pursuant to paragraph (b)

☐ On [date], pursuant to paragraph (b)

☐ 60 days after filing, pursuant to paragraph (a) (1)

☐ On [date], pursuant to paragraph (a) (1)

☐ 75 days after filing, pursuant to paragraph (a) (2)

☐ On _________, pursuant to paragraph (a) (2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

[**TABLE OF CONTENTS**](#TOC)

 **PROSPECTUS <br> April 30, 2026** 

<br>  **TIP Mutual Funds** 

<br> #### TIFF M ulti -A sset F und
TIFF Investment Program ("TIP") is a no-load, open-end management investment company that seeks to improve the net investment return of its shareholders through its series TIFF Multi-Asset Fund (the "Fund"), a series of TIP, that is available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations that meet TIP's eligibility requirements.

 **Contents** 

<br> ---

| | |
|:---|:---|
| [TIFF Multi-Asset Fund Summary](#tTMFS)  | [1](#tTMFS) |
| [Overview of TIP](#tOOT)  | [7](#tOOT) |
| [Additional Investment Strategies and Risks](#tAISA)  | [7](#tAISA) |
| [The Advisor](#tTHAD)  | [15](#tTHAD) |
| [Money Managers](#tMOMA)  | [15](#tMOMA) |
| [Money Manager Fee Arrangements and Portfolio Managers](#tMMFA)  | [16](#tMMFA) |
| [Shareholder Information](#tSHIN)  | [20](#tSHIN) |
| [Dividends and Distributions](#tDAD)  | [25](#tDAD) |
| [Tax Considerations](#tTACO)  | [26](#tTACO) |
| [Financial Highlights](#tFIHI)  | [27](#tFIHI) |
| [Glossary](#tGLO)  | [29](#tGLO) |
| [Further Information](#tFUIN)  | [31](#tFUIN) |

---

 **The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

<br> ------

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TIFF Multi-Asset Fund Summary

 **Investment Objective** 

<br> The Fund's investment objective is to attain a growing stream of current income and appreciation of principal that at least offsets 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** 

<br> This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

 **Shareholder Fees <br> (fees paid directly from your investment):** 

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a percentage of the value of your investment):** |  |
| &nbsp;&nbsp;&nbsp; Management Fees  | 1.13%  |
| &nbsp;&nbsp;&nbsp; Other Expenses  | 0.53%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses  | &nbsp;&nbsp;&nbsp;&nbsp;0.46%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses for Securities Sold Short  | &nbsp;&nbsp;&nbsp;&nbsp;0.07%  |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses  | 0.74%  |
| &nbsp;&nbsp;&nbsp; Fee Waiver  | (0.03)%  |
| &nbsp;&nbsp;&nbsp; **Total Annual Fund Operating Expenses After Fee Waiver [a]**  | **2.37%**  |

---

[a]

Total Annual Fund Operating Expenses does 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.

 **Example** 

<br> 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:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| $240  | $739 | $1265 | $2706 |

---

 **Portfolio Turnover** 

<br> 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 shareholders 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 290% of the average value of its portfolio.

 **Principal Investment Strategies** 

<br> 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, LLC ("TAS"), the Fund engages external money managers to manage a portion of the

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TIFF Multi-Asset Fund Summary

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, such as hedge funds. Acquired fund investments are made 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 investments 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, securities issued or guaranteed by the US government, its agencies and instrumentalities, including Treasury bonds and Treasury inflation-protected securities ("TIPS"), and short-term investments, such as high-quality, short-term money market instruments. In addition, the Fund invests in synthetic and derivative instruments, such as futures, options, swaps, and forward foreign currency exchange contracts, in order to gain or hedge exposure to the Fund's performance benchmark, one or more asset classes or categories of the benchmark, geographic exposures, or individual positions, including currency exposures. Among other uses, 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. As part of its investment strategy, the Fund may take short positions in which it sells securities it does not own. In order to settle such short sales, the Fund must borrow or otherwise acquire the securities that it sold short to make delivery to the buyer. The Fund is then obligated to replace borrowed securities by purchasing them at the market price at the time of replacement.

TAS also pursues a direct trading strategy whereby it invests a portion of the Fund's assets directly in a limited number of publicly traded equity securities (typically, not more than 20). The issuers of such securities may be of any size, operate in any industry, and have domestic as well as international operations. TAS chooses these direct equity holdings from the listed equity positions reported on Form 13F by a small group of long-oriented, active investment managers based upon TAS's belief that such managers have demonstrated an ongoing ability to add value through security selection and tend not to trade holdings frequently.

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 capitalization. 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, or if unrated, determined to be comparable quality (known as high yield bonds or "junk bonds").

 **Principal Investment Risks** 

<br> The Fund's principal investment risks are presented below in alphabetical order, and not in the order of importance or potential exposure, so as to facilitate the reader's ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

As with all investments, there are certain risks associated with investing in the Fund, and you could lose money on an investment in the Fund. Fluctuations in the market value of the investments held in the Fund's portfolio could cause shareholders' 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, shareholders 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 generally 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 generally can only be redeemed, in whole or in part, at the end of a given month or quarter. Any such interests that have restrictions on redemptions will be subject to the Fund's 15% limitation on illiquid investments.

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TIFF Multi-Asset Fund Summary

*Credit Risk.* An issuer or guarantor of a debt obligation or the counterparty to a 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.

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

*Derivatives Risk.* Futures, options, swaps, and forward foreign currency exchange contracts are forms of derivative instruments. The performance of derivative instruments depends largely on the performance of an underlying instrument, such as a currency, security, index or commodity, and such derivatives often have risks similar to their underlying instrument, in addition to other risks. Derivative instruments involve costs and can create economic leverage in the Fund's portfolio, which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment in such derivative instrument. When a derivative is used for hedging, the change in value of the derivative may not correlate specifically with the investment or other risk being hedged. There is also the risk that the other party to the transaction will fail to perform. Depending on the purpose for which the derivative instruments are being used, the successful use of derivative instruments may depend on, among other factors, TAS or the money manager's ability to predict the general direction of market movements, foreign exchange rates, interest rates, or individual securities, as applicable. Predicting such fluctuations is extremely difficult, and thus the successful execution of certain derivative strategies can be highly uncertain. An incorrect prediction may hurt fund performance. If, however, the derivative instrument is being used solely to gain exposure, such as to a market segment, the ability to predict such fluctuations will be less important.

*Direct Trading Strategy Risks.* TAS generally will not buy or sell securities within its direct trading strategy directly in response to changing market conditions in general or with respect to specific issuers. This portion of the Fund's portfolio also likely will be concentrated to a significant extent in a small number of issuers or particular industries (see *Focus Risk* below). As a result, such portion of the Fund's portfolio may face greater risks than if it were managed directly in response to market conditions or more broadly diversified over a greater number of issuers or industries.

*Focus Risk.* The greater the Fund's exposure to any single type of investment — including investment in a given industry, sector, region, country, issuer, or type of investment — the greater the losses the Fund may experience upon any single economic, business, political, regulatory, or other occurrence. As a result, there may be more fluctuation in the price of the Fund's shares.

*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.* Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government policy, inflation expectations, and supply and demand. 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, and rising interest rates may cause the value of the Fund's bond investments to fall. Changes in interest rates can also influence equity prices.

*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's performance to be more volatile than if the Fund had not engaged in leverage. The use of derivatives may also create leveraging risk.

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TIFF Multi-Asset Fund Summary

*Liquidity Risk.* From time to time, 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. Reduced liquidity is likely to have an adverse impact on the Fund's ability to sell such securities when necessary to meet the Fund's liquidity needs or in response to a specific economic event. Restrictions or limitations on transfer may also result in a lower value for the security.

*Market Disruption Risks Related to Armed Conflict.* As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between the United States, Israel and Iran (and their proxies, including Hamas) in the Middle East, and Russia and Ukraine in Europe, has the potential to adversely impact the Fund's investments. Such conflicts, and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors. The timing and duration of such conflicts, resulting sanctions, related events and other impacts cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic regions.

*Market Risk.* The market value of a security may increase or decrease over time. Market risk may affect a single issuer, 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. U.S. trade disputes or other disputes with specific countries (that could result and have resulted in tariffs, trade barriers and investment restrictions); pandemics or epidemics; and local, regional or global natural or environmental disasters, wars, acts of terrorism, or similar events could have a significant impact on the Fund and its investments and could result in increased volatility of the Fund's net asset value and could adversely affect the economies of many countries, including the U.S., and could lead to a decline in the value of the Fund's investments.

*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. In addition, because each money manager directs the trading for its own portion of the Fund and does not aggregate its transactions with those of the other money managers, the Fund may incur higher brokerage and trading-related costs than would be the case if a single money manager was managing the Fund. Money managers selected by TAS may have a limited operating history, fewer resources, and a limited performance track record, and therefore involve greater risk and uncertainty. Certain money managers may invest in securities or other investments using quantitative strategies or methodologies. These methodologies may perform differently from the market as a whole and there can be no assurance that they will perform as intended or enable the Fund to achieve its investment or performance objectives.

*Portfolio Turnover Risk.* The Fund may experience high portfolio turnover at times because the Fund uses multiple money managers who decide to purchase or sell securities independently of each other or who may use frequent trading strategies. In addition, the Fund may experience high portfolio turnover when a money manager's services are terminated or those of a new money manager are retained. High portfolio turnover may result in the realization of gains or losses as well as greater brokerage commissions and other transaction costs, which are borne by the Fund.

*Short Sale Risk.* The Fund may engage in short sales in which it sells a security it does not own. To complete such a transaction, the Fund must borrow or otherwise obtain the security to make delivery to the buyer. The Fund then is obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. The Fund's investment performance will suffer if a security that it has sold short appreciates in value.

*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 than larger company stocks (see *Liquidity Risk* above).

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TIFF Multi-Asset Fund Summary

 **Fund Performance** 

<br> 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. Prior to December 1, 2021, the Fund received entry fees on purchases and exit fees on redemptions; thus, Fund performance for periods prior to December 1, 2021, reflects those fees' impact. 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.tipfunds.org.

#### Calendar Year Total Returns (%)
![[MISSING IMAGE: bc_mafund-pn.jpg]](bc_mafund-pn.jpg)

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

---

| | |
|:---|:---|
| Highest (2Q 2020) | 14.29%  |
| Lowest (1Q 2020) | -12.44%  |

---

#### Average Annual Total Returns (for periods ended 12/31/2025)
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, compare with a broad based measure of market performance, the MSCI All Country World Index, as well as additional indices or other benchmarks with characteristics relevant to the Fund. Prior to December 1, 2021, the Fund received entry fees on purchases and exit fees on redemptions; thus, Fund performance for periods prior to December 1, 2021 reflect those fees' impact. Past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.tipfunds.org.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year**  | **Five Years**  | **Ten Years**  | **Since <br> Inception <br> (3/31/95)**  |
| **TIFF Multi-Asset Fund** |  |  |  |  |
| Return Before Taxes | 21.44% | 9.16% | 9.19% | 8.14% |
| **Benchmark Returns** |  |  |  |  |
|  65/35 Mix (65% MSCI All Country World Index, <br> 35% Bloomberg US Aggregate Bond Index) <br> (does not reflect fees, expenses, or taxes)  | 16.97% | 7.14% | 8.44% | 7.16% |
|  Consumer Price Index ("CPI") + 5% per annum <br> (does not reflect fees, expenses, or taxes)  | 7.80% | 9.66% | 8.34% | 7.61% |
|  MSCI All Country World Index <br> (does not reflect fees, expenses, or taxes)  | 22.34% | 11.19% | 11.71% | 8.13% |
|  Bloomberg US Aggregate Bond Index <br> (does not reflect fees, expenses or taxes)  | 7.30% | (0.36)% | 2.01% | 4.51% |

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TIFF Multi-Asset Fund Summary

 **Portfolio Management** 

<br> ---

| | | | |
|:---|:---|:---|:---|
| **Investment Advisor**  | **Portfolio Manager**  | **Title**  | **Has Managed <br> Fund Assets Since**  |
| TIFF Advisory Services, LLC  | Jay Willoughby | Co-Chief Investment Officer  | 2015  |
|  | Trevor Graham | Co-Chief Investment Officer  | 2013  |
|  | Zhe Shen | Managing Director | 2022  |

---

 **Purchase and Sale Information** 

<br> Purchases may be made on any business day. The minimum initial investment is $2,500,000. The minimum for subsequent purchases is $10,000.

Full and fractional shares may be redeemed on any business day upon a shareholder's request via phone (1-833-959-8366) or fax (1-877-513-0756), by providing the Fund name, the dollar or share amount to be redeemed, the account to which the proceeds should be wired (as designated on the account application), the shareholder's name, and the shareholder's account number. Redemption notification provided other than by phone or fax may not be accepted and, if accepted, may result in a processing delay.

 **Tax Information** 

<br> Because shareholders in the Fund are typically tax-exempt organizations, in general, they are not subject to federal income taxation on distributions from the Fund or on sales of shares of the Fund. Such shareholders may be subject to excise taxes and should consult their own tax advisors.

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TIFF Investment Program Prospectus

 **Overview of TIP** 

<br> TAS is the investment advisor to the Fund. The Fund operates primarily on a "multi-manager" basis. TAS seeks to achieve the Fund's investment and performance objectives primarily by selecting external money managers for the Fund, allocating cash among asset classes and money managers, as applicable, monitoring the money managers' and the Fund's performance, managing directly a portion of the Fund's portfolio, and employing certain risk management or other techniques designed to enhance returns. Each money manager is responsible for the day-to-day investment decisions for that portion of the Fund's assets allocated to such money manager. Each money manager specializes in a particular market or utilizes a particular investment style. A portion of the Fund's assets may be invested in futures contracts and other derivative instruments, duration investments, and other securities and financial instruments, in accordance with the Fund's investment objective, policies, and restrictions.

Please see the statement of additional information ("SAI") for a description of TIP's policies and procedures with respect to the disclosure of information about the Fund's portfolio securities. You can obtain the SAI by calling TIP or the Fund's transfer agent, Ultimus Fund Solutions, LLC ("Ultimus"), at 1-833-959-8366 to request a copy. The SAI can also be found on TIP's website at www.tipfunds.org.

 **Additional Investment Strategies and Risks** 

<br> The Fund's principal investment strategies and risks are summarized earlier in this prospectus. The Fund may use other strategies and invest in other securities or instruments and is subject to additional risks and restrictions that are further described below and in the SAI.

*Fundamental Policies.* The investment objective of the Fund and certain investment policies and restrictions designated in this prospectus or in the SAI as "fundamental" may be changed only by a vote of a majority of the outstanding votes (as provided by the Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund's shareholders. Other investment policies and restrictions may be changed by the TIP Board without shareholder approval. There can be no assurance that the Fund will attain its investment or performance objective.

*Performance Goals.* Performance objectives or benchmarks are not fundamental and may be changed without shareholder approval upon notice to shareholders. The Fund's performance benchmark serves to monitor its success over a full market cycle. The performance of the Fund, both on an absolute basis and when compared to its specified benchmark(s), can be expected to vary from year to year. The Fund attempts to attain its performance objectives over a combination of rising and falling markets, not during a single rising or falling market or a defined time period (such as one year).

There is no guarantee that the Fund will achieve its investment or performance objective or that the Fund's assets will not decline in value. Like all mutual funds, the Fund is subject to two basic risks: market risk, which is the risk that the value of investments held by the Fund may decline due to general market and economic conditions, as well as specific issuer developments; and management risk, which is the risk that investment strategies used by the Fund and specific investments held by the Fund may not perform as well as the relevant market.

*Money Managers and Their Strategies* 

**AQR Capital Management, LLC** manages a US relaxed constraint mandate for the Fund in which the manager's investment approach will be to target on average a long exposure of 130% of net assets with a short exposure of 30% of net assets, in US equities, benchmarked to the Russell 1000 Index. Actual long and short exposures for the mandate will vary according to market conditions. The manager utilizes a quantitative investment process that systematically evaluates securities by analyzing a variety of data through the use of models to generate an investment opinion. The models consider a wide range of factors, including, but not limited to, mispricing and price and fundamental trends strategies.

**CenterBook Partners LP** manages a diversified portfolio of both long and short positions, with a focus on US publicly traded equities. CenterBook uses alpha signals extracted from the research and position data of a diversified group of independent, process-oriented fundamental equity managers and combines them with

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TIFF Investment Program Prospectus

quantitative position sizing and risk management to achieve a diversified portfolio. CenterBook may have long exposure of up to 150% of net assets and short exposure of up to 85% of net assets, with an aggregate gross exposure limit of 220% of net assets. Actual long and short exposures will vary according to market conditions.

**Eversept Partners, L.P.** invests in a concentrated portfolio of global equities, focusing on investments related to the healthcare and life sciences industries. The manager seeks strong long-term returns primarily through long investment positions, while also attempting to preserve capital and to mitigate risk through diversification of portfolio investments across value, growth, and special situations investments and occasionally buying downside protection through put options.

**Fundsmith Investment Services Ltd.** invests in a concentrated portfolio of global equities, allocating capital to high-quality, cash flow generating businesses in stable, non-cyclical sectors. The manager's approach is to be a long-term investor in its chosen stocks.

**Greenhouse Funds LLLP** invests primarily in a select portfolio of equity securities of companies with small- to medium-market capitalizations (those with market capitalizations, at the time of purchase, of less than $20 billion). The manager will normally hold a limited number (typically 25 to 50) of companies. However, from time to time the manager may hold fewer or more companies and invest in companies with larger market capitalizations. The manager will hold a mix of both value and growth stocks as part of the manager's opportunistic approach to investing.

**Kopernik Global Investors, LLC** has a value approach to investing and through bottom-up fundamental research seeks to identify potential investments that trade at significant discounts to their risk-adjusted intrinsic values and are undervalued by the market. The manager implements its long-only strategy primarily via equity securities of US and non-US companies of any size, with a bias toward small and mid-capitalization companies.

**Lynwood Price Capital Management LP** invests primarily in US equity securities, managing a concentrated portfolio of investments in industries where the manager believes high and recurring profits are likely. The manager will normally hold a limited number (typically 10-30) of companies, but from time to time may hold fewer or more companies.

**NewGen Asset Management Limited** invests primarily in equity securities in Canada. NewGen utilizes a deep fundamental research approach and risk management processes designed to capitalize on market inefficiencies. NewGen's investment strategy utilizes short selling, and NewGen may have gross exposure of up to 180% of net assets (long exposure of up to 100% of net assets and short exposure of up to 80% of net assets). Actual long and short exposures will vary according to market conditions.

**Sengu Capital Limited** manages a diversified portfolio of long positions, with a focus on Japanese equities. The manager seeks to achieve long-term capital appreciation through long investment positions, by investing primarily in listed equity securities of companies which are incorporated in, or have material exposure to, Japan. The manager will seek to generate returns by monitoring management changes, assessing their potential effect on prospective portfolio companies and investing in liquid, mid- to large-cap companies which have undergone or will undergo management changes.

**Strategy Capital LLC** invests primarily in US equity securities, managing a concentrated portfolio of investments in companies believed to have sustainable, long-term competitive advantages. Strategy Capital's research process is focused on competitive dynamics, industry structure and long-term business strategy. The portfolio tends to have exposure to growth sectors of the US economy.

**TIFF Advisory Services, LLC** primarily invests in futures contracts and other derivative instruments, duration investments, acquired funds, and other securities and financial instruments, including US Treasury obligations, in accordance with the Fund's investment objective, policies, and restrictions. As the Fund's primary adviser, TAS may seek to enhance returns, mitigate risks, adjust asset allocations, gain market exposure, manage cash, or otherwise pursue the Fund's performance objective. TAS also selects acquired fund investments for the Fund.

TAS also pursues a direct trading strategy whereby it invests a portion of the Fund's assets directly in a limited number of publicly traded equity securities (typically, not more than 20). The issuers of such securities may be of any size, operate in any industry, and have domestic as well as international operations. TAS chooses these direct

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equity holdings from the listed equity positions reported on Form 13F by a small group of long-oriented, active investment managers based upon TAS's belief that such managers have demonstrated an ongoing ability to add value through security selection and tend not to trade holdings frequently. Form 13F is a quarterly report filed with the SEC by institutional investment managers to publicly disclose their US equity holdings. The investment managers tracked by TAS for purposes of its direct trading strategy typically manage accounts for the Fund or other TAS-advised investment funds or manage private investment funds in which the Fund or other TAS-advised investment funds invest. TAS intends to rebalance its direct equity holdings for the Fund on a quarterly basis and to conduct an annual rebalancing of the allocations across the applicable investment managers. TAS's direct trading strategy is not designed to approximate the performance of any particular investment manager, investment fund or group of investment managers or funds, and should not be considered a hedge fund or other replication strategy.

**Westbeck Capital Management LLP** manages a concentrated global equity portfolio across all sectors related to energy transition. The manager will normally hold a limited number (typically 30 – 45) of companies on the long side, which represents a combination of long-term, core investments as well as opportunistic trading positions. However, from time to time the manager may hold fewer or more companies. Westbeck uses a long/short strategy (typically using swaps to obtain short exposures) to take advantage of cyclicality in each market segment and may have gross exposure of up to 200% of net assets. Actual long and short exposures will vary according to market conditions.

 **Other Fund Strategies** 

<br> *Temporary Strategies.* The Fund may temporarily depart from its normal investment policies — for example, by investing substantially in cash reserves — in response to adverse market, economic, political, or other conditions as well as pending allocation to a manager or another investment opportunity, and to manage cash flows. In doing so, the Fund may succeed in avoiding losses but otherwise fail to achieve its investment objective. In addition, the Fund may hold cash equivalents or other short-term securities as collateral or margin for other investments held by the Fund.

*Short-Term Trading.* TAS and the money managers may sell a security when they believe it is appropriate to do so and may engage in active and frequent trading. A high rate of portfolio turnover (100% or more) could increase transaction costs, which could detract from the Fund's performance.

*Acquired Funds and Synthetic Exposures.* In addition to investing directly in individual securities selected by the money managers or TAS, the Fund invests a portion of its assets in other investment funds (referred to in this prospectus as "acquired funds") selected by TAS. An acquired fund is a fund of collectively managed assets in which there are other investors in addition to the Fund. Typically, the acquired funds provide the Fund with access to money managers from which separate account management is not available to, or may be undesirable for, the Fund. The acquired funds have obligations to the Fund as an interest holder in the acquired funds rather than as a separate account client. Acquired funds may include exchange-traded funds or open-end mutual funds, but a substantial portion of the acquired funds are private investment vehicles or hedge funds that are not registered under any federal or state securities laws, including the 1940 Act.

The acquired funds pay management fees to the acquired fund managers, typically a base fee and a performance-based incentive fee. **As an investor in an acquired fund, the Fund will bear its ratable share of expenses and will be subject to its share of the management and performance fees charged by the acquired fund manager.** The incentive fees charged by the managers of certain acquired funds may create an incentive for such managers to make investments that are riskier or more speculative than those they might have made in the absence of an incentive fee. Because these fees are charged by the individual acquired fund managers, a particular acquired fund may pay performance fees to its manager even if the overall return of the Fund, which invested in the acquired fund, is negative. In addition, the manager of the acquired fund may face a conflict of interest in valuing the acquired fund's portfolio securities because such valuations could affect the manager's compensation. **Acquired fund fees and expenses are reflected as a reduction in an acquired fund's gross return.** The approximate fees and expenses indirectly incurred by the Fund as a result of its

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investments in acquired funds appear as *Acquired Fund Fees and Expenses* under the heading *Fees and Expenses of the Fund* appearing in the TIFF Multi-Asset Fund Summary section of this prospectus. The total expenses attributable to the acquired funds may differ significantly from period to period due to the variability of incentive fees.

The Fund may also enter into derivative transactions, such as total return swaps, futures contracts, forwards and options. Similar to an investment in an acquired fund, the Fund will bear the costs of such derivative transactions, including any fees paid to the counterparty. Such costs will reduce the total return of the derivative.

*Convertible Securities.* The Fund may invest in convertible securities. Convertible securities are fixed income securities or preferred stock that may be converted at a stated price into a specified quantity of common stock of the same or a different issuer.

*Preferred Stocks.* The Fund may invest in preferred stocks. Preferred stocks are generally senior to common stocks but subordinate to an issuer's debt obligations. Preferred stocks generally carry no voting rights but have priority over common stocks in the payment of dividends and upon liquidation. Preferred stocks may be convertible into common stocks.

*Real Estate Investment Trusts ("REITs").* The Fund may invest in REITs. REITs pool money to invest in real estate through properties or mortgages. REITs often trade on major exchanges, similar to stocks.

*Short Sales.* The Fund may engage in short sales in which it sells a security it does not own. The Fund must then borrow the security to deliver to the buyer. Until the security is replaced, the Fund is generally required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. These payments, if any, are an expense to the Fund and increase the Fund's expense ratio. The proceeds of the short sale will typically be retained by the broker, to the extent necessary to meet the margin requirements, until the short position is closed.

Until the Fund closes the short position or replaces the borrowed security, the Fund will (1) segregate on its or its custodian's books cash or liquid assets at such a level that the amount so segregated plus that amount deposited with the broker as collateral (but not including the short sale proceeds) will equal the current value of the security sold short; or (2) otherwise cover the Fund's short position. The Fund may not acquire short positions in the securities of a single issuer (other than the US Government, its agencies, and its instrumentalities) whose current value exceeds 2% of the Fund's total assets. There are no limitations on the amount of the Fund's total assets engaged in short sale transactions. The Fund's use of short sales, in certain circumstances, can result in significant losses.

*Warrants.* The Fund may invest in warrants. Warrants are a type of equity security that give the holder the right to purchase the issuer's securities at a stated price during a stated term.

 **Additional Information about Risks** 

<br> Additional risks for the Fund are presented below in alphabetical order, and not in the order of importance or potential exposure, so as to facilitate the reader's ability to find particular risks and compare them with the risks of other funds.

*Below Investment Grade Risk.* Credit risk is particularly significant for debt securities that are rated below investment grade or, if unrated, determined to be of comparable quality ("junk bonds"). Below investment grade debt securities are predominantly speculative and may not pay interest or return principal as scheduled. Issuers of below investment grade debt securities are not as strong financially as those issuing securities with higher credit ratings. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, payments on the securities may never resume and the Fund could lose its investment. The prices of below investment grade debt securities fluctuate more than those of higher-quality securities. Prices are especially sensitive to developments affecting the issuer's business and to changes in the ratings assigned by rating agencies. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund's

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ability to sell these securities (liquidity risk). In addition, the entire below investment grade debt securities market can experience sudden and sharp price swings due to changes in economic conditions, stock market activity, large sustained sales by major shareholders, a high-profile default, or other factors.

*Credit Risk.* An issuer or guarantor of a debt obligation, or the counterparty to a derivatives contract or a repurchase or reverse repurchase agreement, may default or otherwise become unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Debt securities and other investments are subject to varying degrees of credit risk, which are often reflected in credit ratings. In the event of failure of asset-backed securities or of mortgage-related securities issued by private issuers to pay interest or repay principal, the assets backing these securities, such as automobiles or credit card receivables, may be insufficient to support the payments on the securities.

*Currency Risk.* Foreign securities may be issued and traded in foreign currencies. As a result, their market values in US dollars may be affected by changes in exchange rates between such foreign currencies and the US dollar, as well as between currencies of countries other than the US. For example, if the value of the US dollar goes up compared to a foreign currency, an investment traded in that foreign currency will go down in value because it will be worth fewer US dollars. The Fund accrues additional expenses when engaging in currency exchange transactions, and valuation of the Fund's foreign securities may be subject to greater risk because both the currency (relative to the US dollar) and the security must be considered.

*Derivatives Risks.* Futures, options, swaps, and forward currency exchange contracts are types of derivatives. A primary risk with these investments is that their use may create economic leverage and, as a result, amplify a gain or loss, potentially earning or losing substantially more money than the actual initial cost of the derivative instrument. Derivatives involve other special risks, including: (1) the risk that interest rates, securities prices, or currency or other markets or indices will not move in the direction that a money manager or TAS, as applicable anticipates; (2) the potential to misprice or improperly value a position and the imperfect correlation between the price of derivative instruments and movements in the prices of the underlying securities, interest rates, currencies or other reference instruments; (3) the fact that skills needed to use these strategies may be different than those needed to select portfolio instruments; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in substantial losses to the Fund (in some cases, the potential loss is unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations (including because of bankruptcy), which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain positions when desired.

The Fund's transactions in derivatives may be subject to one or more special tax rules. These rules may: (1) affect whether gains and losses recognized by the Fund are treated as ordinary or capital or as short-term or long-term, (2) accelerate the recognition of income or gains to the Fund, (3) defer losses to the Fund, and (4) cause adjustments in the holding periods of the Fund's securities.

With respect to the Fund, TAS has claimed an exclusion from the definition of "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") and the rules of the Commodity Futures Trading Commission ("CFTC") and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, TAS is relying upon a related exclusion from the definition of "commodity trading advisor" ("CTA") under the CEA and the rules of the CFTC.

The terms of the CPO exclusion require that the Fund, among other things, adhere to certain limits on its investments in commodity futures, commodity options, and swaps, which, in turn, include non-deliverable foreign currency forwards, as further described in the SAI. Because TAS and the Fund intend to comply with the terms of the CPO exclusion, the Fund may, in the future, need to adjust its investment strategies to limit its investments in these types of instruments. The Fund is not intended as a vehicle for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved TAS's reliance on these exclusions, or the Fund, its investment strategies or this prospectus.

*Direct Trading Strategy Risks.* The Fund may be exposed to additional market risk as to the portion of its portfolio that represents TAS's direct trading strategy. Because TAS's direct trading strategy is intended to track

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the top equity holdings of certain investment managers chosen by TAS, TAS will not buy or sell securities within its direct trading strategy directly in response to changing market conditions in general or with respect to specific issuers. Therefore, within its direct trading program, TAS may choose not to sell a holding or reduce its position size in an issuer if such issuer is in financial trouble or its value has declined, unless and until the applicable investment manager that TAS is tracking has reported in their Form 13F filings that such security has been sold or its position size reduced. Similarly, within its direct trading program, TAS may not take defensive positions in declining markets. TAS intends to hold only a limited number of securities pursuant to its direct trading program and therefore this portion of the Fund's portfolio likely will be concentrated to a significant extent in a small number of issuers or particular industries. The Fund may face greater risks with respect to this portion of its portfolio than if this portion of its portfolio were managed directly in response to market conditions or more broadly diversified over a greater number of issuers or industries.

*Emerging Markets Risk.* Risks associated with foreign investments are intensified in the case of investments in emerging market countries, whose political, legal, and economic systems tend to be less developed and less stable than those of more developed nations. Such investments are often less liquid and more volatile than securities issued by companies located in developed nations.

*Foreign Risk.* Securities issued by foreign entities may involve risks not associated with US investments. Certain of these risks also may apply to securities of US companies with significant foreign operations. 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. The Fund could encounter difficulties in invoking legal process abroad and in enforcing contractual obligations in certain foreign countries. Transactions in foreign securities may involve higher transaction and custody costs than investments in US securities. Certain foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes is recoverable, the unrecovered portion will reduce the Fund's income. Some foreign governments may be subject to sanctions that limit or restrict foreign investment, the movement of assets or other economic activity in that country. An imposition of sanctions upon, or other government action impacting, certain issuers in a country could result in (i) an immediate freeze of that issuer's securities, impairing the ability of the Fund to buy, sell, receive or deliver those securities or (ii) other limitations on the Fund's ability to invest or hold such securities. An acquired fund will be considered to be foreign and subject to the Fund's 50% limitation on investments in foreign securities if it is domiciled outside of the US and irrespective of the types of portfolio investments held by the acquired fund; swaps and other derivatives are not subject to the 50% limitation on investments in foreign securities.

*Form 13F Data Risks.* The public Form 13F filings that TAS uses to implement its direct trading strategy for the Fund are filed up to 45 days after the end of each calendar quarter. Because the information contained in Form 13F filings is a "snapshot" of investment positions at quarter's end on up to a 45-day delay, the actual investment portfolios of investment managers who file Forms 13F could diverge significantly from the publicly reported positions during the course of the year. Form 13F filings do not include all the information regarding an investment manager's portfolio, such as purchases or sales that occur during the quarter, or the prices at which shares are bought or sold. Additionally, the Form 13F may only disclose a subset of a particular investment manager's holdings, as not all securities are required to be reported on Form 13F. Therefore, the Form 13F may not provide a complete picture of all the holdings of a particular investment manager or the full investment strategy or exposures of such investment manager. The information on Form 13F also does not predict future trading activity of an investment manager. Finally, because Form 13F filings are publicly available, it is possible that other investors are also monitoring these filings and investing accordingly, which could result in inflation of the share price of securities in which TAS seeks to invest on the Fund's behalf.

*Government-Sponsored Enterprises Risk.* US Government agency debt securities include instruments issued by certain instrumentalities established or sponsored by the US Government, including the Federal Home Loan Banks, the Federal National Mortgage Association ("FNMA"), and the Federal Home Loan Mortgage Corporation ("FHLMC"). Although these securities are issued, in general, under the authority of an Act of Congress, the US Government is not obligated to provide financial support to the issuing instrumentalities and these securities are

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neither insured nor guaranteed by the US Government. The US Department of the Treasury has the authority to support FNMA and FHLMC by purchasing limited amounts of their respective obligations. In addition, the US Government has provided financial support to FNMA and FHLMC with respect to their debt obligations. However, no assurance can be given that the US Government will do so in the future. Any downgrade of the credit rating of the securities issued by the US Government may result in a downgrade of securities issued by its agencies or instrumentalities, including government-sponsored entities.

*Industry and Sector Risk*. Although the Fund does not concentrate its investments in specific industries or industry sectors, from time to time, it may have a significant portion of its assets invested in securities of companies conducting similar business, or business within the same economic sector. Companies in the same industry or economic sector may be similarly affected by economic, market, business, or political events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly.

*Interest Rate Risk.* Bond prices typically fluctuate due to changing interest rates. As a rule, bond prices 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 and rising interest rates may cause the value of the Fund's bond investments to fall. Interest rate changes can be sudden and unpredictable, and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. Changes in government monetary policy, including changes in tax policy or changes in a central bank's implementation of specific policy goals, may have a substantial impact on interest rates. There can be no guarantee that any particular government or central bank policy will be continued, discontinued or changed, nor that any such policy will have the desired effect on interest rates. A substantial increase in interest rates may also have an adverse impact on the liquidity of a security, especially those with longer maturities. The value of some asset-backed securities may be particularly sensitive to changes in prevailing interest rates and, like other fixed income investments, the ability of the Fund to successfully use these instruments may depend in part upon the ability of TAS or a money manager to forecast interest rates and other economic factors correctly.

*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's net asset value to be more volatile than if the Fund had not been leveraged. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. Therefore, a relatively small investment can have a disproportionately large impact on the Fund. The use of derivatives may also create leveraging risk.

*Liquidity Risk.* Certain securities may be difficult or impossible to purchase, sell, or convert to cash quickly at favorable prices. These securities include certain acquired funds, repurchase agreements and time deposits with notice or termination dates of more than seven days, certain variable amount master demand notes that cannot be called within seven days, unlisted over-the-counter options or securities, and other securities that are traded in the US but are subject to trading restrictions because they are not registered under the Securities Act of 1933, as amended, or for other reasons. Illiquidity for a particular security or class of securities may result from political, economic, or issuer specific events; changes in a specific market's size or structure, including the number of participants; or overall market disruptions.

*Management Risk.* The Fund is actively managed and could experience losses if TAS' or a manager's judgment about markets, interest rates, or the attractiveness, relative values, liquidity, or potential appreciation or depreciation of particular investments made for the Fund's portfolio prove to be incorrect. There can be no guarantee that these techniques or the manager's investment decisions will produce the desired results. Additionally, legislative, regulatory, or tax developments may affect the investment techniques available to TAS and/or the money manager(s) in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective.

*Market Disruption Risks Related to Armed Conflict.* As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between the United States, Israel and Iran (and their proxies, including Hamas) in the Middle East, and Russia and Ukraine in Europe, has the potential to adversely impact the Fund's investments. Such conflicts, and

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other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors. The timing and duration of such conflicts, resulting sanctions, related events, ultimate economic consequences and geopolitical effects and other impacts cannot be predicted. The foregoing may result in a negative impact on certain investments in the Fund as well as Fund performance and liquidity and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic regions.

*Market Risk.* The market value of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular issuers, industries or sectors within the securities markets. The value of a security may go up or down due to general market conditions which are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest, inflation or currency rates or adverse shareholder sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value. Pandemics or epidemics, and local, regional or global natural or environmental disasters, wars, acts of terrorism, or similar events could have a significant impact on the Fund and its investments and could result in increased volatility of the Fund's net asset value. When markets perform well, there can be no assurance that the Fund's securities will participate in or otherwise benefit from the advance.

*Operational Risk.* Any imperfections, errors, or limitations in quantitative analyses and models used by TAS or external money managers as a part of their investment processes could affect the Fund's performance. Models that appear to explain prior market data can fail to predict future market events. Further, the data used in models may be inaccurate or may not include the most recent information available, including about a company or a security or market conditions. In addition, the Fund's service providers, such as the Fund's administrator, custodian or transfer agent, may experience disruptions or operating errors that could negatively impact the Fund. Although service providers are required to have appropriate operational risk management policies and procedures, and to take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors, it may not be possible to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund and its service providers also may be susceptible to operational and information security risks resulting from cyber incidents, which may result from deliberate attacks or unintentional events. While the Fund and its service providers have established business continuity plans in the event of, and systems designed to reduce the risks associated with, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

*Real Estate Investment Trust 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.

*Short Sale Risk.* In a short sale transaction, the Fund sells a security it does not own in anticipation that the market price of that security will decline. If the security sold short does not decrease in value as anticipated or increases in value, the Fund will lose money. It is also possible that securities held long will decline in value at the same time that the value of the securities sold short increases, thereby increasing the potential for loss. It may not always be possible to close out a short position at a particular time or at an acceptable price. In addition, a lender may request the securities borrowed by the Fund in connection with a short sale be returned to it on short notice, at a time when, in order to return them, the Fund must buy the borrowed security at an unfavorable price. If this occurs at a time when other short sellers of the same security also want to close out their positions, a "short squeeze" can occur, which can further increase the risk of loss to the Fund.

*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 (see *Liquidity Risk* above).

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*Trade Policy and Disputes Risk:* The United States and various countries are currently involved in disputes over trade and other matters, which have resulted, and may in the future result, in disruptions, tariffs, investment restrictions and other adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected by tariffs or restrictions and financial markets generally. This may cause increased volatility in global and domestic markets and could impact the Fund's performance. For example, the United States has imposed tariffs and other trade barriers on certain exports and imports, has restricted sales of certain categories of goods to foreign countries, and has established barriers to investments in certain countries. These and possible future trade policies and disputes related to the United States and its trading partners, could negatively impact the value of the Fund's investments or their marketability or limit the Fund's opportunities for investment.

 **The Advisor** 

<br> TIFF Advisory Services, LLC ("TAS"), with principal offices at 170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087, serves as the advisor to the Fund. TAS was formed to facilitate investment by non-profit organizations in stocks, securities, and other assets. A discussion regarding the basis for the TIP Board's approving the Fund's advisory agreement with TAS is available in the Fund's Form N-CSR for the period ended June 30, 2025 as filed with the SEC.

*Advisory Agreement.* Pursuant to the investment advisory agreement with TIP on behalf of the Fund, TAS manages the investment program of the Fund. TAS is responsible for money manager selection and supervision. TAS's duties include identifying and, subject to review and approval of the TIP Board, selecting money managers to invest the Fund's assets; negotiating money manager agreements; periodically reviewing each money manager's performance and making recommendations to the TIP Board with respect to the continuation, modification, or termination of the agreement with each money manager; and allocating and reallocating assets among money managers and asset classes, as applicable. TAS also selects acquired funds for the Fund, which may include private investment or hedge funds, exchange-traded funds, and other types of investment funds. TAS manages the Fund's cash and certain investments in US Treasury obligations, and makes investments in securities and in futures contracts and other derivative instruments to enhance returns, mitigate risks, adjust asset allocations, gain or reduce exposure to a particular market or money manager, manage cash, or otherwise pursue the Fund's investment objective. TAS's investments in futures and other derivative instruments are intended to facilitate the Fund's benchmark risk and return objectives in a cost-efficient manner. In addition, TAS is responsible for setting the asset allocation parameters for the Fund.

*Conflicts of Interest.* Please see the Fund's SAI for a discussion about certain conflicts of interest that arise as a result of the fact that TAS and its affiliates manage a number of privately offered investment funds in addition to the Fund. As discussed in more detail in the SAI, regulatory requirements applicable to TIP as a registered investment company may require the Fund or the privately offered investment funds to limit or to delay their participation in certain transactions. Other legal and regulatory limitations may be triggered by the participation in the same investment opportunity by the Fund and one or more of the privately offered investment funds at or about the same time. The TIP Board has adopted procedures to govern investments made under these circumstances. Please see additional information about these procedures in the Fund's SAI.

 **Money Managers** 

<br> *Allocation of Assets among Money Managers.* Because the Fund is managed by more than one money manager, TAS is responsible for determining the appropriate manner in which to allocate assets to each money manager. There is no pre-specified target allocation among money managers. TAS may allocate or reallocate assets among managers or may allocate assets away from a manager as it deems appropriate in pursuit of the overall objectives of the Fund. The goal of the multi-manager structure is to achieve a better rate of return with lower volatility than would typically be expected of any one management style. The success of this structure depends on whether TAS is able to identify and retain money managers that can achieve superior investment results relative to appropriate benchmarks, combine money managers that have complementary investment styles, and effectively allocate Fund assets among money managers and asset classes. As part of this process, TAS monitors the money managers' performance and adherence to their stated investment styles and the Fund's investment guidelines.

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*Discretion Afforded Money Managers.* Each money manager has discretion to purchase and sell securities and other investments for its allocated portion of the Fund's assets, subject to written investment objectives, policies, and restrictions developed by TAS in consultation with a money manager. Although the money managers' activities are subject to general oversight by the TIP Board and officers of TIP and TAS, neither the trustees nor the officers evaluate the investment merits of the money managers' individual security selections.

*Manager Selection Process.* TAS is responsible for identifying qualified money managers and negotiating the agreement terms under which each money manager will provide services to the Fund. Money manager agreements are submitted for approval to TIP's Board. TIP's Board retains the right to disapprove the hiring of money managers and to terminate agreements between TIP and the money managers. TIP and TAS have received an order from the SEC, which permits TAS to hire and terminate unaffiliated money managers or change the terms of their advisory agreements, subject to specified terms and conditions, with the approval of TIP's Board without obtaining shareholder approval. In selecting money managers, TAS weighs a number of relevant factors and makes its selection based on a consideration of such factors. TAS generally reviews factors such as the historical investment results of comparable money managers, evaluates written information supplied by the money managers and others, and conducts in-person and virtual interviews with individuals who would actually manage money for TIP should their firms be selected by TAS on behalf of TIP.

*Money Manager Agreements.* In order to preserve the flexibility needed to respond to changes in TIP's operating environment, the agreements between TIP and each money manager do not specify the percentage of the Fund's assets to be allocated to the money manager. Shareholders and prospective shareholders seeking to know the actual allocation of the Fund's assets across money managers at a given time can obtain this information by contacting TAS at the telephone number shown on the back cover of this prospectus.

*Performance-Based Fees*. Most of the money managers are compensated for their services on the basis of a performance-based fee arrangement and in part on an asset based fee. For these managers, the performance-based fee is generally a specified percentage of net appreciation in excess of a preselected portfolio benchmark, and in certain cases is also subject to a cap. For certain managers, underperformance may impact the payment of any prior year's performance-based fee or prior year's losses must be recovered or asset value must rise above a "high water mark" before additional performance fees will be paid. Total returns are generally computed either over rolling time periods of varying lengths or over a calendar year period, or at redemption from the account. In most cases these total returns are determined gross of Fund expenses and fees, except custodian transaction charges, expenses for securities sold short, and, in certain cases, the management fee and/or performance-based fee applicable to the money manager's account. Fee formulas are normally expressed in basis points, where a basis point is 1/100th of one percent. Because performance-based fees are based on a manager's performance versus a specified benchmark, the Fund may pay performance-based fees to one or more managers whose performance exceeds their specified benchmark(s), even during periods when the Fund overall has a negative return.

 **Money Manager Fee Arrangements and Portfolio Managers** 

<br> The Fund's SAI provides additional information about the compensation, other accounts managed, and ownership of securities of the Fund managed by the individual portfolio managers identified earlier in this prospectus. Information about each money manager's fee schedule and total management fees paid by the Fund is set forth below.

#### Total Management Fees Paid to TAS and Money Managers for Fiscal Year Ended 12/31/202 5

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|:---|:---|
| Multi-Asset Fund | 1.13%  |

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 **Note: Reflects aggregate fees paid to TAS and the money managers as a percentage of average net assets. The Fund's fees do not include management and incentive fees paid to acquired fund managers or the acquired funds' operating expenses, which are reflected as a reduction in the acquired funds' gross returns. See *Fees and Expenses of the Fund* in the Summary section of this prospectus for additional information regarding acquired fund fees and expenses.** 

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Certain information about the money managers to the Fund, including those individuals primarily responsible for day-to-day management of the Fund's portfolio that they manage, is included below. A discussion regarding the basis for the TIP Board's approval of the advisory agreements with money managers is available in the Fund's Form N-CSR for the period ended June 30, 2025 as filed with the SEC.

**AQR Capital Management, LLC** (One Greenwich Plaza, Suite 130, Greenwich, CT 06830) is compensated in part based on assets and in part based on performance. The manager receives an asset-based fee of 0.20% per year on all assets comprising the account and a performance-based fee of 14% of the amount by which the value of the account exceeds the value of a hurdle account, determined by reference to the Russell 1000 Index, calculated over 12-month periods ending December 31. Michele L. Aghassi, Ph.D., is a Principal and has been with AQR since 2005. John Huss is a Principal and has been with AQR since 2013. Laura Serban, Ph.D., is a Principal and has been with AQR since 2011.

**CenterBook Partners LP** (55 Railroad Avenue, Greenwich, CT 06830) is compensated in part based on assets and in part based on performance. Both the asset-based fee and the performance-based fee decrease as CenterBook's total assets under management increase. The manager receives an asset-based fee ranging from 0.25% to 1% per year, on all assets comprising the portfolio and a performance-based fee ranging from 10% to 20% of the amount by which the value of the portfolio exceeds the value of a hurdle account, determined by reference to the Russell 3000 Index and less the asset-based fee incurred during the calculation period, calculated over 12-month periods ending December 31. David Stemerman (Co-Founder, Chief Executive Officer and Chief Investment Officer) co-founded CenterBook in 2020 and has been with the firm since that time. Prior to that, he founded and was Portfolio Manager/Managing Member of Conatus Capital, a multi-billion-dollar global long/short equity fund manager, from 2008-2017. Before founding Conatus, David was a Partner and Portfolio Manager at Lone Pine Capital. Chris White (Head of Portfolio Implementation and Risk) joined CenterBook in 2020. Prior to that, he was Head of Alpha Strategies and co-head of Quant for Graticule Asset Management Asia from 2019 through April 2020. From 2013 through 2018, he was a Partner of Nezu Asia Capital Management, where, as Head of Portfolio Construction and Risk, he was responsible for systematic implementation of fundamental alpha sources.

**Eversept Partners, L.P.** (444 Madison Avenue, 22nd Floor, New York NY 10022) is compensated in part based on assets and in part based on performance. The asset-based fee, payable monthly, is 1% per year on portfolio assets. The performance-based fee the manager receives is 20% of the amount by which the value of its portfolio exceeds the value of a hurdle account, determined by reference to the MSCI World Healthcare Index, generally calculated over 12-month periods each ending December 31. Kamran Moghtaderi (Founder, Managing Principal and Chief Investment Officer) has primary responsibility for the day-to-day investment decisions relating to the portfolio. Mr. Moghtaderi founded Eversept Partners, L.P. in 2015.

**Fundsmith Investment Services Ltd.** (Black River Business Park, Black River, Mauritius 90911) is compensated based on assets. The manager receives 0.90% per year on all assets comprising the portfolio. Terry Smith (Chief Executive Officer and Chief Investment Officer) has primary responsibility for the day-to-day investment decisions relating to the portfolio. Mr. Smith founded Fundsmith LLP in 2010 and Fundsmith Investment Services Limited in 2014. Prior to founding Fundsmith, he was CEO of Collins Stewart/Tullet Prebon, a firm he joined in 1996.

**Greenhouse Funds LLLP** (605 S. Eden Street, Suite 250, Baltimore, MD 21231) is compensated in part based on assets and in part based on performance. The asset-based fee, payable monthly, is 0.50% per year on portfolio assets. The performance-based fee the manager receives is 20% of the amount by which the value of its portfolio exceeds the value of a hurdle account, determined by reference to the Russell 2000 Total Return Index, generally calculated over 12-month periods each ending June 30. Joseph Milano, CFA (Founder and Chief Investment Officer) founded Greenhouse in June 2013. Prior to founding the firm, he served as portfolio manager of the T. Rowe Price New America Growth Fund from July 2002 until May 2013. Mr. Milano previously served as a vice president of T. Rowe Price, which he joined in 1996. Greenhouse began managing assets for the Fund in April 2023.

**Kopernik Global Investors, LLC** (2502 N. Rocky Point Drive, Suite 300, Tampa, FL 33607) is compensated in part based on assets and in part based on performance. The asset-based fee, payable monthly, is 0.10% per year on all assets comprising the portfolio. Effective July 1, 2022, the performance-based fee Kopernik receives is 20%

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of the amount by which the value of its Fund portfolio exceeds the value of a hurdle account, determined by reference to the MSCI All Country World Index, calculated over 12-month periods ending each December 31 and payable over two calculation periods, subject to restrictions. Prior to July 1, 2022, the performance-based fee was payable at the end of each annual calculation period. David Iben, CFA (Lead Portfolio Manager, Managing Member and Co-Chief Investment Officer) founded Kopernik in 2013. As Lead Portfolio Manager, Mr. Iben is solely responsible for security selection, including decisions regarding the securities to buy, sell and position sizes. Prior to founding Kopernik, he was a director and head of the Global Value team for Vinik Asset Management from 2012 to 2013. Previous to that, Mr. Iben was executive managing director, chief investment officer, co-president and portfolio manager of Tradewinds Global Investors, LLC, an investment firm, from 2006 through 2012. Alissa Corcoran (Co-Chief Investment Officer and Director of Research) serves as Co-Portfolio Manager. Ms. Corcoran joined Kopernik at its inception in 2013 and has been working in the investment industry for over a decade, including in an analyst position at Vinik Asset Management.

**Lynwood Price Capital Management LP** (500 W. 2nd Street, Suite 1900-28, Austin TX 78701) is compensated in part based on assets and in part based on performance and receives both an asset-based fee and a performance-based fee. The asset-based fee, payable monthly, is calculated on all assets comprising the portfolio and decreases as Lynwood Price's assets under management, excluding assets of Lynwood Price and its affiliates ("Total Manager Assets"), increase. The asset-based fee rate is (i) 0.75% if Total Manager Assets are less than $250 million; (ii) 0.50% if Total Manager Assets are between $250 million and $500 million; and (iii) 0.25% if Total Manager Assets are above $500 million. The performance-based fee the manager receives is 20% of the amount by which the value of its portfolio exceeds the value of a hurdle account, determined by reference to the S&P 500 Total Return Index, generally calculated over 12-month periods each ending December 31. Jimmy Price III (Chief Executive Officer and Chief Investment Officer) has primary responsibility for the day-to-day investment decisions relating to the portfolio. Mr. Price founded Lynwood Price in October 2022. Prior to that, he was the Co-Founder and Senior Portfolio Manager of the public equities group at Karlin Asset Management. Before Karlin, Mr. Price was a partner at ValueAct SmallCap, where he led several of the fund's investments in industrials and business services. Prior to these roles, Mr. Price spent six years in private equity. He was a Vice President at Oaktree Capital Management, where he was a member of the investment team for Oaktree's private equity and distressed-for-control group. Before joining Oaktree, Mr. Price was an Associate at Bain Capital. He began his career in the mergers and acquisitions department of Goldman, Sachs & Co.

**NewGen Asset Management Limited** (Commerce Court North, Suite 2900, 25 King Street West, POB 405, Toronto, ON, Canada) is compensated in part based on assets and in part based on performance. The manager receives an asset-based fee of 1.5% per year on all assets comprising the portfolio and a performance-based fee of 10% of the portfolio's capital appreciation, subject to a high-water mark, calculated over 12-month periods ending December 31. David Dattels (President and Portfolio Manager) founded NewGen in 2009 and has been with the firm since that time. Chris Rowan (Portfolio Manager) joined NewGen in 2011 and Norm Chang (Portfolio Manager) joined NewGen in 2010 and have been with the firm since that time.

**Sengu Capital Limited** (Suite 2901, 29/F, The Centrium, 60 Wyndham Street Central, Hong Kong) is compensated in part based on assets and in part based on performance. The asset-based fee, calculated monthly and paid no later than the last day of the month immediately following the end of the month to which the management fee relates, is 0.60% per annum based on assets managed by Sengu as of the beginning of the month to which the management fee relates. The performance-based fee the manager may receive is 15% of the amount by which the value of the portfolio exceeds the value of a benchmark rate, determined by the rate of net returns of the Tokyo Stock Price Total Return Index (including dividends), generally calculated over 12-month periods each ending December 31. Yoshi Ohira (Founder and Chief Investment Officer) has primary responsibility for the day-to-day investment decisions relating to the portfolio. Mr. Ohira founded Sengu in 2024. Prior to founding Sengu, Mr. Ohira was a Co-Founder and Chief Investment Officer at Luxence Capital. Before that, Mr. Ohira was a Partner and Senior Research Analyst at Pleiad Investment Advisors. Earlier in his career, Mr. Ohira was a Research Analyst at Turiya Capital Management Group.

**Strategy Capital LLC** (One First Street, Suite 13, Los Altos, CA 94022) is compensated in part based on assets and in part based on performance. The asset-based fee, payable monthly and calculated on all assets comprising the portfolio, decreases as Strategy Capital's assets under management, excluding TIFF assets and assets of

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Strategy Capital and its affiliates ("Total Manager Assets"), increases. For purposes of this calculation, "TIFF assets" means the daily average over the applicable period of Fund assets plus the assets of other funds advised by TAS or its affiliates that are managed by Strategy Capital. The asset-based fee rate is a blended rate calculated by (i) applying 0.75% on the first $100 million of Total Manager Assets; 0.20% on Total Manager Assets greater than $100 million and less than or equal to $400 million; 0.15% on Total Manager Assets greater than $400 million and less than or equal to $2 billion; and 0.10% on all remaining Total Manager Assets in excess of $2 billion, (ii) summing the result of each calculation, and (iii) dividing by Total Manager Assets. For the performance-based fee, the manager receives a certain percentage of the amount by which the value of the account exceeds the value of a hurdle account, determined by reference to the S&P 500 Total Return Index, calculated over 12-month periods ending December 31. The performance-based fee rate is also a function of Total Manager Assets. If Total Manager Assets are (i) less than or equal to $100 million, the performance-based fee rate is 10%; (ii) more than $100 million and less than or equal to $200 million, the performance-based fee rate is 15%; (iii) more than $200 million and less than or equal to $2 billion, the performance-based fee rate is 20%; (iv) more than $2 billion and less than or equal to $2.5 billion, the performance-based fee rate is 15%; or (v) more than $2.5 billion, the performance-based fee rate is 10%. Hamilton Helmer (Co-Founder, Co-Chief Investment Officer) and John Rutherford (Co-Founder, Chief Operating Officer and Chief Compliance Officer) founded Strategy Capital in 2013. Prior to founding Strategy Capital, Mr. Helmer was a professor at Stanford University and the founder and managing partner of Helmer & Associates, a strategy consultancy that served major corporate clients. Prior to founding Strategy Capital, Mr. Rutherford was a co-founder of Parthenon Capital Partners, a mid-market private equity firm. William Mitchell joined the firm as a partner in 2019 and is Co-Chief Investment Officer. Prior to joining Strategy Capital LLC, Mr. Mitchell was Co-Portfolio Manager at Mitchell Portfolio Management and Founder of Spinoff & Reorg Profiles.

**TIFF Advisory Services, LLC** (170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087) is compensated based on the Fund's average daily net assets. The manager receives 0.25% per year on the first $1 billion; 0.23% on the next $1 billion; 0.20% on the next $1 billion; and 0.18% on amounts above $3 billion. Jay Willoughby (Co-Chief Investment Officer of TAS and Chief Investment Officer of TIP), who joined TAS in 2015, chairs TAS's investment committee. Prior to joining TAS, Mr. Willoughby was CIO of the State of Alaska's roughly $50 billion sovereign wealth fund, the Alaska Permanent Fund Corp. from 2011 - 2015. Previously, he was Co-Managing Partner at Ironbound Capital Management and spent nine years with Merrill Lynch Investment Managers LP. Mr. Willoughby is a CFA charterholder. Trevor Graham (Co-Chief Investment Officer of TAS), who joined TAS in 2012, is a member of the investment committee. Mr. Graham previously served as Head of Equities and Deputy CIO at TAS before his promotion to Co-Chief Investment Officer, effective March 31, 2026. Prior to joining TAS, he was a managing director in the Office of Investments at New York-Presbyterian Hospital from 2008 to 2012. Previous to that, Mr. Graham was an investment officer at the Museum of Modern Art in New York. Zhe Shen (Managing Director) joined TAS in 2021 and is a member of the investment committee. Prior to joining TAS, Mr. Shen was a portfolio manager at The Portland House Group Pty. Ltd. from 2016 through 2021. Mr. Willoughby has ultimate responsibility for asset allocation, investment decisions, portfolio construction, and the fixed income segment for the Fund. Mr. Graham and Mr. Shen are responsible for sourcing and recommending money managers and acquired funds within the Equity-Oriented Assets and Diversifying Strategies segments, respectively, of the Fund's portfolio. Messrs. Willoughby, Graham, and Shen consult regularly with TAS's investment committee.

**Westbeck Capital Management LLP** (47-48 Piccadilly, London, England W1J 0DT) is compensated in part based on assets and in part based on performance and receives both an asset-based fee and a performance-based fee. The asset-based fee, payable monthly, ranges from 1.25% to 1.5% per year on assets comprising the portfolio and the asset-based fee rate is determined based upon the greater of (i) the net amount of TIFF Assets (as defined below) invested with Westbeck (the sum of all TIFF Assets contributed to Westbeck less the sum of all TIFF Assets withdrawn from Westbeck) and (ii) the current value of the TIFF Assets, each as of the beginning of the relevant month. The performance-based fee, payable annually, ranges from 12.5% to 15% of the portfolio's capital appreciation and the performance-based fee rate is determined based upon the value of the TIFF Assets as of the beginning of the relevant performance period. The performance-based fee is subject to a high-water mark and is calculated over 12-month periods ending December 31. "TIFF Assets" means the total assets that are managed by Westbeck or its affiliates for the Fund and other funds advised by TAS or its affiliates,

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whether through a separate account or an interest in a pooled investment fund. Will Smith (Chief Investment Officer, Co-Founder) has primary responsibility for the day-to-day investment decisions relating to the portfolio. Mr. Smith co-founded Westbeck Capital Management LLP with Jean-Louis Le Mee in 2015. Prior to that, he was a Partner and the Head of the Natural Resources team at CQS from 2008 to 2015. Prior to CQS, Mr. Smith ran the long/short commodity strategy within Landsbanki Securities (2004-2007) and was previously at UBS.

 **Shareholder Information** 

<br> Eligible Shareholders. The Fund will accept as new shareholders only those organizations that meet the eligibility criteria set forth below under the heading Eligibility Criteria and are "accredited investors" as defined in Rule 501(a) under the Securities Act of 1933, as amended, and the SEC's interpretations thereof, which generally contemplate, among other criteria, that an organization have total assets in excess of $5 million. In addition, shareholders in the Fund must be "qualified clients" as defined in Rule 205-3(d) under the Investment Advisers Act of 1940, as amended, which generally means that an organization must maintain a minimum balance of at least $1.1 million in the Fund or have a net worth of more than $2.2 million. The Fund may in its discretion accept a new shareholder that is not an "accredited investor," provided that such new shareholder is a "qualified client." Typically, a new shareholder accepted under these circumstances would have an investment in another fund bearing the TIFF name or would be an affiliate of or otherwise related to another shareholder in TIP or another investment fund bearing the TIFF name. TAS and its affiliates, including other vehicles managed or sponsored by TAS or its affiliates, TAS advisory board members and employees, TIP trustees and TIFF Charitable Foundation ("TCF") directors (including any of their retirement or other accounts) are not subject to the "accredited investor" criterion. From time to time the Fund may impose additional eligibility criteria. In addition, the definition of "accredited investor" and "qualified client" are expected to be changed periodically by the SEC and TIP may need to adjust its shareholder requirements in accordance with any such changes.

*Eligibility Criteria. The Fund is open to:* 

• 501(c)(3) organizations or affiliated or related entities;

• Organizations determined by TAS, in its sole discretion, to be operated for charitable purposes;

• Defined benefit plans of eligible organizations; and

• TAS and its affiliates, including other vehicles managed or sponsored by TAS and its affiliates; TAS advisory board members and employees, TIP trustees and TCF directors (including any of their retirement accounts or other accounts of which any such individual is the sole beneficial owner).

*Investment Minimums.* The minimum initial investment for the Fund is $2,500,000. The minimum for subsequent purchases is $10,000. Minimums may be waived at TAS's or the Fund's discretion and are expected to be waived or reduced for investments made by TAS, TIP and TCF directors or trustees and employees, including their retirement or other accounts, TAS and its affiliates, other vehicles managed or sponsored by TAS or its affiliates, and for organizations that maintain a TIP account for the purpose of funding investments in other investment vehicles sponsored by TAS.

*Fees. Purchases and redemptions of shares in the Fund are not subject to sales charges.* 

*Account Application.* An account application must be completed and submitted by each TIP investor. Accompanying the completed application, investors must also submit proof of their tax-exempt status or other documentation as may be requested to document their eligibility to invest, which may include a certified copy of an investor's certificate of good standing or certificate of incorporation. Any organization admitted as an investor in TIP that is subsequently determined to be ineligible will be asked to redeem all shares that it holds in the Fund. A completed application and all requested information must be received in good order before an application can be accepted. Failure to provide all requested information may lead to a delay in establishing an account or result in a rejection of an investor's application. See *Order and Payment Procedures* below for purchasing share instructions.

*Customer Identification Program.* Federal law requires that the Fund adopt an anti-money laundering compliance program which, among other things, includes procedures to obtain, verify, and record identifying

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information, which may include the name, residential or business address, date of birth (for an individual), social security number, taxpayer identification number, passport number and country of issuance, or other identifying information, for each investor who seeks to open an account with the Fund (the "customer identification program"). This identifying information will be required for one individual who controls or has significant responsibility for managing an investor organization and also will be required for any individuals who hold, directly or indirectly, 25% or more of an investor organization's equity interests, if applicable. Copies of such individuals' driver's license or passport may be required in order to verify his or her identity. In compliance with the USA Patriot Act of 2001, please note that after an investor's account has been opened the Fund may request some or all of the above identifying information or additional information or documentation to verify certain information on the account application as part of the Fund's anti-money laundering compliance program. Account applications without the required information or (where applicable) without an indication that a social security or taxpayer identification number has been applied for, may not be accepted by the Fund. After accepting an account application, to the extent permitted by applicable law or the customer identification program, the Fund reserves the right to (1) place limits on transactions in any account until the identity of the shareholder, an individual beneficial owner and/or an individual control person is verified; (2) refuse an investment in the Fund; or (3) involuntarily redeem a shareholder's shares and close an account in the event that a shareholder's, an individual beneficial owner's and/or an individual control person's identity cannot be verified. The Fund and its agents will not be responsible for any loss in a shareholder's account resulting from the shareholder's delay in providing all required identifying information or from closing an account and redeeming a shareholder's shares pursuant to the customer identification program.

*Net Asset Value.* The price at which a shareholder purchases or redeems shares of the Fund is equal to the net asset value ("NAV") per share of the Fund next determined following receipt of the purchase or redemption request in good order. The NAV is calculated by taking the total value of the Fund's assets, subtracting the Fund's liabilities, and dividing the result by the number of Fund shares outstanding. This calculation is performed by the Fund accounting agent, Ultimus, normally as of the end of regular trading hours of the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the days that the Fund is open for business, which is typically Monday through Friday, except holidays ("business days"). However, the NAV may be calculated earlier, or the Fund may be closed, if the New York Stock Exchange closes, or otherwise restricts trading, the Federal Reserve Bank of New York closes, or as permitted by the SEC.

The Fund's NAV is determined on the basis of market prices. If no market price for a security is readily available, or if price information is considered unreliable (for example, if a debt security is discovered to be in default or trading in an exchange-listed security has been halted during the trading day), the security's fair value is determined by using guidelines approved by the TIP Board. The TIP Board has appointed TAS as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's portfolio investments, subject to the TIP Board's oversight. As the Valuation Designee, TAS has established procedures for its fair valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation. Many of the acquired funds in which the Fund invests are not traded on a securities exchange or otherwise publicly traded. Therefore, market quotations are not available and such acquired funds are priced using fair valuation techniques. If the value of a security has been materially affected by significant events occurring after the close of an exchange or market on which the security is principally traded, but before the Fund calculates its NAV, and the market quotations for that security are considered unreliable, the Fund may use fair-value pricing instead. Trading in foreign securities is normally completed before the time at which the Fund calculates its NAV. TAS employs a fair value model to adjust the prices of foreign securities to reflect such events occurring after the close of the relevant foreign markets. If a particular event would materially affect the Fund's NAV, a further adjustment is considered. A fund that uses fair value to price securities may value those securities higher or lower than a fund that uses market quotations, which could cause the NAV of shares to differ significantly from the NAV that would have been calculated using market quotations. In addition, because the indexes against which the Fund compares its performance do not use fair value pricing, the volatility of the Fund's performance against the index may be higher than it would have been had the Fund not used fair value pricing techniques. Foreign securities may trade in their primary markets on weekends or other days when the Fund does not price its shares. Therefore, the value of the Fund's foreign securities holdings may change on days when shareholders are not able to buy or sell their shares.

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*Offering Dates, Times, and Prices.* Shares of the Fund are continuously offered, and purchases may be made on any business day. Fund shares may be purchased at the Fund's NAV next determined after an order and payment are accepted. All purchases, except in-kind purchases, must be made by wire transfer in US dollars. The Fund reserves the right to reject any purchase order. Share purchase orders are deemed accepted when TIP receives a completed account application in good order and other required documents in good order and funds are deposited in TIP's account with the custodian as set forth below.

 **Purchase Procedures** 

<br> The following procedures apply to purchases of shares.

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| When Allowed | Purchases may be made on any business day that the Fund is open. |
| Who May Purchase Shares | Only an authorized person as designated on the investor's account application or other written instruction may request a purchase of shares.  |
|  Purchase Notification – <br> New Accounts  | For an investor establishing a new account, TIP will advise the investor when the new account has been established, after which time the account may be funded by wire transfer. Prior to sending the initial wire, an authorized person must inform TIP of the amount of the initial investment, which amount must equal or exceed the applicable minimum initial investment amount. Such notice may be provided by calling 1-833-959-8366 or by faxing the information to 1-877-513-0756. The notice should clearly identify the account name, account number, in addition to the investment amount, and signed by an authorized person. If the notice has been provided by fax, it is suggested that the authorized person call TIP at the telephone number listed above to confirm that the fax was received. An investor may obtain wire instructions to purchase Fund shares by calling 1-833-959-8366.  |
|  Purchase Notification – <br> Existing Accounts  | With respect to an additional investment in an existing account, an authorized person must inform TIP of the incoming wire transfer on the day the funds are expected to arrive at Ultimus. Such notice may be provided by calling 1-833-959-8366 or by faxing an Additional Deposits into Existing TIP Accounts form signed by an authorized person to 1-877-513-0756. If notice has been provided by fax, it is suggested that the shareholder call TIP at the telephone number listed above to confirm that the fax was received. Incoming wires that have not been preceded by trade notification in good order as described above will be rejected. The amount of the purchase must equal or exceed the applicable minimum subsequent purchase amount. TIP may require that a shareholder provide additional evidence of eligibility to purchase shares prior to accepting a purchase order. The Fund generally does not accept purchase orders that request a particular day or price for a transaction.  |
| Payment Procedure | Federal funds should be wired to the Fund's transfer agent, Ultimus. (Please call 1-833-959-8366 to obtain wiring instructions.) If federal funds and all other required notice and documentation are received prior to the time the Fund's NAV is calculated, normally 4:00 p.m. Eastern time (the "close of business"), the order will be effective on that day. If notice or such documentation is received after the close of business and/or if federal funds are not received by Ultimus by the close of business, such purchase order will be executed on the next business day.  |

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| Converted Funds | Funds transferred by bank wire may or may not be converted into federal funds the same day, depending on the time the funds are received and on the bank wiring the funds. If funds are not converted the same day, they will normally be converted on the next business day and the trade will be processed on the business day on which they are converted.  |

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 **Redemption Procedures** 

<br> The following procedures apply to redemptions of shares.

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| Type of Redemption | Full and fractional shares may be redeemed upon an authorized person's request on any business day that the Fund is open.  |
| Who May Redeem | Only an authorized person as designated on the shareholder's account application or other written instruction may request a redemption.  |
| Notification | The authorized person must inform TIP via phone by calling 1-833-959-8366 or by faxing to 1-877-513-0756 the Fund name, the dollar or share amount to be redeemed, the account to which the proceeds should be wired (which should match the account information that the Fund has on file), the shareholder's name, and the shareholder's account number, and the fax should be signed by an authorized person. Redemption notification provided other than by phone or fax may not be accepted and, if accepted, may result in a processing delay. If the notice has been provided by fax, it is suggested that the shareholder call TIP at the telephone number listed above to confirm that the fax was received.  |
| Time of Notice | TIP must receive notice of redemption in good order by the close of business on any business day.  |
| Late Notice | If the notice of redemption is received on a day that is not a business day or after the close of business on a business day, it will be deemed received as of the next business day.  |
| Redemption Price | The redemption will be based on the NAV per share next determined after receipt by TIP of the redemption request in good order.  |
| Timing of Payment | TIP typically expects to pay out redemption proceeds to redeeming shareholders on the business day following receipt of notice. However, TIP reserves the right to delay making payment for up to seven calendar days.  |
| Method of Payment | Payments will normally be made by wire transfer. Wire redemptions will be directed to the bank account that the Fund has on file. In order to change this account either temporarily or permanently, TIP must receive new instructions in writing from an authorized person with the appropriate (i) original signature guarantee by a qualified financial institution or (ii) other evidence of authorization followed by a call back to a second authorized person on the account. See *Important Information about Wire Transfers* below for examples of evidence of authorization.  |

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| | |
|:---|:---|
|  Methods to Meet Redemption Requests  | TIP typically expects to meet redemption requests, in both regular and stressed market conditions, by using available cash or by selling cash equivalents (which may include Treasury bills or Treasury notes). In order to meet larger redemption requests for the Fund in both regular and stressed market conditions, TIP typically expects to (i) sell investments held in TAS's account within the Fund, including, but not limited to, futures contracts, forward foreign currency exchange contracts and other derivative instruments and exchange-traded and open-ended funds; (ii) instruct one or more of TIP's external money managers to sell certain of the portfolio securities held in their TIP account; and/or (iii) redeem from one or more private investment funds from which TIP is eligible to make such redemptions. TIP does not typically expect to meet redemption requests by making in-kind redemptions, although it reserves the right to do so in certain circumstances (see *Potential In-Kind Redemptions* below).  |

---

*Telephone Transaction Privilege.* An authorized person may request purchase and redemption transactions by telephone, unless the shareholder has opted out of the telephone transaction privilege on the new account application or by instructing TIP otherwise in writing. TIP or Ultimus, the Fund's transfer agent, will employ reasonable procedures designed to confirm that instructions communicated by telephone are genuine and legitimate, and may require one or more forms of personal identification. Such calls may be recorded. As long as reasonable procedures are followed and TIP or Ultimus acts on instructions reasonably believed to be genuine, to the extent permitted by applicable law, TIP, TAS or Ultimus will not be responsible for any loss, liability, cost or expense arising out of any telephone transaction request that may occur from fraudulent or unauthorized requests. Shareholder should keep their account information confidential, verify the accuracy of their confirmation statements immediately after receipt, and contact TIP immediately if they believe someone has obtained unauthorized access to their account.

*Potential In-Kind Redemptions.* The Fund reserves the right to redeem in kind, in readily marketable securities, any redemption request by a shareholder if the aggregate market value of the shares being redeemed by that shareholder during any 90-day period exceeds the lesser of $250,000 or 1% of the Fund's NAV during such period. In-kind redemptions generally entail the distribution to a redeeming shareholder of readily marketable securities held by the Fund whose shares it seeks to redeem, selected by TAS in its discretion, as opposed to the cash distributions normally made to redeeming shareholder. Special requirements may apply where the shareholder making the request owns 5% or more of the Fund's shares.

*Frequent Purchases and Redemptions of Fund Shares.* The Fund discourages frequent purchases and redemptions of its shares, because short-term or other excessive trading into and out of the Fund may harm performance by disrupting portfolio management strategies and by increasing expenses to the Fund's other shareholders. The Fund monitors the cash flow activity of its shareholders on an ongoing basis and reviews any questionable activity of such shareholders. In addition, the Fund conducts an overall review of its cash flow activity periodically. There is no guarantee that the Fund will be able to curtail frequent trading activity in every instance. As certain foreign securities may be more thinly traded and their prices may be stale or not current, investment in these foreign securities may expose the Fund to the risk of market timing. TIP reserves the right to reject or limit all or part of any purchase order for any reason.

*Important Information about Wire Transfers.* A shareholder's bank may impose its own processing fee for outgoing wires (in connection with purchases of Fund shares) or incoming wires (in connection with redemptions of Fund shares or payment of dividends and capital gains, if applicable). A shareholder's authorized person may change the account designated to receive redemption proceeds at any time by written request to TIP with a signature guarantee or other evidence of authorization as well as a call back to a second authorized person on the account. Examples of evidence of authorization include a Certificate of Incumbency, Corporate Resolution, or Secretary's Certificate naming or approving all authorized parties who are able to act on behalf of the organization, with sample signatures for all authorized parties. Further documentation may be required when deemed appropriate by TIP.

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*Accounts with Low Balances.* If the value of a shareholder's total account with the Fund falls below $1.1 million as a result of share redemptions, market movements, or otherwise, TIP may send a notice asking the shareholder to restore the account to $1.1 million or to close it. If the shareholder does not take action within 100 days, the shareholder's shares may be redeemed and the proceeds sent to the wiring instructions on file for the shareholder. The notice period may be shorter if the shareholder also ceases to meet the investment requirements described under *Eligible* S*hareholders* earlier in this prospectus. The minimum account balance may change from time to time in the future following notice to shareholders if the membership requirements change.

*Performance Information in Multi-Asset Fund Summary.* Prior to December 1, 2021, the Fund received entry fees on purchases and exit fees on redemptions; thus, Fund performance for periods prior to December 1, 2021, reflects those fees' impact. A shareholder's actual total returns may differ from those presented in the Fund Summary depending on whether and how often the shareholder purchased or redeemed Fund shares during the applicable period.

 **Dividends and Distributions** 

<br> *Intended Distribution Schedule.* As a regulated investment company, the Fund is generally not subject to entity-level tax on the income and gains it distributes to shareholders. The Fund intends to distribute to its shareholders substantially all of its net investment income and its net realized capital gains.

Dividends from net investment income, if any, are declared and paid quarterly for the Fund. Capital gains, if any, are declared and paid at least annually. Dividends and capital gains distributions, if any, may be reinvested as described below in *Distribution Options*.

The Fund earns income generally in the form of dividends or interest on its investments. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends are paid. The Fund realizes capital gains from the sale or exchange of portfolio securities. Capital gains distributions may vary considerably from year to year as a result of the Fund's normal investment activities and cash flows. During a time of economic volatility, the Fund may experience capital losses and unrealized depreciation in the value of its investments, the effect of which may be to reduce or eliminate capital gains distributions for a period of time. Even though the Fund may experience a current year loss, it may nonetheless distribute prior year capital gains.

In order to satisfy certain distribution requirements, the Fund may declare special year-end dividends and capital gains distributions, typically during October, November, or December with a record date in such a month. Such distributions, if paid to shareholders by January 31 of the following calendar year, are deemed to have been paid by the Fund and received by shareholders on December 31 of the year in which they were declared.

*Distribution Options.* Dividends and short-term and long-term capital gains distributions, if any, may be reinvested in additional shares of the Fund. Alternatively, dividends and short-term and long-term capital gains distributions, if any, may be paid in cash except as noted below. Shareholders are asked to designate their distribution option on their account application. All dividends and any capital gains distributions will be automatically reinvested unless a shareholder indicates otherwise on the account application. Returns of capital, if any, will normally be paid or reinvested in accordance with a shareholder's instructions for long-term capital gains distributions in the absence of instructions to the contrary. Shareholders may change their election by writing to TIP. Such written election should be provided as soon as the decision is made and must be received by TIP no later than the close of business on the record date for the distribution to which the election is intended to apply. Such instruction must be signed by an authorized person of the shareholder.

*Tax-Related Warning to Private Foundations and Certain Private Colleges or Universities Subject to Excise Taxation.* At the time a private foundation or certain private colleges or universities purchase Fund shares, the Fund's net asset value may reflect undistributed income or undistributed capital gains. A subsequent distribution of such amounts, although constituting a return of investment, would be classified as a taxable distribution whether reinvested in additional shares or paid in cash. This is sometimes referred to as "buying a dividend." In addition, a Fund's net asset value may, at any time, reflect net unrealized appreciation, which may result in future taxable distributions. Private colleges and universities with at least 500 tuition-paying students during the

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TIFF Investment Program Prospectus

preceding year (more than 50% of which are located in the United States) and non-exempt use assets with a value at the close of the preceding year of at least $500,000 per full-time student (with part-time students taken into account on a full-time student equivalent basis) may be subject to a 1.4% excise tax on their net investment income.

 **Tax Considerations** 

<br> Because shareholders (except TAS and its affiliates, TAS employees, TIP trustees, TAS and TCF directors) of the Fund are tax-exempt organizations, they generally are not subject to federal income tax on distributions from the Fund or on sales of Fund shares. This general exemption from tax does not apply to the "unrelated business taxable income" or UBTI of an exempt organization. UBTI includes dividends, interest, and gains from sales and other dispositions of property held for investment to the extent that such items are attributable to "debt-financed property." For example, UBTI could result if a shareholder debt finances its purchase of Fund shares. A deduction from one activity that produces UBTI cannot be used to offset income from a different activity that produces UBTI for the same taxable year. In addition, private foundations that are exempt from federal income tax may nonetheless be subject to excise tax on their net investment income and certain private colleges and universities that are exempt from federal income tax may be subject to an excise tax based on the investment income they earn (as discussed above). Shareholders should ask their own tax advisors for more information on their own tax situation. TAS employees, TIP trustees, TAS and TCF directors should consult the SAI for information relating to the tax consequences of their investment in the Fund.

*This discussion of Tax Considerations is for general information only and not tax advice. All shareholders should consult their own tax advisors as to the federal, state, local and other tax provisions applicable to them.* 

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TIFF Investment Program Prospectus

 **Financial Highlights** 

<br> The following financial highlights table is intended to help shareholders understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single share of the Fund. The total returns in the tables represent the rate that a shareholder would have earned (or lost) on an investment in the Fund, assuming reinvestment of all dividends and distributions. Information for each fiscal year has been audited by PricewaterhouseCoopers, LLP, an independent accounting firm, whose reports, along with the Fund's financial statements, are included with the Fund's Form N-CSR filed with the SEC (available upon request).

 **TIFF Multi-Asset Fund — Financial Highlights** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  | **Year Ended <br> December 31, <br> 2023**  | **Year Ended <br> December 31, <br> 2022**  | **Year Ended <br> December 31, <br> 2021**  |
|  For a share outstanding throughout each period  |  |  |  |  |  |
| Net asset value, beginning of year  | $14.85 | $14.03 | $12.48 | $16.22 | $16.71 |
|  **Income (loss) from investment operations**  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.05) | 0.08 | 0.08 | 0.03 | 0.01 |
|  Net realized and unrealized gain (loss) on investments  | 3.20 | 1.99 | 1.96 | (2.49) | 2.03 |
| Total from investment operations | 3.15 | 2.07 | 2.04 | (2.46) | 2.04 |
| **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** |
| Net investment income | (0.42) | (0.66) | (0.18) |  | (0.24) |
| Net realized gains | (2.30) | (0.59) | (0.31) | (1.28) | (2.29) |
| Total distributions | (2.72) | (1.25) | (0.49) | (1.28) | (2.53) |
| Net asset value, end of year | $15.28 | $14.85 | $14.03 | $12.48 | $16.22 |
| **Total return (b)**  | 21.44% | 14.84% | 16.51% | (15.17)% | 12.46% |
| **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** |
| Net assets, end of year (000s) | $1468145 | $1290525 | $1235201 | $1247979 | $1582109 |
|  Ratio of expenses to average net assets, before waivers (c)  | 1.66% | 1.12% | 1.24% | 1.14% | 0.92% |
|  Ratio of expenses to average net assets, after waivers (c)  | 1.63%(d) | 1.10%(d) | 1.23%(d) | 1.14% | 0.92% |
|  Ratio of expenses to average net assets, excluding expenses for securities sold short after waivers (c)  | 1.41%(d) | 0.88%(d) | 0.98%(d) | 0.88% | 0.72% |
|  Ratio of net investment income (loss) to average net assets (c)  | (0.33)%(d) | 0.51%(d) | 0.59%(d) | 0.22% | 0.05% |
| Portfolio turnover | 290% | 251% | 199% | 143% | 87% |

---

(a) Calculation based on average shares outstanding.

(b) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund prior to December 1, 2021; however, it does not reflect the deduction of such fees from a member's purchase or redemption transaction. 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 paid by the member.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) The expense and net income ratios do not include the fees, expenses, or income associated with investments made in acquired funds; such fees, expenses, and income are reflected in the acquired funds' total return.

(d) Net of fees and expenses waived. An expense waiver was in place effective November 1, 2023. For 2023, the impact of the fee waiver as a ratio to average net assets was 0.01%. For 2024, the impact of the fee waiver as a ratio to average net assets was 0.02%. and for 2025, the impact of the fee waiver as a ratio to average net assets was 0.03%.

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TIFF Investment Program Prospectus

 **Glossary** 

<br> The Glossary below explains certain terms used throughout this prospectus.

#### "Alpha" represents the amount of a shareholder's return, on average, that is independent of the market's return.
**"Beta"** is an asset's sensitivity to market moves. If the market gains 10%, an asset with a beta of 1.0 will, on average, gain 10%.

A **"basis point"** is 1/100th of one percent.

A **"bottom-up"** investment approach focuses on the performance of individual stocks before considering the impact of economic trends. This approach assumes that individual companies may do well even in an industry that is not performing well.

A **"derivative"** is a financial instrument, traded on or off an exchange, the price of which is directly dependent, at least in part, upon the value of one or more underlying securities, commodities, currencies, other derivative instruments, or agreed-upon index or arrangement.

**"Duration"** is a measure of the expected life of a bond. It also measures the sensitivity of a bond's price to changing interest rates. The longer a bond's duration, the greater the effect of interest rate movements on its price.

A **"hedge fund"** is an investment fund (often a limited partnership or limited liability company) that is typically managed with the goal of achieving consistently positive returns while seeking to avoid losses. To meet this goal, a hedge fund may use strategies such as investing significantly in derivatives and employing leverage, i.e., borrowing money to purchase securities. Use of these strategies magnifies the risk of loss.

A **"high water mark"** is the highest net asset value that a money manager's portfolio has reached and for which a performance fee was paid. This mechanism is used to prevent managers from receiving a performance fee when the portfolio has had negative performance over previous performance fee periods. The use of a high water mark also prevents managers from receiving performance fees more than once for the same increase in their portfolio's value, which is something that could otherwise happen in a fluctuating market.

**"Security selection"** for bonds involves fundamental analysis, credit analysis, and quantitative valuation techniques at the individual security level. Fundamental analysis takes into account the type of security and the amount and timing of cash flows. Credit analysis considers the likelihood of cash flows being received. Quantitative techniques, including statistical analysis, put a value on the cash flows and assess their probabilities.

A **"value-oriented"** investment approach emphasizes securities that are inexpensive relative to the market in which they are traded, by measures such as price-to-earnings and price-to-book value ratios. An example is US common stocks of which the average price-to-earnings ratio is lower than the average price-to-earnings ratio for the S&P 500 Index.

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TIFF Investment Program Prospectus

 **Further Information** 

<br> This prospectus sets forth concisely the information about the Fund that a prospective shareholder should know before investing. This prospectus should be read carefully and retained for future reference. Additional information is contained in the SAI dated April 30, 2026, as amended and supplemented from time to time, which has been filed with the SEC. The SAI is incorporated herein by reference.

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund's SAI, the Fund's annual and semi-annual reports to shareholders, and other information such as Fund financial statements are available, without charge, upon request. Shareholders of the Fund may contact TIP at 1-833-959-8366, or by using the email contact information below, to request the SAI; to request the Fund's annual or semi-annual report; to request the Fund's financial statements; to request other information about the Fund; and to make shareholder inquiries. The Fund also makes available its SAI, annual and semi-annual reports, and other information such as Fund financial statements, free of charge, on the Fund's website at www.tipfunds.org.

Reports and other information about the Fund are also available on the SEC's Internet site at http://www.sec.gov, with copies of this information available upon payment of a duplicating fee by electronic request at the following email address: publicinfo@sec.gov.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: lg_tiff2018tip-pn.gif]](lg_tiff2018tip-pn.gif)  | *Pursuing investment excellence on behalf of<br>endowed non-profits* |
| &nbsp;&nbsp;&nbsp; *Office Locations* | Boston, MA <br> Metro Philadelphia, PA (Radnor)  |
| &nbsp;&nbsp;&nbsp; *Mailing Address*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Overnight Delivery</u>: <br> TIFF Investment Program — <br> TIFF Multi-Asset Fund <br> c/o Ultimus Fund Solutions, LLC <br> 225 Pictoria Drive, Suite 450 <br> Cincinnati, OH 45246  | <u>U.S. Mail</u>: <br> TIFF Investment Program — <br> TIFF Multi-Asset Fund <br> c/o Ultimus Fund Solutions, LLC <br> P.O. Box 46707 <br> Cincinnati, OH 45246  |
| &nbsp;&nbsp;&nbsp; Phone:  | 1-833-959-8366  |
| &nbsp;&nbsp;&nbsp; *Fax:* | 1-877-513-0756  |
| &nbsp;&nbsp;&nbsp; *Website:* | www.tipfunds.org  |
| &nbsp;&nbsp;&nbsp; *Electronic mail inquiries:*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services offered by TAS:  | info@tiff.org  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder-specific account data:  | clientservices@tiff.org  |

---

SEC File Number 811-8234

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[**TABLE OF CONTENTS**](#toc-0)

 **Statement of Additional Information <br> April 30, 2026** 

<br>  **TIP Mutual Funds** 

<br> ---

| | | |
|:---|:---|:---|
| **TIFF Multi-Asset Fund**  | TIFF Advisory Services, LLC <br> 170 N. Radnor Chester Road, Suite 300 <br> Radnor, PA 19087  | TIFF Advisory Services, LLC <br> 170 N. Radnor Chester Road, Suite 300 <br> Radnor, PA 19087  |
|  | Phone | 1-833-959-8366 |
|  | Fax | 1-877-513-0756 |
|  | Email | info@tiff.org |
|  | Website | www.tipfunds.org |

---

 **Contents** 

<br> ---

| | |
|:---|:---|
| [Introduction](#tINT)  | [1](#tINT) |
| [Organization of TIP](#toot-0)  | [1](#toot-0) |
| [Supplemental Discussion of Fund Management and Administration](#tSDOF)  | [1](#tSDOF) |
| [Advisory and Service Provider Agreements](#tAASP)  | [9](#tAASP) |
| [Performance-Based Fees for Money Managers](#tPFFM)  | [12](#tPFFM) |
| [Portfolio Managers](#tPOMA)  | [13](#tPOMA) |
| [Control Persons and Principal Holders of Securities](#tCPAP)  | [14](#tCPAP) |
| [Distribution of the Fund](#tDOTF)  | [15](#tDOTF) |
| [Supplemental Discussion of Purchases and Redemptions](#tSDOP)  | [15](#tSDOP) |
| [Supplemental Discussion of Investment Objectives, Policies and Procedures](#tSDOI)  | [16](#tSDOI) |
| [Policy Implementation and Risks](#tPIAR)  | [17](#tPIAR) |
| [Brokerage Direction and Other Practices](#tBDAO)  | [51](#tBDAO) |
| [Public Health Emergency and Natural Disaster Risk](#tPHEA)  | [53](#tPHEA) |
| [Cybersecurity Risk](#tCYRI)  | [53](#tCYRI) |
| [Artificial Intelligence Risk](#tAIR)  | [54](#tAIR) |
| [Tax Considerations](#ttaco-0)  | [54](#ttaco-0) |
| [Shareholder Information](#tshin-0)  | [65](#tshin-0) |
| [Determination of Net Asset Value](#tDONA)  | [66](#tDONA) |
| [Additional Service Providers](#tASP)  | [68](#tASP) |
| [Financial Statements](#tFIST)  | [68](#tFIST) |
| [Description of Indices](#tDOI)  | [68](#tDOI) |
| [Appendix A: Quality Rating Descriptions](#tAAQR)  | [71](#tAAQR) |
| [Appendix B: Portfolio Managers](#tABPM)  | [75](#tABPM) |

---

This statement of additional information ("SAI") is not a prospectus and should be read in conjunction with the TIFF Investment Program ("TIP") prospectus dated April 30, 2026, as amended and supplemented from time to time (the "prospectus"). The prospectus and the Fund's audited financial statements, including financial highlights, and the report of the independent registered accounting firm included in TIP's Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/916622/000110465926020223/tm265427d1_ncsr.htm) filed with the U.S. Securities and Exchange Commission (the "SEC") for the year ended December 31, 2025 are incorporated herein by reference. The current prospectus, shareholder report, financial statements and Form N-CSR filed with the SEC can be obtained without charge by writing or calling TIFF Advisory Services, LLC at the address and telephone number provided above, on TIP's website at www.tipfunds.org*,* or by calling 1-833-959-8366.

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TIFF Investment Program Statement of Additional Information

 **Introduction** 

<br> TIFF Investment Program ("TIP") is a no-load, open-end management investment company that seeks to improve the net investment return of its shareholders through an investment vehicle. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust, and consists of one mutual fund: TIFF Multi-Asset Fund ("MAF" or the "Fund"), which is diversified, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations that meet TIP's eligibility requirements. TIFF Advisory Services, LLC ("TAS"), advisor to the Fund, seeks to achieve the Fund's investment and performance objectives primarily by selecting independent money managers and other investment funds, such as exchange-traded funds, other mutual funds, and private investment or hedge funds (collectively referred to as "acquired funds"). In addition, TAS is responsible for allocating cash among asset classes, money managers (which may include an allocation to TAS), and acquired funds, as applicable, and monitoring the performance of the money managers and acquired funds, as well as the Fund's overall performance. Each money manager is responsible for the day-to-day investment decisions for that portion of MAF that is allocated to such money manager. TAS also invests in futures contracts and other derivative instruments, duration investments, and other securities and financial instruments, in accordance with MAF's investment objective, policies, and restrictions. The Fund is subject to the general oversight of TIP's Board of Trustees (the "TIP Board").

 **Organization of TIP** 

<br> The beneficial interest in TIP is divided into an unlimited number of shares, each with a par value of $0.001. Shares of the Fund have equal voting rights. Shareholders have one vote for each dollar of net asset value they hold. All shares issued and outstanding are fully paid and non-assessable and redeemable at net asset value at the option of the shareholder. Shares have no preemptive or conversion rights.

The shares of TIP possess non-cumulative voting rights. This means that the holders of more than 50% of the dollar value of shares voting for the election of trustees can elect 100% of the trustees if they choose to do so. In such event, the holders of the remaining percentage (less than 50%) of the dollar value of shares voting for the election of trustees will not be able to elect any person or persons to the TIP Board. TIP's Agreement and Declaration of Trust permits new series of shares evidencing new funds with divergent investment objectives, policies, and restrictions. Any issuances of shares of new funds, in the future, would be governed by the 1940 Act, other applicable federal securities laws, and Delaware law, and no fund shall be liable for the obligations of another fund.

 **Supplemental Discussion of Fund Management and Administration** 

<br> **Trustees and Officers of TIP.** Overall responsibility for supervision of the Fund rests with the TIP Board. Among the responsibilities of the TIP Board are selecting investment advisors and approving money managers for MAF; monitoring Fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees, and electing TIP officers. The following trustees and principal officers oversee the Fund.

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TIFF Investment Program Statement of Additional Information

---

| | |
|:---|:---|
| **Independent Trustees** |  |
| *Mark L. Baumgartner* <br> Born 1969 <br> Trustee since September 2016 <br> 1 Fund overseen | Principal Occupation(s) During the Past Five or More Years: Chief Executive Officer and Chief Investment Officer, University of Florida Investment Corporation, a large university investment office (2024 – present). Previously, Chief Investment Officer, Family Office (2023 – 2024); Chief Investment; Officer, Carnegie Corporation of New York, a private grant-making foundation (2020 – 2023); Chief Investment Officer, Institute for Advanced Study, a private, independent academic institution (2014 – 2020). <br> Other Directorships: Trustee, YMCA Retirement Fund; Scientific Technologies Ltd.  |
| *Leena Bhutta* <br> Born 1978 <br> Trustee since November 2023 <br> 1 Fund overseen | Principal Occupation(s) During the Past Five or More Years: Chief Investment Officer, The Doris Duke Foundation (2019 – present). Previously, Director of Alternative Investments, Hollyhock Foundation (2011 – 2017). <br> Other Directorships: Jabberwock Ventures  |
| *Jennifer E. Deger* <br> Born 1967 <br> Trustee since January 2022 <br> 1 Fund overseen | Principal Occupation(s) During the Past Five or More Years: Director of Finance and Global Controller, the Gates Foundation, a private grant-making foundation (2006 – present). <br> Other Directorships: Foundation Financial Officers Group  |
| *Mai-Anh Fox* <br> Born 1970 <br> Trustee since November 2020 <br> 1 Fund overseen | Principal Occupation(s) During the Past Five or More Years: Chief Financial Officer, The Ford Foundation, an independent, non-profit grant-making organization (2010 – present). <br> Other Directorships: Proteus Fund, Inc.; 92Y Women in Power Fellowship Program (Mentor).  |
| *Thomas Lenehan* <br> Born 1970 <br> Trustee since October 2023 <br> 1 Fund overseen | Principal Occupation(s) During the Past Five or More Years: Managing Director, Euclidean Capital (2025 – present); Chief Investment Officer, The Wallace Foundation (2021 – 2025), Deputy Chief Investment Officer, The Rockefeller University (2011 – 2020).  |
| **Principal Officers\*** |  |
| *Katherine Billings<br>Born 1980<br>Treasurer and Chief Financial<br>Officer since<br>July 2017* | Principal Occupation(s) During the Past Five or More Years: Vice President and Treasurer, TIFF Advisory Services, LLC (2017 – present).  |
| *Clarence Kane Brenan* <br> Born 1968 <br> CEO since <br> July 2020 | Principal Occupation(s) During the Past Five or More Years: Chief Executive Officer, TIFF Advisory Services, LLC (July 2020 – present); Director, TIFF Advisory Services, LLC (September 2023 – present); President, TIFF Investment Program (July 2020 – March 2021 and December 2023 – March 2024). Partner, Global Head, and Co-CIO of the Global Portfolio Solutions (GPS) group, among other positions, Goldman Sachs (1998 – 2020).  |

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| | |
|:---|:---|
| *David M. Brenner* <br> Born 1977 <br> President since March 2024; | Principal Occupation(s) During the Past Five or More Years: Vice President and Chief Operating Officer, TIFF Advisory Services, LLC (January 2024 – present); President, TIFF Investment Program (March 2024 – present); Chief Strategy Officer, Macquarie Group (September 2015 – December 2020).  |
| *Lisa L. B. Matson* <br> Born 1970 <br> Vice President since <br> December 2020 | Principal Occupations(s) During the Past Five or More Years: General Counsel, Vice President and Secretary, TIFF Advisory Services, LLC (2020 – present); Vice President, TIFF Investment Program (December 2020 – present); General Counsel, Chief Legal Officer, and Senior Partner, Penn Capital Management Company, Inc. (2014 – 2020).  |
| *Christian A. Szautner* <br> Born 1972 <br> CCO since July 2008; <br> Vice President, Secretary, <br> and Chief Legal Officer since <br> July 2017 | Principal Occupation(s) During the Past Five or More Years: Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer, TIFF Investment Program; Assistant Secretary, TIFF Investment Program (2017-present); General Counsel – Regulatory (2017 – 2021), TIFF Advisory Services, LLC  |
| *Jay L. Willoughby* <br> Born 1958 <br> Chief Investment Officer since <br> October 2015 | Principal Occupation(s) During the Past Five or More Years: Co-Chief Investment Officer, TIFF Advisory Services, LLC (2026 – present); Chief Investment Officer, TIFF Advisory Services, LLC (2015 – 2026); Director, TIFF Advisory Services, LLC (September 2023 – present).  |

---

\*

The officers of TIP are elected annually by the TIP Board.

#### Share Ownership
The following table shows the dollar amount range of each trustee's "beneficial ownership" of the Fund's equity securities as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Name of Trustee**  | **Dollar Range of Equity <br> Securities in the Fund** | **Aggregate Dollar Range of Equity Securities <br> in All Registered Investment Companies <br> Overseen by Trustee in Family of <br> Investment Companies\*** |
| Mark L. Baumgartner  | None | None |
| Leena Bhutta | None | None |
| Jennifer E. Deger | None | None |
| Mai-Anh Fox | None | None |
| Thomas Lenehan | None | None |

---

\*

As of the date of this SAI, the Fund is the only registered investment company in the "Family of Investment Companies."

As of April 1, 2026, trustees and officers as a group owned less than 1% of the Fund's equity securities. The mailing address of the trustees and principal officers is 170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087.

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#### Board Leadership Structure and Oversight of Risk Management
The following provides an overview of the leadership structure of the TIP Board and the TIP Board's oversight of TIP's risk management process. The TIP Board consists of five trustees, none of whom is an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of TIP (each, an "independent trustee"). An independent trustee serves as chair of the TIP Board. In addition, there are three standing committees of the TIP Board, to which the TIP Board has delegated certain authority and oversight responsibilities. The function of each of the committees is described below. Each of the five independent trustees serves on the audit committee, the governance committee and the investment oversight committee. The independent trustees conduct a self-evaluation annually, which process is overseen by the governance committee. As part of the self-evaluation, the TIP Board's leadership and committee structures are reviewed to determine whether such structures are appropriate to enable the TIP Board to exercise its oversight of TIP. The TIP Board believes that its current leadership and committee structures enable it to effectively oversee the management of TIP.

TIP has retained TAS as TIP's investment advisor and State Street Bank and Trust Company ("State Street") as TIP's custodian. Prior to March 9, 2026, TIP retained State Street as TIP's administrator, transfer agent and fund accounting agent. Effective March 9, 2026, TIP has retained Ultimus Fund Solutions, LLC ("Ultimus") as TIP's administrator, transfer agent and fund accounting agent. TAS provides the Fund with investment advisory services and is responsible for managing the Fund's investment program, including monitoring the Fund's performance and the risks that arise from the Fund's investment strategies. TAS is also responsible for monitoring and overseeing the Fund's investment in acquired funds, which include ETFs, open-end mutual funds and private investment funds, including hedge funds, and for monitoring and overseeing the external money managers that also manage assets for MAF. State Street and Ultimus each provide specified services necessary to the general day-to-day business activities and operations of TIP, other than investment advisory activities. In addition, TAS provides certain other services to TIP pursuant to a services agreement. As part of its duties under the services agreement, TAS provides general oversight of State Street, Ultimus and other vendors providing services to the Fund.

Risks to TIP include, among others, investment risk, market risk, credit risk, counterparty risk, liquidity risk, valuation risk, compliance and regulatory risk, and operational risk, as well as the overall business risks. TAS monitors the Fund with respect to these risks and others, and allocates and re-allocates the Fund's assets among itself and the acquired funds and money managers, taking into consideration the Fund's investment and performance objectives as well as other variables, such as the performance of the acquired funds and the money managers, prevailing market conditions, and other factors TAS deems relevant. TAS recommends to the TIP Board additional money managers to invest the Fund's assets, in light of the capabilities of available managers and TAS's expectations as to the way in which the investment programs and styles of the money managers will complement each other and contribute to the Fund's overall performance. In addition, TAS reviews the Fund's investment objectives, policies and restrictions and recommends such changes to the TIP Board as TAS deems appropriate. In so doing, TAS considers the risks associated with each money manager's investment strategy, including liquidity constraints and potential valuation issues, as well as the policies and restrictions adopted by the Fund, and allocates assets and takes other steps in an effort to adjust the risk level accordingly. TAS is authorized to allocate Fund assets to be managed directly by TAS. While TAS is authorized to allocate and re-allocate assets among existing money managers, including TAS, the TIP Board must approve the appointment of any new money managers.

In connection with each of the TIP Board's regular meetings, the Board receives a quarterly compliance report from TIP's Chief Compliance Officer ("CCO"), and the independent trustees meet separately from TAS management and staff with their independent counsel and the CCO. During these meetings the independent trustees and the CCO discuss issues related to portfolio compliance and other compliance matters. In addition, the TIP Board receives a written compliance report each quarter as well as a written annual report from the CCO regarding the adequacy and effectiveness of TIP's compliance program. Pursuant to Rule 22e-4 under the 1940 Act, the TIP Board receives annually from TIP's liquidity risk management program administrator a written report that addresses the operation of TIP's liquidity risk management program and assesses its adequacy and effectiveness of implementation. In addition, TIP's liquidity risk management program administrator provides a summary liquidity report to the TIP Board on a quarterly basis. Pursuant to Rule 18f-4 under the 1940 Act, the TIP

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Board receives annually from TIP's derivatives risk manager a written report that addresses the operation of TIP's derivatives risk management program and assesses its adequacy and effectiveness of implementation. In addition, TIP's derivatives risk manager provides a summary derivatives risk management report to the TIP Board on a quarterly basis. The TIP Board also receives reports from TAS on the investments, portfolio positioning, strategies and characteristics, performance, and fair valuation matters of the Fund. The TIP Board receives reports from TAS regarding TIP's primary service providers on a periodic or regular basis, including the money managers as well as TIP's administrator and custodian. The TIP Board also requires TAS to report to the TIP Board on other matters relating to risk management on a regular and as-needed basis.

**Experience of Trustees.** Described below for each trustee are specific experiences, qualifications, attributes, or skills that support a conclusion that they should serve as a trustee of TIP in light of TIP's business and structure. Further information about each trustee is set forth in the table above describing the business activities of each trustee during the past five years.

Mr. Baumgartner's experience as chief executive officer and chief investment officer overseeing a large university investment portfolio, as chief investment officer of one of America's oldest grantmaking foundations, along with his previous experience as chief investment officer overseeing the endowment portfolio of an historically significant research institute and, his previous experience as director of asset allocation at a major foundation and eleven years' investment experience at various financial services firms, give him a comprehensive understanding of investment management, risk control, and endowment issues. Mr. Baumgartner is also a Chartered Financial Analyst. In addition, through serving as an independent trustee of TIP, he has developed an understanding of the Fund's operations and strategies.

Ms. Bhutta's experience as chief investment officer of a large, national foundation, where her responsibilities include overseeing the foundation's investments team, strategy and processes, plus her prior experience setting up and then managing the investment program for another national foundation, as well as her extensive experience as a direct investor in equity markets, give her extensive knowledge of investment management and financial matters. Ms. Bhutta also received a Masters in Business Administration from the Graduate School of Business at Stanford University. In addition, through serving as an independent trustee of TIP, she has developed an understanding of the Fund's operations and strategies.

Ms. Deger's experience as a financial executive of a large, international foundation, where her responsibilities include overseeing grant and vendor disbursements, financial reporting, payroll, tax compliance, cash flow planning, employee expense administration and internal control, plus her prior experience in public accounting, where she specialized in auditing tax-exempt organizations, and in local government, where she managed the operations of the treasury and tax functions, give her extensive knowledge of financial management matters. In addition, through serving as an independent trustee of TIP, she has developed an understanding of the Fund's operations and strategies.

Ms. Fox's experience as a financial executive of a large, international foundation, where her responsibilities include overseeing all audit, budget, compliance, tax, insurance and treasury functions, plus her prior experience in capital markets, mergers and acquisitions and private equity as a director responsible for sourcing and executing transactions, give her extensive knowledge of investment management and financial matters. Ms. Fox is also a Chartered Financial Analyst. In addition, through serving as an independent trustee of TIP, she has developed an understanding of the Fund's operations and strategies.

Mr. Lenehan's experience as managing director at a large family office, where his responsibilities include managing all aspects of the office's investment portfolio, plus his prior experience as a chief investment officer of a large national foundation, and in investment strategy and policy, asset allocation, portfolio construction and risk management as a deputy chief investment officer of a large university endowment give him extensive knowledge of investment management, risk control, and endowment issues. In addition, through serving as an independent trustee of TIP, he has developed an understanding of the Fund's operations and strategies.

**Committees.** Each of TIP's independent trustees serves on the audit committee of the TIP Board. The primary purposes of the audit committee, which are set forth in its charter, are to oversee (a) the Fund's accounting and financial reporting policies, (b) audits of the Fund's financial statements, including the appointment and

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compensation of the independent auditors, and (c) the Fund's internal controls over financial reporting. The committee also acts as a liaison between TIP's independent auditors and the full TIP Board. The audit committee met twice during the fiscal year ended December 31, 2025.

Each of TIP's independent trustees also serves on the governance committee of the TIP Board. The governance committee's primary functions, which are set forth in its charter, are to (a) provide counsel to the full TIP Board with respect to the organization, function, and composition of the Board and its committees; (b) identify and recommend to the full TIP Board potential trustee candidates; and (c) lead the full TIP Board in an annual review of the Board and its committees. The governance committee's responsibilities include (i) trustee nominations, elections, and training; (ii) committee nominations and functions; and (iii) governance oversight. The governance committee met three times during the fiscal year ended December 31, 2025. The governance committee will consider nominees recommended by TIP shareholders and will assess such nominees in the same manner it reviews committee nominees. The principal criterion for selection of candidates is their ability to contribute to the overall functioning of the board and to carry out the responsibilities of the trustees. The trustees also value diversity of background, experience and expertise in selecting nominees. The committee may use any process it deems appropriate for the purpose of evaluating candidates. The committee shall evaluate candidates' qualifications for board membership and their independence from TAS, TIP's money managers, and other principal service providers. Persons selected to serve as independent trustees must be "disinterested" or independent in terms of both the letter and the spirit of the 1940 Act. The committee also considers the effect of any relationships beyond those delineated in the 1940 Act that might impair independence, e.g., business, financial, or family relationships with TAS, TIP's money managers, or service providers, including TIP's independent auditors. The committee may also consider such other factors as it may determine are relevant. Shareholders should send nominations in writing to TIFF Investment Program, Attn: Governance Committee, 170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087. Such nominations should include appropriate information on the background and qualifications of the nominee, as well as the nominee's contact information and a written consent from the nominee to serve if the nomination is accepted and the nominee elected. Nominations will be accepted on an on-going basis and kept on file for consideration when there is a vacancy on the TIP Board.

Each of TIP's independent trustees also serves on the investment oversight committee of the TIP Board. The investment oversight committee's primary function, which is set forth in its charter, is to oversee the investment activities of the Fund. The investment oversight committee's responsibilities include, among others, (a) reviewing investment performance of the Fund at least quarterly; (b) reviewing the investment objective of the Fund and the performance of TAS and the money managers at least annually; (c) reviewing the exposures and risk characteristics of the Fund at least annually; (d) advising the TIP Board concerning the hiring of new money managers or material changes in allocations among existing money managers, as needed; (e) making recommendations to the TIP Board concerning changes in benchmarks used to evaluate the performance of TAS, each money manager, and the Fund, as needed; (f) reviewing a summary liquidity risk management report at least quarterly; (g) reviewing a report to the TIP Board that addresses the operation of TIP's liquidity risk management program and assesses its adequacy and effectiveness at least annually; (h) reviewing a summary derivatives risk management report at least quarterly; (i) reviewing a report to the TIP Board that addresses the operation of TIP's derivatives risk management program and assesses its adequacy and effectiveness at least annually; and (j) reviewing such other notifications and reports as deemed necessary or appropriate. The investment oversight committee met four times during the fiscal year ended December 31, 2025.

**Trustee Compensation**. Effective June 18, 2025, each independent trustee may elect to receive annual compensation of up to $75,000 from TIP, decreased, in whole or in part, to the extent such independent trustee determines to participate in a directed giving program offered by TIP (the Directed Giving Program, as described below). All of the independent trustees are also eligible for expense reimbursement.

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The following table shows compensation amounts paid by the Fund to the Trustees for the fiscal year ended December 31, 2025, and reflects the compensation arrangements in effect during that fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Position**  | **Aggregate <br> Compensation <br> from TIP** | **Pension or <br> Retirement Benefits <br> Accrued as Part of <br> Trust Expenses** | **Annual Benefits <br> Upon Retirement** | **Total Compensation <br> from Trust and Fund <br> Complex Paid <br> to Trustees** |
| *Independent Trustees:*  |  |  |  |  |
| Mark Baumgartner | $75000 |  |  | $75000 |
| Jennifer E. Deger | $75000 |  |  | $75000 |
| Mai-Anh Fox | $75000 |  |  | $75000 |
| Thomas Lenehan | $75000 |  |  | $75000 |
| Leena Bhutta | $75000 |  |  | $75000 |

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**Directed Giving Program.** TIP will make charitable contributions at the direction of the TIP participating trustees to eligible tax-exempt charitable organizations. Each participating trustee is eligible to direct up to a maximum aggregate amount per calendar year that is equal to the amount of annual compensation that such participating trustee is eligible to receive from TIP (currently $75,000), less the amount of annual compensation that such participating trustee has elected to receive from TIP for such calendar year for service on the Board. The amount of any directed contribution will be reduced by the fair market value of the benefit. The minimum contribution that will be made is $100 and the maximum number of times a directed contribution will be made to any one organization is once per quarter.

**Code of Ethics.** Rule 17j-1 of the 1940 Act addresses conflicts of interest that arise from personal trading activities of investment company personnel. The rule requires TIP, its investment advisor, TAS, and its money managers to adopt codes of ethics and to report periodically to the TIP Board on issues raised under their codes of ethics. To assure compliance with these restrictions, TIP and TAS have adopted and agreed to be governed by a joint code of ethics, and the money managers have each adopted and agreed to be covered by their individual codes of ethics containing provisions reasonably necessary to prevent fraudulent, deceptive, or manipulative acts with regard to the personal securities transactions of their employees and violations of federal securities laws. The TIP and TAS joint code of ethics permits personal investing transactions by TIP and TAS trustees and directors, officers, and employees, including transactions in securities that may be purchased or held by the Fund, provided that such transactions avoid conflicts of interest with TIP and comply with applicable reporting and preapproval requirements.

Copies of the codes of ethics may be obtained on the EDGAR Database on the SEC's website at http://www.sec.gov. Alternatively, this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**Investment Advisor Conflicts of Interest.** In addition to serving as the investment advisor to TIP, TAS serves as the investment advisor to numerous privately offered investment funds (the "TAS-Managed Private Funds"). TAS also is the sole member of TIFF Endowment Asset Management, LLC ("TEAM"), which serves as the general partner and is responsible for the management and investment decisions of certain other privately offered investment funds (the "TEAM-Managed Private Funds" and, together with the TAS-Managed Private Funds, the "Private Funds"). The investment programs of MAF and certain of the Private Funds are intended to be similar and there will by definition be investment opportunities suitable to MAF and one or more of the Private Funds. Participation in some of those opportunities may be constrained and have to be allocated amongst MAF and the Private Funds, which constraints and allocations have the potential to create conflicts because they may result in MAF or the Private Funds receiving less than its or their desired amount of an investment opportunity. TAS and TEAM have implemented compliance policies and procedures designed to address these conflicts.

On behalf of MAF and the Private Funds, TAS or TEAM may, at or about the same time, purchase or sell the same or similar securities or instruments or invest with the same or similar underlying managers or in the same or similar acquired funds.

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Doing so has the potential to create conflicts, including those related to aggregation of orders and allocation of opportunities. TAS and TEAM have implemented compliance policies and procedures designed to address these conflicts. The fact that TAS acts as the advisor to TIP, a registered investment company subject to the 1940 Act, may require one or more of MAF or the Private Funds to limit their participation in certain transactions or to delay their participation in certain transactions. In particular, applicable securities laws and regulations constrain the transactions that may be entered into with any of TIP's "affiliates," which may include TIP's external money managers and acquired funds in which funds advised or managed by TAS and its affiliates hold in the aggregate a material ownership interest. Other legal and regulatory limitations may be triggered by the side-by-side participation in an investment opportunity by MAF and one or more of the Private Funds. Such limitations may cause one or more of MAF or the Private Funds to forego certain investment opportunities or to participate in other investment opportunities on terms less favorable than might otherwise have been obtainable. TAS and TIP, as applicable, have implemented compliance policies and procedures designed to address the above conflicts, constraints, and limitations.

Specifically, TIP has adopted compliance procedures related to aggregated transactions involving "Managers" (defined as investment management firms other than TAS or its affiliates which make and implement investment decisions for one or more of MAF and/or the Private Funds, including external money managers for one or more of MAF and/or the Private Funds and managers of acquired funds in which one or more of MAF and/or the Private Funds invest). Among the terms and conditions of these procedures are the following:

• The Chief Investment Officer of TIP, and any TAS supervised person who is involved in the negotiation of the terms of the aggregated transaction (including but not limited to investment minimums, fees, liquidity or redemption terms, and reporting requirements), must negotiate such terms equally from the perspective of the best interests of MAF and the applicable Private Fund(s).

• The Chief Investment Officer of TIP, and any TAS supervised person who is exercising investment discretion and causing MAF to participate in the aggregated transaction, must reasonably determine (i) that MAF's participation in the aggregated transaction is in the best interests of MAF and (ii) that MAF's participation in the aggregated transaction is on terms and conditions that are at least as favorable and advantageous as those offered to each Private Fund.

• With respect to an aggregated transaction as to which the same acquired fund is purchased by both MAF and a Private Fund, the aggregated transaction will be subject to, and will comply with, TAS's written compliance procedures regarding the allocation of investment opportunities.

Notwithstanding the above, MAF and one or more Private Funds may invest side-by-side in an aggregated transaction if one or more of the applicable requirements and conditions are not met with the prior written approval of either the CCO or TIP's Chief Legal Officer, whose approval shall be based upon a reasonable determination (i) that MAF's participation in the aggregated transaction is on terms and conditions that are at least as favorable and advantageous as those offered to each Private Fund and (ii) that there are not any incentives or conflicts of interest affecting the TIP Chief Investment Officer, or any TAS supervised person who is exercising investment discretion and causing MAF to participate in the aggregated transaction, that could reasonably cause the Chief Investment Officer or such TAS supervised person to cause MAF to participate in the aggregated transaction despite such participation not being in MAF's best interests, or to otherwise overreach or disadvantage MAF.

**Proxy Voting Procedures.** The TIP Board has adopted proxy voting policy and procedures to govern the voting of proxies relating to voting securities held by the Fund and has not delegated proxy voting authority to TAS. In general, TIP's proxy voting policy is that proxies be voted consistent with the Fund's best interests and in compliance with all applicable proxy voting rules and regulations. Pursuant to its proxy voting policy, TIP will vote proxies in accordance with the proxy voting guidelines and recommendations of an independent proxy voting advisory firm, Glass Lewis & Co., except in limited circumstances as outlined in TIP's proxy voting policy. Notwithstanding the foregoing, TIP may depart from such recommendations any time doing so is considered to be in the best interest of TIP and its shareholders. TIP will maintain a written record of each such departure, which shall include an affirmation that the departure does not represent a conflict of interest between TIP and TAS.

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TIP's proxy voting policy is available on TIP's website at www.tipfunds.org and without charge, upon request, by calling 1-833-959-8366. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on TIP's website and on TIP's Form N-PX on the SEC's website at http://www.sec.gov.

 **Advisory and Service Provider Agreements** 

<br> **Advisory Agreement.** A discussion of the services performed by TAS pursuant to the investment advisory agreement with TIP on behalf of the Fund can be found in the Fund's prospectus.

The advisory agreement may be terminated, without penalty, upon 60 days' prior written notice by TIP's Board or by a vote of the holders of a "majority" (as defined in the 1940 Act), of the Fund's outstanding votes voting as a single "class" (as defined in the 1940 Act), or upon 60 days' prior written notice by TAS. The advisory agreement will terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

The investment advisory agreement between the Fund and TAS was most recently approved by the TIP Board for continuation on June 18, 2025.

*Advisor Compensation.* As compensation for services rendered by TAS under the advisory agreement, the Fund pays TAS a monthly fee calculated by applying the following annual percentage rates to the Fund's average daily net assets for the month:

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| | |
|:---|:---|
|  | **MAF**  |
| On first $1 billion | 0.25% |
| On next $1 billion | 0.23% |
| On next $1 billion | 0.20% |
| On remainder (>$3 billion) | 0.18% |

---

The common equity interests of TAS (as defined earlier) are entirely owned by TAS employees and no individual employee owns more than 25% of such common equity interests. Each employee's common equity ownership of TAS is held indirectly via a Delaware limited liability holding company. Therefore, TAS is 100% owned by such holding company, and the TAS employees own interests of the holding company.

**Payment of Expenses.** TAS pays all of its own expenses arising from the performance of its obligations under the advisory agreement, including the costs of office space, equipment, and personnel necessary to discharge those obligations and expenses of the officers of TIP who are officers or employees of TAS who are performing duties under the advisory agreement. Other expenses incurred in the operation of TIP are borne by the Fund itself, including, without limitation, money manager fees (including the applicable share of certain money managers' third-party research costs); brokerage commissions; interest; fees and expenses of administrators, attorneys, auditors, custodians, accounting agents, and transfer agents; taxes; fees of TAS pursuant to a Services Agreement for certain services rendered outside the scope of the advisory agreement; expenses (including clerical expenses) of the issue, sale, repurchase, or redemption of shares; expenses of registering and qualifying shares of TIP under federal and state laws and regulations; expenses of printing and distributing reports, notices, and proxy materials to existing shareholders; proxy voting expenses; expenses of printing and filing reports and other documents with governmental agencies; expenses of annual and special shareholders' meetings; compensation of the independent trustees of TIP; expenses of trustees of TIP who are not employees of TAS; membership dues in the Mutual Fund Directors Forum; insurance premiums; a portion of certain costs and expenses of the CCO; matching gift program; and non-routine expenses such as litigation expenses.

**Administration, Transfer Agency and Fund Accounting Agreements.** Effective March 9, 2026, Ultimus, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, began serving as TIP's administrator, transfer agent and fund accounting agent, replacing State Street who formerly served in these capacities. As TIP's administrator, Ultimus assists in managing specified aspects of the general day-to-day business activities and operations of TIP, other than investment advisory activities, including transfer agency, dividend disbursing, accounting, compliance, and testing related services. In addition, Ultimus provides a 38a-1 Compliance Program designed to assist the Fund's

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CCO with the information needed to comply with the requirements of Rule 38a-1 under the 1940 Act when reviewing Ultimus' relevant controls and procedures. For its services, Ultimus receives a monthly fee expressed as a percentage of the average daily net assets of TIP.

**Custody and Securities Lending Agent Agreements.** Effective March 9, 2026, State Street ceased serving as the Fund's administrator, transfer agent and fund accounting agent. State Street continues to serve as the Fund's custodian and securities lending agent and the Fund continues to participate in State Street's securities lending and enhanced custody programs. As custodian, State Street may employ sub-custodians outside the United States. For its core services in 2025, State Street received a monthly fee expressed as a percentage of the average daily net assets of TIP. For non-US custody services, additional charges apply. State Street is also compensated for its services as the Fund's securities lending agent.

For the fiscal years ended December 31, 2025, 2024 and 2023, the aggregate amount of administration fees paid to State Street by the Fund were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025\***  | **2024\***  | **2023\***  |
| **MAF**  | $1705822 | $1461876 | $1337052 |

---

\*

Administration fees paid to State Street for the past three fiscal years included compensation for services provided in its capacities as administrator, transfer agent, fund accounting agent, custodian, and securities lending agent to the Fund. Effective March 9, 2026, Ultimus began receiving a monthly fee, calculated as a percentage of the Fund's average daily net assets, for serving as administrator, transfer agent, and fund accounting agent to the Fund. Following this transition, State Street continues to receive compensation for its services as custodian and securities lending agent to the Fund.

**Services Agreement.** Under a Services Agreement, TAS provides certain administrative and other services for TIP that are outside the scope of the advisory agreement between TIP and TAS and were in part formerly provided to TIP by other service providers. As of July 1, 2024, TAS receives 0.07% per annum of the average daily net assets for such services provided to MAF. Prior to July 1, 2024, TAS received 0.02% per annum of the average daily net assets for such services provided to MAF. The services provided by TAS under the Services Agreement are separate and distinct from services provided to TIP by TAS as investment advisor and by Ultimus as administrator and transfer agent and include review and oversight of legal and regulatory matters, vendors, and accounting and financial reporting.

For the fiscal years ended December 31, 2025, 2024 and 2023, the fees paid to TAS by the Fund under the Services Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**  | **2024**  | **2023**  |
| **MAF**  | $962587 | $581120 | $256158 |

---

#### Money Manager Agreements.
The Fund's prospectus contains a discussion of the services performed by the money managers that manage separate accounts on behalf of MAF, pursuant to agreements between TIP and the money managers (the "Money Manager Agreements"). The Money Manager Agreements continue in effect for successive annual periods, as long as such continuance is specifically approved at least annually by (a) the TIP Board or (b) the vote of a "majority" (as defined in the 1940 Act) of the Fund's outstanding votes voting as a single "class" (as defined in the 1940 Act), provided that in either event the continuance is also approved by at least a majority of the TIP trustees who are not "interested persons" (as defined in the 1940 Act) by vote cast at a meeting called for the purpose of voting on such approval.

The Money Manager Agreements for AQR Capital Management, LLC, CenterBook Partners LP, Fundsmith Investment Services Limited, Greenhouse Funds, LLLP, Kopernik Global Investors, LLC, Lynwood Price Capital Management LP, NewGen Asset Management Limited, Strategy Capital, LLC, and Westbeck Capital Management, LLP were most recently approved by the TIP Board for continuation on June 18, 2025. The Money Manager Agreement for Eversept Partners, L.P. was first approved on September 6, 2025. The Money Manager Agreement for Sengu Capital Limited was first approved on March 10, 2026.

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Generally, the Money Manager Agreements may be terminated without penalty on 30 or 60 days' prior written notice by TIP's Board or by a vote of the holders of a majority of MAF's outstanding votes voting as a single class, or upon not less than 30 days' prior written notice by the money manager. A Money Manager Agreement will terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

For the fiscal years ended December 31, 2025, 2024 and 2023, the amount of advisory fees paid to TAS and the money managers by the Fund, excluding any voluntary fee waiver, as applicable, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**  | **2024**  | **2023**  |
| **MAF**  | $15570837 | $8398812 | $9782637 |

---

As described above, TIP also pays fees to TAS pursuant to a Services Agreement for services rendered by TAS outside of the scope of those rendered by TAS as TIP's investment advisor and reimburses TAS for a portion of certain costs and expenses of TIP's CCO.

*Use of Foreign Affiliates.* In rendering investment advisory services to the Fund, CenterBook may use personnel employed by one or more of its foreign (non-US) affiliates that are not registered under the Investment Advisers Act of 1940, as amended ("Non-US Affiliates") ("Advisers Act"), to provide portfolio management, research, and trading services to the Fund pursuant to a participating non-US affiliate agreement between such money manager and its affiliate(s). Under the participating non-US affiliate agreement, CenterBook's Non-US Affiliates are considered to be a participating affiliate of the money manager pursuant to applicable guidance of the staff of the SEC allowing investment advisors registered in the United States to use investment advisory and other resources of unregistered advisory affiliates subject to the supervision of the registered adviser. Each participating affiliate, and any of its personnel who provide services to or for the Fund, are considered under the participating non-US affiliate agreement to be "supervised persons" of CenterBook, as that term is defined in the Advisers Act. A money manager's authority to use its Non-US Affiliates to perform duties for the Fund will terminate if the participating non-US affiliate agreement ceases to meet the applicable requirements.

*Exemption from Requirement that Shareholders Approve New Money Manager Agreements.* TIP and TAS have received an order from the SEC, effective August 30, 1995, exempting the Fund from the requirement that agreements between registered investment companies and their unaffiliated sub-advisors be approved by a vote of a majority of the outstanding voting securities of such investment companies. TIP's Board believes that such shareholder approval of Money Manager Agreements is not necessary for the protection of participating organizations and would needlessly encumber the Fund's operations. Pursuant to this exemption, TIP's Board may, without the approval of shareholders:

1. employ a new unaffiliated money manager pursuant to the terms of a new Money Manager Agreement, either as a replacement for an existing money manager or as an additional money manager,

2. change the terms of a Money Manager Agreement, or

3. continue to employ an existing unaffiliated money manager where a Money Manager Agreement has been assigned because of a change in control of the money manager.

Within 60 days of engaging a new unaffiliated money manager or implementing a proposed material change in a Money Manager Agreement, written notice will be provided to shareholders, which notice must include the information concerning the money manager that would normally be included in a proxy statement.

*Manager Allocation Criteria.* In allocating assets among money managers for MAF, TAS considers the Fund's investment and performance objectives as well as other variables, such as the skill sets of the money managers and prevailing market conditions. There is no pre-specified allocation to any particular money manager and TAS has discretionary authority to alter allocations and to reallocate assets among money managers.

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It is possible that not all money managers profiled in the prospectus will be employed at all times. Whether a given money manager is employed at a given time depends on factors determined by TAS to be relevant under the circumstances, which may include, among others:

1. MAF's size,

2. its projected growth rate,

3. TAS's perception of the relative attractiveness of the money manager's approach in light of prevailing market conditions, and

4. the extent to which a given money manager's investment style would complement those of the other money managers to which the Fund's assets have been allocated.

Future market conditions are not forecastable, and TIP cannot predict the amount to be allocated to each money manager over time. As a general rule, however, given the incremental custodial costs of activating a money manager's account, it is expected that the initial allocation to each money manager managing a separate account on MAF's behalf will be approximately 1% or more of MAF's portfolio. A money manager receives no compensation from TIP unless it is actually managing funds for TIP.

Organizations seeking to determine the current allocation of MAF's assets across money managers can obtain this information by contacting TAS.

 **Performance-Based Fees for Money Managers** 

<br> **Overview.** The following discussion outlines the principles that TAS follows in negotiating money manager fees and describes the performance-based fee structure that MAF has entered into with many (but not all) of its money managers.

**Optimizing versus Minimizing Expenses.** Even modest differences in the Fund's annual investment-related costs can have significant effects on a foundation's cumulative returns. Therefore, non-profit trustees should consider carefully the costs of investment vehicles. TIP seeks to engage cost effective service providers for investment-related services such as custody and portfolio accounting. With respect to money manager fees, which typically constitute the lion's share of investment-related expenses, TAS believes that a strategy aimed at optimizing these outlays is potentially more profitable than a strategy aimed merely at minimizing them. For this reason, MAF makes extensive use of performance-based fees in compensating money managers for services rendered to MAF.

Some shareholders and prospective shareholders may be concerned that the exact percentage costs of investing through MAF cannot be known in advance because many money managers' fees are based on future performance. To assist shareholders and prospective shareholders in understanding TAS's and the money managers' fee rates, the table below shows the number of MAF money managers that have performance-based fees and the number (including TAS) that do not. The table also shows MAF's highest and lowest annual management fee rates during the past five calendar years and the year in which such highest and lowest fee rates were incurred by the Fund. Lastly, the table shows the average of the Fund's management fee rates over such five-calendar year period. This information illustrates the range of management fee rates that MAF has incurred during the past five calendar years. The table is based on the managers to which assets were actually allocated from time to time during the five year period and the fee schedules that were in place at that time. Future management fee rates may vary and will depend on the fee schedule in place with each money manager from time to time, the amount of assets allocated to each money manager from time to time, the performance of each money manager that has a performance-based fee relative to that of its benchmark, as well as general market conditions. Fees can be expected to increase when assets that have not previously been managed by an external money manager are allocated away from TAS to a new money manager.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Number of <br> Accounts for <br> which Managers <br> Receive <br> Performance- <br> Based Fees**  | **Number of <br> Accounts for <br> which Managers <br> Do Not Receive <br> Performance- <br> Based Fees**  | **Highest <br> Management <br> Fee Rate <br> (year)**  | **Lowest <br> Management <br> Fee Rate <br> (year)**  | **Average <br> Management <br> Fee Rate Over <br> Last Five <br> Calendar Year <br> Period**  |
| 9  | 1  | 1.13% <br> (2025)  | 0.55% <br> (2021)  | 0.75%  |

---

Note: The table above: (1) reflects only fees payable to money managers (including TAS) that directly manage a separate portion of MAF's portfolio and includes those who receive a performance-based fee and those who do not; (2) does not include acquired funds' management and incentive fees and operating expenses, which are reflected as a reduction in the acquired funds' gross returns (see *Fees and Expenses of the Fund* in MAF's summary in the prospectus for additional information about the fees and operating expenses of the acquired funds); (3) expresses management fee rates as a percentage of the Fund's average net assets; (4) reflects current data in the "Number of Accounts" columns and includes only those managers that are managing assets pursuant to a money manager agreement that was in effect as of the date of this SAI; and (5) reflects historical data in the "Highest, Lowest and Average Management Fee Rate" columns, which data is not adjusted or restated when managers are added or terminated or when manager allocations or fees schedules change.

**Money Manager Evaluation Criteria Seek to Discourage Undue Risk-Taking.** MAF does not employ performance-based fees primarily as a means of inducing its money managers to perform better than they would if they received straight asset-based fees. Rather, MAF employs performance-based fees, among other means, in an effort to optimize shareholders' investment-related expenses. A money manager's proven capacity to deliver uniform results to all accounts managed in accordance with the philosophy presented to MAF is one of the important criteria used in choosing and evaluating the performance of money managers. If the performance of MAF's account differs materially from the performance of purportedly similar accounts managed by a money manager, TAS will normally inquire as to the reasons for the deviation.

**Performance-Based Fee Structures.** TIP may enter into a performance-based fee arrangement with a money manager when it believes, under the circumstances, that it would be in the best interests of the Fund to enter into such arrangements. For these managers, the performance-based fee is determined based on the performance of the portfolio managed by the money manager relative to that of a specified benchmark or the net appreciation in the value of the portfolio during the measurement period. For these purposes, total returns are generally computed over rolling time periods of varying lengths, ranging from one year to three years or at redemption from the account. Fee formulas are normally expressed in basis points, where a basis point is 1/100th of one percent.

*Manager-Specific Benchmarks.* The benchmark used in computing the money manager's excess return is the index or other measure of performance deemed most relevant for that money manager, rather than MAF's overall performance benchmark. This benchmark may be the same as the overall performance benchmark for MAF. However, TAS's objective of melding money managers espousing different philosophies and employing different strategies into an integrated manager structure that is both effective and efficient generally dictates that a money manager's benchmark be different from the Fund's benchmark.

**Computing and Remitting Fees.** The fee schedules are generally applied to the average daily net assets in each money manager's account for the time period in question. For purposes of computing MAF's daily net asset values, however, performance-based fees are accrued based on investment returns achieved during the current performance fee period.

 **Portfolio Managers** 

<br> Appendix B provides information about individuals who are employed by TAS who have primary responsibility for managing the Fund's portfolio, including (i) the number of accounts managed and assets under management (in addition to the Fund); (ii) that portion of those accounts for which TAS earns performance-based advisory fees; and (iii) compensation structure. Appendix B also provides information about the portfolio managers' beneficial ownership of TIP shares as of December 31, 2025. Information regarding potential conflicts of interest follows immediately below.

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**Portfolio Manager Conflicts of Interest.** A portfolio manager's compensation and the management of multiple accounts could create a potential conflict in the allocation of investment opportunities as well as in creating an incentive to recommend riskier investments than might otherwise have been recommended in the absence of any incentive-based compensation. In the case of MAF, the potential for a conflict of interest extends to portfolio managers in the employ of money managers managing accounts on behalf of the Fund. Other accounts managed by a portfolio manager may have investment objectives, strategies, time horizons, tax considerations, and risk profiles that differ from those of the relevant funds. Investment decisions for each account, including the relevant funds, are normally based on the investment objectives, policies, practices, benchmarks, cash flows, and tax and other relevant investment considerations applicable to that account. Consequently, a portfolio manager may purchase or sell securities for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Certain investment opportunities that may be suitable for the Fund may also be suitable for the other accounts managed by a portfolio manager. Therefore, certain holdings held by the Fund may also be held by the other accounts and, at times, investments may need to be allocated across the relevant accounts. This could lead to the Fund or other accounts acquiring a smaller position than any of them might if there were not multiple accounts under management. However, TIP has adopted a number of compliance policies and procedures to address potential conflicts.

Because some portfolio managers receive a share in the profits of the respective money manager or are otherwise compensated based on performance, these portfolio managers may have an incentive to allocate securities preferentially to accounts for which the money manager receives higher investment advisory fees. Conflicts may also exist if a portfolio manager identifies a limited investment opportunity that may be appropriate for more than one account, but the Fund is not able to take full advantage of that opportunity because it must be allocated across multiple accounts. In addition, a portfolio manager may execute a transaction for another account or accounts that may adversely affect the value of securities held by the Fund. In order to address this potential conflict, the money managers have in place investment decision-making and trade allocation policies and procedures that are designed to ensure that no client is disadvantaged in the management of accounts. The ability of a portfolio manager to trade in a personal account may give rise to potential conflicts of interest. TAS and each money manager have adopted codes of ethics setting forth the procedures that must be followed if a portfolio manager is permitted to engage in personal trading.

Such codes normally require the reporting of personal transactions and holdings and pre-clearance of all or certain personal trades. Certain money managers may have soft dollar arrangements in place with broker/dealers, which may result in the client paying a higher commission than it otherwise would have. TAS requires that such managers comply with the requirements of Section 28(e) of the Securities Exchange Act of 1934 to the extent that such compliance is required by the 1940 Act and applicable SEC guidance thereunder.

 **Control Persons and Principal Holders of Securities** 

<br> Shareholders who hold 25% or more of the outstanding shares of the Fund may be deemed "control persons" (as such term is defined in the 1940 Act) and may be able to take actions without the approval of other shareholders of the Fund. Note that a controlling person may possess the ability to control the outcome of matters submitted for shareholder vote of the Fund. As of April 1, 2026, the following shareholders held, of record, 5% or more of the outstanding shares of the Fund as indicated:

---

| | |
|:---|:---|
| **Multi-Asset Fund** |  |
|  Research Triangle Institute (dba RTI International), Research Triangle Park, 3040 E. Cornwallis Road, Research Triangle Park, NC 27709  | 16.03%  |
| East Tennessee Foundation, 520 W. Summit Hill Dr., Ste. 1101, Knoxville, TN 37902 | 7.43%  |
| Ithaka Harbors, Inc., 101 Greenwich St, 18th Floor, New York, NY 10006 | 6.16%  |
| Shadyside Hospital Foundation, 532 South Aiken Ave, Suite 302, Pittsburgh, PA | 5.60%  |

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TIFF Investment Program Statement of Additional Information

 **Distribution of the Fund** 

<br> **Distributor.** Foreside Fund Services, LLC (the "distributor") is the distributor (also known as the principal underwriter) of the shares of the Fund and is located at 190 Middle Street, Suite 301, Portland, Maine 04101. The distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The distributor is not affiliated with the Fund, the Fund's advisor, or any other service provider for the Fund.

Under the distribution agreement with TIP, the distributor acts as the agent of TIP in connection with the continuous offering of shares of the Fund. The distributor uses its best efforts to distribute shares of the Fund but is not obligated to sell any specific number of Fund shares. The distributor and its officers have no role in determining the investment policies of, or which investments are to be purchased or sold by, the Fund.

TAS, the Fund's advisor, is responsible for compensating the distributor for the services it provides to TIP, which services include advertising review and registered representative licensing and compliance services. In addition, the distributor is entitled to be reimbursed by TAS for certain out of pocket expenses.

The distribution agreement was most recently renewed by the TIP Board on June 18, 2025, and will continue in effect thereafter for successive one-year periods only if such continuance is specifically approved at least annually by the TIP Board or by a vote of a majority of the Fund's outstanding voting securities in accordance with the 1940 Act; provided that in either event the continuance is also approved by at least a majority of the TIP trustees who are not "interested persons" (as defined in the 1940 Act) by vote cast at a meeting called for the purpose of voting on such approval. The distribution agreement is terminable with respect to the Fund without penalty (i) if it is not renewed at the end of its term, (ii) by mutual consent of the parties, or (iii) upon no less than 60 days' written notice by TIP when authorized either by a vote of a majority of the outstanding voting securities of the Fund or by vote of a majority of the independent trustees of the TIP Board who have no direct or indirect financial interest in the operation of the distribution agreement, or by the distributor, and (iv) will automatically terminate in the event of its "assignment." The distribution agreement provides that each party will indemnify the other party in certain circumstances, provided that neither party will be protected against any liability to the other party arising from such party's willful misfeasance, bad faith, or gross negligence in the performance of such duties, or by reason of its reckless disregard of its obligations under the distribution agreement.

 **Supplemental Discussion of Purchases and Redemptions** 

<br> **Purchases.** TIP reserves the right in its sole discretion to (1) suspend the offering of shares of the Fund, (2) reject purchase orders when in the judgment of management such rejection is in the best interests of TIP, and (3) reduce or waive the minimum for initial investments.

*In-Kind Purchases.* Fund shares are normally issued for cash only. TAS in its discretion may permit shareholders to purchase shares "in-kind" through a transfer of readily marketable securities to the Fund as payment for the shares. In-kind purchases are accepted only when the securities being acquired:

1. are consistent with the investment objectives and policies of the acquiring Fund,

2. are acquired for investment purposes (not for resale),

3. are not restricted as to transfer either by law or market liquidity, and

4. can be readily valued (e.g., are listed on a recognized exchange).

**Redemptions.** The Fund may suspend redemption privileges or postpone the date of payment (1) during any period that TIP is closed, (2) during any period when an emergency exists as defined by the rules of the SEC as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it or fairly to determine the value of its assets, and (3) for such other periods as the SEC may permit.

*Potential In-Kind Redemptions.* Should conditions exist which make cash payments undesirable, TIP reserves the right to honor any request for the redemption of Fund shares by making payment in whole or in part in readily marketable securities. Certain acquired funds held by MAF are illiquid. Redemptions in-kind will be chosen by TIP and valued in the same manner as they are for purposes of computing the Fund's net asset value. If payment is

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made in securities, a shareholder may incur transaction expenses in converting these securities to cash or other expenses associated with maintaining custody of such securities. TIP has elected, however, to be governed by Rule 18f-1 under the 1940 Act. This election obligates TIP to redeem shares, with respect to any one shareholder during any 90-day period, solely in cash up to the lesser of $250,000 or 1% of the net asset value of the Fund at the beginning of the period.

 **Supplemental Discussion of Investment Objectives, Policies and Procedures** 

<br> **Multi-Asset Fund.** MAF was created in response to a need articulated by many non-profits for assistance with asset allocation, manager selection, and other investment-related tasks. MAF has delegated to TAS responsibility for the time-intensive task of selecting and monitoring money managers and other service providers. MAF goes beyond this by providing governing boards with an opportunity also to delegate responsibility for asset allocation within the marketable investments sector.

**Fundamental Investment Restrictions.** The Fund has adopted certain fundamental investment restrictions, which cannot be changed without the approval of the holders of a "majority of the outstanding voting securities" of the Fund, which is defined in the 1940 Act to mean the affirmative vote of the lesser of (1) more than 50% of the outstanding votes in the Fund and (2) 67% or more of the votes are present at a meeting if more than 50% of the outstanding votes are present at the meeting in person or by proxy. Under these restrictions the Fund may not:

1. Purchase the securities of an issuer (other than securities issued or guaranteed by the US Government, its agencies, or its instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry. For purposes of this restriction, wholly owned finance companies are considered to be in the industry of their parents if their activities are primarily related to financing the activities of their parents.

2. Acquire short positions in the securities of a single issuer (other than the US Government, its agencies and its instrumentalities) whose value (as measured by the amounts needed to close such positions) exceeds 2% of the Fund's total assets. For purposes of this restriction, futures are not considered to be securities.

3. Engage in borrowing except as permitted by the 1940 Act and the rules and regulations promulgated under the 1940 Act.

4. Issue senior securities except as permitted by the 1940 Act, any rule, regulation, or order under the 1940 Act, or any SEC staff interpretation of the 1940 Act.

5. Make loans except that the Fund may (a) engage in repurchase agreements, (b) lend portfolio securities, (c) purchase debt securities, (d) purchase commercial paper, and (e) enter into any other lending arrangement permitted by the 1940 Act, any rule, regulation, or order under the 1940 Act, or any SEC staff interpretation of the 1940 Act.

6. Underwrite securities issued by other persons, except to the extent that, in connection with the sale or disposition of portfolio securities, the Fund may be deemed to be an underwriter under certain federal securities laws.

7. Purchase or sell real estate except that the Fund may (a) hold and sell real estate acquired as a result of the Fund's ownership of securities or other instruments, (b) purchase or sell securities or other instruments backed by real estate or interests in real estate, and (c) purchase or sell securities of entities or investment vehicles, including real estate investment trusts, that invest, deal, or otherwise engage in transactions in real estate or interests in real estate.

8. Purchase or sell physical commodities except that the Fund may (a) hold and sell physical commodities acquired as a result of the Fund's ownership of securities or other instruments and (b) purchase or sell securities or other instruments backed by physical commodities. The Fund may also purchase or sell options and futures contracts.

**Non-Fundamental Investment Restrictions and Policies.** The Fund has adopted certain non-fundamental investment restrictions and policies, which may be changed by the TIP Board without shareholder approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. The Fund may not invest more than 15% of its net assets in illiquid securities (typically defined as those which cannot be sold or disposed of in the ordinary course of business within seven days for approximately the amount at which the Fund has valued the securities).

2. The following activities will not be considered to be issuing senior securities with respect to the Fund: (a) collateral arrangements in connection with any type of option, futures contract, forward contract, or swap; (b) collateral arrangements in connection with initial and variation margin; or (c) a pledge, mortgage, or hypothecation of the Fund's assets to secure its borrowings.

3. The Fund currently intends to borrow money only as a temporary measure for extraordinary or emergency purposes (not for leveraging). The Fund may also engage in reverse repurchase agreements, dollar roll transactions and collateralized securities loans.

**Percentage Limitations Applied at Time of Purchase.** The above standards and restrictions are determined immediately after and as a result of the Fund's acquisition of such security or other asset. Accordingly, except for fundamental investment restriction 3, to which this condition does not apply, any later increase or decrease in a percentage resulting from a change in values, assets, or other circumstances will not be considered when determining whether that investment complied with the Fund's investment policies and limitations.

 **Policy Implementation and Risks** 

<br> **Substantially Fully Invested.** The Fund intends to be substantially fully invested according to its investment objective and policies under normal market conditions.

**Deployment of Cash Reserves.** The Fund is authorized to invest its cash reserves (funds awaiting investment in the securities in which the Fund primarily invests) in money market instruments and debt securities that are at least comparable in quality to the Fund's permitted investments. In lieu of separate, direct investments in money market instruments, the Fund's cash reserves may be invested in other regulated investment companies. Alternatively, TAS may exercise investment discretion or select a money manager to exercise investment discretion over the Fund's cash reserves.

**Market Exposure.** At TAS's discretion, the cash reserves segment of MAF may be used to create a US equity exposure, a foreign equity exposure, or a fixed income exposure of suitable duration, as the case may be, until those balances are allocated to and invested by the money managers or used for fund transactions or until otherwise determined by TAS. The desired market exposure could be created with long positions in the appropriate number of futures contracts or options on futures contracts within applicable regulatory limits, or by investing in exchange-traded funds ("ETFs"), open-end mutual funds, or other securities. Certain of the strategies implemented by MAF may require the Fund to post collateral, which collateral often consists of short-term US Treasury obligations or cash. In addition, the Fund often holds short-term Treasury obligations to cover all or part of the notional exposure of its futures and swaps positions. As a result of these strategies, it may at times appear that MAF holds a significant cash position. Such cash positions are instrumental in the Fund's ability to achieve its desired exposures, and should not be viewed simply as excess cash reserves.

**Temporary Strategies.** The Fund may temporarily depart from its normal investment policies – for example, by investing substantially in cash reserves – in response to adverse market, economic, political, or other conditions as well as pending allocations to a manager or another investment opportunity and to manage cash flows and anticipated redemptions. In doing so, the Fund may succeed in avoiding losses but otherwise fail to achieve its investment objective.

**Portfolio Turnover.** Decisions to buy and sell securities are made for MAF by the money managers with respect to the assets assigned to them and by TAS with respect to the cash reserves of MAF not allocated to money managers, or other assets managed by TAS. Each money manager decides to purchase or sell securities independently of other money managers. Generally, the Fund will not trade in securities for short-term profits; however, circumstances may warrant that securities be sold without regard to length of time held**.** During 2025, MAF's portfolio turnover rate was 290% versus 251% in 2024, caused by the hiring of one new manager in 2025.

*Primary Risks.* High portfolio turnover may result in greater brokerage commissions and other transaction costs, which will be borne by the Fund. In addition, high portfolio turnover rates may result in increased short-term capital gains which, when distributed to private foundation shareholders, are treated as ordinary income for excise taxation purposes.

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For MAF, which uses multiple money managers, one or more money managers could be selling a security when another is purchasing the same security. In addition, when a money manager's services are terminated or when those of a new money manager are retained, the securities held by the terminated money manager may be sold and the new money manager may significantly restructure the portfolio or need to invest the newly allocated assets. These practices may increase MAF's portfolio turnover rates, realization of gains or losses, and brokerage commissions and other transaction costs.

#### Borrowing. The Fund may borrow money temporarily from banks when:
1. it is advantageous to do so in order to meet redemption requests,

2. the Fund fails to receive transmitted funds from a shareholder on a timely basis,

3. TIP's custodian fails to complete delivery of securities sold, or

4. the Fund needs cash to facilitate the settlement of trades made by the Fund.

Borrowing creates an opportunity for increased return, but at the same time it creates special risks. The Fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to any borrowing, which could in turn adversely affect TAS's or the money manager's strategy. Rising interest rates could also reduce the value of the Fund's shares by increasing the Fund's interest expense.

In addition, the Fund may borrow by engaging in reverse repurchase agreements or dollar roll transactions, described below. By engaging in such transactions, the Fund may, in effect, borrow money.

**Duration Management.** The Fund invests in debt securities of varying durations. Duration is calculated based on the length of the time intervals between the present time and the time that the interest and principal payments are scheduled to be received, weighted by the present values of the cash to be received at each future point in time.

The longer the duration of a debt security, the more its price will tend to fall as prevailing interest rates rise and vice versa. For example, in a portfolio with a duration of five years, a 1% increase in interest rates could result in approximately a 5% decrease in market value. Money managers and TAS can change the weighted average duration of their holdings as interest rates move by replacing portfolio securities or using derivatives.

*Primary Risks.* There is no assurance that deliberate changes in the Fund's weighted average duration will enhance its return relative to more static duration policies or portfolio structures. For example, a money manager's decision to increase the duration of its segment of MAF could reduce the Fund's return if interest rates in the relevant market rise following the manager's duration-lengthening trades.

**Multi-Market and Multi-Currency Investing.** Subject to certain limitations on foreign securities and foreign currency exposure defined in each money manager's guidelines, money managers may adjust the exposure of MAF to different countries' markets and currencies based on their perceptions of their relative valuations. In doing so, money managers will assess those factors they deem relevant, which may include:

1. general market and economic conditions,

2. the relative yield and anticipated direction of interest rates in particular markets, and

3. the relationship among the currencies of various countries.

In their evaluations, money managers will use internal financial, economic, and credit analysis resources as well as information from external sources.

Money managers of MAF may hedge up to 50% of the foreign currency exposure of the Fund's assets. It is expected that adjustments to the country and currency exposures of the Fund will be gradual and moderate.

*Primary Risks.* There is no assurance that changes in the Fund's country and currency allocations will enhance returns relative to more static allocations or relative to allocations that resemble more closely the country and currency allocations inherent in the Fund's performance benchmark.

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**Foreign Currency Exposure.** TAS has studied the impact of exchange rate changes on the US dollar value of foreign securities portfolios and has concluded that the impact of such changes declines dramatically as the investment time horizon lengthens. This is especially true because global investors routinely adjust the prices they are willing to pay for shares of a given firm in response to changes in the foreign exchange value of the currencies in which its products (and costs) are denominated. For example, while a sudden 10% decline in the Japanese yen's value in US dollar terms may produce short-term losses in the dollar value of shares of Japanese exporters, the increased competitiveness of such firms may cause global investors to mark upward such firms' relative price-to-earnings or price-to-book value multiples, albeit with a lag.

**Foreign Currency Hedging.** MAF may enter into forward foreign currency contracts (a "forward contract") and may purchase and write (on a covered basis) exchange-traded or over-the-counter ("OTC") options on currencies, foreign currency futures contracts, and options on foreign currency futures contracts. The primary objective of such transactions is to protect (hedge) against a decrease in the US dollar equivalent value of its foreign securities or the payments thereon that may result from an adverse change in foreign currency exchange rates. However, such transactions may also be used to generate income for the Fund or otherwise increase its total return. Conditions in the securities, futures, options, and foreign currency markets will determine whether and under what circumstances TIP will employ any of the techniques or strategies described in this SAI. TIP's ability to pursue certain of these strategies may be limited by applicable rules, regulations and guidance of the Commodity Futures Trading Commission ("CFTC"), the SEC, applicable options and futures exchanges, and the federal tax requirements applicable to regulated investment companies (see *Tax Considerations*).

The Fund does not consider currencies or other financial commodities or contracts and financial instruments to be physical commodities (which include, for example, oil, precious metals and grains). Accordingly, the Fund interprets the fundamental restriction to permit the Fund (subject to the Fund's investment objectives and general investment policies as stated in the Fund's prospectus and this SAI) to invest directly in foreign currencies and other financial commodities and to purchase, sell or enter into commodity futures contracts and options thereon, foreign currency forward contracts, foreign currency options, currency, commodity and financial instrument-related swap agreements, hybrid instruments, interest rate, securities-related or foreign currency-related hedging instruments or other currency-, commodity- or financial instrument-related derivatives, subject to compliance with any applicable provisions of the federal securities or commodities laws. The Fund also interprets its fundamental restrictions regarding purchasing and selling physical commodities to permit the Fund to invest in exchange-traded funds or other entities that invest in physical and/or financial commodities, subject to the limits described in the Fund's prospectus and this SAI.

Because currency control is of great importance to issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These actions could result in losses to the Fund if it is unable to deliver or receive a specified currency or funds in settlement of obligations, including swap transaction obligations. These actions could also have an adverse effect on the Fund's currency transactions or cause the Fund's hedging positions to be rendered useless, resulting in full currency exposure as well as incurring unnecessary transaction costs.

*Forward Contracts.* A forward exchange contract is an agreement to buy or sell a specific currency, typically a non-US currency, in exchange for another currency, which may be US dollars, at an agreed exchange rate (price) on a future date. Forward exchange contracts are typically individually negotiated and privately traded by currency traders and their customers in the interbank market. MAF may use forward contracts to attempt to insulate returns

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of securities denominated in that currency from exchange rate fluctuations to the extent of the contract while the contract is in effect. A sale contract will be advantageous if the currency falls in value against the dollar and disadvantageous if it increases in value against the dollar. A purchase contract will be advantageous if the currency increases in value against the dollar and disadvantageous if it falls in value against the dollar.

MAF may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The Fund may also enter into forward contracts that do not provide for physical settlement of the two currencies but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

Under definitions adopted by the CFTC and SEC, non-deliverable forwards are considered swaps, and therefore are included in the definition of "commodity interests." Although non-deliverable forwards have historically been traded in the over-the-counter (OTC) market, as swaps they may in the future be required to be centrally cleared and traded on public facilities.

For more information on central clearing and trading of cleared swaps, see *Cleared Swaps*, *Risks of Cleared Swaps*, *Comprehensive Swaps Regulation*, and *Risks of Potential Regulation of Swaps and Other Derivatives*. Currency and cross currency forwards that qualify as deliverable forwards are not regulated as swaps for most purposes, and are not included in the definition of "commodity interests." However, these forwards are subject to some requirements applicable to swaps, including reporting to swap data repositories, documentation requirements, and business conduct rules applicable to swap dealers. CFTC regulation of currency and cross currency forwards, especially non-deliverable forwards, may restrict the Fund's ability to use these instruments in the manner described above or subject the adviser to CFTC registration and regulation as a "commodity pool operator" ("CPO").

MAF may use forward contracts to insulate existing security positions ("position hedges") or proposed transactions ("transaction hedges"). For example, to establish a position hedge, a forward currency contract might be sold to protect the gain from a decline in the value of that currency against the dollar. To establish a transaction hedge, a foreign currency might be purchased on a forward basis to protect against an anticipated increase in the value of that currency against the dollar. MAF may also purchase and sell forward contracts for efficient portfolio management purposes or to generate income when the money manager anticipates that the foreign currency will appreciate or depreciate in value.

*Primary Risks.* The success of currency hedging depends on the money manager's ability to predict exchange rate fluctuations. Predicting such fluctuations is extremely difficult, and thus the successful execution of a hedging or other strategy is highly uncertain. An incorrect prediction will hurt fund performance. Forward contracts that are intended to protect against anticipated losses or to generate income may have the corresponding effect of canceling possible gains if the currency movement prediction is incorrect. In addition, MAF is not obligated to engage actively in hedging transactions. For example, MAF may not have attempted to hedge its exposure to a particular foreign currency at a time when doing so might have avoided a loss.

Precise matching of forward contract amounts and the value of portfolio securities is often not possible because the market value of the protected securities will fluctuate while forward contracts are in effect. Adjustment transactions are theoretically possible but time consuming and expensive, so forward contract positions are likely to be approximate, not perfect, hedges.

The cost to a fund of engaging in forward contracts varies with factors such as the foreign currency involved, the length of the contract period, and prevailing market conditions, including general market expectations as to the direction of various foreign currency movements against the US dollar. Furthermore, neither TAS nor the money managers may be able to purchase forward contracts with respect to all of the foreign currencies in which the Fund's portfolio securities may be denominated. In that case, the correlation between exchange rates and the portfolio's foreign currency exposure may not be precise. Moreover, if the forward contract is an OTC transaction, as is usually the case, the Fund will be exposed to the credit risk of its counterparty. In addition, there can be no guarantee that MAF will be able to enter into a closing transaction at a price and time that TAS or the applicable money manager believes is the most advantageous.

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If, on the other hand, MAF enters into such contracts on a foreign exchange, the contract will be subject to the rules of that foreign exchange, which may impose significant restrictions on the purchase, sale, or trading of such contracts, including the imposition of limits on price movements. Such limits may significantly affect the ability to trade such a contract or otherwise close out the position and could create potentially significant discrepancies between the cash and market value of the position in the forward contract. Finally, the cost of purchasing forward contracts in a particular currency will reflect, in part, the rate of return available on instruments denominated in that currency. The cost of purchasing forward contracts to hedge portfolio securities that are denominated in currencies that in general yield high rates of return may thus tend to reduce that rate of return toward the rate of return that would be earned on assets denominated in US dollars.

**Short and Long/Short Strategies.** In TAS's view, certain securities markets are highly efficient in terms of valuation and are becoming more so at a rapid rate due to the combined impact of falling computing costs, globalization of financial markets and regulatory changes. With so many powerful computers and skilled professionals attempting to exploit valuation anomalies, it is becoming increasingly difficult to outperform market averages.

*Long versus Short Positions*. The rationale for using short strategies is simply stated: if you believe that skilled active managers can identify securities that are likely to outperform market averages (i.e., they are undervalued), then it is also logical to assume that skilled active managers can identify securities that are likely to underperform market averages (i.e., they are overvalued). In an increasingly efficient market, "short" sale techniques are appealing because they exploit a structural inefficiency in capital markets: the tendency of most investors to focus on the identification of undervalued, as distinct from overvalued, securities.

MAF may employ so-called long/short investment strategies, which entail the construction of a portfolio comprising long positions in stocks or other securities that the money manager perceives as undervalued, offset by an equivalent dollar amount of short positions in stocks or other securities that the money manager perceives as overvalued. Because the long and short positions offset or neutralize each other, long/short strategies are sometimes referred to as "market neutral" strategies. Long/short strategies may also be used to establish "breakeven inflation positions."

*Primary Risks.* Risks of investing in short strategies are markedly different from those associated with long positions. MAF will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The potential loss from a short sale is theoretically unlimited. To control the risk of such strategies, the current value of the security sold short in a single issuer (other than the US Government, its agencies, and its instrumentalities) may not represent more than 2% of the Fund's total assets. Short positions in derivative instruments, including futures contracts, are not considered to be short positions for the purpose of this limitation.

**Short Sale Implementation, Borrowing Costs and Related Risks.** State Street offers modest levels of leverage to its custodial clients through its "enhanced custody program," and TIP utilizes State Street's enhanced custody program in order to implement certain money managers' long/short strategies in a separate account format for MAF. MAF borrows the securities to be sold short from State Street and pays State Street interest rates associated with borrowed securities for the shorts. TIP is required to pledge long securities as collateral for the short sales (a process called "memo pledging") and, in addition to the explicit costs to borrow, TIP pays State Street a memo pledge charge. Memo pledged securities remain in TIP's name and custody account and cannot be rehypothecated (unless TIP defaults on its obligations under the securities lending services agreement with State Street). The memo pledged collateral amount generally is lower than the amount of collateral that would be required to be pledged if MAF were to implement the short sales through a traditional prime brokerage arrangement. State Street's enhanced custody program also is more operationally efficient than effecting the short sales through a prime broker.

*Primary Risks. Participation in State Street's enhanced custody program may entail the following risks:* 

<u>Counterparty credit risk</u>. By borrowing securities from State Street and providing collateral to State Street to collateralize the securities loan, TIP will be subject to the credit risk of State Street to the extent that the value of the collateral provided to State Street exceeds the value of the borrowed securities provided to TIP. This risk may be heightened during periods of market stress and volatility. However, TIP has procedures in place that are designed to monitor and limit MAF's counterparty credit risk with respect to State Street.

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<u>Changes in borrowing fees</u>. State Street is not required to notify TIP and other borrowing clients of any change to the specials loan rate or of any amendment to a borrowing fee until the day after such rate or fee becomes effective. Accordingly, TIP may incur greater costs than originally anticipated when borrowing securities and will not be able terminate the relevant securities loan until after these higher fees have been incurred for some period of time.

<u>Market risk</u>. State Street does not maintain an inventory of securities in order to meet the demand of its borrowing clients in the enhanced custody program. Instead, State Street, acting as principal, borrows securities from third parties, including third party institutional clients participating in State Street's agency securities lending program, to lend securities to its borrowing clients. Accordingly, there may be circumstances under which the securities that State Street believed would be available from these third-party sources to meet its sourcing requirements to a borrowing client are no longer available, whether due to market conditions or other reasons. In these and similar circumstances, the borrowing client would have to borrow the securities from a third party or, if the securities are not available to be borrowed from a third party, adjust its investment or other strategy to mitigate or avoid the need to borrow the relevant security.

<u>Lack of best execution</u>. State Street is not obligated to provide TIP and other borrowing clients with "best execution" with respect to securities loans under the enhanced custody program. It is the responsibility of each borrowing client to assess the fee schedule and the loan rates quoted to it by State Street in relation to each securities loan, as well as the other terms of the securities loan. State Street acts as a principal counterparty to, and not as agent for, the borrowing client, with the intent of making a profit from a securities loan and any related activity, such as financing.

<u>Operational risk</u>. State Street's enhanced custody program involves the risk of processing mistakes and other administrative errors, including problems with trade settlements and errors in calculating the daily mark-to-market value of the borrowed securities and any collateral that borrowing clients deliver to State Street.

**Securities Lending.** Through its custodial bank and subject to guidelines, TIP is authorized to lend the securities held in MAF. MAF may lend its portfolio securities with a value of up to one-third of its net assets (including the value of the collateral for the loans) to qualified brokers, dealers, banks and other financial institutions who need to borrow securities in order to complete certain transactions, such as covering short sales, avoiding failures to deliver securities or completing arbitrage operations. By lending its investment securities, a fund attempts to increase its income through the receipt of interest on the loan. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. MAF may lend its portfolio securities only when the terms, the structure and the aggregate amount of such loans are not inconsistent with the 1940 Act or the rules and regulations or interpretations of the SEC thereunder.

The lending agent may, on behalf of the Fund, invest the cash collateral received in short-term money market instruments, including commercial paper, money market mutual funds, certificates of deposit, time deposits and other short-term bank obligations, and securities issued by the US Government. These investments may include mutual funds, with respect to which State Street and/or its affiliates provide investment management or advisory, trust, custody, transfer agency, shareholder servicing and/or other services for which they are compensated. Currently, the cash collateral is invested in a mutual fund managed by State Street.

*Primary Risks*. When lending portfolio securities, the securities lent may not be returned to the Fund on a timely basis. Therefore, the Fund may lose the opportunity to sell the securities at a desirable price. Such loans would also involve risks of delay in receiving additional collateral if the value of the collateral decreases below the value of the securities loaned or even the loss of rights to the collateral should the borrower of the securities fail financially. Additionally, if a borrower of securities files for bankruptcy or becomes insolvent, disposition of the securities may be delayed pending court action. The Fund may also record realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The Fund may, from time to time, pay negotiated fees in connection with the lending of securities. State Street serves as MAF's securities lending agent. For these services, the lending agent receives a fee based on the income earned on the Fund's investment of cash received as collateral for the loaned securities, a portion of any loan premium paid by the borrower, and reimbursement of expenses advanced as a result of MAF's securities lending activities, if any.

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**Dollar Roll Transactions.** Dollar roll transactions involve a simultaneous sale by the Fund of mortgage-backed securities that it holds with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at the time of delivery by different pools of mortgages with different prepayment histories than those securities sold. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. The Fund receives a fee from the counterparty as consideration for entering into the commitment to repurchase. Dollar rolls may be renewed with a new purchase and repurchase price fixed and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which the Fund agrees to buy a security on a future date. The Fund will not use such transactions for leverage purposes.

Dollar rolls are similar to reverse repurchase agreements (described below) because they involve the sale of a security coupled with an agreement to repurchase. Like borrowings, a dollar roll involves costs to the Fund. For example, while the Fund receives a fee as consideration for agreeing to repurchase the security, it forgoes the right to receive all principal and interest payments while the counterparty holds the security. These payments to the counterparty may exceed the fee received by the Fund, thereby effectively charging the Fund interest on its borrowing. Further, although the Fund can estimate the amount of expected principal prepayment over the term of the dollar roll, a variation in the actual amount of prepayment could increase or decrease the cost of the Fund's entry into the dollar roll.

*Primary Risks.* Dollar rolls involve potential risks of loss that are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, the Fund's right to purchase from the counterparty might be restricted. Additionally, the value of such securities may change adversely before the Fund is able to repurchase them. Similarly, the Fund may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since the counterparty is not required to deliver an identical security to the Fund, the security that the Fund is required to buy under the dollar roll may be worth less than the security initially sold or have less desirable attributes. Finally, there can be no assurance that the Fund's use of cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

**Repurchase and Reverse Repurchase Agreements.** In a repurchase agreement, the Fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the Fund may enter into repurchase agreements with one counterparty, but face another counterparty at settlement. Repurchase agreements may be characterized as loans secured by the underlying securities. Such transactions afford an opportunity for the Fund to earn a return on available cash at minimal market risk, although the Fund may be subject to various delays and risks of loss if the counterparty becomes subject to a proceeding under the US Bankruptcy Code or is otherwise unable to meet its obligation to repurchase the securities. In transactions that are considered to be "collateralized fully," the securities underlying a repurchase agreement will be marked to market every business day so that the value of such securities is at least equal to the repurchase price thereof, including accrued interest. Certain transactions are not considered to be collateralized fully either because the value of the securities received from the counterparty is less than the repurchase price thereof or the Fund elects to use the securities received for another purpose and therefore does not maintain a perfected security interest in the securities.

In a reverse repurchase agreement, the Fund sells US Government securities and simultaneously agrees to repurchase them at an agreed-upon price and date. The difference between the amount the Fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Reverse repurchase agreements create leverage, a speculative factor, but will not be considered borrowings for the purposes of limitations on borrowings.

In addition, repurchase and reverse repurchase agreements may also involve the securities of certain foreign governments in which there is an active repurchase market. TAS and the money managers expect that such repurchase and reverse repurchase agreements will primarily involve government securities of countries belonging to the Organization for Economic Cooperation and Development ("OECD"). Transactions in foreign repurchase and reverse repurchase agreements may involve additional risk.

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*Primary Risks.* If the counterparty defaults on its obligation to repurchase the underlying securities at a time when the value of these securities has declined, the Fund may incur a loss upon their disposition. In addition, although the Bankruptcy Code provides protection for most repurchase agreements (generally, those that are collateralized fully), in the event that the other party to a repurchase agreement becomes bankrupt, the Fund may experience delay or be prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert this right. In addition, to the extent that the value of the securities received from the counterparty on a repurchase transaction is less than the repurchase price, the Fund may suffer a loss of that amount in the event of the bankruptcy of the counterparty. Finally, it is possible that the Fund may not be able to substantiate its interest in the underlying securities.

**Equity Securities.** Equities are ownership interests possessed by shareholders in a corporation or other business enterprise, commonly referred to as "stocks."

*General Risks of Equity Securities.* There is a risk that common stock prices will decline over short or extended periods. Both the US and foreign stock markets tend to be cyclical with periods when stock prices generally rise and periods when prices generally decline.

*Trade Policy.* The U.S. government has indicated its intent to alter its approach to international trade policy and, in some cases, to renegotiate or potentially terminate certain existing bilateral or multilateral trade agreements and treaties with foreign countries and has made proposals and taken actions related thereto. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have threatened or instituted retaliatory tariffs on certain U.S. goods and products and may imposed additional tariffs and restrictions on U.S. good and products in the future.

Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which the Fund invests and other adverse impacts on the Fund's overall performance.

*Warrants.* Warrants are instruments that give the holder the right to purchase the issuer's securities at a stated price during a stated term.

*Primary Risks.* Warrants involve a risk of loss of the warrant purchase price if the market price of the securities subject to the warrants does not exceed the price paid for the warrants plus the exercise price of the warrants.

*Foreign Equities.* Foreign equities include shares denominated in currencies other than the US dollar, including any single currency or multi-currency units, as well as American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"). ADRs typically are issued by a US bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued in Europe, typically by foreign banks and trust companies, which evidence ownership of either foreign or domestic underlying securities. GDRs may be traded in any public or private securities market and may represent securities held by institutions located anywhere in the world.

Foreign financial markets generally have substantially less volume than US markets, and securities of foreign companies may be less liquid and their prices more volatile than securities of comparable domestic companies. The foreign markets also have different clearance and settlement procedures, and in certain markets settlements have sometimes been unable to keep pace with the volume of transactions, making it difficult to conclude such transactions.

Under certain adverse conditions, MAF may restrict the financial markets or currencies in which its assets are invested, and it may invest its assets solely in one financial market or in obligations denominated in one currency.

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*Primary Risks of Foreign Equities Generally.* Like domestic stocks, foreign equities entail stock market risk. In addition, in certain foreign countries there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect an investment. There may be less publicly available information regarding operations and financial results, and foreign entities may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to those of US entities. The Fund could encounter difficulties in obtaining or enforcing a judgment against the issuer in certain foreign countries. In addition, certain foreign investments may be subject to foreign withholding or other taxes, although the Fund will seek to minimize such withholding taxes whenever practical.

*Risks Associated with Currency Exchange Rate Changes.* Changes in foreign currency exchange rates may affect the value of MAF's investments. While MAF may hedge its assets against foreign currency risk, there can be no assurance that currency values will change as predicted, and the Fund may suffer losses as a result of such hedging.

*China-Taiwan Risk.* The Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to the deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

*Emerging Markets Equities.* Emerging markets countries (examples of emerging market countries include, but are not limited to, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates) are generally considered to include all markets except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. A company may be deemed to be in an emerging market country if (1) it is organized or has a principal office in an emerging market country, (2) its stock is traded on an exchange in an emerging market country, (3) most of its assets are in emerging markets, or (4) most of its revenues are from emerging markets countries.

*Primary Risks of Emerging Markets Equities.* In addition to the risks of foreign equities as set forth above, stock prices in emerging markets can be significantly more volatile than in developed nations, reflecting the greater uncertainties of investing in less established economies, in that the countries may:

1. have relatively unstable governments, raising the risk of sudden adverse government action and even nationalization of businesses,

2. place restrictions on foreign ownership or prohibitions on repatriation of assets, or

3. provide relatively less protection of property rights.

In addition, their economies:

1. may be based predominantly on one or a few industries,

2. may be highly vulnerable to changes in local or global trade conditions, and

3. may suffer from extreme and volatile debt burdens or inflation rates.

Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. Settlement and dividend collection procedures may be less reliable. These securities may have limited marketability and may be subject to more abrupt or erratic price movements.

**Foreign Investing Generally.** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or country, the Fund will have more exposure to economic risks related to such region or country than a fund whose investments are more geographically diversified. Adverse conditions or changes in policies in a certain region or country can affect securities of other countries whose economies appear to be

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unrelated but are otherwise connected. In the event of economic or political turmoil, a deterioration of diplomatic relations or a natural or man-made disaster in a region or country where a substantial portion of the Fund's assets are invested, the Fund may have difficulty meeting a large number of shareholder redemption requests.

On January 31, 2020, the United Kingdom (UK) left the European Union (EU) ("Brexit"). The UK and the EU have reached an agreement that governs the relationship between the UK and the EU following the UK's departure from the EU in areas such as trade in goods and in certain services. Brexit may have adverse effects on asset valuations and renegotiation of current trade agreements, as well as an increase in financial regulation of EU banks. Any market disruption in the EU and globally as a result of Brexit may have a negative effect on the value of the Fund's investments. Additionally, the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU. The negative impact of the UK's departure on, not only the UK and the European economies, but the broader global economy, could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that significantly rely on Europe for their business activities and revenues.

Other economic challenges facing Europe include high levels of public debt, significant rates of unemployment, aging populations, mass migrations from the Middle East and Africa and heavy regulation in certain economic sectors. European governments have in the past taken unprecedented steps to respond to the economic crises and to boost growth in the region, which has increased the risk that regulatory uncertainty could negatively affect the Fund's investments. In addition, Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine, and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

**Participation Notes.** MAF may invest a portion of its assets in Participation notes ("P-notes"). P-notes generally are issued by banks or broker-dealers and are promissory notes that are designed to offer a return linked to the performance of a particular underlying equity security or market. The return on a P-note that is linked to a particular underlying security generally is increased to the extent of any dividends paid in connection with the underlying security. However, the holder of a P-note typically does not receive voting rights as it would if it directly owned the underlying security. P-notes constitute direct, general and unsecured contractual obligations of the banks or broker-dealers that issue them, which therefore subjects the Fund to counterparty risk, as discussed below.

*Primary Risks of Participation Notes.* Investments in P-notes involve certain risks in addition to those associated with a direct investment in the underlying foreign companies or foreign securities markets whose return they seek to replicate. For instance, there can be no assurance that there will be a trading market for a P-note or that the trading price of a P-note will equal the underlying value of the foreign company or foreign securities market that it seeks to replicate. As the purchaser of a P-note, the Fund is relying on the creditworthiness of the counterparty issuing the P-note and has no rights under a P-note against the issuer of the underlying security. Therefore, if such counterparty were to become insolvent, the Fund would lose its investment. The risk that the Fund may lose its investment due to the insolvency of a counterparty may be amplified because the Fund intends to purchase P-notes issued by as few as one issuer.

P-notes may also include transaction costs in addition to those applicable to a direct investment in the underlying securities. In addition, for P-notes with respect to Indian securities, the Securities and Exchange Board of India ("SEBI") also prescribes certain conditions and eligibility criteria for the Fund to deal in offshore derivative instruments (including P-notes). Failure by the Fund to meet the prescribed eligibility criteria regulations could adversely impact the ability of the Fund to subscribe to P-notes with respect to Indian securities.

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Due to liquidity and transfer restrictions, the secondary markets on which P-notes are traded may be less liquid than the markets for other securities, or may be completely illiquid, which may lead to the absence of readily available market quotations for securities in the Fund's portfolio and which also may lead to delays in the redemption of shares. In such circumstances, the ability of the Fund to value its securities becomes more difficult and the judgment in the application of fair value procedures may play a greater role in the valuation of the Fund's securities due to reduced availability of reliable objective pricing data. Consequently, while such determinations will be made in good faith, it nevertheless may be more difficult for the Fund to assign accurately a daily value to such securities.

**Debt Securities.** The characteristics and primary risks of the debt securities in which the Fund may invest are described below.

*Primary Risks of Debt Securities Generally.* Debt securities entail interest rate, prepayment, extension, credit, event and liquidity risks.

*Interest Rate Risk.* Interest rate risk is the risk of fluctuations in debt security prices due to changing interest rates. As a rule, debt security prices vary inversely with market interest rates. For a given change in interest rates, longer maturity debt securities fluctuate more in price than shorter maturity debt securities. To compensate investors for these larger fluctuations, longer maturity debt securities usually offer higher yields than shorter maturity debt securities, other factors (including credit quality) being equal. Additionally, some mortgage-backed securities may be structured so that they may be particularly sensitive to interest rates. The portion of MAF normally invested in debt securities has tended to have an intermediate term average weighted maturity.

Interest rate changes can be sudden and unpredictable, and are influenced by a number of factors including government policy, inflation expectations, and supply and demand. In addition, short-term and long-term rates are not necessarily correlated to each other as short-term rates tend to be influenced by government monetary policy while long-term rates are market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand. Also, certain segments of the fixed income markets, such as high quality debt securities, tend to more sensitive to interest rate changes than other segments, such as lower-quality debt securities. Rising interest rates may cause the value of a fund's debt securities investments to fall. A substantial increase in interest rates may also have an adverse impact on the liquidity of a debt security, especially those with longer maturities.

Changes in government monetary policy, including changes in tax policy or changes in a central bank's implementation of specific policy goals, may have a substantial impact on interest rates. There can be no guarantee that any particular government or central bank policy will be continued, discontinued or changed nor that any such policy will have the desired effect on interest rates.

*Prepayment Risk.* Prepayment risk is the possibility that, especially during periods of declining interest rates, higher-yielding securities with optional prepayment rights, including collateralized mortgage obligations and other mortgage-backed securities, will be repaid before scheduled maturity, and the Fund will be forced to reinvest the unanticipated payments at lower interest rates. Debt obligations that can be prepaid (including most mortgage-backed securities) will not rise as much in market value as other debt securities when interest rates fall. In addition, to the extent that mortgage-backed securities are purchased at a premium, mortgage foreclosures and unscheduled principal payments may result in some loss of the holder's principal investment to the extent of the premium paid. On the other hand, if the mortgage-backed securities are purchased at a discount, both a scheduled payment of principal and an unscheduled payment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will be taxable as ordinary income. The impact of prepayments on the price of a security may be difficult to predict and may increase the volatility of the price.

*Extension Risk.* Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation (such as a mortgage-backed or other asset-backed security) longer than expected. If interest rates rise, prepayments may occur at slower rates than expected, which could have the effect of lengthening the expected maturity of a short- or medium-term security, which could, in turn, cause the security's value to fluctuate more widely in response to changes in interest rates than a security with a shorter expected maturity. Fluctuations in the

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value of such securities could also cause the value of the Fund's shares to fluctuate. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from an inability to invest in higher yielding securities.

*Credit Risk.* Credit risk is the risk that an issuer or guarantor of a debt security or the counterparty to an agreement with the Fund fails or is unable to meet its obligations under the security or derivative instrument. Multiple parties may have obligations under a debt security or other instrument with the Fund. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations. The credit risk associated with a debt security could increase to the extent that the Fund's ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market's perception of the creditworthiness of the issuer.

The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk than they actually do by the market, the manager or the rating agencies. Credit risk is generally greater where less information is publicly available, where fewer covenants safeguard the investors' interests, where collateral may be impaired or inadequate, where little legal redress or regulatory protection is available, or where a party's ability to meet obligations is speculative. Additionally, any inaccuracy in the information used by the Fund to evaluate credit risk may affect the value of securities held by the Fund. Obligations under debt securities held by the Fund may never be satisfied or, if satisfied, only satisfied in part.

Some securities are subject to risks as a result of a credit downgrade or default by a government, or its agencies or, instrumentalities. Credit risk is a greater concern for high-yield debt securities and debt securities of issuers whose ability to pay interest and principal may be considered speculative. Debt securities are typically classified as investment grade-quality (medium to highest credit quality) or below investment grade-quality (commonly referred to as high-yield or junk bonds). Many individual debt securities are rated by a third party source, such as Moody's or S&P, to help describe the creditworthiness of the issuer.

*Event Risk.* Event risk is the risk that corporate debt securities may suffer a substantial decline in credit quality and market value due to a corporate restructuring. Corporate restructurings, such as mergers, leveraged buyouts, takeovers, or similar events, are often financed by a significant increase in corporate debt. As a result of the added debt burden, the credit quality and market value of a firm's existing debt securities may decline significantly. While event risk may be high for certain securities held by MAF, event risk for MAF in the aggregate is low because of the number of issues held by MAF.

*Liquidity Risk*. Liquidity risk exists when particular investments are or become difficult to purchase or sell at the price at which the Fund has valued the investment, whether because of current market conditions, the financial condition of the issuer, or the specific type of investment. If the market for a particular investment becomes illiquid (for example, due to changes in the issuer's financial condition), the Fund may be unable to sell such investment at an advantageous time or price due to the difficulty in selling such investments. Additionally, the market for certain debt securities may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. An increase in interest rates due to the potential tapering of the Federal Reserve Board's quantitative easing program and other similar central bank actions, coupled with a reduction in dealer market-making capacity, may decrease liquidity and increase volatility in the fixed income markets.

Liquidity risk generally increases (meaning that securities become more illiquid) as the number, or relative need, of investors seeking to liquidate in a given market increases; for example, when an asset class or classes fall out of favor and shareholders sell their holdings in such classes, either directly or indirectly through investment funds, such as mutual funds.

The Fund may also need to sell some of its more liquid securities when it otherwise would not do so in order to meet redemption requests, even if such sale of the liquid holdings would be disadvantageous from an investment standpoint. Reduced liquidity may also have an adverse impact on an investment's market value and the sale of

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such investments often results in higher brokerage charges or dealer discounts and other selling expenses. Reduced liquidity in the secondary market for certain investments will also make it more difficult for the Fund to obtain market quotations based on actual trades for purposes of valuing the Fund's portfolio and thus pricing may be prone to error when market quotations are volatile, infrequent and/or subject to large spreads between bid and ask prices.

To the extent that the Fund's principal investment strategies involve foreign (non-US) securities or securities with a thin trading market, the Fund will tend to have greater exposure to liquidity risk.

*Bank Obligations.* The Fund may invest in obligations of domestic and foreign banks, including time deposits, certificates of deposit, bankers' acceptances, bank notes, deposit notes, Eurodollar time deposits, Eurodollar certificates of deposit, variable rate notes, loan participations, variable amount master demand notes, and custodial receipts.

1. Time deposits are non-negotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate.

2. Certificates of deposit are negotiable short-term obligations issued by commercial banks or savings and loan associations against funds deposited in the issuing institution.

3. Variable rate certificates of deposit are certificates of deposit on which the interest rate is adjusted periodically prior to the stated maturity based upon a specified market rate.

4. A bankers' acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction (to finance the import, export, transfer, or storage of goods).

General economic conditions play an important part in the operations of the banking industry, and exposure to credit losses arising from possible financial difficulties of borrowers might affect a bank's ability to meet its obligations. Time deposits that may be held by the Fund may not benefit from insurance from the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation.

*Foreign Bank Obligations.* Obligations of foreign banks involve somewhat different investment risks than obligations of US banks. Their liquidity could be impaired because of future political and economic developments; they may be less marketable than comparable obligations of US banks; a foreign jurisdiction might impose withholding taxes on interest income payable on these obligations; foreign deposits may be seized or nationalized; foreign governmental restrictions such as exchange controls may be adopted that might adversely affect the payment of principal and interest on those obligations; the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks; or the accounting, auditing, and financial reporting standards, practices, and requirements applicable to foreign banks may differ from those applicable to US banks. Foreign banks generally are not subject to examination by any US Government agency or instrumentality. Also, commercial banks located in some foreign countries combine commercial banking and diversified securities activities, thus increasing the risks of their operations.

*Corporate Debt Securities.* Corporate debt securities of domestic and foreign issuers include corporate bonds, debentures, notes, commercial paper, medium-term notes, variable rate notes, and other similar corporate debt instruments. Securities that are rated at least "BBB" by S&P or "Baa" by Moody's, or are unrated but of similar quality, are generally described as investment-grade obligations.

*Index Notes, Currency Exchange-Related Securities and Similar Securities.* MAF may purchase notes whose principal amount and interest payments may vary in response to the change (if any) in specified exchange rates, commodities prices, or stock index levels. Currency-indexed obligations are securities whose purchase price and interest and principal payments are denominated in a foreign currency. The amount of principal payable by the issuer at maturity varies according to the change (if any) in the exchange rate between two specified currencies during the period from the instrument's issuance date to its maturity date. MAF may hedge the currency in which the obligation is denominated (or effect cross-hedges against other currencies) against a decline in the US dollar value of the investment. MAF may also purchase principal exchange rate-linked securities and performance-indexed commercial paper.

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*Commodity-Linked Notes.* MAF may invest in commodity-linked notes, which are debt instruments that have characteristics of a debt security and of a commodity-linked derivative. Commodity-linked notes generally have principal payments that are linked to the value of commodities or a commodities index, and coupon payments linked to a market-based interest rate. Because the values of commodity-linked notes rise or fall in response to changes in the underlying commodities or commodities index, commodity-linked notes generally expose the Fund economically to movements in commodity prices.

Commodity-linked notes are subject to various risks, such as counterparty risk, credit risk, market risk and interest rate risk. In addition, commodity-linked notes may be leveraged, increasing the volatility of each note's market value relative to changes in the underlying commodities or commodities index. At the maturity of the commodity-linked note, the Fund may receive more or less principal than it originally invested. In addition, a liquid secondary market may not exist for the commodity-linked notes in which the Fund invests, which may make it difficult for the Fund to sell the notes at an acceptable price or to accurately value the notes. The values of the commodity-linked notes the Fund buys may be affected by the performance of commodities and commodities indices, as well as weather and natural disasters, tax, and other regulatory or political developments, overall market movements and other factors affecting the value of particular industries or commodities, such as disease, embargoes, acts of war or terrorism.

*Leveraging Risk.* The Fund and the acquired funds in which the Fund invests are permitted to engage in certain transactions that may give rise to a form of leverage. Such transactions may include, among others, loans of portfolio securities, and the use of when-issued, delayed delivery, or forward commitment transactions. Leverage, including borrowing, may cause the Fund to be more volatile than if the Fund had not been leveraged. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's securities. The use of certain derivatives may also create leveraging risk.

*Other Foreign Currency Exchange-Related Securities.* Securities may be denominated in the currency of one nation although issued by a governmental entity, corporation, or financial institution of another nation. For example, the Fund may invest in a British pound-denominated obligation issued by a US corporation.

*Primary Risks.* Such investments involve credit risks associated with the issuer and currency risks associated with the currency in which the obligation is denominated. The Fund's decision to invest in any foreign currency exchange-related securities is based on the same general criteria applicable to debt securities, including the Fund's minimum ratings and investment quality criteria, with the additional element of foreign currency exchange rate exposure added to TAS's or the money manager's analysis of interest rates, issuer risk and other factors.

*Foreign Government and International and Supranational Agency Debt Securities.* Obligations of foreign governmental entities include those issued or guaranteed by foreign governmental entities with taxing powers and those issued or guaranteed by international or supranational entities. These obligations may or may not be supported by the full faith and credit of a foreign government or several foreign governments. Examples of international and supranational entities include, but are not limited to, the International Bank for Reconstruction and Development ("World Bank"), the European Steel and Coal Community, the Asian Development Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank. The governmental shareholders usually make initial capital contributions to the supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings.

Foreign government and sovereign debt securities are subject to risks in addition to those relating to debt securities generally. Governmental issuers of foreign debt securities may be unwilling to pay interest and repay principal, or otherwise meet obligations, when due and may require that the conditions for payment be renegotiated. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-US reserves, the availability of sufficient non-US exchange on the date a payment is due, the relative size of the debt service burden to the issuing country's economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which the sovereign debtor may be subject. Governmental debtors also will be dependent on expected disbursements from foreign governments or multinational agencies and the country's access to, or balance of, trade. Some governmental debtors have in the past been able to reschedule or restructure their debt

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payments without the approval of debt holders or declare moratoria on payments, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which the Fund may collect in whole or in part on debt subject to default by a government.

*Loan Participations.* A loan participation is an interest in a loan to a US corporation (the "corporate borrower") which is administered and sold by an intermediary bank. The borrower in the underlying loan will be deemed to be the issuer of the participation interest except to the extent the Fund derives its rights from the intermediary bank which sold the loan participation. Such loans must be to issuers in whose obligations the Fund may invest.

*Primary Risks.* Because the bank issuing a loan participation does not guarantee the participation in any way, the participation is subject to the credit risks associated with the underlying corporate borrower. In addition, it may be necessary, under the terms of the loan participation, for the Fund to assert its rights against the underlying corporate borrower through the issuing bank, in the event that the underlying corporate borrower should fail to pay principal and interest when due. Thus, the Fund could be subject to delays, expenses and risks which are greater than those which would have been involved if the Fund had purchased a direct obligation of the borrower. Moreover, under the terms of the loan participation, the Fund may be regarded as a creditor of the issuing bank (rather than of the underlying corporate borrower), so that the Fund also may be subject to the risk that the issuing bank may become insolvent. Further, in the event of the bankruptcy or insolvency of the corporate borrower, the loan participation might be subject to certain defenses that can be asserted by a borrower as a result of improper conduct by the issuing bank. The secondary market, if any, for these loan participation interests is limited, and any such participation purchased by the Fund will be treated as illiquid unless a liquid market exists for such participations. Loan participations will be valued at their fair market value as determined by procedures approved by the TAS Valuation Committee.

*Lower-Rated Debt Securities.* The Fund may own debt securities of all grades, including both rated and unrated securities, provided however that not more than 20% of MAF may be invested in debt securities that are rated below investment grade or, if unrated, determined to be of comparable quality. TAS or the money managers of MAF will be obligated to liquidate, in a prudent and orderly manner, debt securities whose ratings fall below investment grade if the result of such downgrades is that these limitations are exceeded. "Investment grade" means a rating of:

1. for securities, "BBB" or better by S&P, "Baa" or better by Moody's, or "BBB" or better by Fitch,

2. for bank obligations, "B" or better by Thomson Bankwatch,

3. for commercial paper, "A-1" or better by S&P or "Prime-1" or better by Moody's,

4. for foreign bank obligations, similar ratings by IBCA Ltd., or

5. if unrated, determined by the money manager or TAS, as the case may be, to be of comparable quality.

See Appendix A for a description of security ratings.

*Primary Risks.* Below investment grade securities carry a high degree of risk (including the possibility of default or bankruptcy of the issuers of such securities), generally involve greater volatility of price and risk of principal and income, may be less liquid than securities in the higher rating categories, and are considered speculative. The lower the ratings of such debt securities, the greater their risks render them like equity securities. The market value of lower-rated debt securities tends to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Lower-rated debt securities also tend to be more sensitive to general economic conditions than are higher-rated debt securities.

Economic downturns have disrupted in the past, and could disrupt in the future, the high yield market and have impaired the ability of issuers to repay principal and interest. Also, an increase in interest rates would have a greater adverse impact on the value of such obligations than on comparable higher quality debt securities. During an economic downturn or a period of rising interest rates, below investment grade issues may experience financial stress that would adversely affect their issuer's ability to service their principal and interest payment obligations. Prices and yields of high yield securities will fluctuate over time, and during periods of economic

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uncertainty the volatility of high yield securities may adversely affect their market value. In addition, investments in high yield zero coupon or pay-in-kind bonds, rather than income-bearing high yield securities, may be more speculative and may be subject to greater fluctuations in value due to changes in interest rates.

The trading market for high yield securities may be thin to the extent that there is no established retail secondary market or because of a decline in the value of such securities. A thin trading market may limit the ability of the fund to accurately value high yield securities in its portfolio and to dispose of those securities. Adverse publicity and investor perceptions may decrease the values and liquidity of high yield securities. These securities also may involve special registration responsibilities, liabilities and costs. Prices for below investment grade securities may also be affected by legislative and regulatory developments.

*Mortgage-Backed Securities.* Mortgage-backed securities are securities which represent ownership interests in, or are debt obligations secured entirely or primarily by, "pools" of residential or commercial mortgage loans (the "underlying assets"). The two most common forms are:

1. Mortgage pass-throughs, which represent ownership interests in the underlying assets. Principal repayments and interest on the underlying assets are distributed monthly to holders.

2. Collateralized mortgage obligations (CMOs), which represent debt obligations secured by the underlying assets.

Certain mortgage-backed securities represent an undivided fractional interest in the entirety of the underlying assets (or in a substantial portion of the underlying assets, with additional interests junior to that of the mortgage-backed security) and thus have payment terms that closely resemble the payment terms of the underlying assets.

In addition, many mortgage-backed securities are issued in multiple classes. Each class, often referred to as a "tranche," is issued at a specific fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the underlying assets may cause the securities to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrues on all or most classes on a periodic basis, typically monthly or quarterly. The principal of and interest on the underlying assets may be allocated among the several classes in many different ways. In a relatively common structure, payments of principal (including prepayments) on the underlying assets are applied to the classes in the order of their respective stated maturities so that no payment of principal will be made on any class until all other classes having an earlier stated maturity have been paid in full.

Mortgage-backed securities are typically backed by a pool of underlying assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two categories: (1) liquidity protection and (2) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, usually by the entity administering the underlying assets, to ensure that the receipt of payments on the underlying assets occurs in a timely fashion. Protection against losses resulting from ultimate default ensures ultimate payment of obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction, or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Governmental, government-related, and private entities may create new types of mortgage-backed securities offering asset pass-through and asset-collateralized investments in addition to those described above. As such new types of mortgage-related securities are developed and offered to shareholders, the Fund will, consistent with its investment objectives, policies and quality standards, consider whether such investments are appropriate.

The duration of a mortgage-backed security, for purposes of the Fund's average duration restrictions, if any, is computed based upon the expected average life of that security.

*Primary Risks.* Prepayments on mortgage-backed securities usually increase with falling interest rates and decrease with rising interest rates; furthermore, prepayment rates are influenced by a variety of economic and

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social factors. In general, the collateral supporting non-mortgage asset-backed securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments. In addition, the obligors of the underlying assets may default on their payments, creating delays or loss of principal.

*IOs and POs.* Some mortgage securities referred to as stripped mortgage securities are divided into classes which receive different proportions of the principal and interest payments or, in some cases, only payments of principal or interest (but not both). Other mortgage securities referred to as net interest margin (NIM) securities give the investor the right to receive any excess interest earned on a pool of mortgage loans remaining after all classes and service providers have been paid in full.

Stripped mortgage securities may be issued by government or private entities. Stripped mortgage securities issued or guaranteed by agencies or instrumentalities of the US government are typically more liquid than privately issued stripped mortgage-backed securities.

Stripped mortgage securities are usually structured with two classes, each receiving different proportions of the interest and principal distributions on a pool of mortgage assets. In most cases, one class receives all of the interest (the interest-only or "IO" class), while the other class receives all of the principal (the principal-only or "PO" class).

The return on an IO class is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on any IO class held by the Fund. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment fully, even if the securities are rated in the highest rating categories, AAA or Aaa, by S&P or Moody's, respectively.

NIM securities represent a right to receive any "excess" interest computed after paying coupon costs, servicing costs and fees and any credit losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage securities, the return on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.

Stripped mortgage securities and NIM securities tend to exhibit greater market volatility in response to changes in interest rates than other types of mortgage securities and are purchased and sold by institutional investors, such as the Fund, through investment banking firms acting as brokers or dealers. Some of these securities may be deemed "illiquid" and therefore subject to the Fund's limitation on investment in illiquid securities and the risks associated with illiquidity.

*Credit Risk Transfer Securities.* Another type of mortgage security are those issued by agencies or instrumentalities of the US Government, such as Fannie Mae and Freddie Mac, but without any government guaranty, including "credit risk transfer securities." Credit risk transfer securities are fixed- or floating-rate unsecured general obligation mortgage securities issued from time to time by Freddie Mac, Fannie Mae or other government sponsored entities (each, a "GSE"). Typically, such securities are issued at par and have stated final maturities. The credit risk transfer securities are structured so that: (i) interest is paid directly by the issuing GSE; and (ii) principal is paid by the issuing GSE in accordance with the principal payments and default performance of a certain pool of residential mortgage loans acquired by the GSE. The issuing GSE selects the pool of mortgage loans based on that GSE's eligibility criteria. The performance of the credit risk transfer securities will be directly affected by the selection of the underlying mortgage loans by the GSE. Credit risk transfer securities are issued in tranches to which are allocated certain principal repayments and credit losses corresponding to the seniority of the particular tranche. Each tranche will have credit exposure to the underlying mortgage loans and the yield to maturity will be directly related to the amount and timing of certain defined credit events on the underlying mortgage loans, any prepayments by borrowers and any removals of a mortgage loan from the pool.

Credit risk transfer securities are unguaranteed and unsecured debt securities issued by the GSE and therefore are not directly linked to or backed by the underlying mortgage loans. Thus, although the payment of principal and interest on such securities is tied to the performance of the pool of underlying mortgage loans, the holders of the

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credit risk transfer securities will have no interest in the underlying mortgage loans. As a result, in the event that a GSE fails to pay principal or interest on its credit risk transfer securities or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfer securities have no direct recourse to the underlying mortgage loans. Such holders will receive recovery on par with other unsecured note holders (agency debentures) in such a scenario.

The Fund may also invest in credit risk transfer securities that are issued by private entities, such as banks or other financial institutions. Credit risk transfer securities issued by private entities are structured similarly to those issued by a GSE and are generally subject to the same types of risks, including credit (risk of non-payment of principal and interest when due), prepayment, extension, interest rate and market risks.

The risks associated with an investment in credit risk transfer securities will be different than the risks associated with an investment in mortgage-backed securities issued by Fannie Mae and Freddie Mac, or other GSEs or issued by a private issuer because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors, such as the Fund. As a result, investors in these securities could lose some or all of their investment in these securities if the underlying mortgage loans default.

*Non-Mortgage Asset-Backed Securities.* Non-mortgage asset-backed securities are debt securities which represent ownership interests in various forms of consumer credit receivables.

*Primary Risks.* Non-mortgage asset-backed securities involve certain risks not present in mortgage-backed securities. Most importantly, these securities may not have the benefit of a security interest in underlying assets. Credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical debt issue, and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. Therefore, there is a possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities.

*Municipal Debt Securities.* Municipal debt securities may include such instruments as tax anticipation notes, revenue anticipation notes, and bond anticipation notes. Municipal notes are issued by state and local governments and public authorities as interim financing in anticipation of tax collections, revenue receipts, or bond sales. The Fund may invest in municipal debt securities.

*Securities Denominated in Multi-National Currency Units or More than One Currency.* Multi-national currency unit securities are tied to currencies of more than one nation, including securities denominated in the currency of one nation but issued by a governmental entity, corporation, or financial institution of another nation.

*US Treasury and US Government Agency Securities.* US Government securities include instruments issued by the US Treasury, including bills, notes, and bonds. These instruments are direct obligations of the US Government and, as such, are backed by the full faith and credit of the United States. They differ primarily in their interest rates, maturities, and issuance dates. Other US Government securities include securities issued by instrumentalities of the US Government, such as Ginnie Mae, which are also backed by the full faith and credit of the United States. US Government agency securities are instruments issued by instrumentalities established or sponsored by the US Government, such as Fannie Mae and Freddie Mac. While these securities are issued, in general, under the authority of an act of Congress, the US Government is not obligated to provide financial support to the issuing instrumentalities. Any downgrade of the credit rating of the securities issued by the US government may result in a downgrade of securities issued by its agencies or instrumentalities, including government-sponsored entities.

On September 6, 2008, the Federal Housing Finance Agency ("FHFA") placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer or director of Fannie Mae and Freddie Mac. FHFA selected a new

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chief executive officer and chairman of the board of directors for each of Fannie Mae and Freddie Mac. Also, the US Treasury entered into a Senior Preferred Stock Purchase Agreement (SPA) imposing various covenants that severely limit each enterprise's operations.

Fannie Mae and Freddie Mac continue to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations associated with its mortgage-backed securities. The FHFA has the power to repudiate any contract entered into by Fannie Mae and Freddie Mac prior to FHFA's appointment as conservator or receiver, including the guaranty obligations of Fannie Mae and Freddie Mac. Accordingly, securities issued by Fannie Mae and Freddie Mac will involve a risk of non-payment of principal and interest.

The future status and role of Fannie Mae and Freddie Mac could be impacted by (among other things) the actions taken and restrictions placed on Fannie Mae and Freddie Mac by the FHFA in its role as conservator, the restrictions placed on Fannie Mae's and Freddie Mac's operations and activities under the SPAs, market responses to developments at Fannie Mae and Freddie Mac, downgrades or upgrades in the credit ratings assigned to Fannie Mae and Freddie Mac by nationally recognized statistical rating organizations or ratings services, and future legislative and regulatory action that alters the operations, ownership, structure and/or mission of these institutions, each of which may, in turn, impact the value of, and cash flows on, any securities guaranteed by Fannie Mae and Freddie Mac.

In addition, the future of Fannie Mae and Freddie Mac, and other U.S. government-sponsored enterprises that are not backed by the full faith and credit of the U.S. government, remains in question as the U.S. government continues to consider options ranging from structural reform, nationalization, privatization, or consolidation, to outright elimination. The issues that have led to significant U.S. government support for Fannie Mae and Freddie Mac have sparked serious debate regarding the continued role of the U.S. government in providing mortgage loan liquidity.

*Variable Amount Master Demand Notes.* Variable amount master demand notes permit the investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement between a fund (as lender) and the borrower. These notes are not transferable, nor are they rated ordinarily by either Moody's or S&P's.

*Zero Coupon Securities and Custodial Receipts.* In addition to securities issued directly by the US Treasury, zero coupon securities include US Treasury bonds or notes whose unmatured interest coupons and receipts for their principal have been separated by their holder, typically a custodian bank or investment brokerage firm. Once "stripped" or separated, the principal and coupons are sold separately. The principal, or "corpus," is sold at a deep discount because the buyer receives only the right to receive a future fixed payment and does not receive any rights to periodic interest payments. The coupons may be sold separately or grouped with other coupons with like maturity dates and sold in a bundled form. Purchasers of stripped obligations acquire, in effect, discount obligations that are economically identical to the zero coupon securities that the Treasury sells itself.

A number of securities firms and banks have stripped the interest coupons and receipts and then resold them in custodial receipt programs with a number of different names. The underlying US Treasury bonds and notes themselves are held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (i.e., unregistered securities which are owned ostensibly by the bearer or holder thereof), in trust on behalf of the owners thereof. Counsels to the underwriters have issued the opinion that, for federal tax and securities law purposes, purchasers of such certificates will most likely be deemed the beneficial holders of the underlying US Treasury securities.

The US Treasury has facilitated transfer of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and corpus payments on Treasury securities through the Federal Reserve book-entry recordkeeping system. The Federal Reserve program as established by the Treasury Department is known as Separate Trading of Registered Interest and Principal of Securities ("STRIPS"). Under the STRIPS program, a purchaser's beneficial ownership of zero coupon securities is recorded directly in the book-entry recordkeeping system in lieu of holding certificates or other evidences of ownership of the underlying US Treasury securities.

*Primary Risks.* Zero coupon securities tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon

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securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities with similar maturities.

*Inflation-Linked Securities.* Inflation-linked bonds, such as the US Treasury Department's Treasury Inflation Protected Securities ("TIPS"), are linked to the inflation rate in the market of issuance. TIPS were first issued in 1997 and have been issued with maturities of 5, 10, and 30 years. The principal amount (payable at maturity) adjusts upward or downward every six months according to changes in the Consumer Price Index for Urban Consumers. The semi-annual interest payments are calculated as a fixed percentage of the inflation-adjusted principal amount. In addition to the US, other countries such as Australia, Canada, New Zealand, Sweden, and the United Kingdom issue inflation-linked bonds with features similar or identical to those of TIPS.

*Primary Risks.* In the event of deflation, the principal value of inflation-linked bonds may be adjusted downward, and as a result the interest payable on these securities (calculated with respect to a smaller principal amount) may be reduced. Repayment of at least the original face amount of principal upon maturity is guaranteed in the case of TIPS, even during a period of deflation, but may not be guaranteed by other issuers. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The current market value of the bonds is not guaranteed and will fluctuate. Like a traditional bond, the value of a TIPS bond will generally fall as interest rates rise. Therefore, the performance of TIPS in a portfolio can be impacted by both changes in interest rates and inflation/deflation.

The TIPS market is smaller than that of US Treasury securities that are not inflation-linked, and as a result TIPS may be less liquid than other US Treasury securities. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that the Fund may be forced to liquidate positions when it would not be advantageous to do so. There is no guarantee that the US Treasury will continue to issue TIPS, which may affect the liquidity and price of outstanding issues. Finally, there can be no assurance that the Consumer Price Index for Urban Consumers will accurately measure the actual rate of inflation in the price of goods and services.

**When-Issued and Forward Commitment Securities.** The Fund may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis in order to hedge against anticipated changes in interest rates and prices. In such transactions, instruments are bought with payment and delivery taking place in the future but no later than 120 days after trade date. No income accrues prior to delivery.

Forward commitments, or delayed deliveries, are deemed to be outside the normal corporate settlement structure.

*Primary Risks.* The value of the security on the delivery date may be less than its purchase price, representing a loss for the Fund. These transactions also involve counterparty risk. If the other party fails to perform or becomes insolvent, any accrued profits may not be available to a fund.

**Derivative Instruments.** The Fund may employ other derivatives strategies, such as futures, options on futures, buying and selling options, swaps (including interest rate, currency, total return, index and credit default swaps) and caps, floors and collars related to such swaps. Derivatives may be used for "hedging," which means that they may be used when the manager seeks to protect the Fund's investments from a decline in value, which could result from changes in interest rates, market prices, currency fluctuations and other market factors. Derivative strategies also may be used when the manager seeks to increase liquidity, implement a tax or cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the Fund's portfolio investments and/or for purposes of total return. However derivatives are used, their successful use is not assured and will, in many cases, depend upon the manager's ability to predict and understand relevant market movements, among other factors.

*Exclusion of Investment Manager from Commodity Pool Operator Definition.* With respect to the Fund, TAS has claimed an exclusion from the definition of CPO under the Commodity Exchange Act ("CEA") and the rules of the CFTC and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, TAS is relying upon a related exclusion from the definition of "commodity trading advisor" ("CTA") under the CEA and the rules of the CFTC.

The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in "commodity interests" (which include commodity futures, commodity options, and swaps, which in turn include non-deliverable foreign currency forwards) as further described below. Because TAS and the Fund

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intend to comply with the terms of the CPO exclusion, the Fund may, in the future, need to adjust its investment strategies to limit its investments in these types of instruments. The Fund is not intended as a vehicle for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved TAS's reliance on these exclusions, or the Fund, its investment strategies or this statement of additional information.

Generally, the exclusion from CPO regulation on which TAS relies requires the Fund to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish the Fund's positions in commodity interests may not exceed 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Fund's commodity interest positions, determined at the time the most recent such position was established, may not exceed the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, the Fund can no longer satisfy these requirements, TAS would withdraw its notice claiming an exclusion from the definition of a CPO, and TAS would be subject to registration and regulation as a CPO with respect to the Fund, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on TAS's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to the Fund, the Fund may incur additional compliance and other expenses.

*Limitations on Use of Derivative Instruments.* Rule 18f-4 under the 1940 Act governs the use of derivatives by registered investment companies. Pursuant to Rule 18f-4, the Fund has established a comprehensive derivatives risk management program, including appointing a derivatives risk manager. The Fund's use of derivatives is limited by certain value-at-risk ("VaR") based leverage limits imposed by Rule 18f-4 and, in that regard, the Fund's derivatives risk manager is responsible for monitoring the Fund's relative VaR to ensure that it does not exceed 200% of the VaR of the Fund's securities portfolio (excluding any derivatives).

*Futures Contracts.* The Fund may enter into contracts for the purchase or sale for future delivery (a "futures contract") of fixed income securities, foreign currencies, or commodities, or based on financial indices including any index of common stocks, US Government securities, foreign government securities, or corporate debt securities. The Fund may enter into futures contracts that are based on debt securities that are backed by the full faith and credit of the US Government, such as long-term US Treasury bonds, Treasury notes, GNMA-modified pass-through mortgage-backed securities, and three-month US Treasury bills. The Fund also may enter into futures contracts based on securities that would be eligible investments for such fund and denominated in currencies other than the US dollar. US futures contracts have been designed by exchanges that have been designated as "contracts markets" by the CFTC and such contracts must be executed through a futures commission merchant or brokerage firm that is a member of the relevant contract market. Futures contracts trade on a number of exchange markets, and through their clearing corporations the exchanges guarantee performance of the contracts as between the clearing members of the exchange.

Futures contracts may be used as both hedging and income-enhancement strategies. As an example of a hedging transaction, a money manager holding a portfolio of equity securities and anticipating a near-term market decline might sell S&P 500 futures to obtain prompt protection pending an orderly portfolio liquidation. If the decline occurs, gains on the futures contract will offset at least in part the loss on the portfolio; if the money manager is wrong and the market rises, the loss on the futures contract will offset gains on the portfolio. The Fund may utilize futures without limitation for both hedging and other purposes.

Although futures contracts by their terms may call for actual delivery or acquisition of the underlying asset, in most cases the contractual obligation is fulfilled before the date of the contract by entering into an offsetting futures contract with delivery in the same month. Such a transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the securities, currency or commodity. Because all transactions in the futures market are made, offset, or fulfilled through a clearinghouse associated with the exchange on which the contracts are traded, the Fund will incur brokerage fees when it purchases or sells futures contracts. In accordance with Rule 17f-6 under the 1940 Act and as required by the rules of the CFTC, the Fund

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maintains its margin accounts with futures commission merchants ("FCMs"). Maintaining the margin account with an FCM, rather than the Fund's custodian bank, may make it more difficult for the Fund to regain possession of the assets in the margin account in the event of the bankruptcy or insolvency of the FCM. The provisions of Rule 17f-6, which are included in the Fund's contract with any FCM, are designed to mitigate this risk.

At the time a futures contract is purchased or sold, the Fund must allocate cash or securities as a deposit payment ("initial margin"). The initial margin on US exchanges is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Under certain circumstances, however, such as periods of high volatility, the Fund may be required by an exchange to increase the level of its initial margin payment. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. An outstanding futures contract is valued daily, and the payment in cash of "variation margin" will be required, a process known as "marking to the market." Each day the Fund will be required to provide (or will be entitled to receive) variation margin in an amount equal to any decline (in the case of a long futures position) or increase (in the case of a short futures position) in the contract's value since the preceding day.

*Primary Risks.* Futures contracts entail special risks. Among other things, the ordinary spreads between values in the cash and futures markets, due to differences in the character of these markets, are subject to distortions related to (1) investors' obligations to meet additional variation margin requirements, (2) decisions to make or take delivery rather than to enter into offsetting transactions, and (3) the difference between margin requirements in the securities markets and margin deposit requirements in the futures market. The possibility of such distortions means that a correct forecast of general market, foreign exchange rate, or interest rate trends still may not result in a successful transaction.

If predictions about the general direction of market movements, foreign exchange rates, or interest rates are incorrect, a fund's overall performance would be poorer than if it had not entered into any such contracts or purchased or written options thereon. For example, if a fund had hedged against the possibility of an increase in interest rates that would adversely affect the price of debt securities held in its portfolio and interest rates decreased instead, the Fund would lose part or all of the benefit of the increased value of its assets that it had hedged because it would have offsetting losses in its futures positions. In addition, particularly in such situations, if the Fund has insufficient cash, it may have to sell assets from its portfolio to meet daily variation margin requirements. Any such sale of assets may or may not be at increased prices reflecting the rising market. Consequently, the Fund may have to sell assets at a time when it may be disadvantageous to do so.

The Fund's ability to establish and close out positions in futures contracts and options on futures contracts depends on the existence of a liquid market. Although the Fund typically will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market, there is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at any future date. If it is not possible to enter into a closing transaction in a contract at a satisfactory price, the Fund would have to make or take delivery under the futures contract or, in the case of a purchased option, exercise the option. In the case of a futures contract that the Fund has sold and is unable to close, the Fund would be required to maintain margin deposits on the futures contract and to make variation margin payments until the contract is closed.

Under certain circumstances, exchanges may establish daily limits in the amount that the price of a futures contract or related option contract may vary up or down from the previous day's settlement price. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. This situation could potentially persist for several consecutive trading days. There is a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

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*Risks of Foreign Currency Futures Contracts.* Buyers and sellers of foreign currency futures contracts are subject to the same risks that apply to futures generally. In addition, there are risks associated with foreign currency futures contracts similar to those associated with forward contracts on foreign currencies including the risk that the manager may not accurately assess currency exchange changes and the risk of imperfect correlation with respect to any positions sought to be hedged. Further, settlement of a foreign currency futures contract must occur within the country issuing the underlying currency. Thus, the Fund must accept or make delivery of the underlying foreign currency in accordance with any US or foreign restrictions or regulations regarding the maintenance of foreign banking arrangements by US residents and may be required to pay any fees, taxes, or charges associated with such delivery that are assessed in the country of the underlying currency.

*Options on Futures Contracts.* The purchase of a put or call option on a futures contract is similar in some respects to the purchase of a put or call on an individual security or currency. Depending on the option's price compared to either the price of the futures contract upon which it is based or the price of the underlying asset, it may or may not be less risky than ownership of the futures contract or the underlying assets. The Fund may purchase options on futures contracts for the same purposes as futures contracts themselves, i.e., as a hedging or income-enhancement strategy.

Writing a call option on a futures contract constitutes a partial hedge against declining prices of the underlying asset, which is deliverable upon exercise of the futures contract. If the futures price at expiration of the option is below the exercise price, the Fund will retain the full amount of the option premium, which provides a partial hedge against any decline in the Fund's portfolio holdings.

Writing a put option on a futures contract constitutes a partial hedge against increasing prices of the underlying asset, which is deliverable upon exercise of the futures contract. If the futures price at expiration of the option is higher than the exercise price, the Fund will retain the full amount of the option premium, which provides a partial hedge against any increase in the price of securities the Fund intends to purchase. If a put or call option the Fund has written is exercised, the Fund will incur a loss that will be reduced by the amount of the premium it receives. Depending on the degree of correlation between changes in the value of its portfolio securities and changes in the value of its futures positions, the Fund's losses from existing options on futures may to some extent be reduced or increased by changes in the value of portfolio securities. This is known as correlation risk.

*Primary Risks.* The Fund's use of options on futures contracts is subject to the risks related to derivative instruments generally. In addition, the amount of risk the Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller were required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk because its potential loss, except to the extent offset by the premium received, is equal to the amount the option is "in-the-money" at the expiration date. A call option is in-the-money if the value of the underlying futures contract exceeds the exercise price of the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract.

Options on foreign currency futures contracts may involve additional liquidity risk. The ability to establish and close positions in such options is subject to the maintenance of a liquid secondary market. Compared to the purchase or sale of foreign currency futures contracts, the purchase of call or put options thereon involves less potential market risk to the Fund because the maximum amount at risk is the premium paid for the option (plus transaction costs). However, there may be circumstances when a position in options on foreign currency futures contracts would result in a loss whereas a position in the underlying futures contract would not, such as when there is no movement in the price of the underlying currency or futures contract.

*Options.* The Fund may purchase and sell (or write) put and call options on foreign currencies and securities. Generally, an option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy a specified security, currency or other instrument (an "underlying instrument") from the writer of the option (in the case of a call option), or to sell an underlying instrument to the writer of the option (in the case of put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect,

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among other things, the relationship of the exercise price to the market price and the volatility of the underlying instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. Put and call options that a fund may purchase or write may be traded on a national securities exchange and in the over-the-counter ("OTC") market.

Options traded on national securities exchanges are within the jurisdiction of the SEC, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund's orders regarding closing out open options positions.

*Purchasing call and put options.* As the buyer of a call option, the Fund has a right to buy the underlying instrument (e.g., a security) at the exercise price at any time during the option period (for American style options) or at the expiration date (for European options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire unexercised. For example, the Fund may buy call options on underlying instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase takes place. The Fund also may buy call options on underlying instruments held in its portfolio and on which it has written call options. Unless the price of the underlying investment changes sufficiently, a call option purchased by a fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, the Fund has the right to sell the underlying instrument at the exercise price at any time during the option period (for American style options) or at the expiration date (for European options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire unexercised. The Fund may buy a put option on an underlying instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Fund may also seek to offset a decline in the value of the underlying instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when TAS or the money manager deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. The Fund also may buy put options at a time when it does not own the underlying instrument. By buying put options on an instrument it does not own, the Fund seeks to benefit from a decline in the market price of the underlying instrument.

If a put option that the Fund bought is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying instrument remains equal to or greater than the exercise price during the life of the put option, the Fund would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying instrument must decline sufficiently below the exercise price to cover the premium and transaction costs, unless the put option is terminated in a closing sale transaction at a price that equals such premium and costs.

*Writing call and put options.* The Fund may write options to generate additional income and to seek to hedge its portfolio against market or exchange rate movements. The Fund may write "covered" call options, meaning that the Fund owns the underlying instrument that is subject to the call option.

As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying instrument rise in value. If the value of the underlying instrument rises

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above the exercise price of the call option, the instrument may be "called away," requiring the Fund to sell the underlying instrument at the exercise price. The Fund will realize a gain or loss from the sale of the underlying instrument depending on whether the exercise price is greater or less than the purchase price of the instrument. Any gain will be increased by the amount of the premium received from the sale of the call; any loss will be decreased by the amount of the premium received. If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying instrument decreases, the call option will not be exercised and any hedging benefit of the call option will be limited to the amount of the premium received.

The exercise price of a call option will depend upon the expected price movement of the underlying instrument. The exercise price of a call option may be below (in-the-money), equal to (at-the-money), or above (out-of-the-money) the current value of the underlying instrument at the time the option is written.

As the writer of a put option, the Fund retains the risk of loss should the underlying instrument decline in value below the exercise price. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price. The Fund will incur a loss to the extent that the current market value of the underlying instrument is less than the exercise price of the put option. However, the loss will be offset at least in part by the premium received from the sale of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

As the writer of an option, the Fund may have no control over when the underlying instruments must be sold (in the case of a call option) or purchased (in the case of a put option) by the Fund because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are rarely exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. This amount may, in the case of a call option, be partially or wholly offset by a decline in the market value of the underlying instrument during the option period. If a call option is exercised, the writer experiences a loss from the sale of the underlying instrument at a price below the then current market price. If a put option is exercised, the writer experiences a loss as it must fulfill the obligation to buy the underlying instrument at the exercise price, which will exceed the market value of the underlying instrument at that time.

*Closing out options (exchange-traded options).* If the writer of an exchange traded option wants to terminate its obligation, the writer may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the option writer's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by the Fund. Closing transactions allow the Fund to terminate its positions in written and purchased options. Depending on the market value of those positions, the Fund will experience gains or losses.

Effecting a closing transaction in the case of a written covered call option would allow the Fund to write another call option in the underlying instrument with a different exercise price, expiration date or both. Effecting a closing transaction also allows the cash or proceeds from the sale of any investments subject to the option to be used for other Fund investments. If the Fund wants to sell a particular security from its portfolio on which it has written a call option, it may effect a closing transaction on the call option prior to or at the same time as the sale of the security.

The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). Increases in the market price of a call option will generally reflect increases in the market price of the underlying instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Risks.* The Fund's options investments involve certain risks. The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying securities correlate with price movements in

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the relevant portion of the Fund's portfolio that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If TAS or the money manager is not successful in using options in managing the Fund's investments, the Fund's performance will be worse than if such strategies had not been employed.

There can be no assurance that a liquid secondary market on an exchange or in the OTC market will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit. Also, the Fund could incur transaction costs upon the sale of underlying instruments where a buyer exercises put or call options the Fund sold. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying instrument until the option expires or it delivers the underlying instrument upon exercise. When trading options on foreign exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

*Options on stock indices.* The Fund may buy and sell (write) both call and put options on stock indices in order to seek to hedge against the risk of market or industry-wide stock price fluctuations or to increase income to the Fund. Call and put options on stock indices are similar to options on individual stocks except that, unlike options on securities or other instruments, all settlements are in cash, and gain or loss depends on the price movements in the stock market generally (or in a particular industry or segment of the market related to the index) rather than price movements in an individual security.

For example, when the Fund buys a put option on a stock index, the Fund has the right to receive, upon exercise of the option, an amount of cash if the closing price of the underlying stock index is less than the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option expressed in dollars multiplied by a specified number.

Successful use by the Fund of options on stock indices for hedging purposes will be subject to TAS or the applicable money manager's ability to predict correctly movements in the direction of the securities markets generally or of a particular segment related to the index. This requires different skills and techniques than predicting changes in the price of individual stocks. The Fund's ability to effectively use options on stock indices for hedging purposes also depends on the degree to which price movements in the underlying index or underlying securities correlate with price movements in the relevant portion of the Fund's portfolio. To the extent the securities being hedged do not exactly duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of the securities being hedged will not move in the same amount as the stock index. It is also possible that there may be a negative correlation between the index and the hedged securities that would result in a loss on both the securities and the option.

Positions in stock index options may be closed out only on a liquid secondary market, usually provided by an exchange. There can be no assurance that a liquid secondary market will exist for any particular stock index option at any specific time. Consequently, it may not be possible to close an option position. The inability to close options positions could have an adverse impact on the Fund's performance.

*OTC options.* The Fund may buy and sell (write) both put and call OTC options. Like exchange traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying instrument at a stated exercise price. OTC options, however, differ from exchange traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying instruments and in a wider range of expiration dates and exercise prices than exchange traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. The Fund may suffer a loss if it is not

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able to exercise or sell its position on a timely basis. When the Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Fund originally wrote the option. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying instrument until the option expires or it delivers the underlying instrument upon exercise.

*Swaps.* Generally, swap agreements are contracts between the Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-US currency, or a "basket" of securities representing a particular index. Swaps can also be based on credit and other events.

The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values. With respect to non-equity transactions, the Fund will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the Fund may be obligated to pay.

The Fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

*Comprehensive Swaps Regulation*. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements in swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared Swaps.* In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the OTC derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts.

In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or non-defaulting party, depending upon which of

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them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, the Fund will be required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments (variation margin). Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to the Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults on its obligations to the Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss. Currently, the Fund may or may not be required by the counterparty to provide initial margin in connection with uncleared swaps. However, rules requiring initial margin to be posted by certain market participants for uncleared swaps have been adopted and are being phased in over time. When these rules take effect with respect to the Fund, if the Fund is deemed to have material swap exposure under applicable swap regulations, it will be required to post initial margin in addition to variation margin.

*Cleared Swaps.* Certain standardized swaps are subject to mandatory central clearing. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant and CFTC approval of contracts for central clearing. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. For more information, see *Risks of Cleared Swaps* below.

In a cleared swap, the Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility (SEF) may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past. When the Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, and are typically calculated as amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount may also be required to be paid by the Fund or may be received by the Fund in accordance with margin controls set for such accounts. If the value of the Fund's cleared swap declines, the Fund will be required to make additional "variation margin" payments to the FCM to settle the change in value.

Conversely, if the market value of the Fund's position increases, the FCM will post additional "variation margin" to the Fund's account. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

*Risks.* The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment objective generally depends on the ability of the manager correctly to predict which types of investments are likely to produce greater returns. If the manager, in using swap agreements, is incorrect in its forecasts of market values, interest rates, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would be if it had not used the swap agreements.

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The risk of loss to the Fund for swap transactions on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the net amount that the Fund is entitled to receive should the counterparty fail to perform. If the Fund is obligated to pay the net amount, the Fund's risk of loss is generally that net amount (which, depending on market conditions, could be substantial). If the swap agreement involves the exchange of the entire principal value of an investment, the entire principal value of that investment is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations. In addition, the Fund's risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

The Fund may structure the terms of an uncleared swap with the counterparty or a third party so that the Fund will be entitled to sell, put, or otherwise terminate the swap contract within no more than seven days' notice to the counterparty or third party. If the Fund does not negotiate such terms for a particular swap transaction, the transaction may be considered "illiquid," in which case the value of the Fund's positions underlying the transaction (i.e., the amount, if any, that the Fund owes to the swap counterparty, net of the amount that the swap counterparty owes to the Fund), plus any collateral posted by the Fund with respect thereto, will be subject to the Fund's limitations on holding illiquid investments. In addition, if a swap transaction is particularly large or if the relevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. Many swap agreements entail complex terms and are often valued subjectively. However, the swap markets have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become relatively liquid in comparison with markets for other derivative instruments that are traded in the interbank market. In addition, central clearing and the trading of cleared swaps on public facilities are intended to increase liquidity.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of trader identities as intended.

Certain Internal Revenue Service ("IRS") positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about potentially changing regulation, see *Risks of Potential Regulation of Swaps and Other Derivatives* below.

*Risks of Uncleared Swaps*. Uncleared swaps are not traded on an exchange. As a result, the Fund may not be as protected as participants in transactions on organized exchanges. In such cases, the performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, the Fund is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement. The Fund risks the loss of the accrued but unpaid amount under a swap agreement, which could be substantial, in the event of a default, insolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Fund's rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses. TAS or the Fund's money manager will only approve a swap agreement counterparty for the Fund if TAS or the applicable money manager deems the counterparty to be creditworthy.

*Risks of Cleared Swaps.* As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Fund.

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Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to bilateral swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely and may involve additional costs and risks not involved with uncleared swaps. There is also a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position, or the central counterparty, in a swap contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearing houses, and the consequences of insolvency of a clearing house are not clear.

With cleared swaps, the Fund may not be able to obtain terms as favorable as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs generally can require termination of existing cleared swap transactions at any time, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.

Finally, the Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Fund may be required to break the trade and make an early termination payment to the executing broker.

Swaps that are subject to mandatory clearing are also required to be traded on SEFs, if any SEF makes the swap available to trade. A SEF is a trading platform where multiple market participants can execute swap transactions by accepting bids and offers made by multiple other participants on the platform. Transactions executed on a SEF may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past.

*Risks of Potential Regulation of Swaps and Other Derivatives.* The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which the Fund engages in derivative transactions, may limit or prevent the Fund from using or limit the Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect the Fund's ability to achieve its investment objective(s). The advisor will continue to monitor developments in the area, particularly to the extent regulatory changes affect the Fund's ability to enter into desired swap agreements. New requirements, even if not directly applicable to the Fund, may increase the cost of the Fund's investments and cost of doing business.

Depending on their structure, swap agreements may increase or decrease the Fund's exposure to long-or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other exposures such as security prices or inflation rates. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Fund's investments and its share price.

*Equity or Total Return Swaps.* An equity swap or total return swap is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying security taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

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*Credit Default Swaps.* The Fund may be a buyer or seller of credit default swaps. The "buyer" in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a payment by the "seller" that is contingent upon the occurrence of a credit event with respect to an underlying reference debt obligation. The contingent payment by the seller generally is either the par amount of the reference debt obligation in exchange for the physical delivery of the reference debt obligation or a cash payment equal to the decrease in market value of the reference debt obligation following the occurrence of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.

The Fund may buy credit default swaps in order to try to hedge against a decline in the value of its portfolio debt securities due to a credit event. By selling a credit default swap, the Fund will receive periodic payments but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. The Fund may also sell credit default swaps in order to gain exposure that is similar to owning the reference debt obligation. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to the risk that there would be a credit event and the Fund would have to make a substantial payment.

Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration, or default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA's Determinations Committees with respect to particular components of the index.

ISDA's Determination Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non-mandatory on all holders. As a result, the Determination Committee might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred.

For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

*Interest Rate Swaps.* An interest rate swap is an agreement between two parties to exchange interest note payment obligations. Typically, one interest rate is fixed to maturity while the other interest rate changes in accordance with changes in a designated interest rate benchmark (for example, prime rate, commercial paper rate, or other benchmarks). By swapping fixed interest rate payments for floating payments, an interest rate swap can be used to hedge interest rate risk. Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Payments of the notional amount of the swap agreement generally are not exchanged. In addition, interest rate swaps generally do not involve the delivery of

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securities, other underlying assets, or principal amounts. Accordingly, barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.

By swapping fixed interest payments for floating payments, an interest rate swap can be used to increase or decrease the Fund's exposure to various interest rates, including hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved.

*Currency Swaps.* A currency swap is generally an agreement between two parties to exchange one currency for another currency at the start of the contract and then exchange periodic floating or fixed rates during the term of the contract based on the relative value differential between the two currencies. For example, a currency swap may involve the exchange of payments in a foreign currency for payments in US dollars. Unlike other types of swaps, currency swaps typically involve the delivery of the entire principal (notional) amounts of the two designated currencies at the time the swap is entered into. At the end of the swap contract, the parties receive back the principal amounts of the two currencies. In such a situation, the full notional value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. The Fund may also enter into currency swaps on a net basis, which means the two different currency payment streams are converted and netted out to a single cash payment in just one of the currencies.

For example, the Fund may use a currency swap to hedge the interest payments and principal amount of a debt obligation denominated in a foreign currency by entering into a cross currency swap whereby the Fund would make payments in the foreign currency and receive payments in US dollars. Or, the Fund may utilize a currency swap to gain exposure to foreign currencies and foreign interest rates by making payments in US dollars and receiving payments in foreign currency.

*Commodity Swaps.* MAF may enter into commodity swap contracts to gain exposure to commodity markets without owning or taking physical custody of commodities. Commodity swaps may also be used for hedging purposes or to seek to increase total return. The Fund's ability to use commodity swaps may be limited by applicable federal tax rules, including because of the character of the income that may be earned by the Fund. Some commodity swaps may generate income that would not be considered "qualified income" for purposes of the Fund's qualifying as a "regulated investment company" under the Internal Revenue Code of 1986, as amended (the "Code").

#### Other Instruments
*Convertible Securities.* A convertible security is a fixed income security (a bond or preferred stock) which may be converted at a stated price into a certain quantity of the common stock of the same or a different issuer. Through their conversion feature, these securities provide an opportunity to participate in advances in the price of the common stock into which the security may be converted.

*Primary Risks.* A convertible security entails market risk in that its market value depends in part on the price of the underlying common stock. Convertible securities also entail greater credit risk than the issuer's non-convertible senior debt securities to which they are usually subordinated.

*Illiquid and Restricted Securities.* Generally, an "illiquid security" or "illiquid investment" is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

They may include:

1. certain OTC security options;

2. repurchase agreements, time deposits, and dollar roll transactions maturing in more than seven days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. loan participations;

4. securities without readily available market quotations, including interests in private investment funds in which MAF might invest;

5. certain swap transactions; and

6. certain restricted securities.

*Primary Risks.* Due to the absence of an organized market for such securities, the market value of illiquid securities used in calculating fund net asset values for purchases and redemptions can diverge substantially from their true value. Illiquid securities are generally subject to legal or contractual restrictions on resale, and their forced liquidation to meet redemption requests could produce substantial losses. The sale of illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of investments eligible for trading on national securities exchanges or in the over-the-counter (OTC) markets. Illiquid investments often sell at a price lower than similar investments that are not subject to restrictions on resale. If illiquid investments exceed 15% of the Fund's net assets after the time of purchase, the Fund will take steps to reduce its holdings of illiquid investments to or below 15% of its net assets within a reasonable period of time, and will notify the Trust's Board of Trustees and make the required filings with the SEC in accordance with Rule 22e-4 under the 1940 Act. Because illiquid investments may not be readily marketable, the portfolio managers and/or money managers may not be able to dispose of them in a timely manner. As a result, the Fund may be forced to hold illiquid investments while their price depreciates. Depreciation in the price of illiquid investments may cause the net asset value of the Fund to decline.

**Acquired Funds.** The Fund may, subject to limitations, invest a portion of its assets in securities issued by other investment funds ("acquired funds").

*Other Registered Investment Companies.* The Fund may invest in the shares of another registered investment company, including open-end mutual funds, exchange-traded funds ("ETFs"), and closed-end funds, to the maximum amount permitted by law, or any relevant SEC exemptive relief, rule, or interpretation. The Fund will make such purchases only when no commission or profit beyond the customary broker's commission results. **As a shareholder in a registered investment company, the Fund will bear its ratable share of that investment company's expenses, including its advisory and administration fees.** 

Most ETFs are registered investment companies that are traded, like individual stocks, on an exchange. They represent baskets of securities that usually seek to track the performance of certain indices, although certain ETFs may also be actively managed. The indices include broad-market indices as well as more specific indices, including those relating to particular sectors, countries, and regions. The Fund may purchase or sell short ETF shares as an alternative to futures contracts, i.e., to obtain or reduce exposure to all or a portion of a securities market while maintaining flexibility to meet its liquidity needs.

An investment in an ETF is subject to all of the risks of investing in the securities held by the ETF and have the same risks as investing in a closed-end fund, including the price of the Fund's shares quoted on an exchange may not reflect the net asset value of the securities held by the Fund. In addition, because of the ability of large market participants to arbitrage price differences by purchasing or redeeming creation units, the difference between the market value and the net asset value of ETF shares should in most cases be small. An ETF may be terminated and need to liquidate its portfolio securities at a time when the prices for those securities are falling.

Investments in closed-end funds may involve the payment of premiums above the net asset value of the issuers' portfolio securities. These investments are subject to limitations under the 1940 Act and are constrained by market availability (e.g., closed-end investment companies do not offer to redeem their shares directly; they trade on the secondary market). The Fund does not intend to invest in such investment companies unless, in TAS's judgment, the potential benefits of such investments justify the payment of any applicable premium or commission. For instance, due to restrictions on direct investment by foreign entities in certain emerging market countries, purchasing shares of other investment companies may be the most practical or only manner in which the Fund can invest in these markets.

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*Private Investment Funds.* TAS invests a portion of MAF's assets in securities issued by private investment funds. For example, TAS might elect to invest a portion of MAF's assets in an investment partnership whose manager TAS believes is especially skillful, but which is closed to new separate accounts, is unwilling to manage assets directly on the Fund's behalf, or whose services can be purchased indirectly at a lower cost by investment in securities issued by an existing partnership or other investment fund. Investments by the Fund in a private investment fund are not subject to the limitations imposed under the 1940 Act on shares held by a mutual fund in other registered investment companies. The securities of a private investment company are generally illiquid, but may be deemed liquid in accordance with procedures approved by the TIP Board. To the extent such interests are illiquid, they will be subject to the Fund's 15% limitation on illiquid investments.

*Primary Risks.* **Funds that invest in an acquired fund bear their ratable share of expenses of the underlying acquired fund and are subject to management fees, including performance based fees typical in private investment funds. These fees are reflected in the performance of the acquired fund.** Because performance fees are based on the acquired fund's performance, not the Fund, the Fund may pay performance fees even during a period when the Fund has a negative return. In addition, ETFs and closed-end funds are subject to the following risks that do not apply to conventional open-end mutual funds: (1) the market price of the fund's shares may trade at a discount to the value of its underlying holdings; (2) an active trading market for such a fund's shares may not develop or be maintained; and (3) trading in a fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Portfolio Holdings Information.** The TIP Board has adopted a policy governing the disclosure of the Fund's holdings of portfolio securities ("Portfolio Holdings Information"). For purposes of this policy, "Portfolio Holdings Information" does not include information about the Fund's derivative positions or "Analytical Information." Analytical Information generally includes, without limitation, aggregate, composite or descriptive information relating to the Fund's portfolio holdings that does not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading likely to have a material adverse effect on the Fund. As a general matter, it is the policy of TIP that no current or potential shareholder or any third party shall be provided Portfolio Holdings Information on a preferential basis. The policy provides limited exceptions for the release of the information that reflect the legitimate business purposes of TIP, including the fact that the shareholders of TIP are institutional investors that may have a need for Portfolio Holdings Information to assist them in their asset allocation decisions. The policy is designed to accommodate this goal in a manner that treats shareholders equally and protects the shareholders from the improper release of Portfolio Holdings Information.

The policy applies to officers and trustees of TIP as well as employees of TIP's investment advisor, money managers, administrator, principal underwriter, and other service providers to TIP (each a "Service Provider" and together the "Service Providers") who in the ordinary course of their activities come into possession of Portfolio Holdings Information of TIP.

The Fund's Portfolio Holdings Information shall be released only: (i) as required by applicable laws, rules, or regulations, including in shareholder reports, reports on Forms N-CSR and N-PORT, or other such filings as may be required; (ii) on its website, updated monthly and accessible to all shareholders equally, generally no earlier than the tenth business day after such month's end; and (iii) pursuant to the policy. Certain Portfolio Holdings on the website may be reported in the aggregate, rather than on an individual basis, or otherwise in an abbreviated format.

In limited instances, it may be appropriate for the Fund to selectively disclose its Portfolio Holdings Information prior to public dissemination of such information. The release of Portfolio Holdings Information with respect to the Fund to selected third parties in advance of its release to all shareholders or the general public is permissible only when: (i) the Fund has a legitimate business purpose for the release of the information, such as, but not limited to, release to an approved Service Provider to the Fund or other legitimate business purposes as determined by the TIP CCO; (ii) it is in the best interests of the Fund's shareholders to release the information; (iii) the recipient of the Portfolio Holdings Information is subject to a duty of confidentiality pursuant to a signed Confidentiality Agreement or otherwise (which includes a duty not to trade on the information); and (iv) the release of the information would not otherwise violate the antifraud provisions of the federal securities laws or TIP or TAS's fiduciary duties.

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TIFF Investment Program Statement of Additional Information

 **Brokerage Direction and Other Practices** 

<br> The debt securities in which TIP invests are traded primarily in the OTC market by dealers who usually are acting as principals for their own accounts. On occasion, securities may be purchased directly from the issuer. The cost of securities purchased from underwriters includes an underwriting commission or concession. Debt securities generally are traded on a net basis and normally do not involve either brokerage commissions or transfer taxes. The cost of executing transactions consists primarily of dealer spreads. The spread is not included in the expenses of the Fund and therefore is not subject to any expense cap; nevertheless, the incurrence of this spread, ignoring the other intended positive effects of the transaction, will decrease the total return of the Fund. However, the Fund will buy one asset and sell another only if TAS or the money managers believe it is advantageous to do so after considering the effects of the additional custodial charges and the spread on the Fund's total return.

Since costs associated with transactions in foreign securities are usually higher than costs associated with transactions in domestic securities, MAF's operating expense ratios may be expected to be higher than those of an investment company investing exclusively in domestic securities.

The selection of a broker or dealer to execute portfolio transactions for MAF is usually made by a money manager. TAS requires that each money manager seek to achieve best execution when executing portfolio transactions for MAF and that each money manager's compliance program include an appropriate best execution policy. In executing portfolio transactions and selecting brokers or dealers, the principal objective therefore is to seek best execution (the best overall terms available to the Fund under the circumstances), subject to specific directions from TIP or TAS. Securities ordinarily are purchased in their primary markets, and a money manager will consider all factors it deems relevant in assessing the best overall terms available for any transaction, including:

1. the breadth of the market in the security,

2. the price of the security,

3. the financial condition and execution capability of the broker or dealer, and

4. the reasonableness of the commission, if any (for the specific transaction and on a continuing basis).

In addition, when selecting brokers or dealers TAS and the money managers are authorized to consider the "brokerage and research services," as defined in Section 28(e) of the Securities Exchange Act of 1934, provided to the Fund, to TAS, or to the money manager (subject to the requirements of MiFID II, discussed below). TAS and the money managers may cause the Fund to pay a commission to a broker or dealer who provides such brokerage and research services which is in excess of the commission another broker or dealer would have charged for effecting the transaction. TAS or the money manager, as appropriate, must determine in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided. Reasonableness will be viewed in terms of that particular transaction or in terms of all the accounts over which TAS or the money manager exercises investment discretion. Notwithstanding the foregoing, TAS generally disfavors soft dollar practices (defined as the receipt by TAS from a broker-dealer of research or other products or services produced by third-parties in exchange for the direction by TAS of client brokerage transactions to such broker-dealer and the payment by TAS for any service, whether or not research-related, through the use of soft dollars). Accordingly, TAS will not engage in soft dollar practices for its own account or for the benefit of any of its affiliates (including the Fund) in portfolio transactions that it executes directly on behalf of the Fund. Money managers are not precluded from engaging in soft dollar practices, although TAS requires that they comply with applicable SEC guidance regarding the use of soft dollars with respect to a fund and that each money manager's compliance program include an appropriate soft dollar policy. TAS also requires that such managers comply with the requirements of Section 28(e) to the extent that such compliance is required by the 1940 Act and applicable SEC guidance thereunder.

Effective January 3, 2018, revisions to MiFID II prohibit money managers based in the European Union and regulated under MiFID II from paying for third-party research through the use of soft dollars. Instead, such money managers must pay for third-party research either directly out of their own resources or by establishing research

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TIFF Investment Program Statement of Additional Information

payment accounts ("RPAs") for each client. Such RPAs are funded out of a client's execution commissions or by a specific client research charge. MAF may pay such client research charges to certain of MAF's money managers that are regulated under MiFID II. These money managers may rely on Section 28(e) and also use MiFID II-compliant RPAs which are controlled by such managers. The SEC staff has agreed not to recommend enforcement action against managers that are regulated by MiFID II and who seek to rely on Section 28(e) if such managers pay for third-party research through the use of MiFID II-compliant RPAs, provided that all of the other conditions of Section 28(e) are satisfied. It is uncertain whether the MiFID II research requirements will lead to an overall increase in the cost of research or reduced access to research by money managers that are subject to them, but the impact on such managers and MAF may be material. The MiFID II research requirements also present various compliance and operational challenges.

TAS's investment staff and operations staff use reasonable due diligence in selecting counterparties used by TAS to effect securities transactions for the Fund, including broker-dealers, prime brokers, futures commission merchants, and counterparties for OTC derivative transactions such as non-listed options, certain swaps, and structured notes.

In selecting counterparties to effect securities transactions for the Fund, TAS's investment staff may consider, among other factors they deem appropriate: (i) the Fund's exposure to counterparties; (ii) the Fund's overall exposure to counterparties; (iii) a counterparty's creditworthiness and financial condition; (iv) the regulatory environment in which a counterparty operates; (v) their previous experience with a counterparty; (vi) whether a counterparty has the professional capability to provide the service for the particular type of security; and (vii) the ability of a counterparty to provide an appropriate level of services to TAS in light of TAS's business needs, including operational and settlement matters. With respect to the selection of broker-dealers and other counterparties (including futures commission merchants) and in effecting portfolio transactions with them, TAS's primary consideration is to seek to obtain "best execution" (as discussed below).

Situations in which TAS directly selects broker-dealers and other counterparties include when purchasing and selling for MAF securities and other instruments managed directly by TAS rather than through an external money manager, such as stocks, ETFs, derivatives, and Treasury obligations. TAS will select broker-dealers to execute such transactions. TAS's objective in selecting broker-dealers and other counterparties (including futures commission merchants) and in effecting portfolio transactions with them is to seek to obtain the most favorable execution under the circumstances with respect to its accounts' portfolio transactions (defined as "best execution"). The best net price, giving effect to brokerage commissions (if applicable), spreads, and other costs, is normally an important factor in this decision, but a number of other judgmental factors are considered as they are deemed relevant and the best net price may be outweighed by one or more of these other factors. The factors may include, but are not limited to: TAS's knowledge of negotiated commission rates and spreads currently available (if applicable); the nature of the security or instrument being traded; the size and type of the transaction; the nature and character of the markets for the security to be purchased or sold; the desired timing of the trade; the activity existing and expected in the market for the particular security; confidentiality; the execution, clearance, and settlement capabilities, including its systems, facilities, and record-keeping, as well as the reputation and financial stability of the counterparty selected and others which are considered; TAS's knowledge of actual or apparent operational or compliance problems of any counterparty; the counterparty's execution services rendered on a continuing basis and in other transactions and its experience in handling similar transactions; the reasonableness of any applicable spreads or commissions; or such other factors as TAS may determine to be relevant from time to time.

TAS will endeavor to be aware of current charges of broker-dealers and to incur expenses for effecting portfolio transactions to the extent consistent with the interests and policies of the Fund. However, TAS will not select broker-dealers solely on the basis of "posted" commission rates or other execution costs nor always seek in advance competitive bidding for the most favorable commission rate or other execution cost applicable to any particular portfolio transaction. Although TAS generally seeks competitive commission rates and other execution costs, it will not necessarily pay the lowest commission or commission equivalent. Transactions of the type that TAS directs may involve specialized services on the part of the broker-dealer involved resulting in higher commissions or their equivalents than would be the case with transactions requiring more routine services.

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TIFF Investment Program Statement of Additional Information

For each of the past three fiscal years ended December 31, the Fund paid brokerage commissions as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025**  | **2024**  | **2023**  |
| **MAF**  | $1941084 | $1457917 | $1530225 |

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Brokerage commissions paid by MAF changed in 2025 ($1,941,084) as compared to 2024 ($1,457,917) and 2023 ($1,530,225) primarily from new managers added in 2023, 2024 and 2025, one of which has a high trade volume strategy. MAF also terminated a few managers. The following chart shows the value of TIP's aggregate holdings of securities by TIP's regular brokers or dealers (as defined in the 1940 Act) as of December 31, 2025.

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| | |
|:---|:---|
| **MAF**  |  |
| RBC Capital Markets | $186871.0 |
| Royal Bank of Canada | $127250.0 |
| Canadian Imperial Bank of Commerce | $123385.0 |
| Morgan Stanley Co. Incorporated | $105906.0 |

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 **Public Health Emergency and Natural Disaster Risk** 

<br> Widespread infectious disease and other pandemics and epidemics, natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena, generally have been, and can be, highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. The impact of infectious diseases and natural or environmental disasters in developing or emerging market countries may be greater due to limited health care and other resources. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the United States. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's or a money manager's ability to successfully execute its investment strategy or achieve its investment objectives. Any such event(s) could have a significant and prolonged adverse impact on the value and risk profile of the Fund.

 **Cybersecurity Risk** 

<br> The Fund, its service providers, and other market participants depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Fund and its shareholders, despite the efforts of the Fund and its service providers to adopt technologies, processes, and practices intended to mitigate these risks.

For example, the Fund, and its service providers, may be susceptible to operational and information security risks resulting from cyber incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches by the Fund's adviser or money managers, and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund and its service providers have established business continuity plans in the event of, and systems designed to reduce the risks associated with, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

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In addition, power or communications outages, acts of God, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Market events also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct the Fund's operations.

The Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. The Fund and its shareholders could be negatively impacted as a result.

 **Artificial Intelligence Risk** 

<br> Artificial intelligence refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. Artificial intelligence is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. Artificial intelligence can be categorized into two types: narrow artificial intelligence, which is designed for specific tasks, and general artificial intelligence, which has the ability to perform any intellectual task that a human can do and includes generative artificial intelligence ("GAI"). GAI is a type of artificial intelligence technology that produces new text, images, audio, and other content based on training data that includes examples of the desired output. Typically, users enter questions, queries, or other inputs that prompt the GAI model or tool to produce output. In addition, some software uses GAI to suggest changes, summarize information, or translate text. Artificial intelligence has various applications in many fields such as healthcare, finance, transportation, and law.

The use of artificial intelligence in general may adversely impact markets, the overall performance of the Fund's investments, or the services provided to the Fund by its service providers. TAS, the money managers or a third party service provider may use and/or expand its use of artificial intelligence in connection with its business, operating and investment activities and MAF's investments may also use such technologies. Actual usage of such artificial intelligence will vary, and while TAS expects it, the money managers and MAF's third party service providers may, from time to time, adopt and adjust usage policies and procedures governing the use of artificial intelligence by its personnel, there is a risk of misuse of artificial intelligence technologies.

Artificial intelligence is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by artificial intelligence. Therefore, it is possible that the information provided through use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for MAF, including, potentially, operational errors and investment losses.

Artificial intelligence and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations. Ongoing and future regulatory actions with respect to artificial intelligence generally or artificial intelligence's use in any industry in particular may alter, perhaps to a materially adverse extent, the ability of TAS, the money managers, third-party service providers, MAF or its investments to utilize artificial intelligence in the manner it has to-date, and may have an adverse impact on the ability of any of those entities to continue to operate as intended.

 **Tax Considerations** 

<br> The following is a summary of certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the prospectus is not intended as a substitute for careful tax planning.

This *Tax Considerations* section is based on the Code and applicable regulations in effect on the date of this statement of additional information. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

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TIFF Investment Program Statement of Additional Information

***This is for general information only and is not tax advice. All shareholders should consult their own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.***

**Regulated Investment Company Requirements.** The Fund has elected and intends to qualify each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC," or "fund") under Subchapter M of the Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Fund must satisfy the following requirements:

• Distribution Requirement — the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

• Income Requirement — the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

• Asset Diversification Test — the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities and securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the IRS with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, *Portfolio Transactions* below with respect to the application of these requirements to certain types of investments. In other circumstances, the Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance.

If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the TIP Board reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Capital Loss Carryovers.* The capital losses of the Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required

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TIFF Investment Program Statement of Additional Information

to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of the Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years.

The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund. An ownership change generally results when shareholders owning 5% or more of the Fund increase their aggregate holdings by more than 50% over a 3-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Fund's ability to offset capital gains with those losses. An increase in the amount of gains distributed to the Fund's shareholders could result from an ownership change. The Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond the Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change.

*Deferral of Late Year Losses.* The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, *Taxation of Fund Distributions — Distributions of Capital Gains* below). A "qualified late year loss" includes:

(i) any net capital loss incurred after October 31 of the current taxable year, or, if there is no loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October losses"), and

(ii) the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Special rules apply to a fund with a fiscal year ending in November or December that elects to use its taxable year for determining its capital gain net income for excise tax purposes.

*Undistributed Capital Gains.* The Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Fund currently intends to distribute net capital gains. If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal Excise Tax.* To avoid a 4% non-deductible excise tax, the Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year (or, at the election of a regulated investment company having a taxable year ending November 30 or December 31, for its taxable year),

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and (3) any prior year undistributed ordinary income and capital gain net income. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year that is after the beginning of the Fund's taxable year. Also, the Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Fund having to pay an excise tax.

*Foreign Income Tax.* Investment income received by the Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The United States has entered into tax treaties with many foreign countries, which entitle the Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Fund on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Fund's assets to be invested in various countries is not known. Under certain circumstances, the Fund may elect to pass-through certain eligible foreign income taxes paid by the Fund to shareholders, although it reserves the right not to do so. If the Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received. Certain foreign taxes imposed on the Fund's investments, such as a foreign financial transaction tax, may not be creditable against US income tax liability or eligible for pass-through by the Fund to its shareholders.

**Portfolio Transactions.** Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to the Fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the Fund to its shareholders. This section should be read in conjunction with the sections above for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In General.* In general, gain or loss recognized by the Fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses. The Fund's use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company (See, *Regulated Investment Company Requirements* above).

*Certain Fixed-Income Investments.* Gain recognized on the disposition of a debt obligation purchased by the Fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount which accrued during the period of time the Fund held the debt obligation unless the Fund made a current inclusion election to accrue market discount into income as it accrues. If the Fund purchases a debt obligation (such as a zero-coupon security or pay-in-kind security) that was originally issued at a discount, the Fund generally is required to include in gross income each year the portion of the original issue discount which accrues during such year. Therefore, the Fund's investment in such securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, the Fund may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources such as the sale of Fund shares.

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*Investments in Debt Obligations that are at Risk of or in Default Present Tax Issues for the Fund.* Tax rules are not entirely clear about issues such as whether and to what extent the Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, Futures, Forward Contracts, Swap Agreements and Hedging Transactions.* In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of the Fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by the Fund as well as listed non-equity options written or purchased by the Fund on US exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized, and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, the Fund's transactions in other derivative instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative financial instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

Certain of the Fund's investments in derivatives and foreign currency-denominated instruments, and the Fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If the Fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the Fund's

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remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign Currency Transactions.* The Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease the Fund's ordinary income distributions to you and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat such gain or loss as capital.

*PFIC Investments*. The Fund may invest in securities of foreign companies that may be classified under the Code as PFICs. A PFIC is defined as any foreign corporation in which either: (i) 75% or more of its gross income for the taxable year is "passive income"; or (ii) 50% or more of its assets (by value) produce "passive income." Passive income includes most of the types of income subject to current taxation under the controlled foreign corporation rules (other than certain sales and service income). Once a security qualifies as a PFIC, it will be classified as a PFIC in subsequent years, regardless of whether it satisfies either of the qualifications. When investing in PFIC securities, the Fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by the Fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, the Fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Fund to make a mark-to-market election. If the Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to US federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains.

*Investments in US Real Estate Investment Trusts ("REITs").* A US REIT is not subject to federal income tax on the income and gains it distributes to investors. Dividends paid by a US REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the US REIT's current and accumulated earnings and profits. Capital gain dividends paid by a US REIT to the Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity US REIT's cash flow may exceed its taxable income. The equity US REIT, and in turn the Fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a US REIT is operated in a manner that fails to qualify as a REIT, an investment in the US REIT would become subject to double taxation, meaning the taxable income of the US REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the US REIT's current and accumulated earnings and profits.

*Investment in Non-US REITs.* While non-US REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by the Fund in a non-US REIT may subject the Fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-US REIT is located. The Fund's pro rata share of any such taxes will reduce the Fund's return on its investment. The Fund's investment in a non-US REIT may be considered an investment in a PFIC, as discussed above in *PFIC investments*. Additionally, foreign withholding taxes on distributions from the non-US REIT may be reduced or eliminated under certain tax treaties, as discussed above in *Regulated Investment Company Requirements — Foreign Income Tax.* Also, the Fund in certain limited

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circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-US REIT under rules similar to those in the United States, which tax foreign persons on gain realized from dispositions of interests in US real estate.

*Investments in Partnerships and QPTPs.* For purposes of the Income Requirement, income derived by the Fund from a partnership that is not a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Fund. While the rules are not entirely clear with respect to the Fund investing in a partnership outside a master feeder structure, for purposes of testing whether the Fund satisfies the Asset Diversification Test, the Fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, *Regulated Investment Company Requirements*. In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by the Fund from an interest in a QPTP will be treated as qualifying income but the Fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause the Fund to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Code do not apply to RICs, such rules do apply to the Fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in the Fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Investments in Commodities — Structured Notes.* Gains from the disposition of commodities, including precious metals, will neither be considered qualifying income for purposes of satisfying the Income Requirement nor qualifying assets for purposes of satisfying the Asset Diversification Test. See, *Regulated Investment Company Requirements*. The IRS has issued a revenue ruling which holds that income derived from commodity-linked swaps is not qualifying income for purposes of the Income Requirement. In a subsequent revenue ruling, as well as in a number of follow-on private letter rulings (upon which only the fund that received the private letter ruling may rely), the IRS provided that income from certain alternative investments which create commodity exposure, such as certain commodity index-linked or structured notes, may be considered qualifying income under the Code. However, the portion of such rulings relating to the treatment of a corporation as a regulated investment company that require a determination of whether a financial instrument or position is a security under section 2(a)(36) of the 1940 Act was revoked because of changes in the IRS's position. (A financial instrument or position that constitutes a security under section 2(a)(36) of the 1940 Act generates qualifying income for a corporation taxed as a RIC.) Accordingly, the extent to which the Fund invests in commodities or commodity-linked derivatives may be limited by the Income Requirement and the Asset Diversification Test, which the Fund must continue to satisfy to maintain its status as a RIC. The Fund also may be limited in its ability to sell its investments in commodities, commodity-linked derivatives, and certain ETFs or be forced to sell other investments to generate income due to the Income Requirement. If the Fund does not appropriately limit such investments or if such investments (or the income earned on such investments) were to be recharacterized for US tax purposes, the Fund could fail to qualify as a RIC and thus be subject to tax on its taxable income at the corporate income tax rate, and all distributions from earnings and profits, including any distributions of net long-term capital gains, would be taxable to shareholders as dividend income. In lieu of potential disqualification, the Fund is permitted to pay a tax for certain failures to satisfy the Asset Diversification Test or Income Requirement, which, in general, are limited to those due to reasonable cause and not willful neglect.

*Investments in Convertible Securities.* Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a

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contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends received deduction.

In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

*Securities Lending*. While securities are loaned out by the Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will not qualify for the reduced rate of taxation for individuals on qualified dividends. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in Securities of Uncertain Tax Character.* The Fund may invest in securities the US federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

**Reportable Transactions.** Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

#### THIS DISCUSSION IS GENERALLY APPLICABLE WITH RESPECT TO SHAREHOLDERS WHO ARE NOT SUBJECT TO FEDERAL INCOME TAXATION.
**Debt-Financed Shares.** If a shareholder that is exempt from federal income taxation under section 501(a) of the Code (each a "Tax-Exempt Shareholder") incurs indebtedness in connection with, or as a result of, its acquisition of Fund shares, the shares may be treated as "debt-financed property" under the Code. In such event, a part or all of any income or gain derived from the Tax-Exempt Shareholder's investment in those shares could constitute "unrelated business taxable income" ("UBTI").

**Taxable Mortgage Pool.** Furthermore, a Tax-Exempt Shareholder may recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in taxable mortgage pools (including any REIT that may be treated as a taxable mortgage pool) that exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

UBTI in excess of $1,000 in any year is taxable to a Tax-Exempt Shareholder, notwithstanding such shareholder's otherwise tax-exempt status, and will require a Tax-Exempt Shareholder to file a federal income tax return on Form 990-T. Tax-Exempt Shareholders should consult their own tax advisors regarding any potential UBTI consequences of investing in the Fund.

**Private Foundations and Certain Private Colleges or Universities Subject to Excise Taxation.** At the time a private foundation or certain private colleges or universities purchase Fund shares, the Fund's net asset value may reflect undistributed income or undistributed capital gains. A subsequent distribution of such amounts, although constituting a return of investment, would be classified as a taxable distribution whether reinvested in additional shares or paid in cash. This is sometimes referred to as "buying a dividend." In addition, a Fund's net asset value may, at any time, reflect net unrealized appreciation, which may result in future taxable distributions. Private colleges and universities with at least 500 tuition-paying students during the preceding year (more than 50% of which are located in the United States) and non-exempt use assets with a value at the close of the preceding year of at least $500,000 per full-time student (with part-time students taken into account on a full-time student equivalent basis) may be subject to a 1.4% excise tax on their net investment income.

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#### THIS DISCUSSION OF THE TAXATION OF FUND DISTRIBUTIONS IS GENERALLY APPLICABLE WITH RESPECT TO SHAREHOLDERS WHO ARE SUBJECT TO FEDERAL INCOME TAXATION.
**Taxation of Fund Distributions.** The Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund. Reinvested dividends will increase the shareholder's cost basis in the Fund by an amount equal to the net asset value of the shares received on the reinvestment date. The Fund will send you information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Portfolio Turnover.* For shareholders that hold their Fund shares in a taxable account and are not exempt from federal income taxation, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See, "*Distributions of Capital Gains"* below.

*Distributions of Net Investment Income.* The Fund receives ordinary income generally in the form of dividends and/or interest on its investments. The Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable shareholder, distributions of net investment income generally are taxable as ordinary income to the extent of the Fund's earnings and profits. In the case of a fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the heading, *Qualified Dividend Income for Individuals*.

*Distributions of Capital Gains.* The Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gain realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of Capital.* Distributions by the Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for federal income tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons including, among others, if the Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity REITs (see, *Portfolio Transactions — Investments in US Real Estate Investment Trusts*).

The Fund is required to inform shareholders when a distribution is made from a source other than undistributed net investment income. During the year, the Fund may report to shareholders that all or a portion of a distribution constitutes a return of capital. Such notices distributed during the year are based on accounting treatment, which may differ from tax treatment. The Fund will report on Form 1099 each year the tax treatment of the Fund's distributions. The tax treatment of the Fund's distributions can only be determined after year-end, and will likely differ from the information provided during the year due to the differences between accounting rules and tax regulations. The Fund typically files for an extension of the deadline for distributing Forms 1099 and, as a result, such forms are normally distributed to shareholders in March.

*Qualified Dividend Income for Individuals.* Ordinary income dividends reported by the Fund to shareholders as derived from qualified dividend income will be taxed for federal income purposes in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax

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treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Fund and the shareholder must meet certain holding period requirements to qualify fund dividends for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, shareholders must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, US REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Impact of Realized but Undistributed Income and Gains, and Net Unrealized Appreciation of Portfolio Securities.* At the time of your purchase of shares, the Fund's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as an individual retirement account. The Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass-Through of Foreign Tax Credits.* If more than 50% of the value of the Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your US federal income tax (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by an individual taxpayer who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Fund due to certain limitations that may apply. The Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Fund. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass through, if any, of foreign tax credits to shareholders. See, *Portfolio Transactions* — *Securities Lending* above.

*U.S. Government Securities.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the US government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by US government obligations, commercial paper and federal agency-backed obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends Declared in December and Paid in January.* Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the US federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

*Medicare Tax.* A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of an individual taxpayer, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount

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by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by the shareholder on, and paid with, the shareholder's federal income tax return. Net investment income does not include exempt-interest dividends.

**Sales and Redemptions of Fund Shares.** Sales and redemptions (including redemptions in kind) of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the IRS requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of an individual taxpayer, $3,000 of ordinary income.

*Tax Basis Information.* The Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Fund (referred to as "covered shares") and which are disposed of after that date. However, cost basis reporting may be provided but is not required for certain shareholders, including shareholders investing in the Fund through a tax-advantaged retirement account, such as an individual retirement account, or Tax-Exempt Shareholders.

*Wash Sales.* All or a portion of any loss so recognized may be deferred under the wash sale rules if you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

*Redemptions at a Loss Within Six Months of Purchase.* Any loss incurred on a redemption of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

**Backup Withholding.** By law, the Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

• provide your correct social security or taxpayer identification number,

• certify that this number is correct,

• certify that you are not subject to backup withholding, and

• certify that you are a US person (including a US resident alien).

The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's US federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting.

**Non-US Shareholders.** Fund shares are generally not sold outside the United States. Non-US shareholders should be aware that US withholding tax at a 30% or lower treaty tax rate may apply to distributions from the Fund. In addition, non-US shareholders may be required to satisfy special tax certification requirements to avoid US backup withholding and claim any treaty benefits, and US estate taxes may apply to any investment in the Fund.

**Foreign Account Tax Compliance Act ("FATCA").** Under FATCA, the Fund will be required to withhold a 30% tax on income dividends paid by the Fund to certain foreign entities, referred to as foreign financial institutions ("FFI") or non-financial foreign entities ("NFFE"), that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the US Department of the Treasury of US-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by US persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial US

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persons as owners or (ii) if it does have such owners, reporting information relating to them. The US Treasury has negotiated intergovernmental agreements (IGA) with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of US Treasury regulations.

**Effect of Future Legislation; Local Tax Considerations.** The foregoing general discussion of US federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for US federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-US shareholders may be subject to US tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Fund.

 **Shareholder Information** 

<br> **Shareholder Account Records.** Ultimus, TIP's transfer agent, maintains an account for each shareholder upon which the registration and transfer of shares are recorded. Any transfers are reflected by bookkeeping entry, without physical delivery. Certificates representing shares of the Fund normally will not be issued to shareholders. Written confirmations of purchases or redemptions are provided to each shareholder. Shareholders also receive monthly account statements, which reflect share balances, as well as transaction activity for the period.

**Requests That Must Be in Writing.** TIP will require that a shareholder provide requests in writing from an authorized person accompanied by a valid original signature guarantee by a qualified institution when changing certain information on an account, including wiring instructions. In certain instances, in lieu of a signature guarantee, a shareholder requesting to change wire instructions may be asked to provide other evidence of authorization followed by a call back to a second authorized person on the account. See *Important Information about Wire Transfers* in the prospectus for examples of evidence of authorization. TIP, TAS and Ultimus will not be responsible for confirming the validity of written requests.

**Initial Investment.** Organizations seeking to invest through TIP must complete an account application. Shareholders must also submit proof of their tax-exempt status or other documentation as may be requested to document the organization's eligibility to invest, which may include a certified copy of a shareholder's certificate of good standing or certificate of incorporation. The completed application and all requested information should be submitted to TIP and be received in good order for acceptance before funds are wired to TIP. Detailed wiring instructions are provided on the account application. TIP will advise the shareholder when the new account has been established.

**Sub-Accounts.** Certain shareholders may from time to time have the need for multiple TIP accounts (in the same name and tax identification number) for administrative or other purposes, referred to as "sub-accounts." Shareholders wishing to establish sub-accounts should contact TIP for additional information due to certain restrictions in place, such as the permissible number of sub-accounts and minimum investment requirements. Generally, however, each sub-account should maintain a minimum balance of $25,000 and the aggregate balance of all sub-accounts will be subject to the $1.1 million minimum total account balance requirement. The number of sub-accounts that a shareholder may establish will generally be limited to three, although this maximum number of sub-accounts may be waived at TAS's or TIP's discretion, in which case a fee for each additional sub-account may be charged. If a shareholder's balance in a sub-account falls below $25,000 as a result of share redemptions, market movements, or otherwise, TIP may send a notice to the shareholder to restore the sub-account to at least $25,000 or close it. If the shareholder does not take action within 100 days, the shareholder's shares may be redeemed and the proceeds sent to the wiring instructions on file for the shareholder.

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**Eligibility Information.** Because of the nature of performance-based fee arrangements utilized by MAF, shares of the Fund are available only to shareholders that meet the definition of "qualified client" set forth in Rule 205-3 under the Advisers Act.

Shareholders who meet this eligibility requirement are called qualified clients. Prospective shareholders will be required to certify that they meet the definition of qualified client or otherwise demonstrate their eligibility to invest in MAF. In addition, shareholders may be requested to re-certify or demonstrate their status as qualified clients from time to time while they remain shareholders of MAF. Any attempted transfer, including by gift or bequest, to a person who is not a qualified client will be void and the intended recipient will acquire no rights in the shares sought to be transferred.

**Subsequent Investments.** Organizations may make additional purchases in existing accounts. Restrictions may apply to subsequent investments into sub-accounts, such as minimum investment requirements. To ensure that a transaction can occur on the date preferred by the organization, TIP should be provided with as much advance notice as possible. Under certain circumstances, a shareholder organization may be asked to verify or supplement the information in the account application that is on file in connection with subsequent investments.

**Additional Redemption Options.** Shareholders wishing to adopt a fixed dollar amount or percentage periodic redemption plan should contact TIP to arrange for such specific redemptions. Proceeds of redeemed shares generally will be wire transferred to the banking instructions on file for the shareholder's account. Shareholders interested in establishing a standing order redemption plan should review information in the prospectus.

**Shareholder Voting Rights and Procedures.** Each shareholder has one vote in trustee elections and on other matters submitted to shareholders for their vote for each dollar of net asset value held by the shareholder. Matters to be acted upon affecting the Fund, including approval of the advisory agreement with TAS and the submission of changes to fundamental investment policies of the Fund, will require the affirmative vote of a majority of the shareholder votes of the Fund (as provided in the 1940 Act) cast at a meeting at which a quorum is present. The election of TIP's Board is voted upon by shareholder s on a TIP-wide basis. Board members are elected by plurality vote (i.e., those receiving the greatest number of affirmative votes). TIP is not required to hold annual shareholder meetings. Shareholder approval will be sought only for certain changes in TIP's or the Fund's operations and for the election of trustees under certain circumstances. Shareholders may remove trustees at a special meeting. A special meeting of TIP to elect Trustees shall be called by the trustees upon written request of shareholders holding at least 10% of the votes entitled to be cast at such meeting.

**Shareholders Reports.** TIP's annual and semi-annual shareholder reports and TIP's Form N-CSR filed with the SEC are available upon request, without charge, by contacting TIP at 1-833-959-8366.

 **Determination of Net Asset Value** 

<br> **Business Days.** Currently, there are 12 holidays during the year on which TIP will not be open for business: New Year's Day, Dr. Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Fourth of July, Labor Day, Columbus Day, Veterans' Day, Thanksgiving and Christmas. TIP will not accept purchase or redemption orders on these holidays, or on any other day the NYSE and/or the Federal Reserve Bank of New York are closed, or the Fund is closed as permitted or ordered by the SEC.

**Net Asset Value.** The net asset value ("NAV") per share is determined by dividing the total market value of the Fund's investments and other assets, less any liabilities, by the total number of outstanding shares and adjusting to the nearest cent. Net asset value per share is determined as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each business day of the Fund. NAV may be calculated earlier if the NYSE is closed early (as it typically is before certain or after certain holidays), trading on the NYSE is restricted, the Federal Reserve Bank of New York closes, or as otherwise permitted by the SEC.

**Calculating an Individual Security's Value.** Generally, the following valuation policies are applied to securities for which market quotations are readily available. Securities listed on a securities exchange or traded on the National Association of Securities Dealers National Market System ("NASDAQ") for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded or at the NASDAQ official closing price, respectively, on the valuation date or, if there is no such reported sale on the

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valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services, which consider such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. OTC stocks not quoted on NASDAQ and foreign stocks that are traded OTC are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the first session of the NYSE. Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Exchange-traded and OTC options and futures contracts are valued at the last posted settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short future and written option sales contracts). Forward foreign currency exchange contracts are valued at their respective fair market values. Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value. TAS has established a pricing hierarchy to determine the order of pricing sources utilized in valuing the Fund's portfolio holdings.

MAF invests in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by MAF are generally not securities for which market quotations are readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The TIP Board has appointed TAS as the Fund's fair valuation designee (the "Valuation Designee"), pursuant to Rule 2a-5 under the 1940 Act, to perform all fair valuations of the Fund's portfolio investments, subject to the TIP Board's oversight. As the Valuation Designee, TAS has established procedures for its fair valuation of the Fund's portfolio investments ("Valuation Procedures"). These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation. Pursuant to the Valuation Procedures, if a private investment fund does not provide a value to MAF on a timely basis, TAS determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time TAS values MAF's portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that MAF could reasonably expect to receive from the private investment fund if MAF's interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that TAS believes is reliable.

MAF employs a daily fair value model to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and OTC markets) and the time at which net asset value of the Fund is determined. If TAS's valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

Other securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith in accordance with the Valuation Procedures. The Valuation Procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer's financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

For purposes of calculating net asset value per share, all assets and liabilities initially expressed in foreign currencies are converted into US dollars at the mean price of such currencies against US dollars as provided by an independent pricing supplier.

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Additional Service Providers

Securities Lending Agent. State Street, One Congress Street, Boston, MA 02114, serves as the securities lending agent. In the role of securities lending agent, State Street administers MAF's securities lending program pursuant to the terms of a Securities Lending Authorization Agreement entered into between TIP, on behalf of the Fund, and State Street.

State Street, acting as securities lending agent, provides the following services to MAF in connection with the Fund's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Fund; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Fund from borrowers; (vii) negotiating the terms of each loan of securities, including but not limited to the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of TIP's Securities Lending Authorization Agreement; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) maintaining such records as are reasonably necessary to account for loans that are made and the income derived therefrom; and (x) arranging for return of loaned securities to the Fund in accordance with the terms of the Securities Lending Authorization Agreement.

State Street receives as compensation for its services a portion of the amount earned by MAF for lending securities.

For the fiscal year ended December 31, 2025, the Fund's gross income received for securities lending activities, the fees and/or compensation paid by the Fund for securities lending activities, and the net income earned by the Fund for securities lending activities, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Gross income from securities lending activities  | Fees paid to securities lending agent from a revenue split  | Fees paid for any cash collateral management service  | Administrative fees not included in revenue split  | Indemnification fee not included in revenue split  | Rebate (paid to borrower)  | Other fees not included in revenue split  | Aggregate fees/ compensation for securities lending activities  | Net income from securities lending activities  |
| $653984.32 | $38934.73 | $4319.11 | $0 | $0 | $454964.33 | $0 | $498218.17 | $156138.52 |

---

Legal Counsel. Stradley Ronon Stevens & Young, LLP, 2005 Market Street, Suite 2600, Philadelphia, Pennsylvania 19103, is TIP's legal counsel, for which it is compensated directly by TIP.

Independent Registered Public Accounting Firm. PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, Pennsylvania 19103, serves as TIP's independent registered public accounting firm.

Financial Statements

The Fund's audited Financial Statements, including the Financial Highlights, for the year ended December 31, 2025, appearing in the Fund's N-CSR filing, and the report thereon of PricewaterhouseCoopers LLP, independent registered public accounting firm during the fiscal year ended December 31, 2025, appearing therein, are hereby incorporated by reference in this SAI.

Description of Indices

Overview. This section describes the various indices referenced in the prospectus and SAI. The indices described below will be used to gauge the performance of individual funds and individual money managers, with certain money managers' fees tied directly to the money managers' returns relative to the returns produced by their respective indices (hereinafter referred to as "benchmarks"). The following information with respect to each index has been supplied by the respective preparer of the index or has been obtained from other publicly available information.

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**Explanation of How Indices Will Be Used.** The table below denotes the index relevant to those money managers whose compensation will be tied to their relative performance. As shown, in some cases the money managers have comparative indices different than the overall benchmark of the Fund.

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| | |
|:---|:---|
| **Money Manager**  | **Index**  |
| AQR Capital Management, LLC | Russell 1000 Index |
| CenterBook Partners LP | Russell 3000 Index |
| Eversept Partners, L.P. | MSCI World Healthcare Index |
| Greenhouse Funds LLLP | Russell 2000 Total Return Index |
| Kopernik Global Investors, LLC | MSCI All Country World Index |
| Lynwood Price Capital Management LP | S&P 500 Total Return Index |
| Sengu Capital Limited | Tokyo Stock Price Total Return Index |
| Strategy Capital LLC | S&P 500 Total Return Index |

---

The intent of performance-based fee arrangements entailing benchmarks that are narrower than the overall benchmark for MAF is to compensate managers fairly based on their performance relative to benchmarks that reflect adequately their particular focus and investment disciplines. Although compensating managers based on their performance relative to performance benchmarks that are narrower than those of MAF may mean that some managers will receive relatively high fees even if MAF underperforms its overall benchmarks, careful structuring of fee arrangements and careful allocation of assets among money managers can reduce the probabilities that the Fund will fail to meet its performance objective.

**Explanation of "Capitalization Weighting."** Several of the indices described below are "capitalization weighted." Capitalization weighting is a method of weighting each component security in an index by its market value (also commonly referred to as "capitalization") so that it will influence the index in proportion to its respective size. The price of any stock multiplied by the number of shares outstanding gives the current market value for that particular issue. This market value determines the relative importance of the security. Market values for individual stocks are added together to obtain their group market value. With respect to fixed income indices, the term "capitalization weighting" is seldom used, but the method used to prepare such indices resembles capitalization weighting in the sense that each issue's weighting in the index reflects the total outstanding market value of that issue as of the measurement date. This method is sometimes referred to as "market value weighting."

#### Common Stock Indices
*MSCI World Healthcare Index.* The MSCI World Healthcare Index is designed to capture the large and mid cap segments across 23 Developed Markets countries. All securities in the index are classified in the Health Care sector as per the Global Industry Classification Standard (GICS<sup>®</sup>). Developed Markets countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.

*MSCI All Country World Index.* The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 31, 2026, the MSCI All Country World Index consisted of companies traded on stock markets in 47 countries. Unlike certain other broad-based indices, the number of stocks included in the MSCI All Country World Index is not fixed and may vary to enable the index to continue to reflect the primary home markets of the constituent countries.

*Tokyo Stock Price Total Return Index.* The Tokyo Stock Price Total Return Index is a capitalization-weighted stock market index that tracks the performance of all large firms listed in the first section of the Tokyo Stock Exchange, representing large Japanese companies.

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#### US Common Stock Indices
*Russell 1000 Index.* The Russell 1000 Index is a market capitalization weighted index that measures the performance of the large-cap segment of the US equity universe. The index is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.

*Russell 2000 Index.* The Russell 2000 Index is a market capitalization weighted index that measures the performance of the small-cap segment of the US equity universe. The index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

*Russell 3000 Index.* The Russell 3000 Index is a market capitalization weighted index that measures the performance of the 3,000 largest publicly traded companies in the United States, representing approximately 98% of the investable US stock market.

*S&P 500 Index.* The S&P 500 Index includes 500 companies in leading industries of the US economy, capturing 75% coverage of US equities. The S&P 500 Index is maintained by the S&P Index Committee, based on published guidelines governing additions to and removal from the index. Criteria for index additions include US companies, market capitalization in excess of $4 billion, public float, financial viability, adequate liquidity and reasonable price, sector representation, and company type. Criteria for index removals include violating or no longer meeting one or more criteria for index inclusion.

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 **Appendix A — Quality Rating Descriptions** 

<br> #### Standard & Poor's Ratings Services
*Long-Term Issue Credit Ratings* 

**AAA.** An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA.** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A.** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB.** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C.** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB.** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B.** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC.** An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC.** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C.** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

**D.** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

**NR.** This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

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*Short-Term Issue Credit Ratings* 

**A-1.** A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2.** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3.** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B.** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C.** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D.** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

#### Moody's Ratings
*Global Long-Term Rating Scale* 

#### Aaa. Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

#### Aa. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.
A. Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa.** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

#### Ba. Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.
B. Obligations rated B are considered speculative and are subject to high credit risk.

**Caa.** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca.** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C.** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

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Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid security indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

*Global Short-Term Rating Scale* 

**P-1.** Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

#### P-2. Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

#### P-3. Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

#### NP. Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

#### Fitch Ratings
Fitch Ratings' credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national entities) and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

*Issuer Long-Term Credit Rating Scales* 

**AAA:** Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA:** Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A:** High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB:** Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB:** Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B:** Highly speculative. 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

#### CCC: Substantial credit risk. Default is a real possibility.

#### CC: Very high levels of credit risk. Default of some kind appears probable.
**C:** Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include: (a) the issuer has entered into a grace or cure period following non-payment of a material financial obligation; (b) the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; (c) the formal announcement by the issuer or their agent of a distressed debt exchange; or (d) a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

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[**TABLE OF CONTENTS**](#toc-0)

TIFF Investment Program Statement of Additional Information

**RD:** Restricted default. 'RD' ratings indicate an issuer that in Fitch Ratings' opinion has experienced: (a) an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but (b) has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and (c) has not otherwise ceased operating. This would include: (i) the selective payment default on a specific class or currency of debt; (ii) the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; (iii) the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations.

**D:** Default. 'D' ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

*Short-Term Ratings* 

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

**F1.** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

#### F2. Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

#### F3. Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.
**B.** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near-term adverse changes in financial and economic conditions.

C. High short-term default risk. Default is a real possibility.

**RD:** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D. Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

------

[**TABLE OF CONTENTS**](#toc-0)

TIFF Investment Program Statement of Additional Information

 **Appendix B — Portfolio Managers** 

<br> *Other Accounts Managed* (as of 12/31/2025)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Managers**  | **RICs**  | **RICs**  | **Pooled Funds**  | **Pooled Funds**  | **Other Accounts**  | **Other Accounts**  |
|  | **Number <br> of <br> Accounts**  | **Total <br> Assets of <br> Accounts <br> Managed <br> ($million)**  | **Number <br> of <br> Accounts**  | **Total <br> Assets of <br> Accounts <br> Managed <br> ($million)**  | **Number <br> of <br> Accounts**  | **Total <br> Assets of <br> Accounts <br> Managed <br> ($million)**  |
| &nbsp;&nbsp;&nbsp; TAS  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jay Willoughby  | 0 | $0 | 47  | $6972 | 44  | $2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevor Graham  | 0 | $0 | 3  | $4223 | 0  | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhe Shen  | 0 | $0 | 4  | $3738 | 0  | $0 |

---

*Other Accounts Managed with a Performance-Based Advisory Fee* (as of 12/31/2025)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Managers**  | **RICs**  | **RICs**  | **Pooled Funds**  | **Pooled Funds**  | **Other Accounts**  | **Other Accounts**  |
|  | **Number <br> of <br> Accounts**  | **Total <br> Assets of <br> Accounts <br> Managed <br> ($million)**  | **Number <br> of <br> Accounts**  | **Total <br> Assets of <br> Accounts <br> Managed <br> ($million)**  | **Number <br> of <br> Accounts**  | **Total <br> Assets of <br> Accounts <br> Managed <br> ($million)**  |
| &nbsp;&nbsp;&nbsp; TAS  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jay Willoughby  | 0 | $0 | 32  | $2522 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevor Graham  | 0 | $0 | 0  | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhe Shen  | 0 | $0 | 0  | $0 | 0 | $0 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

TIFF Investment Program Statement of Additional Information

#### Portfolio Manager Compensation (as of 12/31/202 5)

---

| | |
|:---|:---|
| **MULTI-ASSET FUND** | **MULTI-ASSET FUND** |
| **TAS** | **TAS** |
| | **Portfolio Managers: <br> Jay Willoughby <br> Trevor Graham <br> Zhe Shen** |
| Compensation Structure | Salary <br> Incentive Compensation with deferred component <br> Retirement Plan |
| Specific Criteria | Salary is fixed. <br> Incentive Compensation — Incentive compensation is based on multiple performance components, of TAS's comprehensive funds, including MAF, and may also include a portfolio segment component (i.e., equities segment or diversifiers segment) and a qualitative component. A percentage of incentive compensation above a threshold — which increases as incentive compensation rises — of the investment staff's annual compensation award is generally deferred, subject to a multi-year vesting schedule. During the deferral period, the bonus amount is subject to the performance of selected investment vehicles bearing the TIFF name, including MAF. During a transitional period following employment, the quantitative factor may be given less weight in determining an investment professional's incentive compensation and the amount to be deferred may be reduced or forfeited.  |
| Difference in Compensation Methodology Between TIP and Other Accounts Managed | None |

---

#### Ownership of Fund Securities (as of 12/31/202 5)

---

| | |
|:---|:---|
| Portfolio Manager | Dollar Range of Equity Securities in Fund Beneficially Owned by the Portfolio Manager |
| **Jay Willoughby**  | MAF — $100,001 – $500,000 |
| **Trevor Graham**  | MAF — None |
| **Zhe Shen**  | MAF — None |

---

------

[**TABLE OF CONTENTS**](#toc-0)

SEC File Number 811-8234

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: lg_tiff2018tip-pn.gif]](lg_tiff2018tip-pn.gif)  | *Pursuing investment excellence<br>on behalf of endowed non-profits* |
| &nbsp;&nbsp;&nbsp; *Office Locations* | Boston, MA <br> Metro Philadelphia, PA (Radnor)  |
| &nbsp;&nbsp;&nbsp; *Mailing Address*  |  |
| &nbsp;&nbsp;&nbsp; <u>Overnight Delivery</u>: <br> TIFF Multi-Asset Fund <br> c/o Ultimus Fund Solutions, LLC <br> 225 Pictoria Drive, Suite 450 <br> Cincinnati, OH 45246  | <u>U.S. Mail</u>: <br> TIFF Multi-Asset Fund <br> c/o Ultimus Fund Solutions, LLC <br> P.O. Box 46707 <br> Cincinnati, OH 45246  |
| &nbsp;&nbsp;&nbsp; *Phone:* | 1-833-959-8366  |
| &nbsp;&nbsp;&nbsp; *Fax:* | 1-877-513-0756  |
| &nbsp;&nbsp;&nbsp; *Website:*  | *www.tiff.org*  |
| &nbsp;&nbsp;&nbsp; *Electronic mail inquiries:*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services offered by TAS:  | info@tiff.org  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder-specific account data:  | clientservices@tiff.org  |

---

------

Part C OTHER INFORMATION

**Item 28. Exhibits**

The following exhibits are incorporated herein by reference, are not required to be filed or are filed herewith (where indicated):

(a1) [Agreement and Declaration of Trust, dated September 11, 2014 (previously filed as Exhibit (a1) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/declarationoftrust.htm) .

(a2) [Certificate of Trust (previously filed as Exhibit (a2) to Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000113743914000409/exa2.htm) .

(b) [By-Laws dated, September 11, 2014 (previously filed as Exhibit (b) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/bylaws.htm) .

(c) [Articles THIRD, FIFTH, SIXTH, SEVENTH, and EIGHTH of the Registrant's Agreement and Declaration of Trust, dated September 11, 2014 (previously filed as Exhibit (a1) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/declarationoftrust.htm) ; and [Articles II, VI, VII and VIII of the Registrant's By-Laws, dated September 11, 2014 (previously filed as Exhibit (b) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/bylaws.htm) .

(d1) [Advisory Agreement, dated September 29, 2023, between the Registrant (TIFF Multi-Asset Fund) and TIFF Advisory Services, LLC (previously filed as Exhibit (d1) to Post-Effective Amendment No. 62 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465924052577/tm243341d1_ex99-xd1.htm)

(d2) [Money Manager Agreement, dated September 29, 2017, between the Registrant (TIFF Multi-Asset Fund) and AQR Capital Management, LLC (previously filed as Exhibit (d7) to Post-Effective Amendment No. 53 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420418023780/tv491159_ex99-d7.htm) .

(d3) [Amended and Restated Schedule I, dated October 1, 2020, to the Money Manager Agreement, between the Registrant (TIFF Multi-Asset Fund) and AQR Capital Management, LLC (previously filed as Exhibit (d6) to Post-Effective Amendment No. 59 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465921059131/tm2112591d1_ex99d6.htm) .

(d4) [Novation Agreement, dated March 31, 2024, by and among the Registrant (TIFF Multi-Asset Fund) and Fundsmith Investment Services Limited (previously filed as Exhibit (d7) to Post-Effective Amendment No. 62 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465924052577/tm243341d1_ex99-xd7.htm)

(d5) [Money Manager Agreement, dated September 30, 2015, between the Registrant (TIFF Multi-Asset Fund) and Fundsmith LLP (previously filed as Exhibit (d8) to Post-Effective Amendment No. 48 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420416084552/v432535_ex99-d8.htm) .

(d6) [Money Manager Agreement, dated December 16, 2014, between the Registrant (TIFF Multi-Asset Fund) and Kopernik Global Investors, LLC (previously filed as Exhibit (d13) to Post-Effective Amendment No. 46 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420415026431/v407412_ex99-d13.htm) .

(d7) [Amendment, dated June 7, 2023, to the Money Manager Agreement and Schedule I, between the Registrant (TIFF Multi-Asset Fund) and Kopernik Global Investors, LLC (previously filed as Exhibit (d12) to Post-Effective Amendment No. 62 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465924052577/tm243341d1_ex99-xd12.htm)

(d8) [Money Manager Agreement, dated January 1, 2019, between the Registrant (TIFF Multi-Asset Fund) and Strategy Capital, LLC (previously filed as Exhibit (d25) to Post Effective Amendment No. 55 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420419022415/tv517751_ex99-d25.htm) .

(d9) [Amended and Restated Schedule I, dated December 14, 2020, to the Money Manager Agreement, between the Registrant (TIFF Multi-Asset Fund) and Strategy Capital, LLC (previously filed as Exhibit (d17) to Post-Effective Amendment No. 59 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465921059131/tm2112591d1_ex99d17.htm) .

(d10) [Money Manager Agreement, dated July 1, 2019, between the Registrant (TIFF Multi-Asset Fund) and NewGen Asset Management Limited (previously filed as Exhibit (d18) to Post Effective Amendment No. 57 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465920053245/tm2015844d1_ex99-d18.htm) .

(d11) [Money Manager Agreement, dated April 27, 2022, between the Registrant (TIFF Multi-Asset Fund) and CenterBook Partners LP (previously filed as Exhibit (d20) to Post-Effective Amendment No. 61 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465923052591/tm2311840d1_ex99d20.htm)

(d12) [Amendment to Money Manager Agreement, dated March 10, 2026, between the Registrant (TIFF Multi-Asset Fund) and CenterBook Partners LP is filed herewith.](tm263362d1_ex99-xd12.htm)

(d13) [Money Manager Agreement, dated March 7, 2023, between the Registrant (TIFF Multi-Asset Fund) and Greenhouse Funds LLLP (previously filed as Exhibit (d21) to Post-Effective Amendment No. 61 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465923052591/tm2311840d1_ex99d21.htm)

(d14) [Money Manager Agreement, dated October 1, 2024, between the Registrant (TIFF Multi-Asset Fund) and Lynwood Price Capital Management LP (previously filed as Exhibit (d13) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xd13.htm) .

(d15) [Money Manager Agreement, dated March 12, 2025, between the Registrant (TIFF Multi-Asset Fund) and Westbeck Capital Management, LLP (previously filed as Exhibit (d14) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xd14.htm) .

(d16) [Money Manager Agreement, dated October 1, 2025, between the Registrant (TIFF Multi-Asset Fund) and Eversept Partners, LP , is filed herewith.](tm263362d1_ex99-xd16.htm)

(d17) [Money Manager Agreement, dated April 1, 2026, between the Registrant (TIFF Multi-Asset Fund) and Sengu Capital Limited is filed herewith.](tm263362d1_ex99-xd17.htm)

(e) [Distribution Agreement, dated May 31, 2017, between the Registrant and Foreside Fund Services, LLC (previously filed as Exhibit (e) to Post-Effective Amendment No. 53 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420418023780/tv491159_ex99-e.htm) .

(e1) [Novation Agreement between the Registrant and Foreside Fund Services, LLC (previously filed as Exhibit (e2) to Post Effective Amendment No. 60 to Registrant's Registration Statement on Form N-1A](https://www.sec.gov/Archives/edgar/data/916622/000110465922053764/tm2212671d1_ex99e2.htm) .

(f) Not Applicable.

(g1) [Custodian Agreement, dated August 15, 2003, between the Registrant and State Street Bank and Trust Company (formerly, Investors Bank & Trust Company) (previously filed as Exhibit (g5) to Post-Effective Amendment No. 25 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000095015604000111/exh_g5.txt) .

(g2) [Amended and Restated Delegation Agreement between the Registrant and State Street Bank and Trust Company (formerly, Investors Bank & Trust Company) (previously filed as Exhibit No. (g4) to Post-Effective Amendment No. 19 to Registrant's Registration Statement on N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000095013001501066/dex99g4.txt) .

(g3) [Amendment, dated May 1, 2006, to the Custodian Agreement between the Registrant and State Street Bank and Trust Company (formerly, Investors Bank & Trust Company) (previously filed as Exhibit (g3) to Post-Effective Amendment No. 29 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000095015607000296/ex99_g3-671081.txt) .

(g4) [Amendment, dated July 1, 2008, to the Custodian Agreement between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (g4) to Post-Effective Amendment No. 31 to the Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420409023366/v146408_ex99-g4.htm) .

(g5) [Amendment, dated January 1, 2009, to the Custodian Agreement between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (g5) to Post-Effective Amendment No. 31 to the Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420409023366/v146408_ex99-g5.htm) .

---

| | |
|:---|:---|
| (g6) | [Amendment, dated January 1, 2013, to the Custodian Agreement between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (g6) to Post-Effective Amendment No. 39 to the Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420413012422/v335992_ex99-g6.htm). |
| (g7) | [Amendment, dated December 16, 2014, to the Custodian Agreement between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (g7) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/custodianagmtamendment.htm). |
| (h1) | [Services Agreement, dated December 16, 2014, between the Registrant and TIFF Advisory Services, LLC (previously filed as Exhibit (h11) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/tiptasservicesagmt.htm). |
| (h1)(i) | [Amendment to Services Agreement, dated September 29, 2023, between the Registrant and TIFF Advisory Services, LLC (previously filed as Exhibit (h11)(i) to Post-Effective Amendment No. 62 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465924052577/tm243341d1_ex99-xh11xi.htm) |
| (h2) | [IRA Custodial Services Agreement, dated January 1, 2014, between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (h12) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/iracustodialsvcsagmt.htm). |
| (h3) | [Amendment, dated December 16, 2014, to the IRA Custodial Services Agreement between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (h13) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/iracustodialsvcsagmtamend.htm). |
| (h4) | [Securities Lending Agreement, dated September 2, 2017, between the Registrant and State Street Bank and Trust Company (previously filed as Exhibit (h14) to Post-Effective Amendment No. 53 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000114420418023780/tv491159_ex99-h14.htm). |
| (h5) | [Master Services Agreement, dated June 30, 2025, between the Registrant and Ultimus Fund Solutions, LLC, is filed herewith.](tm263362d1_ex99-xh5.htm) |
| (i1) | Opinion and Consent of Counsel (previously filed as Exhibit No. (10) to Pre-Effective Amendment No. 3 to Registrant's Registration Statement on N-1A) (Filed in Paper). |
| (i2) | [Opinion and Consent of Counsel (previously filed as Exhibit (i2) to Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A)](http://www.sec.gov/Archives/edgar/data/916622/000158281614000716/srsylegalopinion.htm). |
| [(j)](tm263362d1_ex99-xj.htm) | [Consent of the Independent Registered Public Accounting Firm is filed herewith.](tm263362d1_ex99-xj.htm) |
| (k) | Not Applicable. |

---

(l) Purchase Agreement, dated March 29, 1994, for Initial Capital between Registrant and The John D. and Catherine T. MacArthur Foundation (previously filed as Exhibit No. (13) to Pre-Effective Amendment No. 3 to Registrant's Registration Statement on N-1A) (Filed in Paper).

(m) Not Applicable.

(n) Not Applicable.

(p1) [Amended Code of Ethics of TIFF Advisory Services, LLC, TIFF Endowment Asset Management, LLC, and TIFF Investment Program (previously filed as Exhibit (p1) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xp1.htm) .

(p2) [Revised Code of Ethics of AQR Capital Management, LLC (previously filed as Exhibit (p2) to Post Effective Amendment No. 60 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465922053764/tm2212671d1_ex99p2.htm) .

(p3) [Amended Code of Ethics of Kopernik Global Investors, LLC (previously filed as Exhibit (p4) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xp4.htm) .

(p4) [Code of Ethics of Fundsmith Investment Services Limited (previously filed as Exhibit (p6) to Post Effective Amendment No. 62 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465924052577/tm243341d1_ex99-xp6.htm)

(p5) [Amended Code of Ethics of Strategy Capital, LLC is filed herewith.](tm263362d1_ex99-xp5.htm)

(p6) [Revised Code of Ethics of NewGen Asset Management Limited (previously filed as Exhibit (p10) to Post-Effective Amendment No. 59 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465921059131/tm2112591d1_ex99p10.htm) .

(p7) [Amended Code of Ethics of CenterBook Partners LP is filed herewith.](tm263362d1_ex99-xp7.htm)

(p8) [Amended Code of Ethics of Greenhouse Funds LLLP (previously filed as Exhibit (p9) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xp9.htm) .

(p9) [Code of Ethics of Lynwood Price Capital Management LP (previously filed as Exhibit (p10) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xp10.htm) .

(p10) [Code of Ethics of Westbeck Capital Management LLP (previously filed as Exhibit (p11) to Post-Effective Amendment No. 63 to Registrant's Registration Statement on Form N-1A)](https://www.sec.gov/Archives/edgar/data/916622/000110465925040964/tm258168d1_ex99-xp11.htm) .

(p11) [Code of Ethics of Eversept Partners, LP is filed herewith.](tm263362d1_ex99-xp11.htm)

(p12) [Code of Ethics of Sengu Capital Limited is filed herewith.](tm263362d1_ex99-xp12.htm)

(q) [Powers of Attorney for Mark L. Baumgartner, Leena Bhutta, Jennifer E. Deger, Mai-Anh Fox and Thomas Lenehan (previously filed as Exhibit (q) to Post-Effective Amendment No. 62 to Registrant's Registration Statement on Form N-1A).](https://www.sec.gov/Archives/edgar/data/916622/000110465924052577/tm243341d1_ex99-xq.htm)

**Item 29.**

**Persons Controlled by or under Common Control with the Registrant**

Not applicable.

**Item 30.**

**Indemnification.**

The Registrant shall indemnify directors, officers, employees and agents of the Registrant against judgments, fines, settlements and expenses to the fullest extent allowed, and in the manner provided, by applicable Delaware and federal law, including Section 17(h) and (i) of the Investment Company Act of 1940, as amended. In this regard, the Registrant undertakes to abide by the provisions of Investment Company Act Releases No. 11330 and 7221 until amended or superseded by subsequent interpretation of legislative or judicial action.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, Registrant understands that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31.**

**Business and Other Connections of Investment Adviser.**

The business and other connections of TIFF Advisory Services, LLC (the "Investment Adviser") is on the Uniform Application for Investment Adviser Registration ("Form ADV") as currently on file with the Commission (File No. 801-128989) the text of which is hereby incorporated by reference.

**Item 32.**

**Principal Underwriter.**

---

| | |
|:---|:---|
| Item 32(a) | Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |

---

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. Alternative Strategies Income Fund

14. American Century ETF Trust

15. AMG ETF Trust

16. Amplify ETF Trust

17. Applied Finance Dividend Fund, Series of World Funds Trust

18. Applied Finance Explorer Fund, Series of World Funds Trust

19. Applied Finance Select Fund, Series of World Funds Trust

20. Ardian Access LLC

21. ARK ETF Trust

22. ARK Venture Fund

23. Bitwise Funds Trust

24. BondBloxx ETF Trust

25. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

26. Bridgeway Funds, Inc.

27. Brinker Capital Destinations Trust

28. Brookfield Real Assets Income Fund Inc.

29. Build Funds Trust

30. Calamos Convertible and High Income Fund

31. Calamos Convertible Opportunities and Income Fund

32. Calamos Dynamic Convertible and Income Fund

33. Calamos Global Dynamic Income Fund

34. Calamos Global Total Return Fund

35. Calamos Strategic Total Return Fund

36. Carlyle Tactical Private Credit Fund

37. Cascade Private Capital Fund

38. Catalyst/Perini Strategic Income Fund

39. CBRE Global Real Estate Income Fund

40. Center Coast Brookfield MLP & Energy Infrastructure Fund

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge Ultra-Short Duration ETF, Series of Trust for Professional Managers

48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER
 HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET
 Trust

51. Davis Fundamental ETF Trust

52. Defiance BMNR Option Income ETF, Series of ETF Series Solutions

53. Defiance Connective Technologies ETF, Series of ETF Series Solutions

54. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

55. Defiance Quantum ETF, Series of ETF Series Solutions

56. Defiance Retail Kings ETF, Series of ETF Series Solutions

57. Denali Structured Return Strategy Fund

58. Dodge & Cox Funds

59. DoubleLine ETF Trust

60. DoubleLine Income Solutions Fund

61. DoubleLine Opportunistic Credit Fund

62. DoubleLine Yield Opportunities Fund

63. DriveWealth ETF Trust

64. EIP Investment Trust

65. Ellington Income Opportunities Fund

66. ETF Opportunities Trust

67. Exchange Listed Funds Trust

68. Exchange Place Advisors Trust

69. FIS Trust

70. FlexShares Trust

71. Fortuna Hedged Bitcoin ETF, Series of Listed Funds Trust

72. Forum Funds

73. Forum Funds II

74. Forum Real Estate Income Fund

75. GMO ETF Trust

76. GoldenTree Opportunistic Credit Fund

77. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

78. Grayscale Funds Trust

79. Guinness Atkinson Funds

80. Harbor ETF Trust

81. Harris Oakmark ETF Trust

82. Hawaiian Tax-Free Trust

83. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

84. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

85. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

86. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

87. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

88. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

89. Horizon Kinetics Texas ETF, Series of Listed Funds Trust

90. Innovator ETFs Trust

91. Ironwood Institutional Multi-Strategy Fund LLC

92. Ironwood Multi-Strategy Fund LLC

93. Jensen Quality Growth ETF, Series of Trust for Professional Managers

94. John Hancock Exchange-Traded Fund Trust

95. Kurv ETF Trust

96. Lazard Active ETF Trust

97. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

98. Lone Peak Value Fund, Series of World Funds Trust

99. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

100. Mairs & Power Growth Fund, Series of Trust for Professional Managers

101. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

102. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

103. Manor Investment Funds

104. MoA Funds Corporation

105. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

106. Morgan Stanley ETF Trust

107. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

108. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

109. Morningstar Funds Trust

110. NEOS ETF Trust

111. Niagara Income Opportunities Fund

112. NXG
 Cushing<sup>®</sup> Midstream Energy Fund

113. NXG NextGen Infrastructure Income Fund

114. OTG Latin American Fund, Series of World Funds Trust

115. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

116. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

117. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

118. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

119. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

120. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

121. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

122. Palmer Square Funds Trust

123. Palmer Square Opportunistic Income Fund

124. Partners Group Private Income Opportunities, LLC

125. Perkins Discovery Fund, Series of World Funds Trust

126. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

127. Plan Investment Fund, Inc.

128. Point Bridge America First ETF, Series of ETF Series Solutions

129. Precidian ETFs Trust

130. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

131. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

132. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

133. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

134. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

135. Renaissance Capital Greenwich Funds

136. REX ETF Trust

137. Reynolds Funds, Inc.

138. RMB Investors Trust

139. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

140. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

141. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

142. Roundhill Cannabis ETF, Series of Listed Funds Trust

143. Roundhill ETF Trust

144. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

145. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

146. Roundhill Video Games ETF, Series of Listed Funds Trust

147. Rule One Fund, Series of World Funds Trust

148. Russell Investments Exchange Traded Funds

149. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

150. Six Circles Trust

151. Sound Shore Fund, Inc.

152. SP Funds Trust

153. Sparrow Funds

154. Spear Alpha ETF, Series of Listed Funds Trust

155. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

156. STF Tactical Growth ETF, Series of Listed Funds Trust

157. Strategic Trust

158. Strategy Shares

159. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

160. Tekla World Healthcare Fund

161. Tema ETF Trust

162. The 2023 ETF Series Trust

163. The Community Development Fund

164. The Cook & Bynum Fund, Series of World Funds Trust

165. The Private Shares Fund

166. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

167. Third Avenue Trust

168. Third Avenue Variable Series Trust

169. Tidal Trust I

170. Tidal Trust II

171. Tidal Trust III

172. Tidal Trust IV

173. TIFF Investment Program

174. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

175. Timothy Plan International ETF, Series of The Timothy Plan

176. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

177. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

178. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

179. Total Fund Solution

180. Touchstone ETF Trust

181. Trailmark Series Trust

182. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

183. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

184. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

185. T-Rex 2x Long Ether Daily Target ETF

186. U.S. Global Investors Funds

187. Union Street Partners Value Fund, Series of World Funds Trust

188. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

189. Vest
 S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund, Series of World Funds
 Trust

190. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

191. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

192. Virtus Stone Harbor Emerging Markets Income Fund

193. Volatility Shares Trust

194. WEBs ETF Trust

195. Wedbush Series Trust

196. Wellington Global Multi-Strategy Fund

197. Wilshire Mutual Funds, Inc.

198. Wilshire Variable Insurance Trust

199. WisdomTree Trust

200. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | <u>Position with Registrant</u><br>|
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza<br>Kate Macchia<br>| 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President<br>Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman<br>Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary<br>Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

**Item 33.**

**Location of Accounts and Records.**

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder will be maintained at the offices of the Investment Adviser, the Custodian, the Administrator and the Distributor.

TIFF Advisory Services, LLC

170 N. Radnor Chester Road, Suite 300

Radnor, PA 19087

State Street Bank and Trust Company

One Congress Street

Boston, MA 02114

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Foreside Fund Services, LLC

190 Middle Street, Suite 301

Portland, ME 04101

For the series of the Registrant managed by each Money Manager:

AQR Capital Management, LLC

One Greenwich Plaza, Suite 130

Greenwich, CT 06830

CenterBook Partners LP

55 Railroad Avenue

Greenwich, CT 06830

Eversept Partners, LP

444 Madison Avenue, 22nd Floor

New York NY 10022

Fundsmith Investment Services Limited

Black River Business Park

Black River, Mauritius 90911

Greenhouse Funds LLLP

650 S. Eden Street, Suite 250

Baltimore, MD 21231

Kopernik Global Investors, LLC

2502 N. Rocky Point Drive

Suite 300

Tampa, Florida 33607

Lynwood Price Capital Management LP

500 W. 2nd Street, Suite 1900-28

Austin, TX 78701

NewGen Asset Management Limited

Commerce Court North

Suite 2900

25 King Street West

POB 405

Toronto, ON, Canada

Sengu Capital Limited

Suite 2901, 29/F

The Centrium

60 Wyndham Street Central

Hong Kong

Strategy Capital, LLC

One First Street, Suite 13

Los Altos, CA 94022

Westbeck Capital Management, LLP

47-48 Piccadilly

London, England W1J 0DT

**Item 34.**

**Management Services.**

Not applicable.

**Item 35.**

**Undertakings.**

Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in Township of Radnor, and the State of Pennsylvania on the 30<sup>th</sup> day of April, 2026.

TIFF INVESTMENT PROGRAM

Registrant

---

| | |
|:---|:---|
| By: | /s/ David Brenner |
|  | David Brenner, |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in their capacities as of April 30, 2026 indicated.

---

| |
|:---|
| /s/ Clarence Kane Brenan |
| Clarence Kane Brenan, |
| Chief Executive Officer |
| /s/ David Brenner |
| David Brenner, |
| President |
| \*/s/ Mark L. Baumgartner |
| Mark L. Baumgartner, |
| Trustee |
| \*/s/ Leena Bhutta |
| Leena Bhutta, |
| Trustee |
| \*/s/ Jennifer E. Deger |
| Jennifer E. Deger, |
| Trustee |
| \*/s/ Mai-Anh Fox |
| Mai-Anh Fox, |
| Trustee |
| \*/s/ Thomas Lenehan |
| Thomas Lenehan, |
| Trustee |
| \*By: /s/ David Brenner |
| David Brenner, Attorney-in-Fact |
| Date: April 30, 2026 |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit</u>** |
| [(d12)](tm263362d1_ex99-xd12.htm) | [Amendment to Money Manager Agreement, dated March 10, 2026, between the Registrant (TIFF Multi-Asset Fund) and CenterBook Partners LP](tm263362d1_ex99-xd12.htm) |
| [(d16)](tm263362d1_ex99-xd16.htm) | [Money Manager Agreement, dated October 1, 2025, between the Registrant (TIFF Multi-Asset Fund) and Eversept Partners, LP](tm263362d1_ex99-xd16.htm) |
| [(d17)](tm263362d1_ex99-xd17.htm) | [Money Manager Agreement, dated April 1, 2026 between the Registrant (TIFF Multi-Asset Fund) and Sengu Capital Limited](tm263362d1_ex99-xd17.htm) |
| [(h5)](tm263362d1_ex99-xh5.htm) | [Master Services Agreement, dated June 30, 2025, between the Registrant and Ultimus Fund Solutions, LLC](tm263362d1_ex99-xh5.htm) |
| [(j)](tm263362d1_ex99-xj.htm) | [Consent of the Independent Registered Public Accounting Firm](tm263362d1_ex99-xj.htm) |
| [(p5)](tm263362d1_ex99-xp5.htm) | [Amended Code of Ethics of Strategy Capital, LLC](tm263362d1_ex99-xp5.htm) |
| [(p7)](tm263362d1_ex99-xp7.htm) | [Amended Code of Ethics of CenterBook Partners LP](tm263362d1_ex99-xp7.htm) |
| [(p11)](tm263362d1_ex99-xp11.htm) | [Code of Ethics of Eversept Partners, LP](tm263362d1_ex99-xp11.htm) |
| [(p12)](tm263362d1_ex99-xp12.htm) | [Code of Ethics of Sengu Capital Limited](tm263362d1_ex99-xp12.htm) |

---

---

| | |
|:---|:---|
| EX-101 | Inline Interactive Data File - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| EX-101.INS | XBRL Taxonomy Instance Document |
| EX-101.SCH | XBRL Taxonomy Schema Document |
| EX-101.DEF | XBRL Taxonomy Definition Linkbase Document |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |

---

## Ex-99.(D12)

Exhibit (d12)

**AMENDMENT**

**to SCHEDULE I to MONEY MANAGER AGREEMENT**

**This Amendment is entered into as of March 10***,* **2026, between CenterBook Partners LP (the** **"Manager") and TIFF Investment Program ("TIP") for its TIFF Multi-Asset Fund (the "Fund").**

**RECITALS**

**WHEREAS**, the Manager and the MAF are parties to that certain Money Manager Agreement dated as of April 27, 2022 (the "Agreement") pursuant to which the Manager serves as an investment adviser to the Fund; and

**WHEREAS**, pursuant to Section 11 of the Agreement, the parties hereto desire to amend Schedule I to the Agreement; and

**WHEREAS**, the Manager represents that there will be no change in (a) the nature, quality or extent of services to be provided by the Manager; (b) the investment advisory or other services provided to the Fund; or (c) the personnel providing such services as a result of this amendment.

**NOW, THEREFORE**, intending to be legally bound, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule I to the Agreement is amended by hereby deleting the definition of Benchmark Rate in its entirety
and replacing it with the following:

***"Benchmark Rate:*** The Benchmark Rate is the rate of return of the Russell 3000 Index (^RUA)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Schedule I to the Agreement is hereby amended by inserting the following
 paragraphs immediately after the existing paragraph that begins with "Performance Fees
 shall be payable in arrears..." and before the <u>"Most Favored Nation"</u> provision:

**<u>"Non-Standard Crystallization Events:</u>** Notwithstanding the standard Calculation Period definition, the Fund and the Manager may mutually agree in writing to crystallize the Performance Fee as of any date associated with a benchmark transition or other non-standard event. Any such crystallization shall not be deemed a withdrawal for purposes of this Schedule I and shall result in the end of the applicable Calculation Period solely for Performance Fee calculation purposes.

**<u>Payment Timing for Performance Fees:</u>** Notwithstanding anything to the contrary in the Agreement or Schedule I, the Manager shall be paid any Performance Fee crystallized pursuant to this Amendment no later than April 30."

2. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
Amendment will be effective as of April 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
as amended hereby, the Agreement and Schedule 1 thereto will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
capitalized terms used herein and not otherwise defined herein will have the meanings ascribed to them in the Agreement and Schedule
1 thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
Amendment may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument.

**IN WITNESS WHEREOF**, each party hereto has caused this Amendment to be executed by its duly authorized officer, as the case may be, as of the date and year indicated above.

---

| | |
|:---|:---|
| **on behalf of TIFF Multi-Asset Fund by <br> TIFF Investment Program** | **on behalf of<br> CenterBook Partners LP** |
| /s/ Christian Szautner | /s/ Mark Mennitt |
| Signature | Signature |
| Christian Szautner | Mark Mennitt |
| By: Print Name | By: Print Name |
| Chief Legal Officer | Chief Operating Officer & Chief Financial Officer |
| Title | Title |

---

**MUTUAL WRITTEN AGREEMENT REGARDING NON-STANDARD CRYSTALLIZATION EVENT**

This **Mutual Written Agreement** (the "**Agreement**") is entered into as of **March 10, 2026** (the "**Crystallization Date**"), by and between **TIFF Investment Program**, on behalf of its **TIFF Multi-Asset Fund** (the "**Fund**"), and **CenterBook Partners LP** (the "**Manager**," and together with the Fund, the "**Parties**"). This Agreement is made pursuant to the **First Amendment to Schedule I** to the **Money Manager Agreement dated April 27, 2022** (the "**Money Manager Agreement**") between the Fund and the Manager, and specifically the paragraph added to Schedule I titled "**Non-Standard Crystallization Events**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Non-Standard Crystallization of Performance Fee**

In accordance with the Non-Standard Crystallization Events provision, the Parties hereby mutually agree in writing to crystallize the Performance Fee as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Effect of Crystallization**

The crystallization as of the Crystallization Date shall not be deemed a withdrawal for any purpose under Schedule I.

The crystallization shall constitute the end of the applicable Calculation Period solely for purposes of Performance Fee calculation.

The next Calculation Period shall commence immediately following the Crystallization Date in accordance with Schedule I of the Money Manager Agreement.

The Parties agree that the Performance Fee crystallized as of the Crystallization Date shall be paid to the Manager no later than **April 30, 2026.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. No Other Amendments**

Except as expressly set forth herein, the Money Manager Agreement and Schedule I (as amended) remain unchanged and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Counterparts**

This Agreement may be executed in counterparts, and each counterpart shall be deemed to be an original, but all of which together, shall constitute one and the same instrument. For the avoidance of doubt, affirmation or signature of this Agreement by way of an electronic signature or by a signature or a representation of a signature affixed by mechanical means (an "Electronic Signature") shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such person intending to be bound by the terms of this of this Agreement. Any person providing an Electronic Signature further agrees to take any and all additional actions, if any, evidencing their intent to be bound by the terms of this Agreement, as may be reasonably requested.

\* \* \*

IN WITNESS WHEREOF,the parties hereto execute this Agreement on and make it effective on the Effective Date specified in the first paragraph of this Agreement.

---

| | |
|:---|:---|
| **TIFF Investment Program** | **TIFF Investment Program** |
| on behalf of the TIFF Multi-Asset Fund | on behalf of the TIFF Multi-Asset Fund |
| By: | /s/ Christian Szautner |
| Name: | Christian Szautner |
| Title: | Chief Legal Officer |
| **CenterBook Partners LP** | **CenterBook Partners LP** |
| By: | /s/ Mark Mennitt |
| Name: | Mark Mennitt |
| Title: | Chief Operating Officer & Chief Financial Officer |

---

## Ex-99.(D16)

Exhibit (d16)

**Money Manager Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Money Manager Agreement (the "Agreement") is between TIFF Investment Program ("TIP"), a Delaware statutory trust, for its TIFF Multi-Asset Fund (the "Fund"), and Eversept Partners, LP (the "Manager"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and is effective as of October 1**,** 2025 (the "Effective Date").

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIP is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIP wishes to retain the Manager to render advisory services to the Fund and the Manager is willing to render those services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the mutual covenants herein contained, and each of TIP and the Manager intending to be legally bound, it is agreed as follows:

1. **Managed Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will provide investment management services with respect to assets placed with the Manager on behalf of the Fund from time to time. Such assets, as changed by investment, reinvestment, additions, disbursements of expenses, and withdrawals, are referred to in this Agreement as the "Managed Assets." Subject to the Manager's approval, the Fund may make additions to the Managed Assets at any time. In addition, the Fund may withdraw all or any portion of the Managed Assets at any time; provided, however, that the Fund will endeavor to provide (i) one Business Day prior notice to the Manager prior to any withdrawal of less than 20% of the Managed Assets and (ii) at least 10 Business Days' prior written notice to the Manager prior to any withdrawal of 20% or more of the Managed Assets. For the purposes of this Agreement, a "Business Day" shall mean a day (other than a Saturday or Sunday) on which banks are open for business in New York.

2. **Appointment and Powers of Manager; Investment Approach**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Appointment.* TIP, acting on behalf of the Fund, hereby appoints the Manager to manage the Managed Assets for the period and on the terms set forth in this Agreement. The Manager hereby accepts this appointment and agrees to render the services herein described in accordance with the requirements described in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Powers.* Subject to the supervision of the board of trustees of TIP and subject to the supervision of TIFF Advisory Services, Inc. ("TAS") as Investment Adviser to the Fund, the Manager shall direct investment of the Managed Assets in accordance with the requirements of Section 3(a). TIP, acting on behalf of the Fund, grants the Manager authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire (by purchase, exchange, subscription,
 or otherwise), hold, and dispose of (by sale, exchange, or otherwise) securities and other
 investments and provide the necessary instructions on behalf of the Fund to brokers and custodians
 to effect the transactions;

Money Manager Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine what portion of the Managed Assets
 will be held uninvested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into such agreements and make such
 representations (including representations regarding the purchase of securities and other
 instruments for investment) as may be necessary or proper in connection with the performance
 by the Manager of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Power of Attorney.* To enable the Manager to exercise fully the discretion granted hereunder, TIP appoints the Manager as its attorney-in-fact to invest, sell, and reinvest the Managed Assets as fully as TIP itself could do. The Manager hereby accepts this appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Voting.* The Manager shall not be authorized to vote on behalf of the Fund any proxies relating to the Managed Assets. Proxies for the Managed Assets are voted in accordance with TIP's proxy voting policy, a copy of which has been provided to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) Independent Contractor.* Except as expressly authorized herein, the Manager shall for all purposes be deemed to be an independent contractor and shall have no authority to act for or to represent TIP, the Fund, or TAS in any way, or otherwise to be an agent of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) Reporting.* The Manager shall furnish to TIP upon reasonable request such information that TIP may reasonably require to complete documents, reports, or regulatory filings.

3. **Requirements; Duties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Requirements.* In performing services for the Fund and otherwise discharging its obligations under this Agreement, the Manager shall act in conformity with the following requirements (the "Requirements"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 1940 Act, the Internal Revenue Code of
 1986, as amended, and all other applicable federal and state laws and regulations which apply
 to the Manager in conjunction with performing services for the Fund, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TIP's
 Registration Statement under the 1940 Act and the Securities Act of 1933, as amended, on
 Form N-1A as filed with the Securities and Exchange Commission relating to the Fund
 and the shares of beneficial interest in the Fund, as such Registration Statement may be
 amended from time to time (the "Registration Statement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager's Investment Guidelines,
 which may be amended from time to time through mutual agreement by TAS and the Manager in
 writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) written instructions and directions of
 the board of trustees of TIP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) written instructions and directions of TAS.

Money Manager Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Responsibility with Respect to Actions of Others.* TIP may place the investment portfolio of each of its funds, including the Fund, with one or more investment managers. To the extent the applicability of, or conformity with, the Requirements depends upon investments made by, or activity of, the managers other than the Manager, the Manager agrees to comply with such Requirements: (i) to the extent that such compliance is within the Manager's Investment Guidelines; and (ii) to the extent that the Manager is provided with information sufficient to ascertain the applicability of such Requirements. If it appears to the Fund at any time that the Fund may not be in compliance with any Requirement and the Fund or TAS so notifies the Manager, the Manager shall promptly take such actions not inconsistent with applicable law or regulation as the Fund or TAS may reasonably specify to effect compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Responsibility with Respect to Performance of Duties.* In performing its duties under this Agreement, the Manager will act in a manner consistent with its fiduciary obligations to the Fund and shall use reasonable care and its best judgment in matters relating to the Fund. The Manager will not deal with the Managed Assets in its own interest or for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Valuation*. The Manager shall not be responsible for calculating the net asset value of the Fund's portfolio or making final decisions on the value of portfolio securities used to calculate such net asset value, but must review regularly the pricing of the Managed Assets as made available by or on behalf of the Fund. The Manager agrees to notify the Fund promptly if the Manager reasonably believes that the value of any portfolio security comprising the Managed Assets may not reflect fair value. The Manager agrees to provide upon request any pricing information of which the Manager is aware to the Fund, to TAS, or to the Fund's administrator to assist in the determination of the fair value of any portfolio security for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Fund's valuation procedures for the purpose of calculating the Fund's net asset value in accordance with procedures and methods established by the board of trustees of TIP.

4. **Recordkeeping and Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Records.* The Manager shall maintain proper and complete records relating to the furnishing of investment management services under this Agreement, including records with respect to the securities transactions for the Managed Assets required by Rule 31a-1 under the 1940 Act. All records maintained pursuant to this Agreement shall be subject to examination by the Fund and by persons authorized by it during reasonable business hours upon reasonable notice. Records required by Rule 31a-1 maintained as specified above shall be the property of the Fund; the Manager will preserve such records for the periods prescribed by Rule 31a-2 under the 1940 Act and shall surrender such records promptly at the Fund's request. Upon termination of this Agreement, the Manager shall promptly return records that are the Fund's property and, upon demand, shall make and deliver to the Fund true and complete and legible copies of such other records maintained as required by this Section 4(a) as the Fund may request. The Manager may retain copies of records furnished to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reports to Custodian.* The Manager shall provide to the Fund's custodian and to the Fund, on each business day, information relating to all transactions concerning the Managed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Reports.* The Manager shall render to the board of trustees of TIP and to TAS such periodic and special reports as the board or TAS may reasonably request.

Money Manager Agreement

5. **Purchase and Sale of Securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Selection of Brokers.* The Manager shall place all orders for the purchase and sale of securities or instruments on behalf of the Fund with brokers or dealers selected by the Manager in conformity with the policy respecting brokerage set forth in the Registration Statement. Neither the Manager nor any of its officers, employees, nor any of its "affiliated persons," as defined in the 1940 Act, will act as principal with respect to the Managed Assets nor will the Manager execute any portfolio transactions for the Managed Assets with a broker or dealer which is (i) an affiliated person of the Fund; (ii) principal underwriter of the Fund's shares; or (iii) an affiliated person of such an affiliated person, unless such transactions are: (a) exempt under applicable law or regulation, including under Rule 10f-3(b) or Rule 17a-10; (b) exempt under applicable law or regulation and executed in accordance with the Fund's procedures adopted thereunder, including the exemptions provided by Rule 10f-3(c) or Rule 17a-7, and the Fund's Rule 10f-3 procedures or Rule 17a-7 procedures, as the case may be; or (c) executed in accordance applicable law or regulation and executed in accordance with the Fund's procedures adopted thereunder, including Rule 17e-1 and the Fund's Rule 17e-1 procedures. TIP agrees that it will provide the Manager with a written list of such brokers and dealers and will, from time to time, update such list as necessary. The Manager agrees that it will provide TIP or TAS with a written list of brokers and dealers that are affiliates of the Manager and will, from time to time, update such list as necessary.

In placing such orders, the Manager will give primary consideration to obtaining the most favorable price and efficient execution reasonably available under the circumstances and in accordance with applicable law. In evaluating the terms available for executing particular transactions for the Fund and in selecting broker-dealers to execute such transactions, the Manager may consider, in addition to commission cost and execution capabilities, those factors that it deems relevant, such as the financial stability and reputation of broker-dealers and the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended) provided by such broker-dealers. The Manager is authorized to pay a broker-dealer who provides such brokerage and research services a commission for executing a transaction which is in excess of the amount of commission another broker-dealer would have charged for effecting that transaction if the Manager determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer in discharging responsibilities with respect to the Fund or to other client accounts as to which it exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Aggregating Orders.* On occasions when the Manager deems the purchase or sale of a security to be in the best interest of the Fund as well as other advisory clients of the Manager, the Manager, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or instruments to be so sold or purchased. In such event, allocation of securities or instruments so purchased or sold, as well as the expense incurred in the transaction, will be made by the Manager in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Fund and its other clients.

6. **Management Fees; Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Management and Performance Fees.* Schedule I and Schedule II attached hereto, as applicable, set out the fees to be paid by the Fund to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Expenses.* The Manager shall furnish at its own expense all of its own office facilities, equipment and supplies, and shall perform at its own expense all routine and recurring functions necessary to render the services required under this Agreement including administrative, bookkeeping and accounting, clerical, statistical, and correspondence functions. The Fund (and not the Managed Assets) will be responsible for its own fees and expenses; provided, however that the following expenses (the "Account Expenses") will be paid from the Managed Assets: (i) sub-custodian transaction charges related to investments by the Managed Assets in foreign markets, (ii) the Manager's management fees and performance fees, (iii) brokerage commissions incurred by the Managed Assets and other costs of securities transactions to which the Fund is a party, including any portion of such commissions attributable to research and brokerage services, (iv) short sale transaction charges, memo pledging costs, and borrowing costs related to short sale activities by the Managed Assets, and (v) capital gains taxes in jurisdictions in which non-resident investors are assessed taxes, if any. For all other expenses not specifically assumed by the Manager or Managed Assets hereunder, the Fund shall pay directly, or, if the Manager makes payment, reimburse the Manager for them. Expenses borne by the Fund include, but are not limited to, (i) general custodial fees for the Managed Assets and (ii) interest (excluding interest related to short sale activities) and taxes, if any, payable by the Fund. In addition, the Fund shall pay directly, or, if the Manager makes payment, reimburse the Manager for, such non-recurring special out-of-pocket costs and expenses only if authorized in advance by the Fund.

Money Manager Agreement

7. **Non-Exclusivity of Services**

The Manager is free to act for its own account and to provide investment management services and advice to others. The Fund acknowledges that the Manager and its affiliates, officers and employees, and the Manager's other clients, may at any time have, acquire, increase, decrease or dispose of positions in the same investments which are at the same time being held, acquired or disposed of under this Agreement for the Fund. Neither the Manager nor any of its officers or employees shall have any obligation to effect a transaction under this Agreement simply because such a transaction is effected for their own account or for the account of another client. The Fund agrees that the Manager may refrain from providing any advice or services concerning securities of companies for which any officers, directors, partners or employees of the Manager or any of the Manager's affiliates act as financial adviser, investment manager or in any capacity that the Manager deems confidential, unless the Manager determines in its sole discretion that it may appropriately do so. The Fund appreciates that, for good commercial and legal reasons, material nonpublic information which becomes available to affiliates of the Manager through these relationships cannot be passed on to Fund and that the Manager may be restricted from trading the securities of issuers about which it is in possession of material nonpublic information.

Except to the extent necessary to perform its obligations hereunder, nothing herein shall be deemed to limit or restrict the Manager's right, or the right of any of the Manager's directors, officers or employees, to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, trust, firm, individual or association.

8. **Intentionally Omitted**

9. **Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall not be liable to the Fund, TIP, TAS or any affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) or any controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) (collectively, the "Fund Parties") for any claim, loss, liability or damage arising out of any portfolio investment of disposition hereunder, except a claim, loss, liability or damage arising out of any breach of fiduciary duty or a loss arising out of willful misfeasance, bad faith, or gross negligence by the Manager in providing services under this Agreement or from reckless disregard by the Manager of its obligations and duties under this Agreement. Nothing in this Agreement shall constitute a waiver or limitation of any rights that the Fund, TIP, or TAS may have with any provision of the federal securities laws, rules, and regulations adopted thereunder.

Money Manager Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Manager has not acted with willful misfeasance, bad faith, or gross negligence in providing services under this Agreement or with reckless disregard of its obligations and duties under this Agreement, the Manager shall not be liable to any Fund Party for any action taken or failure to act in good faith reliance upon: (i) information, instructions or requests, whether oral or written, with respect to the Fund made to the Manager by a duly authorized officer of TIP or TAS; (ii) the advice of counsel to TIP or the Fund; and (iii) any written instruction or certified copy of any resolution of the board of trustees of TIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provided that the Manager has not acted with willful misfeasance, bad faith, or gross negligence in providing services under this Agreement or with reckless disregard of its obligations and duties under this Agreement, the Manager shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of civil or military authority, national emergencies, labor difficulties (other than those related to the Manager's employees), fire, the breakdown, failure or malfunction of any utilities, telecommunications or other mechanical systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

10. **Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager hereby represents to the Fund that the Manager is registered as an investment adviser under the Advisers Act, that it has full power and authority to enter into and perform fully the terms of this Agreement and that the execution of this Agreement on behalf of the Manager has been duly authorized and, upon execution and delivery, this Agreement will be binding upon the Manager in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager represents that it is in material compliance with all applicable laws, rules, and regulations, both federal and state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TIP hereby represents to the Manager that it has full power and authority to enter into and perform fully the terms of this Agreement and that the execution of this Agreement on behalf of the Fund has been duly authorized and, upon execution and delivery, this Agreement will be binding upon TIP in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TIP acknowledges receipt of Parts 2A and B of the Manager's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) TIP represents that TIP and the Fund are in material compliance with all applicable laws, rules, and regulations, both federal and state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Manager represents that it shall notify TIP of the admission of any additional partner to, or withdrawal of any existing partner from, the Manager within a reasonable time after such additions or withdrawals but no less frequently than annually. The Manager further represents that it shall notify TIP as soon as practicable in advance of any change in control of the Manager, within the meaning of the 1940 Act.

Money Manager Agreement

11. **Term**

This Agreement shall continue in effect for a period of two (2) years from the date hereof and shall thereafter be automatically renewed for successive periods of one (1) year each, provided such renewals are specifically approved at least annually in conformity with the requirements of the 1940 Act; provided, however, that this Agreement may be terminated without the payment of any penalty, by (a) the Fund, if a decision to terminate is made by the board of trustees of TIP or by a vote of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act), or (b) the Manager, in each case with at least 30 calendar days' written notice from the terminating party and on the date specified in the notice of termination.

The rights and obligations that are provided in section (f) of Paragraph 2, Paragraph 9 and Paragraph 19 shall survive the cancellation, expiration, or termination of this Agreement. Termination of this Agreement shall not affect the right of the Manager to receive payments on any unpaid balance of the compensation described in Schedule I or Schedule II, as applicable, earned prior to such termination.

12. **Amendment**

Except as otherwise provided in this Agreement, this Agreement may be amended by mutual consent, but the consent of the Fund must be approved in conformity with the requirements of the 1940 Act and any order of the Securities and Exchange Commission that may address the applicability of such requirements in the case of the Fund. Any such amendment must be in writing and signed by each party.

13. **Assignment**

Manager will not assign any of its rights or obligations hereunder without the written consent of TIP, it being understood that any change in control of Manager shall be deemed to be an assignment for purposes of this paragraph. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

14. **Notices**

All notices, requests, or other communications required to be given pursuant to this Agreement shall be in writing, and email shall be accepted if agreed to between the parties, and shall be deemed duly given or received when delivered electronically, in writing, or within three (3) business days after mailing via registered mail postage prepaid as follows:

---

| | |
|:---|:---|
| Fund:<br> TIFF Investment Program<br> c/o TIFF Advisory Services, LLC<br> Attn: Chief Legal Officer<br> 170 N. Radnor Chester Road, Suite 300<br> Radnor, PA 19087<br> *Email:* miops@tiff.org with a copy to legal@tiff.org  | Manager:<br> Eversept Partners, LP<br> 444 Madison Avenue, 22<sup>nd</sup> Floor<br> New York, NY 10022<br> 212-271-4211<br> Email: Compliance@eversept.com |

---

Each party may change its address by giving notice to the other party as herein required.

Money Manager Agreement

15. **Entire Agreement**

This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the subject matter hereof, and correctly sets forth the rights, duties, and obligations of each party to the other as of its date. Any prior agreements, promises, negotiations, or representations not expressly set forth in this Agreement are of no force or effect.

16. **Severability**

If any provision of this Agreement is held invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. Where the effect of a requirement of a federal law reflected in any provision of this Agreement is altered by a rule of the U.S. Securities and Exchange Commission, regulation or order, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

17. **Counterparts**

This Agreement may be executed in counterparts, and each counterpart shall be deemed to be an original, but all of which together, shall constitute one and the same instrument. For the avoidance of doubt, affirmation or signature of this Agreement by way of an electronic signature or by a signature or a representation of a signature affixed by mechanical means (an "Electronic Signature") shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such person intending to be bound by the terms of this of this Agreement. Any person providing an Electronic Signature further agrees to take any and all additional actions, if any, evidencing their intent to be bound by the terms of this Agreement, as may be reasonably requested.

18. **Applicable Law**

This Agreement shall be governed by, and the rights of the parties arising hereunder construed in accordance with, the laws of the State of Delaware without reference to principles of conflict of laws. Nothing herein shall be construed to require either party to do anything in violation of any applicable law or regulation.

19. **Confidential Information**

Any information or recommendations supplied by any party to this Agreement, which are not otherwise in the public domain or previously known to another party, in connection with the performance of obligations hereunder, including securities or other assets held or to be acquired by the Fund, transactions in securities or other assets effected or to be effected on behalf of the Fund, or financial information or any other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information").

Money Manager Agreement

No party may use or disclose to others Confidential Information about the other party, except solely for the legitimate business purposes of the Fund if such disclosure is made in compliance with TIP's procedures on the disclosure of portfolio holdings, when applicable; as may be required by applicable law or rule or compelled by judicial or regulatory authority having competent jurisdiction over the party; or as specifically agreed to in writing by the other party to which the Confidential Information pertains. Nothing in this section shall be deemed to prevent TIP from providing to third parties information identifying the name and investment performance of the Manager. No party may trade in any securities issued by another party while in possession of material non-public information about that party. The Manager may not consult with any other money managers for the Fund about transactions in securities or other assets of the Fund, except for purposes of complying with the 1940 Act or SEC rules or regulations applicable to the Fund. Nothing in this Agreement shall be construed to prevent the Manager from lawfully giving other entities investment advice about, or trading on their behalf in, shares issued by the Fund or securities or other assets held or to be acquired by the Fund.

\* \* \*

Money Manager Agreement

In witness whereof, the parties hereto execute this Agreement on and make it effective on the Effective Date specified in the first paragraph of this Agreement.

---

| | |
|:---|:---|
| TIFF Investment Program | Eversept Partners, LP |
| on behalf of the Fund |  |
| /s/ Christian Szautner | /s/ Kamran Moghtaderi |
| Signature | Signature |
| Christian Szautner, Chief Legal Officer | Kamran Moghtaderi, Managing Principal |
| Print Name/Title | Print Name/Title |

---

Money Manager Agreement

**Schedule I**

**to the Money Manager Agreement (the "Agreement")**

**between**

**Eversept Partners, LP (the "Manager") and**

**TIFF Investment Program for its TIFF Multi-Asset Fund (the "Fund")**

*This Schedule I shall apply if and for so long as the Fund maintains an investment of at least $5,000,000 in the aggregate in either Eversept Global Healthcare Fund, LP or Eversept Global Healthcare Offshore Fund, Ltd. (or a combination thereof) (the "**Minimum Investment**"). Should the Fund no longer maintain the Minimum Investment, Schedule II hereof shall apply rather than this Schedule I. The transition from Schedule I to Schedule II shall occur on the first calendar day of the month following the month in which the Fund ceased to maintain the Minimum Investment.*

**Fee Calculation**

All capitalized terms used but not defined in this Schedule I shall have the meanings ascribed to them in the Agreement.

**Compensation**

As compensation for the investment management services performed by the Manager pursuant to this Agreement, the Fund will pay to the Manager (i) an asset based fee (the "***Management Fee***") plus, where applicable, (ii) a performance based fee (the "***Performance Fee***"), each as described below. For all calculations described hereunder, the net asset value ("***NAV***") of the Managed Assets shall be gross of all expenses, charges, and fees, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sub-custodian transaction charges, if
 any, related to the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Management Fee and the Performance
 Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) brokerage commissions incurred by the
 Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) short sale transaction charges, memo
 pledging costs, and borrowing costs related to short sale activities, if any, by the Managed
 Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) capital gains taxes in jurisdictions in
 which non-resident investors are assessed taxes, if any (items (i) through (v) being
 defined as, collectively, the *" **Netted Expenses** "*).

**Certain Defined Terms**

***Account Values***: A memorandum account shall be established for each Tranche (each an "***NAV Account***"), each with a ***Beginning of Period ("BOP") Account Value*** and an ***End of Period ("EOP") Account Value*** to be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 each NAV Account's first Calculation Period, the BOP Account Value will equal the initial
 investment amount of the Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 all Calculation Periods, the EOP Account Value will equal the NAV of the NAV Account at the
 end of the Calculation Period prior to the payment of any Performance Fee.

Money Manager Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 an NAV Account's subsequent Calculation Period, the BOP Account Value will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the NAV
 of the NAV Account as of the last day of such prior Calculation Period *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the dollar
 amount of the Performance Fee calculated for that Calculation Period, if any (and after withdrawals,
 if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the event of a partial withdrawal from a Tranche, the BOP Account Value for the remaining
 Managed Assets in such Tranche for the Calculation Period in which the withdrawal occurred
 shall be adjusted by multiplying the BOP Account Value of such NAV Account by (a) one
 (1), <u>minus</u> (b) a fraction, in which the numerator is the dollar amount of the
 withdrawal and the denominator is the NAV of the Managed Assets attributable to that Tranche
 on the date of, but prior to, the withdrawal.

BOP Account Value = (NAV<sub>t</sub>) <sub>\*</sub> (1-Withdrawal/NAV<sub>t-1</sub>)

***Benchmark Account:*** A separate benchmark memorandum amount will be calculated for each Tranche ("***Benchmark Account***"). Each Tranche's Benchmark Account will have a ***Benchmark Account BOP Value*** and ***Benchmark Account EOP Value*** to be determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 a Tranche's first Calculation Period, the Benchmark Account BOP Value will be equal
 to that Tranche's BOP Account Value.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 all Calculation Periods, the Benchmark Account EOP Value will equal the Benchmark Account
 BOP Value multiplied by the sum of (i) one (1), <u>plus</u> (ii) the Benchmark
 Rate.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 any subsequent Calculation Period, if a Performance Fee has been paid, the Benchmark Account
 BOP Value shall be equal to the BOP Account Value.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 any subsequent Calculation Period, if a Performance Fee has not been paid, the Benchmark
 Account BOP Value will be equal to the Benchmark Account EOP Value.

&nbsp;&nbsp;&nbsp;&nbsp;· In
 the event of a partial withdrawal from a Tranche, the Benchmark Account BOP Value for the
 remaining Managed Assets in such Tranche for the Calculation Period in which the withdrawal
 occurred shall be adjusted by multiplying the Benchmark Account BOP Value by (a) one
 (1), <u>minus</u> (b) a fraction, in which the numerator is the dollar amount of the
 withdrawal and the denominator is the NAV of the Managed Assets attributable to that Tranche
 on the date of, but prior to, the withdrawal.

For purposes of calculating the Performance Fee, withdrawals from Tranches will be deemed to occur on a "first-in first-out" basis. For the avoidance of doubt, the payment of Management Fees or Performance Fees shall not be considered withdrawals.

***Benchmark Rate:*** The Benchmark Rate is the rate of return of the MSCI World Healthcare Index (MXWO0HC).

Money Manager Agreement

***Calculation Period:*** The period that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *begins* on the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) January 1 of any year for which
 compensation is to be paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each new contribution within a
 calendar year the inception date of that addition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *ends* on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) December 31 of such year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of any withdrawal.

***Excess Return***: Excess Return is the difference between the EOP Account Value of any NAV Tranche and the Benchmark Account EOP Value for such Tranche.

***Manager Assets:*** Manager Assets means, as of a specified date, the total assets under management of the Manager and its affiliates, excluding the assets of all Manager Parties.

***Tranches:*** The Managed Assets placed with the Manager. Each additional contribution of assets becomes a separate "Tranche" of Managed Assets. At the end of any Calculation Period for which a Performance Fee has been paid with respect to two or more Tranches, such Tranches shall be combined into a single Tranche NAV Account (as defined herein). Tranches for which no Performance Fee is paid shall remain separate Tranches and will not be combined.

**Management Fee Rate; Calculation and Payment of Management Fee**: The ***Management Fee Rate*** will be 1.00% per annum.

The Management Fee will be calculated monthly as of the last day of the calendar month and separately for each Tranche, based on the average daily NAV of the Managed Assets for the month to which the fee relates. The Management Fee will be paid no later than the last day of the month immediately following the end of the month to which the Management Fee relates and will be prorated for periods less than a full calendar month. The Management Fee will be paid from the Managed Assets, except those Management Fees payable subsequent to a complete withdrawal of the Managed Assets which will be paid out of other Fund assets.

The Management Fee will be paid as follows:

![](tm263362d1_ex99-xd16img01.jpg)

**Performance Fee Rate; Calculation and Payment of Performance Fee:** The ***Performance Fee Rate*** will be 20% per annum. Performance Fees will be calculated at the end of each Calculation Period and separately for each Tranche.

If there is outperformance over the Benchmark Rate such that the Excess Return is positive, the Performance Fee will be equal to the Excess Return multiplied by the Performance Fee Rate.

Money Manager Agreement

If there is underperformance from the Benchmark Rate and the Excess Return is negative, the difference between the EOP Account Value and the Benchmark Account EOP Value will be multiplied by the Performance Fee Rate and will result in a negative Performance Fee amount.

*Performance Fee = Excess Return \* Performance Fee Rate*

At the end of each Calculation Period:

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Performance Fee is a positive amount, such amount will be paid to the Manager in arrears
 in the month that follows the last calendar month of the Calculation Period; and

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Performance Fee is a negative amount, no Performance Fee shall be paid.

In the event of a partial withdrawal with respect to a Tranche, the Performance Fee, if any, pertaining to such Tranche will be determined immediately prior to such withdrawal, and, the Performance Fee payable with respect to such withdrawn assets with be the amount of such Performance Fee, multiplied by a fraction, of which the numerator is the dollar amount withdrawn and the denominator is the NAV of the Managed Assets attributable to that Tranche on the date of, but prior to, the withdrawal. The withdrawal date will be the end of a Calculation Period.

**Most Favored Nation:** The Manager has provided TIP a true and complete copy of each agreement, written or oral, waiver, side letter or similar understanding (each, a ***"Related Agreement"***) entered into on or prior to the date hereof by the Manager or any of its affiliates with any separate account client following a substantially similar strategy to be used by the Manager with respect to the Managed Assets. If, at any time after the date hereof, the Manager or any of its affiliates enter into any agreement, written or oral, waiver, side letter or similar understanding, or amend or waive any Related Agreement) (each a ***"Future Side Letter"***), to provide investment management services to a separate account client following a substantially similar strategy to be used by the Manager with respect to the Managed Assets with separate account assets equal to or less than the then-current Managed Assets, with any terms that are more favorable than the rights granted to the Fund pursuant to the Agreement, then, following the binding execution thereof, (a) the Manager shall promptly disclose such terms to TIP in writing, and (b) the Fund may elect, in writing to the Manager within 60 days of its receipt of such disclosure, to receive the benefit of such favorable terms and such terms will be deemed to be incorporated into the Agreement, mutatis mutandis, for the benefit of the Fund effective as of the date they become effective with respect to the parties to the Future Side Letter; provided that, if any of the more favorable rights are subject to any condition or obligation set forth in the applicable Future Side Letter, then the grant of such rights or benefits to the Fund will be contingent on the Fund's agreement to be bound by any such condition or obligations. Without limiting any of the foregoing, the Fund shall not be bound by or precluded from any of its rights above by any statement in any Future Side Letter designating any term thereof as being exempt from or otherwise not subject to the Fund's most favored rights under this paragraph or any other portion of the Agreement. Notwithstanding the foregoing, this provision shall not apply to any letter or similar agreement (i) relating to confidentiality or the disclosure (or manner of delivery) of any confidential matter, (ii) arising from any regulation, law, tax or written policy imposed on or applying to the recipient of the provision (unless the Fund is subject to the same or materially similar regulation, law, tax or written policy), or (iii) relating to fee waivers for present or former owners, equity holders, officers, directors or employees of the Manager or any of the Manager's affiliates or their immediate family members.

Money Manager Agreement

**Schedule II**

**to the Money Manager Agreement (the "Agreement")**

**between**

**Eversept Partners, LP (the "Manager") and**

**TIFF Investment Program for its TIFF Multi-Asset Fund (the "Fund")**

*This Schedule II shall apply if and for so long as the Fund does not maintain an investment of at least $5,000,000 in the aggregate in either Eversept Global Healthcare Fund, LP or Eversept Global Healthcare Offshore Fund, Ltd. (or a combination thereof) (the "**Minimum Investment**"). Should the Fund maintain the Minimum Investment, Schedule I hereof shall apply rather than this Schedule II. The transition from Schedule II to Schedule I shall occur on the first calendar day of the month following the month in which the Fund reached the Minimum Investment.*

**Fee Calculation**

All capitalized terms used but not defined in this Schedule I shall have the meanings ascribed to them in the Agreement.

**Compensation**

As compensation for the investment management services performed by the Manager pursuant to this Agreement, the Fund will pay to the Manager (i) an asset based fee (the "***Management Fee***") plus, where applicable, (ii) a performance based fee (the "***Performance Fee***"), each as described below. For all calculations described hereunder, the net asset value ("***NAV***") of the Managed Assets shall be gross of all expenses, charges, and fees, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) sub-custodian transaction charges, if
 any, related to the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Management Fee and the Performance
 Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) brokerage commissions incurred by the
 Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) short sale transaction charges, memo
 pledging costs, and borrowing costs related to short sale activities, if any, by the Managed
 Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) capital gains taxes in jurisdictions in
 which non-resident investors are assessed taxes, if any (items (i) through (v) being
 defined as, collectively, the *" **Netted Expenses** "*).

**Certain Defined Terms**

***Account Values***: A memorandum account shall be established for each Tranche (each an "***NAV Account***"), each with a ***Beginning of Period ("BOP") Account Value*** and an ***End of Period ("EOP") Account Value*** to be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 each NAV Account's first Calculation Period, the BOP Account Value will equal the initial
 investment amount of the Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 all Calculation Periods, the EOP Account Value will equal the NAV of the NAV Account at the
 end of the Calculation Period prior to the payment of any Performance Fee.

Money Manager Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 an NAV Account's subsequent Calculation Period, the BOP Account Value will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the NAV
 of the NAV Account as of the last day of such prior Calculation Period *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the dollar
 amount of the Performance Fee calculated for that Calculation Period, if any (and after withdrawals,
 if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the event of a partial withdrawal from a Tranche, the BOP Account Value for the remaining
 Managed Assets in such Tranche for the Calculation Period in which the withdrawal occurred
 shall be adjusted by multiplying the BOP Account Value of such NAV Account by (a) one
 (1), <u>minus</u> (b) a fraction, in which the numerator is the dollar amount of the
 withdrawal and the denominator is the NAV of the Managed Assets attributable to that Tranche
 on the date of, but prior to, the withdrawal.

BOP Account Value = (NAV<sub>t</sub>) <sub>\*</sub> (1-Withdrawal/NAV<sub>t-1</sub>)

***Benchmark Account:*** A separate benchmark memorandum amount will be calculated for each Tranche ("***Benchmark Account***"). Each Tranche's Benchmark Account will have a ***Benchmark Account BOP Value*** and ***Benchmark Account EOP Value*** to be determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 a Tranche's first Calculation Period, the Benchmark Account BOP Value will be equal
 to that Tranche's BOP Account Value.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 all Calculation Periods, the Benchmark Account EOP Value will equal the Benchmark Account
 BOP Value multiplied by the sum of (i) one (1), <u>plus</u> (ii) the Benchmark
 Rate.

&nbsp;&nbsp;&nbsp;&nbsp;· For
 any subsequent Calculation Period, the Benchmark Account BOP Value shall be equal to the
 BOP Account Value.

&nbsp;&nbsp;&nbsp;&nbsp;· In
 the event of a partial withdrawal from a Tranche, the Benchmark Account BOP Value for the
 remaining Managed Assets in such Tranche for the Calculation Period in which the withdrawal
 occurred shall be adjusted by multiplying the Benchmark Account BOP Value by (a) one
 (1), <u>minus</u> (b) a fraction, in which the numerator is the dollar amount of the
 withdrawal and the denominator is the NAV of the Managed Assets attributable to that Tranche
 on the date of, but prior to, the withdrawal.

For purposes of calculating the Performance Fee, withdrawals from Tranches will be deemed to occur on a "first-in first-out" basis. For the avoidance of doubt, the payment of Management Fees or Performance Fees shall not be considered withdrawals.

***Benchmark Rate:*** The Benchmark Rate is the rate of return of the MSCI World Healthcare Index (MXWO0HC).

Money Manager Agreement

***Calculation Period:*** The period that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *begins* on the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) January 1 of any year for which
 compensation is to be paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for each new contribution within a
 calendar year the inception date of that addition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *ends* on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) December 31 of such year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of any withdrawal.

***Excess Return***: Excess Return is the difference between the EOP Account Value of any NAV Tranche and the Benchmark Account EOP Value for such Tranche.

***Loss Recovery Account***: When a NAV Account is established for a Tranche, a Loss Recovery Account shall also be established for such Tranche with an initial value of zero.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Performance Fee Base (as defined below) with respect to a Tranche and Calculation Period
 is positive or zero, the Loss Recovery Account value for such Tranche and Calculation Period
 is zero.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Performance Fee Base (as defined below) with respect to a Tranche and Calculation Period
 is negative, the Loss Recovery Account value for such Tranche and Calculation Period is equal
 to such Performance Fee Base.

In the event that the Fund withdraws funds from the Managed Assets with respect to a Tranche at a time in which there is a negative Loss Recovery Account value with respect to such Tranche, the amount of such Loss Recovery Account value at such withdrawal date shall be reduced by a percentage equal to one hundred percent (100%) multiplied by a fraction, the numerator of which is the amount to be withdrawn from the Managed Assets, and the denominator of which is the amount of the Managed Assets immediately prior to the withdrawal.

***Performance Fee Base****:* The Performance Fee Base with respect to a Tranche and a Calculation Period is equal to the sum of (a) the Excess Return with respect to such Tranche and Calculation Period and (b) the Loss Recovery Account value with respect to such Tranche from the preceding Calculation Period.

***Manager Assets:*** Manager Assets means, as of a specified date, the total assets under management of the Manager and its affiliates, excluding the assets of all Manager Parties.

***Tranches:*** The Managed Assets placed with the Manager. Each additional contribution of assets becomes a separate "Tranche" of Managed Assets. At the end of any Calculation Period for which a Performance Fee has been paid with respect to two or more Tranches, such Tranches shall be combined into a single Tranche NAV Account (as defined herein). Tranches for which no Performance Fee is paid shall remain separate Tranches and will not be combined.

Money Manager Agreement

**Management Fee Rate; Calculation and Payment of Management Fee**: The ***Management Fee Rate*** will be 1.00% per annum.

The Management Fee will be calculated monthly as of the last day of the calendar month and separately for each Tranche, based on the average daily NAV (gross of any accrued Performance Fee) of the Managed Assets for the month to which the fee relates. The Management Fee will be paid no later than the last day of the month immediately following the end of the month to which the Management Fee relates and will be prorated for periods less than a full calendar month. The Management Fee will be paid from the Managed Assets, except those Management Fees payable subsequent to a complete withdrawal of the Managed Assets which will be paid out of other Fund assets.

The Management Fee will be paid as follows:

![](tm263362d1_ex99-xd16img02.jpg)

**Performance Fee Rate; Calculation and Payment of Performance Fee:** The ***Performance Fee Rate*** will be 20% per annum. Performance Fees will be calculated at the end of each Calculation Period and separately for each Tranche. The Performance Fee with respect to a Tranche and Calculation Period will equal the Performance Fee Base with respect to such Tranche and Calculation Period times the Performance Fee Rate.

*Performance Fee = Performance Fee Base \* Performance Fee Rate*

At the end of each Calculation Period:

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Performance Fee is a positive amount, such amount will be paid to the Manager in arrears
 in the month that follows the last calendar month of the Calculation Period; and

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Performance Fee is a negative amount, no Performance Fee shall be paid.

In the event of a partial withdrawal with respect to a Tranche, the Performance Fee, if any, pertaining to such Tranche will be determined immediately prior to such withdrawal, and, the Performance Fee payable with respect to such withdrawn assets with be the amount of such Performance Fee, multiplied by a fraction, of which the numerator is the dollar amount withdrawn and the denominator is the NAV of the Managed Assets attributable to that Tranche on the date of, but prior to, the withdrawal. The withdrawal date will be the end of a Calculation Period.

Money Manager Agreement

**Most Favored Nation:** The Manager has provided TIP a true and complete copy of each agreement, written or oral, waiver, side letter or similar understanding (each, a ***"Related Agreement"***) entered into on or prior to the date hereof by the Manager or any of its affiliates with any separate account client following a substantially similar strategy to be used by the Manager with respect to the Managed Assets. If, at any time after the date hereof, the Manager or any of its affiliates enter into any agreement, written or oral, waiver, side letter or similar understanding, or amend or waive any Related Agreement) (each a ***"Future Side Letter"***), to provide investment management services to a separate account client following a substantially similar strategy to be used by the Manager with respect to the Managed Assets with separate account assets equal to or less than the then-current Managed Assets, with any terms that are more favorable than the rights granted to the Fund pursuant to the Agreement, then, following the binding execution thereof, (a) the Manager shall promptly disclose such terms to TIP in writing, and (b) the Fund may elect, in writing to the Manager within 60 days of its receipt of such disclosure, to receive the benefit of such favorable terms and such terms will be deemed to be incorporated into the Agreement, mutatis mutandis, for the benefit of the Fund effective as of the date they become effective with respect to the parties to the Future Side Letter; provided that, if any of the more favorable rights are subject to any condition or obligation set forth in the applicable Future Side Letter, then the grant of such rights or benefits to the Fund will be contingent on the Fund's agreement to be bound by any such condition or obligations. Without limiting any of the foregoing, the Fund shall not be bound by or precluded from any of its rights above by any statement in any Future Side Letter designating any term thereof as being exempt from or otherwise not subject to the Fund's most favored rights under this paragraph or any other portion of the Agreement. Notwithstanding the foregoing, this provision shall not apply to any letter or similar agreement (i) relating to confidentiality or the disclosure (or manner of delivery) of any confidential matter, (ii) arising from any regulation, law, tax or written policy imposed on or applying to the recipient of the provision (unless the Fund is subject to the same or materially similar regulation, law, tax or written policy), or (iii) relating to fee waivers for present or former owners, equity holders, officers, directors or employees of the Manager or any of the Manager's affiliates or their immediate family members.

## Ex-99.(D17)

Exhibit (d17)

**Money Manager Agreement**

This Money Manager Agreement (the "Agreement") is between TIFF Investment Program ("TIP"), a Delaware statutory trust, for its TIFF Multi-Asset Fund (the "Fund"), and Sengu Capital Ltd., a company incorporated under the laws of Hong Kong (the "Manager") and is effective as of April 1**,** 2026 (the "Effective Date").

**Recitals**

TIP is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

The Manager is licensed by the Securities and Futures Commission of Hong Kong (the "SFC") for Type 9 (asset management) regulated activity (subject to the conditions that it may only provide services to professional investors and may not hold client assets) with CE Number BUW418 and is registered as an "investment adviser" under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

TIP wishes to retain the Manager to render discretionary management services to the Fund and the Manager is willing to render those services.

In consideration of the mutual covenants herein contained, and each of TIP and the Manager intending to be legally bound, it is agreed as follows:

1. **Managed Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will provide discretionary investment management services with respect to certain assets allocated to the Manager in the discretion of TIFF Advisory Services, Inc. ("TAS") and maintained by one or more custodians appointed by TIP on behalf of the Fund from time to time. Such assets, as changed by investment, reinvestment, additions, disbursements of expenses, and withdrawals, are referred to in this Agreement as the "Managed Assets." The Fund may make additions to or withdraw all of any portion of the Managed Assets from this management arrangement at any time; provided, however, that: (A) during the two (2) year period following the commencement of the management arrangement, the Manager's prior approval shall be required for any addition that would cause the Managed Assets to exceed two (2) times the amount of the initial Managed Assets (or such greater amount as may be agreed in writing by the Manager and TIP during such period); (B) following the initial two (2) year period, any increase in Managed Assets shall be subject to such capacity limitations, if any, as may be agreed by TIP and the Manager from time to time; and (C) the Fund will endeavor to provide at least 30 calendar days' notice to the Manager prior to any withdrawal.

2. **Appointment and Powers of Manager; Investment Approach**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Appointment.* TIP, acting on behalf of the Fund, hereby appoints the Manager to manage the Managed Assets for the period and on the terms set forth in this Agreement. The Manager hereby accepts this appointment and agrees to render the services herein described in accordance with the requirements described in Section 3(a).

Sengu Money Manager Agreement <br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Powers.* Subject to the supervision of the board of trustees of TIP and subject to the supervision of TAS as Investment Adviser to the Fund, the Manager shall direct investment of the Managed Assets in accordance with the requirements of Section 3(a). TIP, acting on behalf of the Fund, grants the Manager authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire (by purchase, exchange, subscription, or otherwise), and dispose of (by sale, exchange, or otherwise)
securities and other investments and provide the necessary instructions on behalf of the Fund to brokers and custodians to effect the
transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine what portion of the Managed Assets will be held uninvested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into such agreements and make such representations (including representations regarding the purchase
of securities and other instruments for investment) as may be necessary or proper in connection with the performance by the Manager of
its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Power of Attorney.* To enable the Manager to exercise fully the discretion granted hereunder, TIP appoints the Manager as its attorney-in-fact to invest, sell, and reinvest the Managed Assets as fully as TIP itself could do. The Manager hereby accepts this appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Voting.* The Manager shall not be authorized to vote on behalf of the Fund any proxies relating to the Managed Assets. Proxies for the Managed Assets are voted in accordance with TIP's proxy voting policy, a copy of which has been provided to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) Independent Contractor.* Except as expressly authorized herein, the Manager shall for all purposes be deemed to be an independent contractor and shall have no authority to act for or to represent TIP, the Fund, or TAS in any way, or otherwise to be an agent of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) Reporting.* The Manager shall furnish to TIP upon reasonable request and with reasonable advance notice, such information that TIP may reasonably require to complete documents, reports, or regulatory filings; provided that the Manager shall not be required to disclose proprietary models, trade secrets or other confidential information unrelated to the Managed Assets and may satisfy such request by providing information in summary or aggregated form where appropriate.

3. **Requirements; Duties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Requirements.* In performing services for the Fund and otherwise discharging its obligations under this Agreement, the Manager shall act in conformity with the following requirements (the "Requirements"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 1940 Act, the Internal Revenue Code of 1986, as amended, and all other applicable federal and state
laws and regulations which apply to the Manager in conjunction with performing services for the Fund, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TIP's Registration Statement under the 1940 Act and the Securities Act of 1933, as amended, on Form N-1A
as filed with the Securities and Exchange Commission relating to the Fund and the shares of beneficial interest in the Fund, as such Registration
Statement may be amended from time to time (the "Registration Statement"); provided that TIP shall promptly provide the Manager
with copies of any amendments or supplements thereto and the Manager shall not be responsible for compliance with any such amendment until
receipt thereof and a reasonable period to implement any required changes;

Sengu Money Manager Agreement <br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager's Investment Guidelines, which may be amended from time to time through mutual agreement
by TAS and the Manager in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) written instructions and directions of the board of trustees of TIP, to the extent consistent with applicable
law, the Manager's Investment Guidelines and this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) written instructions and directions of TAS, to the extent consistent with applicable law, the Manager's
Investment Guidelines and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Responsibility with Respect to Actions of Others.* TIP may place the investment portfolio of each of its funds, including the Fund, with one or more investment managers. To the extent the applicability of, or conformity with, the Requirements depends upon investments made by, or activity of, the managers other than the Manager, the Manager agrees to comply with such Requirements: (i) to the extent that such compliance is within the Manager's Investment Guidelines; and (ii) to the extent that the Manager is provided with information sufficient to ascertain the applicability of such Requirements. If it appears to the Fund at any time that the Fund may not be in compliance with any Requirement and the Fund or TAS so notifies the Manager, the Manager shall promptly (and in any event within a reasonable time, having regard to market conditions and liquidity) take such actions not inconsistent with applicable law or regulation as the Fund or TAS may reasonably specify to effect compliance. The Manager shall have no duty to monitor the actions of other managers or service providers and may rely in good faith on information provided by TIP, TAS, the Fund and their service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Responsibility with Respect to Performance of Duties.* In performing its duties under this Agreement, the Manager will act in a manner consistent with its fiduciary obligations to the Fund and shall use reasonable care and its best judgment in matters relating to the Fund. The Manager will not deal with the Managed Assets in its own interest or for its own account. The Manager makes no representation as to the success of any investment strategy, transaction, security or instrument that may be recommended or undertaken by the Manager with respect to the Managed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Valuation*. The Manager shall not be responsible for calculating the net asset value of the Fund's portfolio or making final decisions on the value of portfolio securities used to calculate such net asset value, but must review regularly the pricing of the Managed Assets as made available by or on behalf of the Fund, in each case in connection with the Manager's portfolio management responsibilities and without any obligation to perform valuations. The Manager agrees to notify the Fund as soon as practicable if the Manager reasonably believes that the value of any portfolio security comprising the Managed Assets may not reflect fair value. The Manager agrees to provide upon request any pricing information of which the Manager is aware to the Fund, to TAS, or to the Fund's administrator to assist in the determination of the fair value of any portfolio security for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Fund's valuation procedures for the purpose of calculating the Fund's net asset value in accordance with procedures and methods established by the board of trustees of TIP.

Sengu Money Manager Agreement <br> Page 4

4. **Recordkeeping and Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Records.* The Manager shall maintain proper and complete records relating to the furnishing of investment management services under this Agreement, including records with respect to the securities transactions for the Managed Assets required by Rule 31a-1 under the 1940 Act. All records maintained pursuant to this Agreement shall be subject to examination by the Fund and by persons authorized by it during reasonable business hours upon reasonable notice. Records required by Rule 31a-1 maintained as specified above shall be the property of the Fund; the Manager will preserve such records for the periods prescribed by Rule 31a-2 under the 1940 Act and shall surrender such records promptly at the Fund's request. Upon termination of this Agreement, the Manager shall promptly return records that are the Fund's property and, upon demand, shall make and deliver to the Fund true and complete and legible copies of such other records maintained as required by this Section 4(a) as the Fund may request. The Manager may retain copies of records furnished to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reports to Custodian.* The Manager shall provide to the Fund's custodian and to the Fund, on each business day (or such other frequency as the parties may reasonably agree in writing), information relating to all transactions concerning the Managed Assets, as soon as reasonably practicable after execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Reports.* The Manager shall render to the board of trustees of TIP and to TAS such periodic and special reports as the board or TAS may reasonably request.

5. **Purchase and Sale of Securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Selection of Brokers.* The Manager shall place all orders for the purchase and sale of securities or instruments on behalf of the Fund with brokers or dealers selected by the Manager in conformity with the policy respecting brokerage set forth in the Registration Statement. Neither the Manager nor any of its officers, employees, nor any of its "affiliated persons," as defined in the 1940 Act, will act as principal with respect to the Managed Assets nor will the Manager execute any portfolio transactions for the Managed Assets with a broker or dealer which is (i) an affiliated person of the Fund; (ii) principal underwriter of the Fund's shares; or (iii) an affiliated person of such an affiliated person, unless such transactions are: (a) exempt under applicable law or regulation, including under Rule 10f-3(b) or Rule 17a-10; (b) exempt under applicable law or regulation and executed in accordance with the Fund's procedures adopted thereunder, including the exemptions provided by Rule 10f-3(c) or Rule 17a-7, and the Fund's Rule 10f-3 procedures or Rule 17a-7 procedures, as the case may be; or (c) executed in accordance applicable law or regulation and executed in accordance with the Fund's procedures adopted thereunder, including Rule 17e-1 and the Fund's Rule 17e-1 procedures. TIP agrees that it will provide the Manager with a written list of such brokers and dealers and will, from time to time, update such list as necessary. The Manager agrees that it will provide TIP or TAS with a written list of brokers and dealers that are affiliates of the Manager and will, from time to time, update such list as necessary.

In placing such orders, the Manager will give primary consideration to obtaining the most favorable price and efficient execution reasonably available under the circumstances and in accordance with applicable law. In evaluating the terms available for executing particular transactions for the Fund and in selecting broker-dealers to execute such transactions, the Manager may consider, in addition to commission cost and execution capabilities, those factors that it deems relevant, such as the financial stability and reputation of broker-dealers and the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended) provided by such broker-dealers. The Manager is authorized to pay a broker-dealer who provides such brokerage and research services a commission for executing a transaction which is in excess of the amount of commission another broker-dealer would have charged for effecting that transaction if the Manager determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer in discharging responsibilities with respect to the Fund or to other client accounts as to which it exercises investment discretion.

Sengu Money Manager Agreement <br> Page 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Aggregating Orders.* On occasions when the Manager deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Manager, the Manager, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or instruments to be so sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of securities or instruments so purchased or sold, as well as the expense incurred in the transaction, will be made by the Manager in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Fund and its other clients.

6. **Management Fees; Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Management Fees.* Schedule I attached hereto sets out the fees to be paid by the Fund to the Manager no later than the last day of the month immediately following the end of the period to which the fee relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Expenses.* The Manager shall furnish at its own expense all of its own office facilities, equipment and supplies, and shall perform at its own expense all routine and recurring functions necessary to render the services required under this Agreement including administrative, bookkeeping and accounting, clerical, statistical, and correspondence functions. The Fund (and not the Managed Assets) will be responsible for its own fees and expenses; provided, however that the following expenses will be paid from the Managed Assets: (i) sub-custodian transaction charges related to investments by the Managed Assets in foreign markets, (ii) the Manager's management fees and performance fees, (iii) brokerage commissions incurred by the Managed Assets, (iv) if applicable, short sale transaction charges, memo pledging costs, and borrowing costs related to short sale activities by the Managed Assets, as applicable, and (v) capital gains taxes in jurisdictions in which non-resident investors are assessed taxes, if any. For all other expenses not specifically assumed by the Manager or Managed Assets hereunder, the Fund shall pay directly, or, if the Manager makes payment, reimburse the Manager for them. Expenses borne by the Fund include, but are not limited to, (i) general custodial fees for the Managed Assets and (ii) interest (excluding interest related to short sale activities, as applicable) and taxes, if any, payable by the Fund. In addition, the Fund shall pay directly, or, if the Manager makes payment, reimburse the Manager for, such non-recurring special out-of-pocket costs and expenses only if authorized in advance by the Fund (not to be unreasonably withheld, conditioned or delayed).

7. **Non-Exclusivity of Services**

The Manager is free to act for its own account and to provide investment management services and advice to others. The Fund acknowledges that the Manager and its affiliates, officers and employees, and the Manager's other clients, may at any time have, acquire, increase, decrease or dispose of positions in the same investments which are at the same time being held, acquired or disposed of under this Agreement for the Fund. Neither the Manager nor any of its officers or employees shall have any obligation to effect a transaction under this Agreement simply because such a transaction is effected for their own account or for the account of another client. The Fund agrees that the Manager may refrain from providing any advice or services concerning securities of companies for which any officers, directors, partners or employees of the Manager or any of the Manager's affiliates act as financial adviser, investment manager or in any capacity that the Manager deems confidential, unless the Manager determines in its sole discretion that it may appropriately do so. The Fund appreciates that, for good commercial and legal reasons, material nonpublic information which becomes available to affiliates of the Manager through these relationships cannot be passed on to Fund and that the Manager may be restricted from trading the securities of issuers about which it is in possession of material nonpublic information.

Sengu Money Manager Agreement <br> Page 6

8. **Delegation of Services to Affiliates**

The Fund acknowledges and agrees that the Manager may, in its discretion, utilize personnel employed by its affiliates to perform services pursuant to this Agreement by way of a "participating non-US affiliate" agreement in accordance with, and to the extent permitted by, the 1940 Act and the Advisers Act, including the published interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") or its staff. Should such participating non-US affiliate agreement cease to meet the requirements of the 1940 Act or the Advisers Act, including published interpretations thereof by the SEC or its staff, the Manager's authority to utilize personnel of its affiliates in the performance of its duties hereunder shall terminate immediately and the Manager shall promptly inform TIP and TAS of such event. For the avoidance of doubt, the Manager acknowledges and agrees that it assumes full responsibility for all actions, and any failure to act, by each person utilized to perform services under this Agreement

9. **Liability**

The Manager shall not be liable to the Fund, TIP, or TAS for any loss arising out of any portfolio investment of disposition hereunder, except to the extent that such loss directly results from the Manager's breach of fiduciary duty or a loss arising out of willful misfeasance, bad faith, or gross negligence by the Manager in providing services under this Agreement or from reckless disregard by the Manager of its obligations and duties under this Agreement. Nothing in this Agreement shall constitute a waiver or limitation of any rights that the Manager, the Fund, TIP, or TAS may have with any provision of the federal securities laws, rules, and regulations adopted thereunder.

10. **Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager hereby represents to the Fund that the Manager is registered as an investment adviser under the Advisers Act, that it has full power and authority to enter into and perform fully the terms of this Agreement and that the execution of this Agreement on behalf of the Manager has been duly authorized and, upon execution and delivery, this Agreement will be binding upon the Manager in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager represents that it is in material compliance with all applicable laws, rules, and regulations, both federal and state.

Sengu Money Manager Agreement <br> Page 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TIP hereby represents to the Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and validly existing in its jurisdiction of formation and has the power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Fund and constitutes a legal, valid and binding obligation of the Fund, enforceable against the Fund in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is not bankrupt or insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it has full power and authority to enter into and perform fully the terms of this Agreement and that the execution of this Agreement on behalf of the Fund has been duly authorized and, upon execution and delivery, this Agreement will be binding upon TIP in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it has received Parts 2A and B of the Manager's Form ADV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) TIP represents that TIP and the Fund are in material compliance with all applicable laws, rules, and regulations, both federal and state.

TIP shall promptly notify the Manager of any of the events in Section 10(c) if TIP becomes aware that (A) any representation made by TIP in this Agreement has ceased to be true or (B) facts arise such that any such representation could no longer be made accurately as of any date subsequent to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager represents that it shall notify TIP as soon as practicable in advance of any change in control of the Manager, within the meaning of the 1940 Act.

11. **Term**

This Agreement shall continue in effect for a period of two (2) years from the date hereof and shall thereafter be automatically renewed for successive periods of one (1) year each, provided such renewals are specifically approved at least annually in conformity with the requirements of the 1940 Act; provided, however, that this Agreement may be terminated without the payment of any penalty, by (a) the Fund, if a decision to terminate is made by the board of trustees of TIP or by a vote of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act), (b) the Manager, in each case with at least 30 calendar days' written notice from the terminating party and on the date specified in the notice of termination, or (c) the Manager at any time if it ceases to have the relevant regulatory approval to perform its obligations hereunder.

The rights and obligations that are provided in section (f) of Paragraph 2, Paragraph 9 and Paragraph 19 shall survive the cancellation, expiration, or termination of this Agreement. Upon any termination, the parties shall cooperate in good faith to facilitate an orderly transition of the Managed Assets and associated records.

12. **Amendment**

Except as otherwise provided in this Agreement, this Agreement may be amended by mutual consent, but the consent of the Fund must be approved in conformity with the requirements of the 1940 Act and any order of the Securities and Exchange Commission that may address the applicability of such requirements in the case of the Fund. Any such amendment must be in writing and signed by each party.

Sengu Money Manager Agreement <br> Page 8

13. **Assignment**

The Manager will not assign any of its rights or obligations hereunder without the written consent of TIP, it being understood that any change in control of Manager shall be deemed to be an assignment for purposes of this paragraph. This Agreement shall terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

14. **Notices**

All notices, requests, or other communications required to be given pursuant to this Agreement shall be in writing, and email shall be accepted if agreed to between the parties, and shall be deemed duly given or received when delivered electronically, in writing, or three (3) business days after mailing via registered mail postage prepaid as follows:

---

| | |
|:---|:---|
| Fund:<br> TIFF Investment Program<br> c/o TIFF Advisory Services, Inc.<br> Attn: Chief Legal Officer<br> 170 N. Radnor Chester Road, Suite 300<br> Radnor, PA 19087<br> *Email:* miops@tiff.org with a copy to legal@tiff.org | Manager:<br> Sengu Capital Limited<br> Suite 2901, 29/F<br> The Centrium<br> 60 Wyndham Street<br> Central<br> Hong Kong<br> Email: operations@sengu-capital.com |

---

Each party may change its address by giving notice to the other party as herein required.

15. **Entire Agreement**

This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the subject matter hereof, and correctly sets forth the rights, duties, and obligations of each party to the other as of its date. Any prior agreements, promises, negotiations, or representations not expressly set forth in this Agreement are of no force or effect.

16. **Severability** 

If any provision of this Agreement is held invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. Where the effect of a requirement of a federal law reflected in any provision of this Agreement is altered by a rule of the U.S. Securities and Exchange Commission, regulation or order, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

17. **Counterparts**

This Agreement may be executed in counterparts, and each counterpart shall be deemed to be an original, but all of which together, shall constitute one and the same instrument. For the avoidance of doubt, affirmation or signature of this Agreement by way of an electronic signature or by a signature or a representation of a signature affixed by mechanical means (an "Electronic Signature") shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such person intending to be bound by the terms of this of this Agreement. Any person providing an Electronic Signature further agrees to take any and all additional actions, if any, evidencing their intent to be bound by the terms of this Agreement, as may be reasonably requested.

Sengu Money Manager Agreement <br> Page 9

18. **Applicable Law**

This Agreement shall be governed by, and the rights of the parties arising hereunder construed in accordance with, the laws of the State of Delaware without reference to principles of conflict of laws. Nothing herein shall be construed to require either party to do anything in violation of any applicable law or regulation. This Agreement is not intended to and shall not be construed to create any rights in any person other than the parties hereto, except as set forth in Paragraph 9.

19. **Confidential Information**

Any information or recommendations supplied by any party to this Agreement, which are not otherwise in the public domain or previously known to another party in connection with the performance of obligations hereunder, including securities or other assets held or to be acquired by the Fund, transactions in securities or other assets effected or to be effected on behalf of the Fund, or financial information or any other information relating to a party to this Agreement, are to be regarded as confidential ("Confidential Information").

No party may use or disclose to others Confidential Information about the other party, except solely for the legitimate business purposes of the Fund and in compliance with TIP's procedures on the disclosure of portfolio holdings, to the extent applicable; to the party's affiliates, advisers, auditors, administrators, custodians, brokers, counsel and other service providers on a need-to-know basis subject to confidentiality obligations; as may be required by applicable law or rule or compelled by judicial or regulatory authority having competent jurisdiction over the party; or as specifically agreed to in writing by the other party to which the Confidential Information pertains. Nothing in this section shall be deemed to prevent TIP from providing to third parties information identifying the name and investment performance of the Manager. No party may trade in any securities issued by another party while in possession of material non-public information about that party. The Manager may not consult with any other money managers for the Fund about transactions in securities or other assets of the Fund, except for purposes of complying with the 1940 Act or SEC rules or regulations applicable to the Fund. Nothing in this Agreement shall be construed to prevent the Manager from lawfully giving other entities investment advice about, or trading on their behalf in, shares issued by the Fund or securities or other assets held or to be acquired by the Fund.

Notwithstanding the foregoing, if the Manager is required to disclose the relevant terms of this Agreement (or any elements thereof) to its clients or any investor of such clients pursuant to a most favored nation election in such client's and/or investor's side letter, investment management agreement or other similar agreement, the Manager may provide a redacted version or a summary of the terms of this Agreement, provided that such disclosure will not, directly or indirectly, identify TIP and/or the Fund.

\* \* \*

Sengu Money Manager Agreement <br> Page 10

In witness whereof, the parties hereto execute this Agreement on and make it effective on the Effective Date specified in the first paragraph of this Agreement.

---

| | |
|:---|:---|
| TIFF Investment Program | Sengu Capital Limited |
| on behalf of the Fund |  |
| /s/ Christian Szautner | /s/ Xavier Fanjaud |
| Signature | Signature |
| Christian Szautner, Chief Legal Officer | Xavier Fanjaud, COO |
| Print Name/Title | Print Name/Title |

---

Sengu Money Manager Agreement <br> Page 11

**Schedule I**

**to the Money Manager Agreement (the "Agreement")**

**between**

**Sengu Capital Limited (the "Manager") and**

**TIFF Investment Program for its TIFF Multi-Asset Fund (the "Fund")**

**Fee Calculation**

**Schedule I**

**to the Money Manager Agreement (the "Agreement")**

**between**

**Sengu Capital Limited (the "Manager") and**

**TIFF Investment Program for its TIFF Multi-Asset Fund (the "Fund")**

**Fee Calculation**

All capitalized terms used but not defined in this Schedule I shall have the meanings ascribed to them in the Agreement.

**Compensation**

As compensation for the investment management services performed by the Manager pursuant to this Agreement, the Fund will pay to the Manager (i) an asset based fee (the "***Management Fee***") plus, where applicable, (ii) a performance based fee (the "***Performance Fee***"), each as described below. For all calculations described hereunder, the net asset value ("***NAV***") of the Managed Assets shall be gross of all expenses, charges, and fees, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sub-custodian transaction charges, if any, related to the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Management Fee and the Performance Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) brokerage commissions incurred by the Managed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) short sale transaction charges, memo pledging costs, and borrowing costs related to short sale activities,
if any, by the Managed Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) capital gains taxes in jurisdictions in which non-resident investors are assessed taxes, if any (items
(i) through (v) being defined as, collectively, the "Netted Expenses").

**Certain Defined Terms**

***Account Values***: A memorandum account shall be established for each Tranche (each an "***NAV Account***"), each with a ***Beginning of Period ("BOP") Account Value*** and an ***End of Period ("EOP") Account Value*** to be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For each NAV Account's first Calculation Period, the BOP Account Value will equal the initial investment
amount of the Tranche.

Sengu Money Manager Agreement <br> Page 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For all Calculation Periods, the EOP Account Value will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the NAV of the NAV Account at the end of the Calculation Period prior to the payment of any Performance
Fee, *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the deduction of all fees and expenses (as noted above in Compensation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For an NAV Account's subsequent Calculation Period, the BOP Account Value will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the NAV of the NAV Account as of the last day of such prior Calculation Period *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the dollar amount of the Performance Fee calculated for that Calculation Period, if any (and after withdrawals, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In the event of a partial withdrawal from a Tranche, the BOP Account Value for the remaining Managed Assets
in such Tranche for the Calculation Period in which the withdrawal occurred shall be adjusted by multiplying the BOP Account Value of
such NAV Account by (a) one (1), <u>minus</u> (b) a fraction, in which the numerator is the dollar amount of the withdrawal
and the denominator is the NAV of the Managed Assets attributable to that Tranche on the date of, but prior to, the withdrawal.

BOP Account Value = (NAV<sub>t</sub>) <sub>\*</sub> (1-Withdrawal/NAV<sub>t-1</sub>)

***Benchmark Account:*** A separate benchmark memorandum amount will be calculated for each Tranche ("***Benchmark Account***"). Each Tranche's Benchmark Account will have a ***Benchmark Account BOP Value*** and ***Benchmark Account EOP Value*** to be determined as follows.

&nbsp;&nbsp;&nbsp;&nbsp;· For a Tranche's first Calculation Period, the Benchmark Account BOP Value will be equal to that
Tranche's BOP Account Value.

&nbsp;&nbsp;&nbsp;&nbsp;· For all Calculation Periods, the Benchmark Account EOP Value will equal the Benchmark Account BOP Value
multiplied by the sum of (i) one (1), <u>plus</u> (ii) the Benchmark Rate.

&nbsp;&nbsp;&nbsp;&nbsp;· For any subsequent Calculation Period, if a Performance Fee has been paid, the Benchmark Account BOP Value
shall be equal to the BOP Account Value.

&nbsp;&nbsp;&nbsp;&nbsp;· For any subsequent Calculation Period, if a Performance Fee has not been paid, the Benchmark Account BOP Value will be equal to the
Benchmark Account EOP Value.

&nbsp;&nbsp;&nbsp;&nbsp;· In the event of a partial withdrawal from a Tranche, the Benchmark Account BOP Value for the remaining
Managed Assets in such Tranche for the Calculation Period in which the withdrawal occurred shall be adjusted by multiplying the Benchmark
Account BOP Value by (a) one (1), <u>minus</u> (b) a fraction, in which the numerator is the dollar amount of the withdrawal
and the denominator is the NAV of the Managed Assets attributable to that Tranche on the date of, but prior to, the withdrawal.

Sengu Money Manager Agreement <br> Page 13

For purposes of calculating the Performance Fee, withdrawals from Tranches will be deemed to occur on a "first-in first-out" basis. For the avoidance of doubt, the payment of Management Fees or Performance Fees shall not be considered withdrawals.

***Benchmark Rate:*** The Benchmark Rate is the rate of return of the Tokyo Stock Price Total Return Index (including dividends) (Bloomberg ticker: TPXDDVD Index) (measured in JPY).

***Calculation Period:*** The period that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *begins* on the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) January 1 of any year for which compensation is to be paid; or

(ii) for each new contribution within a calendar year the inception date of that addition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *ends* on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) December 31 of such year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of any withdrawal.

***Excess Return***: Excess Return is the difference between the EOP Account Value of any NAV Tranche and the Benchmark Account EOP Value for such Tranche.

***Manager Assets:*** Manager Assets means, as of a specified date, the total assets under management of the Manager and its affiliates, excluding the assets of all Manager Parties.

***Manager Party:*** Manager Party means (i) the Manager, (ii) each of the Manager's affiliates, (iii) each present or former owner, equity holder, officer, director or employee of the Manager or any of the Manager's affiliates (each, a **"Manager Insider"**), (iv) each member of the family of any Manager Insider, (v) each fund or account managed by any of the foregoing persons described in clause (iii) or (iv) for the principal use or benefit of any of the foregoing persons described in clause (iii) or (iv), or (vi) a trust or other entity established for the benefit of any Manager Insider or any member of the family of any Manager Insider.

***Tranches:*** The Managed Assets managed by the Manager. Each additional contribution of assets becomes a separate "Tranche" of Managed Assets. At the end of any Calculation Period for which a Performance Fee has been paid with respect to two or more Tranches, such Tranches shall be combined into a single Tranche NAV Account (as defined herein). Tranches for which no Performance Fee is paid shall remain separate Tranches and will not be combined.

**Management Fee Rate; Calculation and Payment of Management Fee**: The Management Fee Rate in effect from time to time shall be 0.6% per annum.

The Management Fee will be calculated monthly as of the last day of the calendar month and separately for each Tranche, based on the average NAV of the Managed Assets for the month to which the fee relates. For each Management Fee calculation, the applicable Management Fee Rate will be determined for the month to which the Management Fee relates based upon the value of the Manager Assets as of the beginning of the month and (in each case, after deduction of the Netted Expenses but without regard to any accrual of the Performance Fee). The Management Fee will be paid no later than the last day of the month immediately following the end of the month to which the Management Fee relates and will be prorated for periods less than a full calendar month. The Management Fee will be paid from the Managed Assets, except those Management Fees payable subsequent to a complete withdrawal of the Managed Assets which will be paid out of other Fund assets.

Sengu Money Manager Agreement <br> Page 14

The Management Fee will be paid as follows:

![](tm263362d1_ex99-xd171img001.jpg)

**Performance Fee Rate; Calculation and Payment of Performance Fee:** The ***Performance Fee Rate*** will be 15%. Performance Fees will be calculated at the end of each Calculation Period and separately for each Tranche.

If there is outperformance over the Benchmark Rate such that the Excess Return is positive, the Performance Fee will be equal to the Excess Return multiplied by the Performance Fee Rate.

If there is underperformance from the Benchmark Rate and the Excess Return is negative, the difference between the EOP Account Value and the Benchmark Account EOP Value will be multiplied by the Performance Fee Rate and will result in a negative Performance Fee amount.

*Performance Fee = Excess Return \* Performance Fee Rate*

At the end of each Calculation Period:

&nbsp;&nbsp;&nbsp;&nbsp;· if the Performance Fee is a positive amount, such amount will be paid to the Manager in arrears in the
month that follows the last calendar month of the Calculation Period; and

&nbsp;&nbsp;&nbsp;&nbsp;· if the Performance Fee is a negative amount, no Performance Fee shall be paid. Under no circumstances
shall a negative Performance Fee create a liability, clawback, carryforward balance, offset, or other repayment obligation of the Manager.

In the event of a partial withdrawal, the Performance Fee, if any, pertaining to such withdrawn assets will be determined immediately prior to such withdrawal and will be multiplied by a fraction, of which the numerator is the dollar amount withdrawn and the denominator is the NAV of the Managed Assets attributable to that Tranche on the date of, but prior to, the withdrawal. The withdrawal date will be the end of a Calculation Period.

The Performance Fee will be prorated for periods less than a full calendar year.

Sengu Money Manager Agreement <br> Page 15

**Most Favored Nation:** The Manager has provided TIP a true and complete copy of the Economic Terms of each agreement, written or oral, waiver, side letter or similar understanding (each, a "Related Agreement") currently in effect on the date hereof by the Manager or any of its affiliates with any Similar Investor (defined below) . If, at any time after the date hereof, the Manager or any of its affiliates enter into any agreement, written or oral, waiver, side letter or similar understanding, or amend or waive any Related Agreement (each a "Future Side Letter"), with any Economic Terms that are more favorable than the rights granted to the Fund pursuant to the Agreement, then, following the binding execution thereof, (a) the Manager shall promptly, and in any event within thirty (30) calendar days, disclose such terms to TIP in writing (with identifying information redacted or a redacted summary of the relevant terms), and (b) the Fund may elect, in writing to the Manager within 60 days of its receipt of such disclosure, to receive the benefit of such favorable terms and such terms will be deemed to be incorporated into the Agreement, mutatis mutandis, for the benefit of the Fund prospectively; provided that, if any of the more favorable rights are subject to any condition or obligation set forth in the applicable Future Side Letter, then the grant of such rights or benefits to the Fund will be contingent on the Fund's agreement to be bound by any such condition or obligations. Without limiting any of the foregoing, the Fund shall not be bound by or precluded from any of its rights above by any statement in any Future Side Letter designating any term thereof as being exempt from or otherwise not subject to the Fund's most favored rights under this paragraph or any other portion of the Agreement. Notwithstanding the foregoing, this provision shall not apply to any letter or similar agreement (i) relating to confidentiality or the disclosure (or manner of delivery) of any confidential matter, (ii) arising from any regulation, law, tax or written policy imposed on or applying to the recipient of the provision (unless the Fund is subject to the same or materially similar regulation, law, tax or written policy), or (iii) relating to fee waivers for Manager Insiders and their family members. For the purposes of the Agreement and this Schedule I, "**Similar Investor**" shall mean any investment vehicle managed by the Manager or any of its affiliate and that employs a substantially similar investment strategy as the Fund<sup>1</sup> other than (i) the Manager and its affiliates, (ii) such investor group that is designated as of the date of the Agreement by the board of directors or governing body of any fund managed/advised by the Manager as a strategic investor in such fund (in consideration of a significant investment in such fund), (iii) any investor that is part of a share class, series, or other investment vehicle reserved for employees of Manager or for friends or family members of such employees, and (iv) any investor whose investment is higher than the total investment amount by the Fund that are more favorable than those granted to the Fund under this Agreement; and "Economic Terms" shall mean, with respect to any Similar Investor, any rights related to management fees, incentive or performance fees or allocations or expenses to be borne directly or indirectly by such investor.

## Ex-99.(H5)

Exhibit (h5)

**Certain information has been excluded from this**

**exhibit because (i) it is not material and (ii) it would**

**be competitively harmful if publicly disclosed.**

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this "**Agreement**"), dated June 30, 2025, is between **TIFF Investment Program** (the "**Trust**"), a Delaware statutory trust, on its own behalf and on behalf of the Funds (as defined below), and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Trust is an open-end management investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and it desires that Ultimus perform certain services for each of its series listed on Schedule A (as amended from time to time) (individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Trust retains Ultimus to act as the service provider on behalf of each Fund for the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
 Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
 Administration Addendum

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Transfer
 Agent and Shareholder Servicing Addendum

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus
 shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
 to perform its obligations under this Agreement. Ultimus shall also pay all compensation
 of any officers of the Trust who are affiliated persons of Ultimus, except when such person
 is serving as the Trust's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The
 Trust, on behalf of each Fund, assumes and shall pay or cause to be paid all other expenses
 of the Trust or a Fund not otherwise allocated under this Section 2, including, without
 limitation: organization costs; taxes; expenses for legal and auditing services; the expenses
 of preparing (including typesetting), printing and mailing reports, prospectuses, statements
 of additional information, information statements, proxy statements and related materials;
 all expenses incurred in connection with issuing and redeeming shares; the costs of custodial
 services; the cost of initial and ongoing registration or qualification of the shares under
 federal and state securities laws; fees and reimbursable expenses of Trustees who are not
 affiliated persons of Ultimus or the investment adviser(s) to the Trust; insurance premiums;
 interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and
 all fees and charges of investment advisers to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The
 Trust, on behalf of each Fund, shall pay for the Services to be provided by Ultimus under
 this Agreement in accordance with, and in the manner set forth in, the fee letter attached
 to each addendum (each a "**Fee Letter** "), which may be amended from time
 to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If
 this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation
 for that part of the month in which the Agreement is in effect shall be prorated in a manner
 consistent with the calculation of the fees as set forth in the applicable Fee Letter. If
 this Agreement terminates before the last day of a month, Ultimus' compensation for
 that part of the month in which the Agreement is in effect shall be equal to a full calendar
 month's worth of fees as calculated in a manner consistent with the calculation of
 the fees as set forth in the applicable Fee Letter. The Trust shall promptly pay Ultimus'
 compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In
 the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
 Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other
 regulator or self-regulatory authority adopts regulations and requirements relating to the
 payment of fees to service providers or which would result in any material increases in costs
 to provide the Services under this Agreement, the parties agree to negotiate in good faith
 amendments to this Agreement in order to comply with such requirements and provide for additional
 compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In
 the event that any fees are disputed, the Trust shall, on or before the due date, pay all
 undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which
 it is disputing in good faith. Payment for such disputed fees shall be due on or before the
 30<sup>th</sup> calendar day after the day on which Ultimus provides to the Trust documentation
 which reasonably supports the disputed charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Trust, on behalf of each Fund, agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable
 travel and lodging expenses incurred by officers and employees of Ultimus in connection with
 attendance at meetings of the Trust's Board of Trustees (the "**Board** ")
 or any committee thereof and shareholders' meetings, if such attendance is requested
 by the Trust's officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All
 freight and other delivery charges incurred by Ultimus in delivering materials on behalf
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** All
 direct telephone, telephone transmission and telecopy or other electronic transmission expenses
 incurred by Ultimus in communication with the Trust, the Trust's investment adviser(s) or
 custodian, counsel for the Trust or a Fund, counsel for the Trust's independent Trustees,
 the Trust's independent accountants, dealers or others as required for Ultimus to perform
 the Services;

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 2 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The
 cost of obtaining secondary security market quotes and any securities data, including, but
 not limited to, the cost of fair valuation services and the cost of obtaining corporate action
 related data and securities master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** All
 fees and expenses incurred in connection with any licensing of software, subscriptions to
 databases, custom programming or systems modifications required to provide any special reports
 or services requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** Any
 expenses Ultimus shall incur at the direction of an officer of the Trust thereunto duly authorized
 other than an employee or other affiliated person of Ultimus who may otherwise be named as
 an authorized representative of the Trust for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** A
 reasonable allocation of the costs associated with the preparation of Ultimus' Service
 Organization Control 1 Reports ()"**SOC 1 Reports** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A
 reasonable allocation of the cost of GainsKeeper<sup>®</sup> software, used by Ultimus
 to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** Any
 additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations
 under this Agreement and mutually agreed to by the Trust.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus
 shall maintain and keep current the accounts, books, records and other documents relating
 to the Services as may be required by applicable law, rules, and regulations, including Federal
 Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 agrees that all such books, records, and other data (except computer programs and procedures)
 developed to perform the Services (collectively, "**Client Records**") shall
 be the property of the Trust or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 agrees to provide the Client Records to the Trust or a Fund, upon reasonable request, and
 to make such books and records available for inspection by the Trust, a Fund, or its regulators
 at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus
 agrees to furnish to the Trust or a Fund all Client Records in the electronic or other medium
 in which such material is then maintained by Ultimus as soon as practicable after any termination
 of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus
 shall promptly turn over to the Trust or Fund or, upon the written request of the Trust or
 Fund, destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus
 is required by applicable law, rule, or regulation to maintain any Client Records, it will
 provide the Trust or Fund with copies as soon as reasonably practical after the termination.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 3 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus
 agrees to keep confidential all Client Records, except when requested to divulge such information
 by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If
 Ultimus is requested or required to divulge such information by duly constituted authorities
 or court process, Ultimus shall, unless prohibited by law, promptly notify the Trust or Fund
 of such request(s) so that the Trust or Fund may seek, at the expense of the Trust or
 Fund, an appropriate protective order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Subcontracting** 

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This
 Agreement shall become effective as of the date first above written with respect to each
 Fund in existence on such date (or, if a particular Fund is not in existence on that date,
 on the date such Fund commences operation) (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each
 Addendum shall become effective as of the date first written in the Addendum with respect
 to each Fund in existence on such date (or, if a particular Fund is not in existence on that
 date, on the date such Fund commences operation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either
 party as provided under this Section 8, for a period of five (5) years from the
 date first above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement shall automatically
 renew for successive one-year periods (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate this Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause** "
 shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a material
 breach of this Agreement by the Non-Terminating Party that has not been cured or remedied
 within 30 calendar days after the Non-Terminating Party receives written notice of such breach
 from the Terminating Party;

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 4 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Non-Terminating
 Party takes a position regarding compliance with Federal Securities Laws that the Terminating
 Party reasonably disagrees with, the Terminating Party provides 30 calendar days' prior
 written notice of such disagreement, and the parties fail to come to agreement on the position
 within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a final
 and unappealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating
 Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the authorization
 or commencement of, or involvement by way of pleading, answer, consent, or acquiescence in,
 a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then
 in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if the
 Board approves liquidation of a Fund, this Agreement may be terminated with respect to such
 Fund only, and such termination shall be deemed to be for "good cause"; provided
 that this Agreement remains in full force and effect with respect to all non-liquidating
 Funds; the only exception being if the liquidating Fund is the last or only Fund in the Trust,
 in which event this Agreement shall be terminated in its entirety upon liquidation of that
 sole remaining Fund and such termination shall be deemed to be for "good cause".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Trust or Fund demands services that are beyond the scope of this
 Agreement and/or a Fund's investment strategy, structure, holdings, or other aspects
 of a Fund's operations deviate in any material respect from those Ultimus reasonably
 understood to exist during the initial due diligence and onboarding stage, such that Ultimus
 is (or will be) required to employ resources, whether in the form of additional man hours,
 investment or otherwise, beyond what was originally anticipated by Ultimus (collectively,
 the "**Out-of-Scope Services** "), and the parties cannot agree on appropriate
 terms relating to such Out-of-Scope Services, Ultimus may terminate this Agreement upon not
 less than 90 calendar days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement at the end of the Initial Term or a
 Renewal Term by providing written notice of termination to the other party at least 90 calendar
 days' prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination of this Agreement in whole or in part other than termination
 under Section 8.3.A-C is deemed an "**Early Termination.**" The Trust
 or Fund(s) effecting such Early Termination shall be subject to an "**Early Termination Fee**" equal to 50% of the pro rated fee amount due to Ultimus through the end of
 the then-current term as calculated in the applicable Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment.* Any unpaid compensation, reimbursement of expenses, or Early Termination Fee
 is due to Ultimus within 30 calendar days of the termination date provided in the notice
 of termination.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 5 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause
 shall not constitute a waiver of its right to subsequently terminate this Agreement for the
 same or any other cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Additional Funds or Classes of Shares** 

In the event that the Trust establishes one or more series or classes of shares after the Agreement Effective Date, each such series or class of shares shall become, at the discretion of the Trust and Ultimus, a Fund or class of shares of a Fund (as applicable) under this Agreement and shall be added to Schedule A and the applicable Fee Letter(s) as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement
 and the parties do not assume any implied duties. Each party shall use its best efforts in
 the performance of its duties and act in good faith in performing the Services or its obligations
 under this Agreement. Each party shall be liable for any damages, losses or costs arising
 out of such party's failure to perform its duties under this Agreement to the extent
 such damages, losses or costs arise out of its willful misfeasance, bad faith, gross negligence
 in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
 Services or duties pursuant to any oral, written, or electric instruction, notice, request,
 record, order, document, report, resolution, certificate, consent, data, authorization, instrument,
 or item of any kind that Ultimus reasonably believes to be genuine and to have been signed,
 presented, or furnished by a duly authorized representative of the Trust or any Fund (other
 than an employee or other affiliated persons of Ultimus who may otherwise be named as an
 authorized representative of the Trust for certain purposes), provided the standard of care
 set forth herein has been met by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
 under its own initiative, in good faith and in accordance with the standard of care set forth
 herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using valuation
 information provided by the Trust's approved third-party pricing service(s) or
 the investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio
 holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any default,
 damages, costs, loss of data or documents, errors, delay, or other loss whatsoever caused
 by events beyond Ultimus' reasonable control, including, without limitation, corrupt,
 faulty or inaccurate data provided to Ultimus by third-parties, provided the standard of
 care set forth herein has been met by Ultimus and that Ultimus has maintained a commercially
 reasonable business continuity and disaster recovery plan;

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 6 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any error,
 action or omission by the Trust or other past or current service provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any failure
 to properly register any Fund's shares in accordance with the Securities Act or any
 state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 may apply to the Trust at any time for instructions and may consult with counsel for the
 Trust or a Fund, counsel for the Trust's independent Trustees, and with accountants
 and other experts with respect to any matter arising in connection with Ultimus' duties
 or the Services. Ultimus shall not be liable or accountable for any action taken or omitted
 by it in good faith in accordance with such instruction or with the reasonable opinion of
 such counsel, accountants, or other experts qualified to render such opinion, provided the
 standard of care set forth herein has been met by Ultimus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
 copy of the Trust's Agreement and Declaration of Trust (the "**Declaration of Trust**") is on file with the Secretary of State (or equivalent authority) of the
 state in which the Trust is organized, and notice is hereby given that this instrument is
 executed on behalf of the Trust and not the Trustees individually and that the obligations
 of this instrument are not binding upon any of the Trustees, officers or shareholders individually
 but are binding only upon the assets and property of the Trust (or if the matter relates
 only to a particular Fund, that Fund), and Ultimus shall look only to the assets of the Trust
 (or the particular Fund, as applicable), for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 shall not be held to have notice of any change of authority of any officer, agent, representative
 or employee of the Trust or any Fund, the Trust's or any Fund's investment adviser
 or any of the Trust's or Fund's other service providers until receipt of written
 notice thereof from the Trust or Fund (as applicable). As used in this Agreement, the term
 "**investment adviser**" includes all sub-advisers or persons performing similar
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
 Board has and retains sole responsibility for oversight of all compliance matters relating
 to the Funds, including, but not limited to, compliance with the Investment Company Act,
 the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "),
 the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations
 of each Fund relating to the portfolio investments as set forth in the prospectus and statement
 of additional information. Ultimus' monitoring and other functions hereunder shall
 not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To
 the maximum extent permitted by law, the Trust agrees to limit Ultimus' liability for
 the Trust's Losses (as defined below) to an amount that shall not exceed the total
 compensation received by Ultimus under this Agreement during the most recent rolling 12-month
 period or the actual time period this Agreement has been in effect if less than 12 months.
 This limitation shall apply regardless of the cause of action or legal theory asserted.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 7 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. In no event shall the Trust be liable for lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or the Trust was advised of the possibility thereof. In addition, Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties (including, without limitation, any investment adviser to the Funds) for use in delivering Ultimus' Services to the Trust or a Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitations stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect
 the other party, including its trustees, directors, managers, officers, employees, and other
 agents (collectively, the "**Indemnitees**" and each an "**Indemnitee** "),
 and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses,
 damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees
 and investigation expenses) (collectively, "**Losses**") arising out of (1) the
 Indemnifying Party's failure to exercise the standard of care set forth above unless
 such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith, gross
 negligence, or reckless disregard of its obligations and duties under this Agreement; (2) any
 violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated persons
 or agents relating to this Agreement and the activities thereunder; and (3) any material
 breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
 the foregoing provisions, the Trust or Fund shall indemnify Ultimus for Ultimus' Losses
 arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon
 the assertion of a claim for which either party may be required to indemnify the other, the
 Indemnitee shall promptly notify the Indemnifying Party of such assertion and shall keep
 the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding
 the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall
 not relieve the Indemnifying Party of its indemnification obligations hereunder except to
 the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The
 Indemnifying Party shall have the option to participate with the Indemnitee in the defense
 of such claim or to defend against said claim in its own name or in the name of the Indemnitee.
 The Indemnitee shall in no case confess any claim or make any compromise in any case in which
 the Indemnifying Party may be required to indemnify the Indemnitee except with the Indemnifying
 Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The
 provisions of this Section 10 shall survive termination of this Agreement.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 8 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Force Majeure.** 

Provided that a party has maintained a commercially reasonable business continuity and disaster recovery plan, such party will not be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
 is a corporation, partnership, trust, or other entity duly organized and validly existing
 in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To
 the extent required by Applicable Law (defined below), it is duly registered with all appropriate
 regulatory agencies or self-regulatory organizations and such registration will remain in
 full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For
 the duties and responsibilities under this Agreement, it is currently and will continue to
 abide by all applicable federal and state laws, including, without limitation, federal and
 state securities laws; regulations, rules, and interpretations of the SEC and its authorized
 regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations
 governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It
 has duly authorized the execution and delivery of this Agreement and the performance of the
 transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This
 Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
 reorganization, moratorium, and other laws of general application affecting the rights and
 remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever,
 in the course of performing its duties under this Agreement, it determines that a violation
 of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable
 Law may have occurred, or with the passage of time could occur, it shall promptly notify
 the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Trust.*** The Trust represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1) as
 of the close of business on the Agreement Effective Date, each Fund that is then in existence
 has authorized unlimited shares, and (2) no shares of any Fund will be offered to the
 public until the Trust's registration statement under the Securities Act of 1933, as amended (the "**Securities Act** "), and the Investment Company Act, has been declared or becomes effective and all required state securities law filings
have been made.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 9 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It
 shall use reasonable efforts to cause the investment adviser(s) and sub-advisers, prime
 broker, custodian, legal counsel, independent accountants, and other service providers and
 agents, past or present, for each Fund to cooperate with Ultimus and to provide it with such
 information, data, documents, and advice relating to the Fund as appropriate or requested
 by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement.
 To the extent the Trust, the Fund, the investment adviser(s) or any other service provider
 to the Fund is/are unable to supply Ultimus with all of the information necessary for Ultimus
 to perform the Services, Ultimus will not be able to fully perform the Services and will
 not be responsible for such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* The
 Trust's Agreement and Declaration of Trust, Bylaws, registration statement and each
 Fund's organizational documents, and prospectus are true and accurate and will remain
 true and accurate at all times during the term of this Agreement in conformance with applicable
 federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each
 of the employees of Ultimus that serves or has served at any time as an officer of the Trust,
 including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall
 be covered by the Trust's Directors & Officers/Errors & Omissions
 insurance policy (the "**Policy**") and shall be subject to the provisions
 of the Trust's Declaration of Trust and Bylaws regarding indemnification of its officers.
 The Trust shall provide Ultimus with proof of current coverage, including a copy of the Policy,
 and shall notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* Any
 officer of the Trust shall be considered an individual who is authorized to provide Ultimus
 with instructions and requests on behalf of the Trust (an "**Authorized Person** ")
 (unless such authority is limited in a writing from the Trust and received by Ultimus) and
 has the authority to appoint additional Authorized Persons, to limit or revoke the authority
 of any previously designated Authorized Person, and to certify to Ultimus the names of the
 Authorized Persons from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this
 Agreement professional liability insurance coverage of the type and amount reasonably customary
 in its industry. Upon request, a party shall furnish the other party with pertinent information
 concerning the professional liability insurance coverage that it maintains. Such information
 shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the notifying
 party's insurance coverage be canceled or reduced. Such notification shall include
 the date of change and the reasons therefore.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 10 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Information Provided by the Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Trust
 will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies
 of the Declaration of Trust and of any amendments thereto, certified by the proper official
 of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
 Trust's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified
 copies of resolutions of the Board covering the approval of this Agreement, authorization
 of a specified officer of the Trust to execute and deliver this Agreement and authorization
 for specified officers of the Trust to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a
 list of all the officers of the Trust, together with specimen signatures of those officers
 who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the
 Trust's registration statement and all amendments thereto filed with the SEC pursuant
 to the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the
 Trust's notification of registration under the Investment Company Act on Form N-8A
 as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the
 Trust's current prospectus and statement of additional information for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an
 accurate, current list of shareholders of each existing series of the Trust, if applicable,
 showing each shareholder's address of record, number of shares owned and whether such
 shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies
 of the current plan of distribution adopted by the Trust under Rule 12b-1 under the
 Investment Company Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies
 of the current investment advisory agreement and current investment sub-advisory agreement(s),
 if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies
 of the current underwriting agreement for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact
 information for each Fund's service providers, including, but not limited to, the Fund's
 administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter
 and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a
 copy of procedures adopted by the Trust in accordance with Rule 38a-1 under the Investment
 Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Trust will
 furnish to Ultimus any amendments to the items listed in Section 14.1.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 11 of 17

**15.** **Compliance with Law** 

The Trust assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Trust or a Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
 shall mean all information that either party discloses (a "**Disclosing Party** ")
 to the other party (a "**Receiving Party** "), whether in writing, electronically,
 or orally and in any form (tangible or intangible), that is confidential, proprietary, or
 relates to clients or shareholders (each either existing or potential). Confidential Information
 includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any
 information concerning technology, such as systems, source code, databases, hardware, software,
 programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any
 unpublished information concerning research activities and plans, customers, clients, shareholders,
 strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any
 unpublished financial information, including information concerning revenues, profits and
 profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer
 Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately. Information will not be deemed to be Confidential Information to the extent, but only to the extent, that such information is (i) already known, free of any restriction at the time it is obtained, (ii) subsequently learned from an independent third party, free of any restriction, or (iii) available publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive
 property of the Trust. "**Customer Information**" shall mean all non-public,
 personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended,
 and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board
 Regulation P) (collectively, the "**GLB Act** ").

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 12 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.***  ***Treatment of Confidential Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each
 party agrees that at all times during and after the terms of this Agreement, it shall use,
 handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the
 confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act,
 as applicable and as it may be amended; and (3) such other Applicable Law, whether in
 effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without
 limiting the foregoing, the Receiving Party shall apply to any Confidential Information at
 least the same degree of reasonable care used for its own confidential and proprietary information
 to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each
 party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Receiving
 Party will hold all Confidential Information it obtains in strictest confidence and will
 use and permit use of Confidential Information solely for the purposes of this Agreement
 or as otherwise provided for in this Agreement, and consistent therewith, may disclose or
 provide access to its responsible employees or agents who have a need to know and are under
 adequate confidentiality agreements or arrangements and make copies of Confidential Information
 to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding
 the foregoing, the Receiving Party may release Confidential Information as permitted or required
 by law or approved in writing by the Disclosing Party, which approval shall not be unreasonably
 withheld and may not be withheld where the Receiving Party may be exposed to civil or criminal
 liability or proceedings for failure to release such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally,
 Ultimus may provide Confidential Information typically supplied in the investment company
 industry to companies that track or report price, performance or other information regarding
 investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Receiving
 Party will immediately notify the Disclosing Party of any unauthorized disclosure or use
 and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential
 Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Upon the
 termination, cancellation, or expiration of this Agreement and the underlying engagement
 and at the request of the Trust, Ultimus shall destroy all Confidential Information and personally
 identifiable information together with any documents or other items furnished by the Trust
 to Ultimus during the performance of the Services and all copies thereof. The methods of
 destruction that Ultimus may use will vary, but any such method will render the data unreadable
 in any way. Notwithstanding the foregoing, Ultimus (i) will not be obligated to erase
 Confidential Information contained in archived computer system backups in accordance with
 Ultimus' security and/or disaster recovery procedures and (ii) may retain copies
 of Confidential Information to the extent required to comply
with Applicable Law and/or Ultimus' record retention policies, in which case such information will be retained in accordance with
this Section 16.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 13 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
 of this Agreement.

**17.** **Press Release** 

Within the first 60 calendar days following the Agreement Effective Date, the Trust agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Trust's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Trust.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Trust are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Trust, or persons who are otherwise affiliated persons of the Trust to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19.** **Arbitration** 

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**20.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.***  ***If to the Trust:*** 

TIFF Investment Program

Attn: Chief Legal Officer/Legal Department

170 N. Radnor Chester Rd., Suite 300

Radnor, PA 19087

Email: legal@tiff.org

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 14 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.***  ***If to Ultimus:*** 

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u>

**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents
 incorporated by reference express the entire understanding of the parties and supersede any
 other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum
 thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend, modify, or waive all or part of this Agreement by written
 amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.***  ***Assignments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except
 as provided in this Section 21.4, this Agreement and the rights and duties hereunder
 shall not be assignable by either of the parties except by the specific written consent of
 the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
 terms and provisions of this Agreement shall become automatically applicable to any investment
 company that is the successor to the Trust because of reorganization, recapitalization, or
 change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Ultimus
 may, to the extent permitted by law and in its sole discretion, assign all its rights and
 interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially
 all of its business, provided that Ultimus provides the Trust at least 90 calendar days'
 prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This
 Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
 respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of
 Delaware and the applicable provisions of the Investment Company Act. To the extent that
 the applicable laws of the state of Delaware, or any of the provisions herein, conflict with
 the applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience
 only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of
 which when executed shall be deemed to be an original, but such counterparts shall together constitute
but one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be
deemed to have the same legal effect as delivery of an original, signed copy of this Agreement.

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 15 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict
 with any law or otherwise invalid, the remaining portion or portions shall be considered
 severable and not be affected by such determination, and the rights and obligations of the
 parties shall be construed and enforced as if the Agreement did not contain the particular
 part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 16 of 17

The parties duly executed this Agreement as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **TIFF Investment Program** |  | **Ultimus Fund Solutions, LLC** |
|  | **on its own behalf and on behalf of the Funds** | | |
| **By:** | /s/ David Brenner | **By:** | **/s/ Gary Tenkman** |
| **Name:** | David Brenner | **Name:** | **Gary Tenkman** |
| **Title:** | President | **Title:** | **Chief Executive Officer** |

---

TIFF Investment ProgramUltimus Master Services AgreementJune 30, 2025 Page 17 of 17

**SCHEDULE A**

**to the**

**Master Services Agreement**

**between**

**TIFF Investment Program**

**and**

**Ultimus Fund Solutions, LLC dated June 30, 2025**

**<u>Fund Portfolio(s)</u>**

TIFF Multi-Asset Fund

**<u>Fund Accounting Addendum</u>**

**for**

**TIFF Investment Program**

This Fund Accounting Addendum, dated June 30, 2025, is between **TIFF Investment Program** (the "**Trust**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement dated June 30, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Accounting Services</u>**

**1.** **Performance of Daily Accounting Services** 

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate
 the net asset value per share utilizing prices obtained from the sources described in subsection
 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain
 security prices from independent pricing services, or if such quotes are unavailable and/or
 have been subject to override by the Fund's investment adviser ()"**Adviser** "),
 then obtain such prices from Adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** verify
 and reconcile with the Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** compute,
 as applicable, each Fund's net income and realized capital gains, dividend payables,
 dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** accrue
 income of each Fund based upon income estimates obtained from independent pricing services,
 or if such income estimates are unavailable, then upon income estimates obtained from each
 Fund's Adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** amortize
 premiums and accrete discounts on securities purchased at a price other than face value,
 if requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** update
 fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable
 interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** record
 investment trades received in proper form from each Fund or its authorized agents on the
 industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** calculate
 Fund expenses based on instructions from each Fund's administrator or entity approved
 by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** determine
 the outstanding receivables and payables for all (1) security trades, (2) Fund
 share transactions, and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** provide
 system generated accounting reports in connection with each Fund's regular annual audit
 and other audits and examinations by regulatory agencies;

TIFF Investment ProgramFund Accounting Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** provide
 such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** prepare
 and maintain the following records upon receipt of information in proper form from each Fund
 or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal;
 (3) dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription
 and redemption journals; (6) security ledgers; (7) broker ledger; (8) general
 ledger; (9) daily expense accruals; (10) daily income accruals; (11) securities
 and monies borrowed or loaned and collateral therefore; (12) foreign currency journals; and
 (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide
 accounting information to each Fund's independent registered public accounting firm
 for preparation of the Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** cooperate
 with and take reasonable actions in the performance of its duties under this Agreement, so
 that all necessary information is made available to each Fund's independent public
 accountants in connection with any audit or the preparation of any report requested by the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Accounting Services Related to Odd Lot Pricing** 

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Fund Accounting Addendum, the Trust or a Fund's Adviser informs Ultimus that one or more Fund(s) holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Trust or any Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's Adviser or any sub-adviser to the Fund as part of any odd lot pricing procedures approved by the Board, and the Trust hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Derivatives Risk Management Program Support Services** 

Ultimus may, at the election of the Trust, provide certain of the Funds with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("**Rule 18f-4**"):

&nbsp;&nbsp;&nbsp;&nbsp;a. Manage
 derivatives-specific data, update security master files, and load each Fund's portfolio
 composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver
 daily derivatives exposure and value-at-risk ()"**VaR**") reports generated
 by the Confluence software to each Fund's Adviser and the Trust's Chief Compliance
 Officer and make available reporting for weekly stress testing and back-testing calculations
 performed by the Confluence software;

TIFF Investment ProgramFund Accounting Addendum Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Adviser
 access to the Confluence software in order that Adviser may calculate derivatives exposure
 for each Fund it advises and make other derivatives risk management calculations as required
 by Rule 18f-4 (e.g., daily VaR calculations, weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide
 the Adviser a Board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Provide
 the Trust and its officers access to an independent derivatives expert (a "**Derivatives Expert**") capable of supporting the Trust's compliance with Rule 18f-4
 and the Trust's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party 18f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

Alternatively, the Trust may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "**18f-4/N-PORT Support Services**") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Fund Accounting Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Ultimus
 may agree (but shall be under no obligation) to provide additional special reports upon the
 request of the Trust or a Fund's Adviser, which may result in an additional charge,
 the amount of which shall be agreed upon by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** Ultimus
 may agree (but shall be under no obligation) to provide such other similar services with
 respect to a Fund as may be reasonably requested by the Trust, which may result in an additional
 charge, the amount of which shall be agreed upon between the parties prior to such services
 being provided.

***Signatures are located on the next page.***

TIFF Investment ProgramFund Accounting Addendum Page 3 of 4

The parties duly executed this Fund Accounting Addendum as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | TIFF Investment Program |  | **Ultimus Fund Solutions, LLC** |
|  | **on its own behalf and on behalf of the Funds** | | |
| **By:** | /s/ David Brenner | **By:** | **/s/ Gary Tenkman** |
| **Name:** | David Brenner | **Name:** | **Gary Tenkman** |
| **Title:** | President | **Title:** | **Chief Executive Officer** |

---

TIFF Investment ProgramFund Accounting Addendum Page 4 of 4

**<u>Fund Administration Addendum</u>**

**for**

**TIFF Investment Program**

This Fund Administration Addendum, dated June 30, 2025, is between **TIFF Investment Program** (the "**Trust**"), on its own behalf and on behalf of the Funds listed in Scheduled A to that certain Master Services Agreement dated June 30, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

With respect to each Fund electing Fund Administration Services, Ultimus shall provide the following services subject to, and in compliance with the objectives, policies and limitations set forth in the Trust's Registration Statement, the Trust's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Trust's Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In performing
 the Services, Ultimus will act as a liaison among the Trust's service providers, including,
 but not limited to its: custodian, transfer agent, fund accountant and dividend disbursing
 agent, legal counsel, and audit firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon request,
 assist each Fund in the evaluation and selection of other service providers, such as independent
 public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates
 of Ultimus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare and
 maintain the Trust's operating expense budget to determine proper expense accruals to be
 charged to each Fund in order to calculate its daily net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare,
 or cause to be prepared, expense and financial reports, including Fund budgets, expense reports,
 pro-forma financial statements, expense and profit/loss projections and fee waiver/expense
 reimbursement projections on a periodic basis as mutually agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare authorization
 for the payment of Trust expenses and pay, from Trust assets, all authorized bills of the
 Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine
 income and capital gains available for distribution and calculate distributions required
 to meet regulatory, income, and excise tax requirements, to be reviewed by the Trust's independent
 public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Compute performance
 data required for inclusion in fund financial reports and disseminate such data to information
 services covering the investment company industry, for sales literature of the Trust and
 other appropriate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide other
 information typically supplied in the investment company industry as mutually agreed to companies
 that track or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Prepare
 and coordinate the delivery of semi-annual and annual financial statements;

TIFF Investment ProgramFund Administration Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Coordinate
 the Trust's audits and examinations by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. assisting
 each Fund's independent public accountants, or, upon approval of the Trust, any regulatory
 body, in any requested review of a Fund's accounts and records, as mutually agreed
 upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. providing
 appropriate financial schedules (as requested by a Fund's independent public accountants
 or SEC examiners), as mutually agreed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. providing
 office facilities as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Facilitate,
 register, or prepare applicable notice or other filings as directed by the Fund's Adviser
 with respect to, the Shares with the various state and territories of the United States and
 other securities commissions, provided that all fees for the registration of Shares or for
 qualifying or continuing the qualification of the Trust shall be paid by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. In consultation
 with legal counsel to the Trust, the Adviser, officers of the Trust and other relevant parties,
 collect, prepare and disseminate digital materials for quarterly meetings of the Board and
 its committees, including schedules, agendas, resolutions, and selected financial and other
 information as agreed upon by the Trust and Ultimus from time to time; attend and participate
 in quarterly Board and committee meetings ; and prepare or cause to be prepared minutes of
 the quarterly meetings of the Board and its committees. As agreed upon by the Trust and Ultimus
 from time to time, Ultimus may provide the services described in this paragraph 12 in connection
 with a total of four (4) Board meetings each year (one Board meeting each quarter),
 with any such work for additional Board meetings being performed at Ultimus' then current
 hourly rate for such Board meeting and preparatory services. The current rate as of the date
 of this Fund Administration Addendum for such Board meeting and preparatory services is $[redacted]
 per hour and is subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. In consultation
 with legal counsel for the Trust and officers of the Trust, prepare and maintain an annual
 calendar of required quarterly and annual Board and committee meeting agenda items and approvals
 and an annual calendar of required SEC regulatory filings for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. In consultation
 with legal counsel for the Trust and officers of the Trust, lead the preparation, filing,
 printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. post-effective
 amendments to the Trust's Registration Statement on Form N-1A pursuant to Rule 485(b),
 as well as supplements to the Trust's prospectus and Statement of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. information
 statements to the Trust's shareholders in connection with the addition of new money
 managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. proxy statements
 and related materials for shareholder meetings of the Trust's shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. periodic
 reports to the Trustees, shareholders and the SEC, including but not limited to annual reports
 and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. notices pursuant
 to Rule 24f-2 (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. reports to
 the SEC on Forms N-CEN, N-CSR, N-PORT, and N-PX (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. In consultation
 with legal counsel for the Trust and officers of the Trust, prepare responses to SEC staff
 comments on SEC regulatory filings for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. In consultation
 with legal counsel for the Trust, officers of the Trust, and money managers and other third
 parties as necessary, prepare, disseminate and review responses to the annual D&O questionnaires
 for the Trust's officers and trustees.

TIFF Investment ProgramFund Administration Addendum Page 2 of 5

17. Upon request
 of officers of the Trust, assist with compiling and providing documentation pursuant to SEC
 staff examination requests and assist with resolving examination inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Provide
 the Fund(s), with an end-to-end solution to prepare and transmit annual and semi-annual shareholder
 reports designed to be compliant with the SEC's tailored shareholder reporting requirements
 (the "**Tailored Shareholder Report Services** "). Funds will be provided tailored
 shareholder report ()"**TSR**") templates to choose from. A Fund may, upon
 written notification to Ultimus, opt out of the Tailored Shareholder Report Services, in
 which event, Ultimus will extract from Ultimus' systems the data required to prepare
 a TSR and deliver that data in an electronic format to the Fund or its designee (the "**Data Extract Only Services** ").

19. Monitor sales
 of Shares and ensure that the Shares are properly and duly registered with the SEC;

20. Review the Trust's
 federal, state, and local tax returns as prepared and signed by the Trust's independent public
 accountants; and

21. Monitor Fund
 holdings and operations for  **<u>post-trade compliance</u>** with the Prospectus and Statement
 of Additional Information, SEC statutes, rules, regulations and policies and at the direction
 of the Fund's independent public accountants and Trust counsel, monitor Fund holdings
 for compliance with IRS taxation limitations and restrictions and applicable Federal Accounting
 Standards Board rules, statements and interpretations; provide periodic compliance reports
 to each investment adviser or sub-adviser to the Trust, and assist the Trust, the Adviser
 and each sub-adviser to the Trust (collectively referred to as "**Advisers** ")
 in preparation of periodic compliance reports to the Trust, as applicable. Post-trade compliance
 testing will be performed in accordance with testing policies and procedures, which in Ultimus'
 sole determination, are reasonably designed to comport with industry standard post-trade
 compliance testing practices. Because such post-trade compliance testing is performed using
 fund accounting data and data provided by third-party sources, including, without limitation
 the Adviser(s), its accuracy is dependent upon the accuracy of such data, and the Trust agrees
 and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such data.
 The Trust further agrees and acknowledges that the post-trade compliance testing performed
 by Ultimus shall not relieve the Trust or the Adviser(s) of their responsibilities with
 respect to fund portfolio compliance, including on a pre-trade basis, and that Ultimus shall
 not be held liable for any act or omission of the Trust or the Adviser with respect to fund
 portfolio compliance. Moreover, and notwithstanding the foregoing, Ultimus' ability
 and therefor its obligation to perform post-trade compliance testing shall be wholly-dependent
 upon its timely receipt from third-party sources, including as applicable the Adviser(s),
 of all data necessary in Ultimus' sole determination to properly perform such post-trade
 compliance testing, and, should Ultimus reasonably determine it to be necessary, the Adviser(s) shall
 be required to arrange for Ultimus to have secure look-through access to private fund holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Provide
 individuals reasonably acceptable to the Board to serve as officers of the Fund, including,
 without limitation, individuals to serve as assistant treasurer and secretary, who will be
 responsible for the management of certain of the Fund's affairs as determined and under
 supervision by the Board; depending on the nature and scope of any such officer appointment,
 Ultimus may be entitled to an additional fee (as set forth in the Fund Administration Fee
 Letter).

TIFF Investment ProgramFund Administration Addendum Page 3 of 5

**Special Reports and Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ultimus may
 provide additional special reports upon the request of the Trust or a Fund's Adviser,
 which may result in an additional charge, the amount of which shall be agreed upon by the
 parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ultimus may
 provide such other similar services with respect to a Fund as may be reasonably requested
 by the Trust, such as assistance with information statements, Proxy Statements or Form N-14,
 which may result in an additional charge, the amount of which shall be agreed upon between
 the parties prior to such services being provided.

**Additional Regulatory Services**

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933.

**Tax Matters**

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**Legal Representation**

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Trust or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Trust to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

TIFF Investment ProgramFund Administration Addendum Page 4 of 5

The parties duly executed this Fund Administration Addendum as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **TIFF Investment Program** |  | **Ultimus Fund Solutions, LLC** |
|  | **on its own behalf and on behalf of the Funds** | | |
| **By:** | /s/ David Brenner | **By:** | **/s/ Gary Tenkman** |
| **Name:** | David Brenner | **Name:** | **Gary Tenkman** |
| **Title:** | President | **Title:** | **Chief Executive Officer** |

---

TIFF Investment ProgramFund Administration Addendum Page 5 of 5

**<u>Transfer Agent and Shareholder Services Addendum</u>**

**for**

**TIFF Investment Program**

This Transfer Agent and Shareholder Services Addendum, dated June 30, 2025, is between **TIFF Investment Program** (the "**Trust**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain Master Services Agreement, dated June 30, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Trust with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process
 shareholder purchase, redemption, exchange, and transfer orders in accordance with conditions
 set forth in the applicable Fund's prospectus(es) applying all applicable redemption
 or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set
 up of account information, including address, account designations, dividend and capital
 gains options, taxpayer identification numbers, banking instructions, automatic investment
 plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist
 shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue
 trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act
 of 1934, as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue
 quarterly statements for shareholders, interested parties, broker firms, branch offices and
 registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act
 as a service agent and process income dividend and capital gains distributions, including
 the purchase of new shares, through dividend reimbursement and appropriate application of
 backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act
 ()"**FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record
 the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act
 a record of the total number of shares of each Fund which are authorized, based upon data
 provided to it by the Trust, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform
 such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act
 (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide
 cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012),
 as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding
 taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

TIFF Investment ProgramTransfer Agent and Shareholder Services Addendum Page 1 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce,
 print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms required
 by federal authorities with respect to distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer
 and perform all other customary services of a transfer agent, including, but not limited
 to, answering routine customer inquiries regarding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process
 all standing instruction orders (Automatic Investment Plans ()"**AIPs**") and
 Systematic Withdrawal Plan ()"**SWPs**") including the debit of shareholder
 bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Trust with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make
 information available to shareholder servicing unit and other remote access units regarding
 trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce
 detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide
 mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing
 material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond
 as appropriate to all inquiries and communications from shareholders relating to shareholder
 accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services (the "**AML Services**") to the Trust's direct shareholders domiciled in the United States
 ()"**Direct U.S. Shareholders**") and to operate the Trust's customer
 identification program for these shareholders, in each case in accordance with the written
 procedures developed by Ultimus and adopted or approved by the Board and with applicable
 law and regulations. As part of the AML Services, Ultimus will regularly screen name and
 address information of new and existing Direct U.S. Shareholders against OFAC and other applicable
 sanctions lists. Escalation and reporting of any matches will be done in accordance with
 Ultimus' internal procedures. Ultimus will create and retain the required records documenting
 the performance of the AML Services in accordance with, and for the periods required by,
 applicable law or regulation. Ultimus understands and acknowledges that the Trust remains
 responsible for ensuring compliance with applicable law or regulation, including but not
 limited to the USA PATRIOT Act, and that records Ultimus maintains for the Trust relating
 to the AML Services may be subject, from time to time, to examination and/or inspection by
 federal regulators or the Trust's officers or auditors or other authorized representatives
 as part of the periodic testing of the Trust's AML program. Ultimus consents to such
 examinations and/or inspections and agrees to cooperate with such parties in connection with
 their review and to make available to such parties, as allowable by law or regulation, all
 required records and information concerning the AML Services. Ultimus will certify in writing
 to the Trust on a quarterly basis that it has performed the AML Services and that it has
 established and maintains written policies, procedures
and internal controls reasonably designed to prevent it and the Trust from violating the Federal Securities Laws, including, but not
limited to, the USA PATRIOT Act, with respect to the AML Services. Ultimus also will provide a quarterly written report to the Trust
detailing any new Direct U.S. Shareholders of the Trust and confirming that it has performed the AML Services with respect to such new
Direct U.S. Shareholders.

TIFF Investment ProgramTransfer Agent and Shareholder Services Addendum Page 2 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal and applicable state
 authorities, including the SEC, and to the Funds' auditors. Applicable state authorities
 are those governmental agencies located in states in which the Fund is registered to sell
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal Revenue Service
 ()"**IRS**") forms for shareholder income and capital gains (including the
 calculation of qualified income), sale of fund shares, distributions from retirement accounts
 and education savings accounts, fair market value reporting on IRAs, contributions, rollovers
 and conversions to IRAs and education savings accounts and required minimum distribution
 notifications and issue tax withholding reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play
 rules.

**4.** **Dealer/Load Processing** 

For each Fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide
 reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account
 for separation of shareholder investments from transaction sale charges for purchase of Fund
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate
 fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track
 sales and commission statistics by dealer and provide for payment of commissions on direct
 shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying
 appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred
 Sales Charges ()"**CDSCs**") automatically during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain
 all shareholder records for each account in each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** as
 dividend disbursing agent, on or before the payment date of any dividend or distribution,
 notify the Fund's custodian of the estimated amount of cash required to pay such dividend
 or distribution; prepare and distribute to shareholders any funds to which they are entitled
 by reason of any dividend or distribution and in the case of shareholders entitled to receive
 additional shares of the Fund by reason of any such dividend
or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders a confirmation statement
with respect to such shares;

TIFF Investment ProgramTransfer Agent and Shareholder Services Addendum Page 3 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue
 customer statements on a scheduled cycle, and provide duplicate second and third-party copies
 if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record
 shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain
 account documentation files for each shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Fund Account Maintenance; Cash Deposits** 

To accommodate any cash balances maintained by the Funds, Ultimus will open and maintain one or more non-custodial, operating bank accounts in Ultimus' name for the benefit of the Funds, and any interest income earned thereon shall be retained by Ultimus as a separate fee for its account maintenance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **uTRANSACT Web Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Provide
 and maintain an internet portal for shareholders and registered investment advisers to access
 and perform various online capabilities on their investment accounts with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **PLAID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Provide
 online bank account verification services using third-party PLAID technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** Ultimus
 shall perform other services for the Trust that are mutually agreed upon in a writing signed
 by the parties for mutually agreed fees, if any, and all reimbursable expenses incurred by
 Ultimus; provided, however that the Trust may retain third parties to perform such other
 services. These services may include performing internal audit examination; mailing the annual
 reports of the Funds; preparing an annual list of shareholders; and mailing notices of shareholders'
 meetings, proxies, and proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.*** process
 accounts through Networking and the purchase, redemption, transfer and exchange of shares
 in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the
 National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's
 participants, including the Trust), in accordance with, instructions transmitted to and received
 by Ultimus by transmission from NSCC on behalf of broker-dealers and banks which have been
 established by, or in accordance with the instructions of authorized persons, as hereinafter
 defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.*** issue
 instructions to each Fund's custodian for the settlement of transactions between the
 Fund and NSCC (acting on behalf of its broker-dealer and bank participants);

TIFF Investment ProgramTransfer Agent and Shareholder Services Addendum Page 4 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.*** provide
 account and transaction information from the affected Trust's records on an appropriate
 computer system in accordance with NSCC's Networking and Fund/SERV rules for those
 broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** maintain
 shareholder accounts through Networking.

**11.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

***Signatures are located on the next page.***

TIFF Investment ProgramTransfer Agent and Shareholder Services Addendum Page 5 of 6

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **TIFF Investment Program** |  | **Ultimus Fund Solutions, LLC** |
|  | **on its own behalf and on behalf of the Funds** | | |
| **By:** | /s/ David Brenner | **By:** | **/s/ Gary Tenkman** |
| **Name:** | David Brenner | **Name:** | **Gary Tenkman** |
| **Title:** | President | **Title:** | **Chief Executive Officer** |

---

TIFF Investment ProgramTransfer Agent and Shareholder Services Addendum Page 6 of 6

## Ex-99.(J)

**Exhibit (j)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of TIFF Investment Program of our report dated February 25, 2026, relating to the financial statements and financial highlights, which appear in TIFF Multi-Asset Fund's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Financial Statements", "Additional Service Providers—Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 30, 2026

## Ex-99.(P5)

Exhibit (p5)

![](tm263362d1_ex99-p5img001.jpg)

**January 2025**

CODE OF ETHICS

ONE FIRST STREET, SUITE 13, LOS ALTOS, CA 94022, UNITED STATES CONFIDENTIAL

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Introduction | 3.0 |
| General Concepts | 5.0 |
| Insider Trading | 7.0 |
| Personal Account Trading | 12.0 |
| Outside Business Activities | 15.0 |
| Gifts and Entertainment | 16.0 |
| Political Contributions | 19.0 |
| Whistleblower Policy | 22.0 |
| Duties of Confidentiality | 25.0 |
| Procedures and Sanctions | 25.0 |
| Definitions | 27.0 |

---

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>2</sub> |

---

Introduction

This Code of Ethics (the "Code") is applicable to all Employees (as defined below) of the Firm with respect to such Employees' activities and conduct on behalf of the Firm, as well as certain personal activities and conduct of Employees. As an investment adviser, the Firm is a fiduciary. It owes its Clients the highest duty of loyalty and relies on each Employee to avoid conduct that is or may be inconsistent with that duty. The Code does not attempt to serve as a comprehensive outline regarding employee conduct, but rather to establish general rules of conduct and procedures applicable to all Employees.

The Code should be kept at hand for easy reference. Any questions regarding this Code, or other compliance issues, must be directed to the Firm's Chief Compliance Officer. The Chief Compliance Officer is responsible for administering and implementing this Code. The Firm expects Employees to be thoroughly familiar with the Firm's standards and procedures as set forth herein. In order to make it easier to review and understand the standards and procedures, a few commonly used terms are defined below:

"**Access Person**": An Access Person is any Employee, or supervised person, of the Firm who has access to non-public information regarding Clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client, or who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic. All directors, officers and partners are presumed to be access persons. The Firm has deemed all Employees to be Access Persons.

"**Advisers Act**": Investment Advisers Act of 1940, as amended.

**"Automatic Investment Plan":** program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan or "DRIP".

"**Beneficial Ownership**": Direct or indirect pecuniary interest in the Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. An Employee or Access Person is presumed to be a beneficial owner of Securities that are held by his or her immediate family members sharing the Employee's or Access Person's household.

"**Chief Compliance Officer**": John Rutherford or such other person as may be designated from time to time.

"**Client**" or "**Fund**": Any entity to which the Firm provides investment advisory or management services, including investment funds and private accounts.

"**Company Act**": Investment Company Act of 1940, as amended.

"**Discretionary Managed Account**": An account for which the Employee has designated investment discretion entirely to a third party. In such account, the Employee cannot exercise any investment discretion in the purchase or sale of securities.

"**Employee**": Any "supervised person" of the Firm, as defined under the Advisers Act and Company Act to be any partner, officer, director (or other person occupying a similar status or performing similar functions including independent contractors), employee, or other person who provides investment adviser on behalf of the Firm and is subject to the supervision and control of the Firm.

"**Exchange Act**": Securities Exchange Act of 1934, as amended.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>3</sub> |

---

"**Firm**": Strategy Capital LLC and each other affiliate entity under common control, which is engaged in the business of providing investment advisory or management services.

"**Covered Account**": A personal investment or trading account of an Employee or Access Person or related account (this may include, but is not limited to, an account for which an Employee or Access Person is a trustee or custodian, a spousal account, any account of an Employee or Access Person's children or any account for an individual who relies on the Employee or Access Person for material support) in which an Employee or Access Person has any direct or indirect beneficial ownership interest, an investment or trading account over which an Employee or Access Person exercises control or provides investment advice, or a proprietary investment or trading account maintained for the Firm or its employees. Specifically, Covered Account includes:

▪ Trusts
 for which an Employee or Access Person acts as trustee, executor, custodian or discretionary
 manager;

▪ Accounts
 for the benefit of the Employee's or Access Person's spouse or minor child;

▪ Accounts
 for the benefit of a relative living with the Employee or Access Person;

▪ Accounts
 for the benefit of any person who receives material financial support from the Employee or
 Access Person.

"**Private Placement**": An offering of Securities that is exempt from registration under the Section 4(2) or Section 4(6) of the Securities Act of 1933, as amended ("Securities Act"); or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Restricted List**": The Restricted List is a confidential document that includes holdings of the Firm's clients that is maintained by the Chief Compliance Officer. Additional information regarding issuers added and ongoing maintenance of the Restricted List is included in the Insider Trading Policy section of this manual.

"**RIC Clients**": The Firm also acts as sub-adviser to one or more investment companies registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") (each, a registered investment company or "RIC"). Firm generally expects that each RIC Client will have a primary investment adviser that manages the RIC Client's overall investment portfolio.

"**Reportable Security or Securities**": This term means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

Reportable Securities **do not** include:

1. Direct obligations of the Government of the
 United States;

2. Bankers' acceptances, bank certificates
 of deposit, commercial paper and high-quality short-term debt instruments, including repurchase
 agreements;

3. Shares issued by money market funds;

4. Shares issued by open-end registered investment
 companies (e.g., open-end mutual funds), other than funds advised or underwritten by the
 Firm or an affiliate; or

5. Shares issued by unit investment trusts that
 are invested exclusively in one or more open-end registered investment companies, none of
 which are advised or underwritten by the Firm or an affiliate.

Exchange-traded funds, or ETFs, are similar to open-end registered investment companies in some ways. Nonetheless, ETFs are Reportable Securities. Please note that open-end mutual funds are not reportable, but closed-end mutual funds are reportable.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>4</sub> |

---

General Concepts

Background

The Code is intended to (i) promote ethical practices and conduct by all Employees, and (ii) prevent violations of applicable law, including the Adviser's Act and the Company Act. The Firm has adopted the "Code" in accordance with Rules 204A-1 and 204-2 under the Advisers Act and Rule 17j-1 under the Company Act.

Statement of General Principles

This Code is based on a few basic principles that should pervade all investment-related activities of all Employees, personal as well as professional: (i) the interests of the Firm's Clients come before the Firm's interests or any Employee's interests; and (ii) each Employee's professional activities and personal investment activities must be consistent with this Code and avoid any actual or potential conflict between the interests of Clients and those of the Firm or the Employee.

Employees should talk to the CCO immediately when there is even a question of insider trading or breach of any other law or Firm policy. Restricting the Firm and its Employees from trading (and tipping) is almost always a safe course of action. Raising questions and concerns within the Firm is a positive action and is actively encouraged; retaliation is strictly forbidden. The Firm's policy is to encourage "open discussion." Any concerns or questions should be raised with the Chief Compliance Officer.

Additionally, Employees are required to comply with all applicable federal securities laws and must report promptly any violations of this Code to the Chief Compliance Officer. Disciplinary actions may include cancellation of transactions, disgorgement of profits, suspension of personal trading privileges, or suspension or termination of employment. The Chief Compliance Officer will determine disciplinary actions by taking into account such facts as deemed appropriate and relevant, including the severity of the violation, and whether the Employee has previously violated this Code.

All employees must disclose to the Chief Compliance Officer any interest they may have in an entity that is not affiliated with the Firm and that has a known business relationship with the Firm.

Unlawful Actions

Pursuant to Rule 17j-1(b) under the Company Act, the Firm and all persons associated with the Firm are prohibited from:

▪ employing
 any device, scheme, or artifice to defraud any client or prospective client;

▪ engaging
 in any transaction, practice or course of business that operates as a fraud or deceit upon
 any client or prospective client;

▪ engaging
 in any act, practice or course of business that is fraudulent, deceptive or manipulative;

▪ directly
 or indirectly acquiring any beneficial interest in securities of an Initial Public Offering
 (IPO) or Private Placement, in which the Firm is allocated shares in, without prior written
 approval from the COO or Managing Member;

▪ acting
 as a principal for its own account, or acting as broker for another person; or;

▪ knowingly
 selling or buying any security from an advisory client without first disclosing in writing
 its capacity in the transaction and obtaining the client's written consent to the transaction.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>5</sub> |

---

Annual Written Report

The Chief Compliance Officer, no less than annually, must furnish a written report to the RIC Clients' board of directors (the "Annual Report"). The Annual Report will describe any issues arising under the Code since the last Annual Report. If such issues include information about material violations of the Code, the Annual Report will discuss any sanctions imposed in response to the material violations. The Annual Report will also include a statement from the CCO stating that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>6</sub> |

---

Insider Trading

Background

The act of trading or communicating material non-public information is commonly known as "insider trading." The term "insider trading" is not defined in the federal securities laws, but is generally used to refer to the use of material non-public information obtained directly or indirectly from an officer, director or employee of a public company and used improperly (for example, in violation of a duty of confidentiality) to trade in the company's Securities (whether or not one is an "insider") or the communication of material non-public information to others. The term also refers to non-public information about a tender offer obtained directly or indirectly from a prospective bidder. These laws also prohibit the dissemination of inside information to others who may use that knowledge to trade Securities (so-called "tipping").

It is generally understood that the law prohibits:

▪ Purchase
 or sale of securities by an insider, on the basis of material non-public information ("MNPI");

▪ Purchase
 or sale of securities by a non-insider, on the basis of MNPI where the information was disclosed
 to the non-insider in violation of an insider's duty to keep the information confidential
 or was misappropriated; or

▪ Communication
 of MNPI in violation of a confidentiality obligation where the information leads to a purchase
 or sale of securities.

The insider trading rules apply equally to restricted and unrestricted securities and securities issued by or in private and public companies.

The circulation of false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, a sector or market, or unjustly affect any person or entity, is strictly prohibited.

**Definition of Insider**

The concept of "insider" is broad. It includes the officers, directors, employees and majority shareholders of a company. In addition, a person can be considered a "temporary insider" of a company if he or she enters into a confidential relationship in the conduct of the company's affairs and, as a result, is given access to company information that is intended to be used solely for company purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, investment bankers, commercial bankers and the employees of such organizations. Analysts are usually not considered insiders of the companies that they follow, although if an analyst is given confidential information by a company's representative in a manner in which the analyst knows or should know to be a breach of that representative's duties to the company, the analyst may become a temporary insider.

**Material Information**

"Material" information is generally defined as information that a reasonable investor would likely consider important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, merger or acquisition proposals or agreements, major litigation, liquidity problems, and extraordinary management developments. Material information does not have to relate to a company's business; it can be significant market information. Lastly, material information includes information obtained from an issuer in advance of a private offering for which the Firm has entered into a non-disclosure agreement ("NDA").

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>7</sub> |

---

**Nonpublic Information**

Information is nonpublic unless it has been effectively communicated to the marketplace (i.e. generally disseminated to the public). For example, information found in a report filed with the SEC or appearing in Dow Jones, The Wall Street Journal or another publication of general circulation is considered public.

Risks

▪ Trading
 Securities while in possession of material non-public information or improperly communicating
 that information to others may expose the Employee to stringent penalties.

▪ Criminal
 sanctions may include a fine, or imprisonment.

▪ The
 SEC can recover the profits gained or losses avoided through the violative trading, impose
 a penalty of up to three times the illicit windfall, and issue an order permanently barring
 an Employee from the securities industry.

▪ An
 Employee may be sued by investors seeking to recover damages for insider trading violations.

▪ The
 Firm may face regulatory or civil liability based on the Employee's actions.

▪ Firm
 may impose sanctions on the Employee, up to and including termination.

Policy

**General**

Employees are prohibited from engaging in what is commonly known as "insider trading": (i) trading, either in a Covered Account or on behalf of any other person (including Client accounts), on the basis of material nonpublic information ("MNPI"); or (ii) communicating MNPI to others (including other Employees) in violation of the law. The rules contained in these procedures apply to all Covered Accounts. The rules also apply to Employees' activities on behalf of the Firm and extend outside their duties to the Firm.

Employees should also note that intentionally creating, spreading or using false rumors may violate the anti-fraud provisions of federal securities laws. Such conduct is contradictory to the Firm's Code, as well as the Firm's expectations regarding appropriate behavior of its Employees.

The law of insider trading is not always clear and is continuously developing. An individual may be legitimately uncertain about the application of the rules in a particular circumstance. Oftentimes, a single question can forestall disciplinary action, or complex legal problems. For these reasons, an Employee must notify the Chief Compliance Officer immediately if he or she has any reason to believe that a violation of these procedures has occurred or is about to occur, or if he or she has any questions regarding the applicability of these procedures.

**Contact with Public Companies**

Contact with companies represents an important part of the Firm's research efforts. Employees routinely interact with employees of other companies in order consider to supplement the Firm's understanding of business strategy and develop opinions about business practices or industries. Employees are instructed to conduct such interactions pursuant to the Code. In cases where such interactions are with contacts at publicly traded companies, Employees will take reasonable steps not to inadvertently obtain material information. Such reasonable steps may include verbal reminders, written reminders or signed agreements. For Employees to protect themselves, Clients, and the Firm, the Employee must contact the Chief Compliance Officer immediately if he or she believes that they may have received material non-public information in any form.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>8</sub> |

---

**Contact with Vendors/Clients**

In certain cases, the Firm may decide to conduct additional research by reaching out to companies or individuals in order to obtain additional information regarding a potential investment. For example, the Firm may contact the customers of an issuer to determine the level of service the issuer provides. Such contacts must be conducted pursuant to the Code. For Employees to protect themselves, Clients, and the Firm, the Employee must contact the Chief Compliance Officer immediately if he or she believes that they may have received material non-public information in any form.

**Tender Offers**

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's Securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases).

Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in possession of material non-public information regarding a tender offer received from the tender offeror, the target company, or anyone acting on behalf of either side. Employees should exercise particular caution any time they become aware of non-public information relating to a tender offer.

**Private Investments in Public Entities**

Analysts and portfolio managers of the Firm are sometimes approached by third parties (including prime brokers) that wish to solicit the Firm's participation in a private offering of Securities of a publicly traded company. Such offerings often occur in connection with events which are not generally known by the public and upon revelation to the public, could have a significant effect on the price of the company's stock. If any Employee of the Firm becomes aware of such a transaction, the information must be reported to the Chief Compliance Officer so that the Chief Compliance Officer can determine whether trading in the Security should be restricted.

If the Firm is asked to enter into an NDA, such NDA can only be signed with approval of the Chief Compliance. The Chief Compliance Officer will retain all such NDAs in the Firm's compliance files.

**Restricted List**

Employees may not, on their own, or on behalf of Covered Accounts, purchase or sell securities that appear on the Restricted List without pre-approval. The Restricted List itself is confidential and may not be disclosed to anyone outside the Firm as it may contain material non-public information.

As discussed above, all Employees are required to notify the Chief Compliance Officer if they believe that they may have come into possession of material non-public information about a publicly-traded company. The Chief Compliance Officer may also review the inclusion of a company on the Restricted List at the suggestion of an investment professional, but the Chief Compliance Officer should independently determine that the company warrants inclusion on the Restricted List. Each time the Chief Compliance Officer adds a company to the Restricted List, the Chief Compliance Officer shall document the reason why the company is on the list.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>9</sub> |

---

A security may be placed on the Firm's Restricted List for a variety of reasons including, but not limited to:

▪ Firm
 is in possession of MNPI about an issuer;

▪ Issuer
 is a current holding of the Firm's clients or the Firm is considering an investment
 in the issuer (eg. potential target)

▪ A
 Firm Employee is in a position, such as a member of an issuer's board of directors,
 that may be likely to cause the Firm or such Employee to receive MNPI;

▪ Firm
 has executed a non-disclosure agreement or other agreement with a specific issuer that restricts
 trading in that issuer's securities;

▪ An
 Employee trading in the security may present a conflict of interest or the appearance of
 a conflict of interest;

▪ An
 Investor relationship that involves a senior officer or director of an issuer of a security
 in which the Firm has invested, a "Value-Added Investor," present a conflict
 of interest or the appearance of a conflict of interest

▪ The
 Chief Compliance Officer has determined it is necessary to do so.

If an issuer is on the Restricted List because the Chief Compliance Officer or investment professional possesses material non-public information about such company, the Chief Compliance Officer may remove that company from the Restricted List either because the information is made public through widespread dissemination of the information, or because the information becomes stale or immaterial with the passage of time (e.g., internal sales projections about periods that have since passed). The Chief Compliance Officer may consult with outside legal counsel in making a determination as to whether a company can be removed from the Restricted List. Only the Chief Compliance Officer may remove companies from the Restricted List if and when the Chief Compliance Officer is satisfied that there is no longer a valid reason for the company to be included on the Restricted List.

**Outside Research Providers and Independent Consultants**

**Background:** Employees may consult with paid industry experts as part of the Firm's research process. The Firm may contact such consultants through approved service providers or directly through their networks. Prior to approving an outside research provider, the CCO will inquire as to a number of items including, but not limited to:

▪ Whether
 or not such outside research provider has compliance policies and procedures in place that
 are designed to prohibit and prevent insider trading;

▪ The
 depth and scope of such policies and procedures;

▪ The
 means by which these policies and procedures are carried-out and tested;

▪ The
 added value of utilizing an outside research provider as related to the research function
 at the Firm;

▪ The
 reputation of the outside research provider.

**Policy:** Employees who wish to speak with a paid industry expert must submit Exhibit C to the CCO for approval before speaking with an industry expert, confirming, amongst other items, the following:

▪ Obtain
 biographical information about the expert, including history of employment;

▪ Confirm
 that the expert is not presently an employee of a specific issuer being researched;

▪ Tell
 the expert at the beginning of the meeting that the Firm does not want to receive any information
 about the expert's employer or affiliated entities, any confidential information, or
 any Material Non-Public Information.

▪ Immediately
 report the receipt of any potentially Material Non-Public Information to the CCO.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>10</sub> |

---

**Procedures:** The CCO, or a designee, will conduct post call reviews on a random sample of consultations. These reviews will include a review of subsequent trading activity and the release of public information in the period following the consultation. Outside research providers utilized by the Firm will be reviewed by the CCO on a periodic basis, in no event less than annually. In addition, the CCO may propose and adopt guidelines specific to a particular outside research provider or a particular outside research function.

Procedures

**Receipt of MNPI**

▪ If
 any Employee receives any information that may constitute MNPI, the Employee:

&nbsp;&nbsp;&nbsp;&nbsp;▪ must
 not buy or sell any securities (including options or other securities convertible into or
 exchangeable for such securities) for a Covered Account or a Client account,

&nbsp;&nbsp;&nbsp;&nbsp;▪ must
 not communicate such information to any other person (other than the Chief Compliance Officer);
 and

&nbsp;&nbsp;&nbsp;&nbsp;▪ should
 discuss promptly such information with the Chief Compliance Officer. Under no circumstances
 should such information be shared with any persons not employed by the Firm, including family
 members and friends.

**Restricted List**

▪ The
 Chief Compliance Officer promptly delivers the Restricted List to all Employees when there
 is an update.

▪ The
 Chief Compliance Officer documents securities on the Restricted List including the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Restricted
 issuer;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Date
 of addition;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Reason
 for the addition;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Date
 of removal;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Reason
 for the removal;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Notes,
 if any.

**Supervisory Controls**

The Chief Compliance Officer conducts training with new hires on matters covered by the Code and that all Employees receive training no less than annually.

Initially upon hire and no less than annually thereafter, each Employee provides a written acknowledgment to the effect that he or she has read, understands, and agrees to abide by the Manual.

---

| | |
|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL<sub>11</sub> |

---

Personal Account Trading

Background

Personal trading for any personal trading accounts should never be conducted in such a way as to create any questions of "frontrunning," otherwise taking personal advantage of the trading activity that is conducted for the investment adviser, or in any way seeking personal profits at the expense of the trading conducted for the investment adviser. A trader's first priority in all trading decisions must be to benefit the investment adviser's clients.

Risks

▪ An
 Employee may be sued by investors seeking to recover damages for frontrunning or scalping.

▪ The
 Firm could violate its fiduciary duty to clients if it failed to properly develop policies
 and procedures designed to avoid or to mitigate conflicts of interests.

▪ Firm
 may impose sanctions on the Employee, up to and including termination.

Policy

**Front Running and Scalping**

No Employee may engage in what is commonly known as "frontrunning" or "scalping," i.e., buying or selling securities in a Covered Account, prior to Clients, in order to benefit from any price movement that may be caused by Client transactions or the Firm's recommendations regarding the security. No Employee may buy or sell a security when he or she knows the Firm is actively considering the security for purchase or sale (as applicable) in Client accounts. Employee transactions in options, derivatives or convertible instruments that are related to a transaction in an underlying security for a Client ("inter-market front-running") are subject to the same restrictions.

**Personal Trading / Preapproval of Securities Transactions**

Employees must obtain pre-approval by the Chief Compliance Officer before engaging in personal trading of any Reportable security including but not limited to those on the Firm's Restricted list. Non-Reportable Securities and Exchange Trade Funds may be traded without pre-approval. Firm Employees may request pre-approval via gVue.

The Chief Compliance Officer shall promptly notify the Employee via gVue of approval or denial of clearance to trade. Such approval by the Chief Compliance Officer for a transaction for an Employee's Covered Account is valid only on the day on which it is issued by the Chief Compliance Officer or his designee.

Employees are required to obtain the Chief Compliance Officer's preapproval via gVue prior to acquiring private placements. The factors to be taken into account in this prior approval include, among other considerations:

▪ whether
 the Private Placement should be acquired for the Funds,

▪ whether
 the Private Placement is being offered to the Access Person because of his or her position
 with the Firm and

▪ whether
 notice to Clients is necessary.

If an Access Person has acquired Securities in a Private Placement prior to becoming an Access Person of the Firm, these investments must be disclosed on gVue at the time of hire.

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Employees are required to obtain the Chief Compliance Officer's preapproval prior to acquiring any Securities in an initial public offering ("IPO"); provided, however, that an Access Person may purchase a Security issued in a thrift conversion where the Access Person is a depositor, if the Access Person has received the prior approval of the Chief Compliance Officer.

gVue will maintain records of such approvals and notes of the rationale for such approvals.

If the Firm intends to acquire for the Funds any Securities of an issuer, which were previously acquired by an Access Person as part of a private placement, the Chief Compliance Officer shall determine whether any conflicts of interest exist regarding such purchase, and whether disclosure should be made to Clients regarding the nature of the Access Person's interest in the Securities prior to investing in such Securities on behalf of the Funds.

The Chief Compliance Officer shall review all personal trading activity of all Employees. If the Chief Compliance Officer identifies trading patterns, or personal trading, that present actual or potential conflicts of interest, the Chief Compliance Officer will recommend that remedial action be taken. Such remedial action may include restrictions on future personal trading by the Employee, monetary fines, disgorgement of profits, reprimand, or termination.

**Reporting Covered Accounts**

Access Persons are required to report upon hire and annually thereafter, or upon any change, all Covered Accounts via gVue.

A Covered Account is a personal investment or trading account of an Access Person or related account in which an Access Person has any direct or indirect beneficial ownership interest, an investment or trading account over which an Access Person exercises control or provides investment advice, or a proprietary investment or trading account maintained for the Firm or its Employees. Specifically, a Covered Account includes:

▪ Trusts
 for which an Access Person acts as trustee, executor, custodian or discretionary manager;

▪ Accounts
 for the benefit of the Access Person's spouse, domestic partner or minor child;

▪ Accounts
 for the benefit of a relative living with the Access Person; and

▪ Accounts
 for the benefit of any person who receives material financial support from the Access Person.

In addition, each Access Person must inform the Chief Compliance Officer prior to opening or closing a Covered Account.

**Third-Party Managed or Trustee Accounts Where the Access Person Has No Influence, Control or Discretion ("Third-Party Managed Accounts")**

For the **following types of accounts**, Access Persons are required to report them via gVue:

▪ Accounts
 where the Access Person is a grantor or beneficiary of a trust managed by a third-party trustee;

▪ Accounts
 where the Access Person has limited involvement in trust affairs;

▪ Accounts
 where the Access Person does not have direct or indirect control or influence over the account
 and cannot exercise any investment discretion in the purchase or sale of securities, and
 that are managed by a third-party manager that has discretionary investment authority; and

▪ Blind
 trusts.

To determine whether the Access Person has direct or indirect influence or control over the trust or account, the Firm obtains a third-party certification stating that the Access Person has no investment discretion, control or influence over the account. This certification does not apply to blind trusts due to a legal arrangement in which a trustee manages funds for the benefit of a person who has no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management. If there are any changes to the Access Person's influence or control, or if the Access Person obtains investment discretion, he/she must report that immediately to the Chief Compliance Officer.

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Non-Reportable Accounts

The following accounts do not need to be reported:

▪ Accounts
 where the Access Person does not have any direct or indirect beneficial ownership interest
 in;

▪ Accounts
 that are restricted by the terms of the account relationship to holding only cash or Excepted
 Securities, unless such accounts could hold, or execute transactions in Reportable Securities,
 even if the accounts do not hold such securities at the present time.

**Reporting Holdings and Transactions**

Each Access Person shall authorize transactional history via gVue relating to such Covered Accounts, and shall report all private Securities transactions that are not reflected in the Access Person's brokerage account statements of such Covered Accounts via gVue promptly.

<u>Holdings initial and annual reporting deadlines:</u> Within ten days of commencing employment and within 45 days of each calendar year end thereafter, each Employee shall provide all Reportable Securities in covered accounts. The information provided in the initial report must be current within the past 45 days of the employee becoming an Access Person.

Procedure

▪ Employees
 must submit a preapproval request via gVue for transactions of Reportable Securities excluding
 Exchange Traded Funds;

▪ New
 Employees provide information within 10 days of becoming an Access Person;

▪ Employees
 provide updated information in substantially the same format as within 45 day of each calendar
 year end:

▪ The
 Chief Compliance Officer shall promptly (within one (1) business day) notify the Employee
 of approval or denial of clearance to trade by indicating such action via gVue;

▪ gVue
 initiates the quarterly reporting process by notifying Employees of the quarterly deadline
 via email;

▪ Employees
 provide information via gVue for Covered Accounts; and

▪ The
 Chief Compliance Officer conducts a quarterly review of all personal trading activity of
 all Employees.

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Outside Business Activities

Background

As a fiduciary to the investment adviser's clients, Access Persons are generally required to focus their time and attention on the investment adviser's clients.

Risks

Engaging in outside business activities may pose a conflict of interest.

Policy

Outside business activities that require the Chief Compliance Officer's preapproval include:

▪ full
 or part-time service as an officer, director, trustee, partner, consultant, agent or employee
 of another business organization;

▪ agreements
 to provide financial advice (i.e., through service on a finance or investment committee)
 to a private, educational or charitable organization or other organization;

▪ any
 agreement to be employed by and accept compensation in any form (i.e., commission, salary,
 fee, bonus, contingent compensation, etc.) from any person or entity other than the
 Firm;

▪ any
 business activities conducted by an Access Person that involve a material time commitment;

▪ teaching
 assignments, lectures, publication of articles, radio and/or television appearances;

▪ Involvement
 with family or other business, charities and professional associations

The Chief Compliance Officer will require full details concerning any outside activity, including the number of hours involved and whether any compensation is to be received and such other information as the Chief Compliance Officer deems appropriate. This information must be disclosed to the Chief Compliance Officer via gVue and completed at the time of hire and annually thereafter.

If such service is authorized by the Chief Compliance Officer, certain safeguards may be implemented in the discretion of the Chief Compliance Officer including, but not limited to, investment restrictions and/or restricting the flow of information from the Employee serving to those making investment decisions through "Chinese Wall" or other procedures as outlined in the Firm's policies and procedures relating to insider trading contained in this Code.

Under no circumstances may an Employee represent or suggest that his or her association with any outside business activity in any way reflects the approval by the Firm of that organization, its securities, manner of doing business or any person connected with the organization or its activities.

Procedure

▪ Employees
 who wish to report an outside business activity must submit the request via gVue prior to
 engaging in the activity.

▪ The
 Chief Compliance Officer will review the request and revert with the decision via gVue within
 one week. The Chief Compliance Officer may request additional information from the Employee
 prior to making the decision.

▪ The
 Chief Compliance Officer will add the public company for which an Employee serves as an officer
 or director, or similar capacity to the Restricted List and promptly distribute it to all
 Employees.

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Gifts and Entertainment

Background

**General**

In order to address conflicts of interest that may arise when the investment adviser or an employee accepts or gives a gift, entertainment, or other items of value, an investment adviser should place certain restrictions on gifts and entertainment that are given or received in relation to the business of the investment adviser. As a general matter, a gift or invitation to an event may not influence or present the appearance of influence upon a business decision, transaction or service. Employees may not make referrals to service providers if the employee expects to personally benefit in any way from the referral.

**FCPA**

The FCPA is a US federal law primarily intended to prohibit payments of bribes to foreign officials and political figures (also known as the Anti-Bribery Provision). It is unlawful to make a corrupt payment to a foreign official (official, political party, political official, or candidate for political office) for the purpose of obtaining business, retaining business, or directing business to any person. This includes ordering, authorizing, or assisting others to violate or conspire to violate these provisions. This means that just the offer or promise of such payment can also cause violation. The second provision requires that companies maintain transparency requirements for business accounting as outlined by the Securities Exchange Act of 1934 (also known as the Accounting Provision).

The FCPA applies to:

▪ Both
 Public and Private US Companies; and

▪ Non-US
 Companies

Investment advisers engaging foreign agents are expected to be attuned to "red flags" in connection with the transaction, including:

▪ The
 foreign country's reputation for corruption;

▪ Requests
 by a foreign agent for offshore or other unusual payment methods;

▪ Refusal
 of a foreign agent to certify that it will not make payments that would be unlawful under
 the FCPA;

▪ An
 apparent lack for qualifications;

▪ Non-existing
 or non-transparent accounting standards; and

▪ Whether
 the foreign agent comes recommended or "required" by a government.

**Risks**

▪ Accepting
 or receiving certain gifts and entertainment may involve a conflict of interest or an abuse
 of trust, or have the appearance of impropriety.

▪ Under
 the FCPA, both the Firm and its individual Employees can be criminally liable for payments
 made to agents or intermediaries "knowing" that some portion of those payments
 will be passed on to (or offered to) a foreign official. The knowledge element required is
 not limited to actual knowledge, but includes "consciously avoiding" the high
 probability that a third party representing the Firm will make or offer improper payments
 to a foreign official. Sanctions for violating the FCPA may include fines and jail terms.
 Any payment or anything else of value given to a foreign official must be pre-approved by
 the Chief Compliance Officer.

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Policy

**Gifts**

Employees may receive business-related gifts, provided that such gifts are not lavish or extravagant in nature. Prior to accepting a gift with a cost or value greater than $500, an Employee must obtain the Chief Compliance Officer's preapproval via gVue. Gifts with an estimated cost or value under $500 and gifts such as holiday baskets delivered to the Firm's offices that are received on behalf of the Firm, do not need to be reported. The Chief Compliance Officer may require the Employee to return such a gift if it is determined that the gift could improperly influence the use of a third party business or create the appearance of a conflict of interest.

The Firm and its Employees are prohibited from giving business-related gifts that may appear lavish or extravagant. Employees must obtain the Chief Compliance Officer's preapproval via gVue prior to giving business-related gifts with a cost or value in excess of $500 per recipient.

No Employee may give or accept cash gifts, gift certificates, or cash equivalents to or from a Client, Investor, or service provider or any other entity that does business with or on behalf of the Firm.

**Entertainment**

Employees may attend business-related meals, sporting events and other entertainment events at the expense of another party, provided that the entertainment is not lavish or extravagant in nature. Entertainment includes events in which the provider of the entertainment is also a participant or attendee of the event. If the estimated cost or value of an Employee's portion of such entertainment event is expected to be greater than $500, the Employee must obtain the Chief Compliance Officer's preapproval via gVue prior to attending the event, as reasonably practicable. The Chief Compliance Officer may require the Employee to decline the entertainment if it is determined that the entertainment could improperly influence the use of a third party business or create the appearance of a conflict of interest.

The Firm and its Employees are prohibited from giving business-related entertainment that may appear lavish or extravagant. The Chief Compliance Officer will review all provided business entertainment monthly.

If there is any question as to whether a specific entertainment event can be accepted or given, the Chief Compliance Officer should be consulted.

**FCPA**

Furthermore, to ensure compliance with the FCPA, Employees are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of any value, no matter how small, or seemingly insignificant, to any Covered Person(s) for any business or Firm-related reasons. A "Covered Person" for this purpose is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise (e.g., sovereign wealth fund) or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality or enterprise. It also includes any foreign political party, party official or candidate for political office.

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**Charitable Contributions**

This policy is not intended to impede legitimate charitable fund-raising activities. Employees should contact the Chief Compliance Officer with any questions regarding how this policy may impact a potential charitable contribution. Among the factors a Firm Employee should consider:

▪ Whether
 such solicitations and the amounts received are reasonable under the circumstances;

▪ That
 such solicitations should be made by the Firm Employee in his or her personal capacity and
 not on Strategy Capital letterhead; and

▪ Contributions
 by the entity solicited by a Firm Employee should be voluntary and may not represent a quid
 pro quo or otherwise provide an inappropriate benefit to either Strategy Capital or the Firm
 Employee.

If an Investor or prospective Investor seeks a charitable contribution from Strategy Capital, the Firm Employee shall contact the CCO for guidance.

Procedure

▪ Employees
 must submit their preapproval request via gVue to the Chief Compliance Officer.

▪ Employees
 who receive a gift or entertainment above the $500 thresholds must promptly report the gift
 or entertainment via gVue.

▪ The
 Chief Compliance Officer will review and revert with the decision. The Chief Compliance Officer
 may request additional information from the Employee prior to making the decision.

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POLITICAL CONTRIBUTIONS

Background

SEC Rule 206(4)-5 regulates and limits donations by investment advisers to both incumbents and candidates for government office, as well as political parties and political action committees (PACs). Specifically, the Rule prohibits an investment adviser from:

▪ Providing
 advisory services for compensation to a government entity client for two (2) years after
 the adviser or certain of its executives or employees make a contribution to certain elected
 officials or candidates;

▪ Providing
 direct or indirect payments to any third party that solicits government entities for advisory
 business unless this third party is a registered broker-dealer or investment adviser itself
 subject to "pay-to-play" restrictions;

▪ Soliciting
 from others, or coordinating, contributions to certain elected officials or candidates or
 payments to political parties where the adviser is providing or seeking government business;
 and

▪ Doing
 anything indirectly that, if done directly, would result in a violation of the other provisions
 of the Rule.

▪ The
 Rule does not ban political contributions by an adviser or its covered associates, but
 rather imposes a "time out" on the ability of an adviser to receive compensation
 for conducting advisory business with a government entity for two (2) years after certain
 contributions are made to an official of a government entity.

Definitions

"**Official**" means any person (including any election committee of the person) who was, at the time of a contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office (1) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (2) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity;

"**Government entity**" includes any state or political subdivision of a state, its agencies and instrumentalities, any pool of assets sponsored or established by any of the foregoing, and any participant-directed investment program or plan sponsored or established by any of the foregoing;

"**Contribution**" means any gift, subscription, loan, advance, or deposit of money or anything of value made for (1) the purpose of influencing any election for federal, state or local office, (2) payment of debt incurred in connection with any such election, or (3) transition or inaugural expenses of the successful candidate for state or local office;

"**Solicitation**" includes any communication made under circumstances reasonably calculated to obtain or retain an advisory client unless the circumstances otherwise indicate that the communication does not have the purpose of obtaining or retaining an advisory client;

"**Covered Associates**" of an adviser include (1) any general partner, managing member, or executive officer, or other individual with similar status or function, (2) any employee who solicits a government entity for the adviser and any person who supervises, directly or indirectly, such employee, and (3) any PAC controlled by the adviser or by any such persons described in (1) and (2). A contribution by a limited partner, a non-managing member of a limited liability company adviser or a shareholder of a corporate adviser is not covered unless such person is also an executive officer or solicitor (or supervisor thereof), or the contribution is an indirect contribution by the adviser, executive officer, solicitor or supervisor.

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**De Minimis Exception**

The Rule permits a Covered Associate to make the following contributions:

▪ up
 to $350 per election per candidate if the contributor is entitled to vote for the candidate;
 and

▪ up
 to $150 per election per candidate if the contributor is not entitled to vote for the candidate.

Risks

Violations of this policy can have serious implications on the Firm's ability to manage such capital. Specifically, the Firm can be precluded from managing money for a state or local government entity or may need to waive fees for a period of time.

Policy

The Firm has adopted the following as its policy to comply with Pay-to-Play regulations in a manner appropriate to its business.

**Firm Contributions**

To prevent potential Pay-to-Play violations or triggering of the two-year "time out," the Firm will not itself make nor coordinate or solicit any person or PAC to make:

▪ Any
 contribution to an official of a government entity to which the Firm is providing or seeking
 to provide advisory services;

▪ Any
 payment to any state or local political party where the Firm is providing or seeking to provide
 advisory services to a government entity;

▪ Consent
 to the use of its name on fundraising literature for an official of a government entity;

▪ Sponsor
 a meeting, conference or other event that features a government official as an attendee or
 guest speaker and that involves fundraising for the government official;

▪ Incur
 expenses (including without limitation the cost of the facility and refreshments, administrative
 expenses and the payment or reimbursement of any of the government official's expenses)
 for hosting an event described above.

Employee Contributions

Employees are prohibited from making a political contribution to a state, local or federal official.

New Employees are required to report to the Chief Compliance Officer all political contributions made within the prior two (2) years at the time of their hire via gVue.

Firm Employees who make a political contribution in contravention of the Firm's prohibition may be subject to discipline. Contribution to a political action committee or political party that is intended to support a limited number of government Officials or is intended as a means for the adviser to do indirectly what it could not do directly may fall into a "time out" period and be prohibited. Volunteering is not to be considered a contribution, provided the adviser is not soliciting the individual's efforts to volunteer and the adviser's resources, such as office space, supplies and telephones, are not used.

Any questions or uncertainties about the Firm's Pay-to-Play policy should be directed to the Chief Compliance Officer promptly.

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**Charitable Contributions**

Contributions to a charity are not considered political contributions unless made to, through, in the name of, or to a fund controlled by a U.S. state or local candidate or official. This policy is not intended to impede legitimate, charitable fund-raising activities. Any questions regarding whether an organization is a charity, should be directed to the Chief Compliance Officer.

Procedure

▪ New
 Employees must submit via gVue to the Chief Compliance Officer at time of hire in accordance
 to this policy.

▪ The
 Chief Compliance Officer will conduct an at least annual backtest on public political contribution
 websites to test Employees' compliance with this policy.

▪ The
 Chief Compliance Officer will maintain a list of Covered Associates for purposes of prohibited
 political contributions.

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Whistleblower Policy

Background

The Program also prohibits retaliation by employers against employees who provide the SEC with information about possible securities violations.

An "eligible whistleblower" is a person who voluntarily provides the SEC with original information about a possible violation of the federal securities laws that has occurred, is ongoing, or is about to occur. The information provided must lead to a successful SEC action resulting in an order of monetary sanctions exceeding $1 million. One or more people are allowed to act as a whistleblower, but companies or organizations cannot qualify as whistleblowers. Persons are not required to be an employee of the company to submit information about that company.

Risks

If the Firm wrongfully retaliates against Employees who make whistleblower claims may report their concerns to the SEC and the SEC may, in appropriate circumstances, bring an enforcement action against the Firm.

Policy

The Firm is committed to complying with the policies and procedures set forth herein, the general securities laws, the laws and regulations applicable to it as a registered investment adviser, accounting standards, internal controls, and audit practices. While the Firm does not encourage frivolous complaints, it does expect its Employees and third parties to report any irregularities and other suspected wrongdoing regarding these matters. Such reports may be made on an anonymous basis without fear of dismissal or retaliation of any kind. While the Firm may be required to disclose information contained in such reports to regulatory bodies, it will otherwise keep the information confidential and not disclose an Employee's identity within the firm.

The Chief Compliance Officer is responsible for overseeing the receipt, investigation, resolution, and retention of all reports submitted pursuant to this policy.

This policy was adopted to:

▪ Detect
 irregularities before they can disrupt the business or operations of the Firm, or lead to
 serious loss;

▪ Promote
 a climate of accountability and full disclosure with respect to the Firm's accounting,
 internal controls, compliance matters, and Code; and

▪ Ensure
 that no individual feels at a disadvantage for raising legitimate concerns.

Accordingly, this policy provides a means whereby individuals can safely raise, at a high level, serious concerns and disclose information that an individual believes in good faith relates to violations of the Manual, or applicable laws and regulations.

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**Reporting Persons Protected**

This policy and the related procedures offer protection from retaliation against Employees and agents who make any complaint with respect to perceived violations or other irregularities, provided the complaint is made in good faith. "Good faith" means that the reporting person has a reasonable belief that the information reported is true and that the report has not been made either for personal gain or for any ulterior motive.

The Firm will not discharge, demote, suspend, threaten, harass, or in any manner discriminate or otherwise retaliate against any reporting person in the terms or conditions of his employment with the Firm based upon his or her submitting in good faith any report regarding a violation or other irregularity. Any acts of retaliation against a reporting person will be treated by the Firm as a serious violation of its policies and could result in dismissal.

**Scope of Reports**

The Firm encourages Employees as well as third parties such as agents, consultants and Investors to report irregularities and other suspected wrongdoings, including, without limitation, the following:

▪ Fraud
 or deliberate error in the preparation, evaluation, review or audit of any financial statement
 of the Firm;

▪ Fraud
 or deliberate error in preparation and dissemination of any financial, marketing, informational,
 or other information or communication with regulators and/or the public;

▪ Deficiencies
 in or noncompliance with the Firm's internal controls and procedures;

▪ Misrepresentation
 or false statement to or by a senior officer of the Firm regarding any matters in violation
 of state and/or federal securities laws; or

▪ Deviation
 from full and fair reporting of the Firm's financial condition.

**Confidentiality of Reports**

The Chief Compliance Officer will keep the identity of any Employee confidential and privileged under all circumstances to the fullest extent allowed by law, unless the Employee has authorized the Firm to disclose his or her identity.

The Chief Compliance Officer will exercise reasonable care to keep the identity of any third party confidential until it launches a formal investigation. Thereafter, the identity of the third party may be kept confidential, unless confidentiality is incompatible with a fair investigation, there is an overriding reason for identifying or otherwise disclosing the identity of such person, or disclosure is required by law, such as where a governmental entity initiates an investigation of allegations contained in the complaint. Furthermore, the identity of a third party may be disclosed if it is reasonably determined that a complaint was made maliciously or recklessly.

**Submitting Reports**

Employees may submit reports in person, by telephone or in writing (including email). While the Firm allows Employees to submit reports on an anonymous basis (for example, in a sealed envelope addressed as follows: "Chief Compliance Officer, Confidential, To be Opened Only by the Chief Compliance Officer"), Employees should be aware that there are significant rights and protections available to them if they identify themselves and that these rights and protections may be lost if they report on an anonymous basis. Moreover, reports made on an anonymous basis may be more difficult to investigate. Therefore, the Firm encourages Employees to identify themselves when making reports of irregularities. This gives the Firm the ability to ascertain the validity of the complaint and appropriately resolve the complaint without the assistance and cooperation of the person making the complaint.

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Similarly, third parties may submit reports in person, by telephone or in writing (including email), but may not do so on an anonymous basis.

All reports must be directed to the Chief Compliance Officer. If the Chief Compliance Officer is the subject of or involved in the matters described in the report, the report may be directed to another C-level officer of the Firm.

**Investigation of Reports**

The Chief Compliance Officer reviews all complaints to determine whether a violation has occurred and identifies the applicable policies, laws or regulations involved. When further investigation is warranted, these will be conducted promptly, taking into account the nature and complexity of the report and the issues raised therein. The Chief Compliance Officer may seek all additional and other information necessary to substantiate the report and determine an appropriate resolution. Such information may be sought from the reporting person, if known, other Employees or relevant service providers.

Where appropriate, the Chief Compliance Officer may retain outside counsel, or other consultants to advise on an internal investigation or to conduct an independent investigation.

**Retention of Reports and Related Material**

The Chief Compliance Officer will maintain all reports received, tracking their receipt, investigation, and resolution. All complaints and reports will be maintained in accordance with the Firm's confidentiality and document retention policies.

**Unsubstantiated Allegations**

If a reporting person makes a complaint in good faith pursuant to this policy and any facts alleged therein are not confirmed by a subsequent investigation, no action will be taken against the reporting person. In submitting complaints, reporting persons should exercise due care to ensure the accuracy of the information reported. If, after an investigation, it is determined that a complaint is without substance or was made for malicious or frivolous reasons or otherwise submitted in bad faith, the reporting person could be subject to disciplinary action.

**Reporting and Annual Review**

The Chief Compliance Officer reviews this policy no less than annually, taking into account its effectiveness in promoting the reporting of potential violations or other irregularities, and with a view to minimizing improper submissions. The Firm's annual review process and report to management includes all reports submitted during the year. The Chief Compliance Officer also reports to management as needed during the year.

Procedures

▪ The
 Chief Compliance Officer will promptly investigate any reports he receives.

▪ The
 Chief Compliance Officer reviews this policy during the annual review process and the report
 to management includes all reports submitted during the year.

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Duties of Confidentiality

The Firm and its Employees may receive confidential information from Clients, Investors, issuers of securities, or other third parties. Such confidential information may include, among other things, (i) proprietary information that is not "material" or (ii) information that could be embarrassing for such persons if disclosed. Even information that appears commonplace, such as the name of a Client, Investor, issuer or third party may, either alone or when coupled with other available information, constitute proprietary, sensitive or confidential information. Therefore, all information that an Employee obtains through the Firm should be considered confidential unless that information is specifically available to the public.

The Firm has established the following procedures regarding use and treatment of confidential information:

▪ No
 Personal Use. All confidential information, whatever the source, may be used only in the
 discharge of the Employee's duties with the Firm. Confidential information may not
 be used for any personal purpose, including the purchase or sale of securities;

▪ Treatment
 of Confidential Information. The Firm encourages each Employee to be aware of, and sensitive
 to, the treatment of confidential information. Each Employee is encouraged not to discuss
 such information unless necessary as part of his or her duties and responsibilities with
 the Firm, and to remove confidential information from conference rooms, reception areas or
 other areas where third parties may inadvertently see it. Under no circumstances may confidential
 information be shared with any person, including any spouse or other family member, who is
 not an Employee.

Procedures and Sanctions

Certification of Compliance

Each Employee must certify annually that he or she has read and understands this Code, that he or she recognizes that this Code applies to him or her, and that he or she has complied with all of the rules and requirements of this Code that apply to him or her.

Exceptions

Where the Chief Compliance Officer determines that strict compliance with certain of the specific rules prescribed above would be detrimental to Clients' interests or the limitations on an Employee's legitimate interests that would result would not be justified by resulting protection of Clients' interests, he or she may approve particular transactions or types of transactions that do not comply with all particulars of such rules. He or she will specify the limits and basis for each such exception.

Retention of Reports and Other Records

The Chief Compliance Officer will maintain at the Firm's principal office for at least five years a confidential (subject to inspection by regulatory authorities) record of each reported violation of this Code and of any action taken as a result of such violation. The Chief Compliance Officer will also cause to be maintained in appropriate places all other records relating to this Code that are required to be maintained by Rule 204-2 under the Advisers Act.

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|:---|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL | 25 |

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Reports of Violations

Any Employee who learns of any violation, apparent violation, or potential violation of this Code is required to advise the Chief Compliance Officer as soon as practicable. The Chief Compliance Officer will then take such action as may be appropriate under the circumstances.

Sanctions

Upon discovering that any Employee has failed to comply with the requirements of this Code, the Firm may impose on that Employee whatever sanctions management considers appropriate under the circumstances, including censure, suspension, limitations on permitted activities, or termination of employment.

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|:---|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL | 26 |

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Definitions

**Annual Holdings Report**: A list of all Reportable Securities held personally, within an Outside Trading Account or in the form of a Private Investment. This report provides the Firm with an annual statement of the employee's personal securities holdings and allows the employee to certify to its accuracy.

**Charged**: Being accused of a crime in a formal complaint, information, or indictment (or equivalent formal charge).

**CFTC**: Commodity Futures Trading Commission

**Corporate Board**: This term includes any board of directors or corporate governing body, including an advisory board.

**Covered Person**: This term includes each Employee (as defined in the Code of Ethics) and any spouse, minor child, family member or other person who relies on the Employee for material financial support.

**Enjoined**: This term includes being subject to a mandatory injunction, prohibitory injunction, preliminary injunction, or a temporary restraining order.

**Felony**: For jurisdictions that do not differentiate between a felony and a misdemeanor, a felony is an offense punishable by a sentence of at least one year imprisonment and/or a fine of at least $1,000. The term also includes a general court martial.

Foreign Financial Regulatory Authority: This term includes:

a. A foreign securities authority;

b. Another governmental body or foreign equivalent of a self-regulatory organization

 of investment-related activities; and

c. A foreign membership organization, a function of which is to regulate
 the participation of its members in the activities listed above.

**Found**: This term includes adverse final actions, including consent decrees in which the respondent has neither admitted nor denied the findings, but does not include agreements, deficiency letters, examination reports, memoranda of understanding, letters of caution, admonishments, and similar informal resolutions of matters.

**Investment-Related**: Activities that pertain to securities, commodities, banking, insurance, or real estate (including, but not limited to, acting as or being associated with an investment adviser, broker-dealer, municipal securities dealer, government securities broker or dealer, issuer, investment company, futures sponsor, bank, or savings association).

**Involved**: Engaged in any act or omission, aiding, abetting, counseling, commanding, inducing, conspiring with or failing reasonably to supervise another in doing an act.

**Minor Rules Violation**: A violation of a self-regulatory organization rule that has been designated as "minor" pursuant to a plan approved by the SEC. A rule violation may be designated as "minor" under a plan if the sanction imposed consists of a fine of $2,500 or less, and if the sanctioned person does not contest the fine. (Check with the appropriate self-regulatory organization to determine if a particular rule violation has been designated as "minor" for these purposes.)

**Misdemeano**r: For jurisdictions that do not differentiate between a felony and a misdemeanor, a misdemeanor is an offense punishable by a sentence of less than one year imprisonment and/or a fine of less than $1,000. The term also includes a special court martial.

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|:---|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL | 27 |

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**Order**: A written directive issued pursuant to statutory authority and procedures, including an order of denial, exemption, suspension, or revocation. Unless included in an order, this term does not include special stipulations, undertakings, or agreements relating to payments, limitations on activity or other restrictions.

**Outside Business Activities**: This term includes all activities that call for a material time commitment or provide for compensation in return for investment-related or business-related activity. If you are in doubt as to whether an activity is an Outside Business Activity, consult the Chief Compliance Officer. Compensation may be provided, without limitation, as cash or non-cash salaries, commissions, director's fees and consulting, finders, advisory and other fees.

Outside Trading Account: This term includes:

a. Individual or joint accounts in your name (including IRAs and retirement
 accounts) in which you can trade Reportable Securities;

b. Accounts of any Covered Person (as defined above) that can trade Reportable
 Securities; and,

c. Accounts for trusts (or managed accounts) for which you act as trustee
 or are the beneficiary and can trade Reportable Securities.

**Person**: A natural person (an individual) or a company. A company includes any partnership, corporation, trust, limited liability company ("LLC"), limited liability partnership ("LLP"), or other organization.

**Political Contribution**: Any gift, subscription, loan, advance, or deposit of money or anything of value made for:

a. The purpose of supporting a candidate influencing any election for federal,
 state or local office;

b. Payment of debt incurred in connection with any such election; or

c. Transition or inaugural expenses of the successful candidate for state
 or local office.

For the avoidance of doubt, Political Contribution also includes any contribution to any U.S. official, party or organization, including "in-kind" contributions to a candidate or official as well as indirect contributions (for example through a family member or friend).

**Private Investments**: This term includes securities in private companies or investments in private funds (for example, a private equity or hedge fund). This term does not include investments in investment funds affiliated with or advised by the Firm.

**Proceeding**: This term includes a formal administrative or civil action initiated by a governmental agency, self-regulatory organization or foreign financial regulatory authority; a felony criminal indictment or information (or equivalent formal charge); or a misdemeanor criminal information (or equivalent formal charge). This term does not include other civil litigation, investigations, or arrests or similar charges brought in the absence of a formal criminal indictment or information (or equivalent formal charge).

**Reportable Security or Securities**: This term means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

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|:---|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL | 28 |

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Reportable Securities **do not** include:

1. Direct obligations of the Government of the United States;

2. Bankers' acceptances, bank certificates of deposit, commercial paper
 and high-quality short-term debt instruments, including repurchase agreements;

3. Shares issued by money market funds;

4. Shares issued by open-end registered investment companies (e.g., open-end
 mutual funds), other than funds advised or underwritten by the Firm or an affiliate; or

5. Shares issued by unit investment trusts that are invested exclusively
 in one or more open-end registered investment companies, none of which are advised or underwritten
 by the Firm or an affiliate.

Exchange-traded funds, or ETFs, are similar to open-end registered investment companies in some ways. Nonetheless, ETFs are Reportable Securities. Please note that open-end mutual funds are not reportable, but closed-end mutual funds are reportable.

**SEC**: Securities and Exchange Commission

**Self-Regulatory Organization**: Any national securities or commodities exchange, registered securities association, or registered clearing agency. For example, the Chicago Board of Trade ("CBOT"), Chicago Board of Trade ("CBOE"), the Financial Industry Regulatory Association ("FINRA") and New York Stock Exchange ("NYSE") are self-regulatory organizations.

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|:---|:---|:---|
| ![](tm263362d1_ex99-p5img002.jpg) | CONFIDENTIAL | 29 |

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## Ex-99.(P7)

Exhibit (p7)

![](tm263362d1_ex99xp7img001.jpg)

**CenterBook Partners LP**

**CenterBook Asia Pte. Ltd.**

**Code of Ethics**

**January 2025**

---

| |
|:---|
| This Code of Ethics (the "Code") is the property of CenterBook Partners LP ("CenterBook" or the "Company") and must be returned to the Company if an individual's association with the Company terminates for any reason. |
| The content of this Code is confidential and should not be revealed to third parties without the consent of the Chief Compliance Officer. The policies and procedures set forth herein supersede previous policies and procedures. |

---

---

| | | |
|:---|:---|:---|
| Contents | Contents |  |
| **Code of Ethics** | **Code of Ethics** | **3** |
| &nbsp;&nbsp;&nbsp;Background | &nbsp;&nbsp;&nbsp;Background | 3 |
| &nbsp;&nbsp;&nbsp;Risks | &nbsp;&nbsp;&nbsp;Risks | 4 |
| &nbsp;&nbsp;&nbsp;Policies and Procedures | &nbsp;&nbsp;&nbsp;Policies and Procedures | 4 |
| *A.* | *Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws* | *4* |
| *B.* | *Reporting Violations* | *5* |
| *C.* | *Distribution of the Code and Acknowledgement of Receipt* | *6* |
| *D.* | *Personal Securities Transactions* | *6* |
| *E.* | *Disclosure of the Code of Ethics* | *9* |

---

**Code of Ethics**

Most Recently Revised: January 2025

------

***Background***

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Advisers Act requires each registered investment adviser to establish, maintain and enforce a written code of ethics that contains, at a minimum, provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;1. A standard of business conduct required
 of supervised persons that reflects fiduciary obligations of the adviser and supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with all applicable Federal
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting and review of personal Securities
 transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;4. Reporting of violations of the code;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. Distribution of the code and any amendments
 to each supervised person and a written acknowledgment of their receipt.

Rule 17j-1 under the Investment Company Act of 1940 requires each investment adviser of a registered investment company to adopt a written code of ethics reasonably designed to prevent CenterBook employees/Access Persons from engaging in unlawful actions. CenterBook will provide this written code of ethics at least annually to the Board of Trustees (directors and trustees).

CenterBook personnel must report any potential portfolio violations of this Code to the Chief Compliance Officer ("CCO") or his/her delegate. The CCO will determine if an actual violation has occurred and, if so, will take such action as is necessary to resolve the violation and will report such violation to the Primary Adviser's compliance department as may be required by the Sub-Advisory Agreement or applicable laws and regulations.

Refer to the *Code of Ethics* policy and procedures in the supplemental Regulatory Compliance and Operations Procedures for Registered Investment Companies for compliance requirements.

CenterBook Asia Pte Ltd. ("CenterBook Asia"), a legal entity and a participating affiliate of CenterBook does not have its own Code of Ethics but adheres to this Code of Ethics. CenterBook Asia's personnel are "associated persons" of CenterBook and is subject to CenterBook's Code of Ethics and compliance program. CenterBook Asia is staffed by personnel capable of providing investment advice and the SEC will be given access to all applicable records and may monitor the conduct of CenterBook Asia to ensure that CenterBook Asia does not cause harm to U.S. clients or markets.

***Risks***

In developing these policies and procedures, CenterBook considered the material risks associated with administering the *Code of Ethics*. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 do not understand the fiduciary duty that they, and CenterBook, owe to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 and/or CenterBook fail to identify and comply with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 do not report personal Securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 trade personal accounts ahead of Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Violations
 of the Federal Securities Laws, the *Code of Ethics* are not reported to the CCO and/or
 appropriate supervisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· CenterBook
 does not provide its Code of Ethics to the Mutual Fund board of directors (or trustees) for
 initial approval, and within six months of material changes;

&nbsp;&nbsp;&nbsp;&nbsp;· CenterBook
 does not provide its *Code of Ethics* and any amendments to all Employees; and

&nbsp;&nbsp;&nbsp;&nbsp;· CenterBook
 does not retain Employees' written acknowledgements that they received the *Code of Ethics* and any amendments.

CenterBook has established the following guidelines to mitigate these risks. Capitalized terms used in this *Code of Ethics* have the definitions set forth in the Definitions section

***Policies and Procedures***

&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws</u>** 

At all times, CenterBook and its Employees must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets. The CCO administers the *Code of Ethics* (or the "*Code*"). All questions regarding the *Code* should be directed to the CCO. Employees must cooperate to the fullest extent reasonably requested by the CCO to enable (i) CenterBook to comply with all applicable Federal Securities Laws and (ii) the CCO to discharge his duties under the Manual.

All Employees will act with competence, dignity, integrity, and in an ethical manner, when dealing with Clients, Investors, the public, prospects, third-party service providers and fellow Employees. Employees must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting CenterBook's services, and engaging in other professional activities.

CenterBook expects all Employees to adhere to the highest standards with respect to any potential conflicts of interest with Clients. As a fiduciary, CenterBook must act in its Clients' best interests. Notify the CCO promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

Employees may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any Mutual Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;· Employ
 any device scheme, or artifice to defraud the Mutual Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· Make
 any untrue statement of a material fact to the Mutual Fund or omit to state a material fact
 necessary in order to make the statements made to the Mutual Fund, in light of the circumstances
 under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any act, practice or course of business that operates or would operate as a fraud or deceit
 upon the Mutual Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any manipulative practice with respect to the Mutual Fund.

Employees are generally expected to discuss any perceived risks, or concerns about CenterBook's business practices, with their direct supervisor. However, if an Employee is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the CCO's attention.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Reporting Violations</u>** 

Improper actions by CenterBook or its Employees could have severe negative consequences for CenterBook, its Clients and Investors, and its Employees. Impropriety, or even the appearance of impropriety, could negatively impact all Employees, including people who had no involvement in the problematic activities.

Employees must promptly report any improper or suspicious activities, including any suspected violations of the *Code of Ethics* or the Federal Securities Laws to the CCO. Issues can be reported to the CCO in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO, who will report directly to the CEO on the matter. Any problems identified during the review will be addressed in ways that reflect CenterBook's fiduciary duty to its Clients.

An Employee's identification of a material compliance issue will be viewed favorably by the Company's senior executives. Retaliation against any Employee who reports a violation of the *Code of Ethics* in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If an Employee believes that he or she has been retaliated against, he or she should notify the CCO directly.

Violations of this *Code of Ethics*, or the other policies and procedures set forth in the Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Employee's supervisor, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Employee to civil, regulatory or criminal sanctions. No Employee will determine whether he or she committed a violation of the *Code of Ethics*, or impose any sanction against himself or herself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

If the CCO determines that a material violation of this *Code of Ethics* has occurred, the CCO will promptly report the violation, and any association action(s), to CenterBook's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive or manipulative act, CenterBook will report its findings to the Mutual Fund's Board of Directors or Trustees, at least annually, pursuant to Rule 17j-1(c)(ii)(A). In addition, at least annually, CenterBook will provide the Mutual Fund a certification that CenterBook has adopted procedures reasonably necessary to prevent Employees from violating the Code of Ethics.

For the avoidance of doubt, nothing in this *Code of Ethics* prohibits Employees from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Employees do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with CenterBook to make any such reports or disclosures and do not need to notify CenterBook that they have made such reports or disclosures. Additionally, nothing in this *Code of Ethics* prohibits Employees from recovering an award pursuant to a whistleblower program of a government agency or entity.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Distribution of the Code and Acknowledgement of Receipt</u>** 

CenterBook will distribute this *Code of Ethics* to each Employee upon the commencement of employment, annually, and upon any change to the *Code of Ethics*.

All Employees must use the Employee Compliance solution within ComplianceAlpha to acknowledge that they have received, read, understood, and agree to comply with the Company's policies and procedures described in the Manual, including this *Code of Ethics*.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>Personal Securities Transactions</u>** 

Employee trades should be executed in a manner consistent with our fiduciary obligations to our Clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Employee trades must not be timed to precede orders placed for any Client, nor should trading activity be so excessive as to conflict with the Employee's ability to fulfill daily job responsibilities.

**Generally, Employees are prohibited from personal trading in Securities. Subject to the pre-clearance procedures set forth below, Employees are permitted to (i) dispose of Securities held in their personal trading accounts, (ii) purchase and sell mutual funds and broad-based ETFs (defined as ETFs with 25 positions or more), (iii) make certain investments in private securities, (iv) purchase and sell Securities that are excluded from the definition of Reportable Securities (as set forth below), and (v) purchase and sell certain Digital Assets. The CCO may, in his discretion, grant exceptions to the above restrictions.**

In the event of a material change to this *Personal Securities Transactions* section of the *Code of Ethics*, the CCO shall inform each Mutual Fund's CCO of such change and ensure that the change is approved by each Mutual Fund's Board no later than six months after the change is adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Accounts Covered by the Policies and Procedures**

CenterBook's *Personal Securities Transactions* policies and procedures apply to all accounts holding any Securities over which Employees have any beneficial ownership interest, which typically includes accounts held by Immediate Family Members sharing the same household, or non-Clients over which Employees exercise investment discretion.

It may be possible for Employees to exclude accounts held personally or by Immediate Family Members sharing the same household if the Employee does not have any direct or indirect influence or control over the accounts, and the Employee can rebut the presumption of beneficial ownership over family members' accounts. Employees should consult with the CCO before excluding any accounts held by Immediate Family Members sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Reportable Securities**

CenterBook requires Employees to provide periodic reports regarding transactions and holdings in all "Reportable Securities," which include any Security, **<u>except</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by open-end investment companies registered under the Investment Company Act of 1940,
 other than investment companies advised or underwritten by CenterBook or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;· Interests
 in 529 college savings plans; and

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end investment
 companies registered under the Investment Company Act of 1940, none of which are advised
 or underwritten by CenterBook or an affiliate.

Exchange-traded funds, or ETFs and exchange traded notes, or ETNs, are somewhat similar to open-end registered investment companies. However, ETFs and ETNs are Reportable Securities and are subject to the reporting requirements contained in CenterBook's *Personal Securities Transactions* policy. Generally, CenterBook prohibits personal trading in ETFs that hold fewer than 25 positions.

Transactions in any Digital Asset (other than Bitcoin or Ethereum) will be considered a Reportable Security transaction for the purposes of this policy..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Pre-clearance Procedures**

As noted above, personal Securities trading is generally prohibited. For permitted personal transactions, Employees must obtain written clearance for all personal transactions in Reportable Securities, including Private Placements, transactions in broad-based ETFs and Digital Assets (except for Bitcoin and Ethereum),1 before completing the transactions. CenterBook may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. Any such pre-clearance granted will be effective only for 48 hours, and Employees may not trade without requesting subsequent pre-approval if the trade is not executed within that timeframe. Employees should be cautious when submitting good-until-cancelled orders to avoid inadvertent violations of CenterBook's pre-clearance procedures.

Employees must use the Employee Compliance solution within ComplianceAlpha to seek pre-clearance.

<sup>1</sup> Rule 204A-1 requires pre-clearance for personal trading in IPOs, however, CenterBook's Personal Securities Transactions Policy prohibits trading in IPOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Minimum 30-Day Holding Period**

All approved Employee personal investments must be held for a minimum period of 30 calendar days after purchase (from trade date). Under pressing and unforeseen circumstances, requests may be made to waive the minimum holding period for a particular transaction. For avoidance of doubt, personal investments in Securities that are not Reportable Securities are not subject to the mandatory holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. Reporting**

CenterBook must collect information regarding the personal trading activities and holdings of all Employees. Employees must submit quarterly reports regarding Securities transactions and newly opened accounts, as well as annual reports regarding holdings and existing accounts.

*Quarterly Transaction Reports*

Each quarter, Employees must report all Reportable Securities transactions in accounts in which they have a Beneficial Interest. Employees must also report any accounts opened during the quarter that hold any Securities (including Securities excluded from the definition of a Reportable Security). Reports regarding Securities transactions and newly opened accounts must be submitted to the CCO or his designee, the Employee Compliance solution within ComplianceAlpha within 30 days of the end of each calendar quarter.

Employees must utilize the Employee Compliance solution within ComplianceAlpha to fulfill quarterly reporting obligations.

If an Employee did not have any transactions or account openings to report, this should be indicated through the Employee Compliance solution within ComplianceAlpha within 30 days of the end of each calendar quarter.

*Initial and Annual Holdings Reports*

Employees must periodically report the existence of any account that holds any Securities (including Securities excluded from the definition of a Reportable Security), as well as all Reportable Securities holdings. Reports regarding accounts and holdings must be submitted to the Employee Compliance solution within ComplianceAlpha on or before February 14<sup>th</sup> of each year, and within 10 days of an individual first becoming an Employee. Annual reports must be current as of December 31<sup>st</sup>; initial reports must be current as of a date no more than 45 days prior to the date that the person became an Employee. Initial and annual holdings reports should be submitted the Employee Compliance solution within ComplianceAlpha.

Initial and annual reports must disclose the existence of all accounts that hold any Securities, even if none of those Securities fall within the definition of a "Reportable Security."

If an Employee does not have any holdings and/or accounts to report, this should be indicated using the Employee Compliance solution within ComplianceAlpha within 10 days of becoming an Employee and by February 14<sup>th</sup> of each year.

*Exceptions from Reporting Requirements*

There are limited exceptions from certain reporting requirements. Specifically, an Employee is not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;· Quarterly
 reports for any transactions effected pursuant to an Automatic Investment Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 reports with respect to Securities held in accounts over which the Employee had no direct
 or indirect influence or control, such as an account managed by an investment adviser on
 a discretionary basis.

Any investment plans or accounts that may be eligible for either of these exceptions should be brought to the attention of the CCO or a designee who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO or a designee may ask for supporting documentation, such as a copy of the Automatic Investment Plan, a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Employees with the exact wording and a clear definition of "no direct or indirect influence or control" that the adviser consistently applies to all Employees. On a sample basis, the CCO may request reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would have been prohibited pursuant to CenterBook's *Code*, absent reliance on the reporting exception. Employees who claim they have no direct or indirect influence or control over an account are also required to request an exception using the Employee Compliance solution within ComplianceAlpha upon commencement of their employment and on an annual basis thereafter*.*

Reliance on this independent or separately managed account exception is conditioned on approval of the request through the Employee Compliance solution within ComplianceAlpha and other satisfactory documentary evidence (e.g., copy of advisory agreement, certification from adviser, etc.) as directed by the CCO*.*

*Personal Trading and Holdings Reviews*

CenterBook's *Personal Securities Transactions* policies and procedures are designed to mitigate any potential material conflicts of interest associated with Employees' personal trading activities. Accordingly, the CCO or a designee will closely monitor Employees' investment patterns to detect potentially abusive behavior, such as trading in violation of CenterBook's policies or trading that appears to be based on Material Nonpublic Information.

Any personal trading that appears abusive may result in further inquiry by the CCO and/or sanctions, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>Disclosure of the Code of Ethics</u>** 

CenterBook will describe its *Code of Ethics* in Part 2 of Form ADV and, upon request, furnish Clients and Investors with a copy of the *Code of Ethics*. All Client requests for CenterBook's *Code of Ethics* should be directed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**  **<u>Definitions</u>** 

The following defined terms are used in this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **ACA** – ACA Group, an independent third-party regulatory compliance consulting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Person** – An Access Person is an Employee who has access to nonpublic information
 regarding any Client's trading or any Reportable Fund's holdings, who is involved
 in making securities recommendations to Clients, or who has access to nonpublic securities
 recommendations. All of CenterBook's directors, officers, and partners are presumed
 to be Access Persons. Access Persons shall also include any other person so designated by
 the CCO by notice to such person and may include any consultant, intern, or independent contractor
 hired or engaged by CenterBook that has access to CenterBook's nonpublic securities
 recommendations, if such person is determined to be an Access Person by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Advisers Act** – The Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Automatic Investment Plan** – A program in which regular trades are made automatically in accordance
 with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend
 reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Beneficial Interest** – An individual has a Beneficial Interest in a security if he or she can
 directly or indirectly profit from the security. An individual generally has a Beneficial
 Interest in all securities held directly or indirectly, as well as those owned directly or
 indirectly by family members sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CCO** –CenterBook's Chief Compliance Officer. References to the CCO completing activities
 discussed throughout the *Code of Ethics* are assumed to be delegable at the discretion
 of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CEO** –CenterBook's Chief Executive Officer. References to the CEO completing activities
 discussed throughout the *Code of Ethics* are assumed to be delegable at the discretion
 of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Clients** – Individuals and entities for which CenterBook provides investment advisory services.
 The underlying Investors in pooled investment vehicles advised by CenterBook are not Clients
 of CenterBook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **ComplianceAlpha** – Software platform for risk and compliance program management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Digital Asset –** Any asset that is issued and transferred using distributed ledger or blockchain
 technology, including, but not limited to, virtual currencies, cryptocurrencies, digital
 "coins" or "tokens". A Digital Asset is likely to be considered a
 Security if it is offered and sold as an investment contract. On April 3, 2019, the
 SEC published a framework for investment contract analysis of Digital Assets.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Employees** – CenterBook's officers, directors, principals, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Exchange Act** – The Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Federal Securities Laws** – The Federal Securities Laws include the Securities Act, the Exchange
 Act, the Sarbanes-Oxley Act of 2002, the IC Act, the Advisers Act, Title V of the Gramm-Leach-Bliley
 Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC under any of these statutes,
 the Bank Secrecy Act as it applies to investment companies and investment advisers, and any
 rules adopted thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Front-Running** – Trading a favored account ahead of other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **IC Act** – Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Immediate Family Member –** Immediate Family Members that live in the same household and include
 children, stepchildren, grandchildren, parents, stepparents, grandparents, spouses, domestic
 partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships
 that meet the above criteria.

<sup>2</sup> <u>https://www.sec.gov/files/dlt-framework.pdf</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Insider Trading** – Trading personally or on behalf of others on the basis of Material Nonpublic
 Information, or improperly communicating Material Nonpublic Information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investor** – A limited partner or shareholder in a pooled investment vehicle advised by CenterBook
 or an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **IPO** – An initial public offering. An IPO is an offering of securities registered under
 the Securities Act where the issuer, immediately before the registration, was not subject
 to the reporting requirements of sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Manual –** CenterBook's Regulatory Compliance Manual, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Material Nonpublic Information** – Information that (i) has not been made generally available
 to the public, and that (ii) a reasonable investor would likely consider important in
 making an investment decision. Employees should consult with CenterBook's CCO about
 any questions as to whether information constitutes Material Nonpublic Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Private Funds** – The private investment funds advised by CenterBook, each of which would
 be an investment company as defined in section 3 of the Investment Company Act of 1940 but
 for section 3(c)(1) or 3(c)(7) of that Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Private Placement** – Also known as a "Limited Offering." An offering that is
 exempt from registration pursuant to sections 4(a)(2) or 4(6) of the Securities
 Act, or pursuant to Rules 504 or 506 of Regulation D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Restricted List –** A list of Securities for which CenterBook may have Material Nonpublic Information
 or that the Company has otherwise determined present a conflict to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Security** – The SEC defines the term "Security" broadly to include stocks, bonds,
 certificates of deposit, options, interests in Private Placements, futures contracts on other
 securities, participations in profit-sharing agreements, and interests in oil, gas, or other
 mineral royalties or leases, among other things. "Security" is also defined to
 include any instrument commonly known as a security. "Security" also includes
 any Digital Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SEC** – The Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Securities Act** – The Securities Act of 1933.

## Ex-99.(P11)

Exhibit (p11)

Eversept Partners, L.P.

**<u>APPENDIX G</u>**

**<u>CODE OF ETHICS</u>**

**I. <u>INTRODUCTION</u>**

High ethical standards are essential for the success of Eversept and to maintain the confidence of Investors. Eversept is of the view that its long-term business interests are best served by adherence to the principle that Advisory Clients' interests come first. Eversept owes a fiduciary duty to its Advisory Clients that requires Access Persons to act solely for the benefit of Advisory Clients. Potential conflicts of interest may arise in connection with the personal trading activities of Access Persons. In recognition of Eversept's fiduciary obligations to Advisory Clients and Eversept's desire to maintain its high ethical standards, Eversept has adopted this Code of Ethics containing provisions designed to: (i) prevent improper personal trading by Access Persons; (ii) prevent improper use of material, non-public information about Securities recommendations made by Eversept or Securities holdings of Advisory Clients; (iii) identify conflicts of interest; and (iv) provide a means to seek to resolve any actual or potential conflict in favor of the impacted Advisory Client.

One goal is to allow Eversept's Access Persons to engage in personal securities transactions while protecting Advisory Clients, Eversept and its Access Persons from the conflicts that could result from a violation of the securities laws or from real or apparent conflicts of interests. While it is impossible to define all situations that might pose such a risk, this Code of Ethics is designed to address those circumstances where such risks are likely to arise.

Adherence to this Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment for employees and Access Persons of Eversept. If there is any doubt as to the propriety of any activity, Access Persons should consult with the Chief Compliance Officer. The Chief Compliance Officer may rely upon the advice of legal counsel or outside compliance consultants.

**II.**  **<u>APPLICABILITY OF CODE OF ETHICS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Personal Accounts of Access Persons</u>** . This Code of Ethics applies to all Personal Accounts
of all Access Persons. The term Personal Account means any securities account in which an Access Person has any direct or indirect Beneficial
Ownership and includes any Personal Account of an Access Person's immediate family members (including any relative by blood or marriage)
whether living in the Access Person's household or financially dependent on the Access Person. A Personal Account also includes
without limitation an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Person's spouse (other than a legally separated or divorced spouse of the Access Person)
and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any individuals who live in the Access Person's household and over whose purchases, sales or other trading
activities the Access Person exercises control or investment discretion;

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any persons to whom the Access Person provides primary financial support, and either: (i) whose financial
affairs the Access Person controls; or (ii) for whom the Access Person provides discretionary advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any trust or other arrangement which names the Access Person as a beneficiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any partnership, corporation or other entity of which the Access Person is a director, officer or general
partner or in which the Access Person has a 25% or greater beneficial interest, or in which the Access Person owns a controlling interest
or exercises effective control.

A Personal Account of an Access Person does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any account for which an Access Person serves as trustee of a trust for the benefit of an independent
third party or a person to whom the Access Person does not provide primary financial support, *and* the Access Person does not have
any discretion over how the assets of the trust are invested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any account for an Access Person where the Access Person (or spouse, or other arrangement described in
section A above) is the beneficiary but does not have discretion; and the adviser to the account confirms on an annual basis that the
Access Person has no discretion relating to the account and is not consulted prior to making any investment decisions, nor can the Access
Person direct any trades for the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any account or wallet for an Access Person designated only to hold cryptocurrency and/or non-fungible
tokens.

As provided in **Section IV.A.(1)** below, upon receipt of this Manual each Access Person will be required to provide a comprehensive list of all Personal Accounts to the Chief Compliance Officer. Please see **Exhibit 6** to **Appendix G** for the List of Personal Account reporting form.

Access Persons must notify the Chief Compliance Officer promptly (but in any event within ten (10) business days) in writing (email will suffice) if the Access Persons opens any new account with a brokerage firm or other custodian or moves an existing account to a different brokerage firm or other custodian. Such notifications are generally completed through the ComplianceAlpha portal.

**III.**  **<u>RESTRICTIONS ON PERSONAL INVESTING ACTIVITIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>General</u>** . It is the responsibility of each Access Person to ensure that a particular securities
transaction, which includes Securities and in general any instrument commonly known as a security, being considered for his or her Personal
Account is not subject to a restriction contained in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities
transactions for Access Persons may be effected only in accordance with the provisions of this Code of Ethics.

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Restrictions</u>. *Single name securities.*** Access Persons are generally prohibited from
investing in any single-name equity or debt securities and derivatives thereof (e.g., options, single stock futures, etc.) in any
Personal Account. An Access Person who beneficially owns single name securities upon joining Eversept, or who obtains beneficial ownership
of such securities through inheritance during their tenure with Eversept, must promptly liquidate any such positions in Healthcare/Biotech/Life
Sciences companies (as classified in the sole discretion of Eversept) in accordance with the pre-clearance procedures described in **Section III.C** below unless an exception has been granted by the Managing Principal. For single name holdings that are not classified by Eversept
as securities of Healthcare/Biotech/Life Sciences companies, the Access Person may continue to hold these securities but is prohibited
from increasing the size of any such positions while affiliated with Eversept and any liquidation of such holdings must be conducted in
accordance with the pre-clearance requirements outlined in **Section III.C** below. Furthermore, all single name holdings must
be reported subject to the requirements of **Section IV** below.

***ETFs.*** Access Persons generally are permitted to invest in ETFs and their derivatives pursuant to the pre-clearance procedures described in **Section III.C** below. However, the following restrictions apply related to investing in Healthcare/Biotech/Life Sciences sector ETFs (as classified in the sole discretion of Eversept) and their derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *<u>Investment Team and Officers of Eversept</u>* are **prohibited** from investing in
 Healthcare/Biotech/Life Sciences sector ETFs and their derivatives in any Personal Account. If such an Access Person currently
 maintains such exposure they may continue to hold the respective securities but may not increase the size of the position. Any
 divestment of such positions is subject to the pre-clearance procedures described in **Section III.C** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *<u>Non-Investment Team and Non-Officers of Eversept</u>* are permitted to invest in
 Healthcare/Biotech/Life Sciences sector ETFs and their derivatives in a Personal Account pursuant to the pre-clearance procedures
 described in **Section III.C** below.

Furthermore, all Access Persons are prohibited from having any short exposure to ETFs in the Healthcare/Biotech/Life Sciences sector. If an Access Person has short exposure to such ETFs upon joining Eversept the Access Person will be required to promptly liquidate any such positions in accordance with the pre-clearance procedures described in Section III.C below unless an exception has been granted by the Managing Principal.

---

| |
|:---|
| For the avoidance of doubt, all ETF holdings are Reportable Securities and must be reported subject to the requirements of Section IV below. |
| Front running. Access Persons are prohibited from "front running" (i.e., purchasing a security for a Personal Account while knowing that an Advisory Client is about to purchase the same security, and then selling the security at a profit upon the rise in the market price following the purchase by such Advisory Client). Access Persons are similarly prohibited from engaging in short selling when they have access to the confidential information that Eversept is about to sell a particular security. Unless otherwise approved by the Managing Principal, Access Persons are prohibited from "intermarket front-running" (e.g., trading in an option for a Personal Account when Eversept account is trading in the underlying security, and vice versa). |

---

Eversept Partners, L.P.

Any violation of this prohibition constitutes grounds for immediate dismissal. If you have any questions regarding a specific transaction that you are contemplating, please contact the Chief Compliance Officer and/or the Managing Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Pre-Clearance of Transactions in Personal Accounts</u>** . An Access Person must obtain the prior
approval of the Compliance Team before engaging in <u>any</u> transaction in a Reportable Security (as defined in **Section IV.B.** below) in his or her Personal Account. Transactions subject to pre-clearance include without limitation the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct or indirect acquisition of beneficial ownership in a security in an initial public offering (as required under Rule 204A-1
of the Advisers Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct or indirect acquisition of beneficial ownership in a security in a limited offering (which includes investments in private funds
such as hedge funds or private equity funds). For the avoidance of doubt, Access Person subscriptions or redemptions to or from an Eversept-sponsored
fund are not subject to the pre-clearance requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any ETF or ETF derivative transaction (including without limitation Healthcare/Biotech/Life Sciences ETFs); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any liquidation of single-name securities and derivatives thereof.

Proposed transactions in any Reportable Security classified by Eversept as a Healthcare/Biotech/Life Sciences security will also require a secondary approval from the Managing Principal prior to execution.

All requests for pre-clearance must be made by completing the Pre-Clearance Form in advance of the contemplated transaction. A sample Pre-Clearance Form is attached as **Exhibit 1**. Such forms will generally be completed via the ComplianceAlpha portal. Any approval given under this paragraph will remain in effect for 30 days. Any such secondary approval required from the Managing Principal will be confirmed by the Compliance Team prior to officially approving any such request through the ComplianceAlpha portal.

Pre-Clearance of transactions in Reportable Securities in Managed Accounts, as defined in **Section V.** below, is *not* required.

Eversept Partners, L.P.

**IV. <u>REPORTING REQUIREMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** All Access Persons are required to submit to the Chief Compliance Officer (or a Designated Person) (subject
to the applicable provisions of **Section V.** below) the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Initial Holdings Report</u> – Access Persons are required to provide the Chief Compliance Officer
(or a Designated Person) with an Initial Holdings Report within 10 days of the date that such person became an Access Person (typically,
within 10 days of employment) that meets the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Must disclose all of the Access Person's current Securities holdings with the following content
for each Reportable Security (as defined in **Section IV.B.** below) that the Access Person has any direct or indirect beneficial
ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· title and type of Reportable Security;

· ticker symbol or CUSIP number (as applicable);

· number of shares; and

· principal amount of each Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Must disclose the name of any broker, dealer or bank with which the Access Person maintains a Personal
Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Information contained in the Initial Holding Reports must be current as of a date no more than 45 days
prior to the date of submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The date upon which the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Access Persons should use the form of Initial Holdings Report contained in **Exhibit 2** to this
Code of Ethics. Such forms will generally be completed via the ComplianceAlpha portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Annual Holdings Report</u> – Subject to the applicable provisions of **Section V.** below,
Access Persons must also provide Annual Holdings Reports of all current Reportable Securities holdings at least once during each 12-month
period (the "Annual Holding Certification Date"). For purposes of this Code of Ethics, the Annual Holdings Certification Date
is December 31. From a content perspective, such Annual Holdings Reports must comply with the requirements of **Section IV.A.(1)(a)**, **(b), (c)** and **(d)** above.
Access Persons should use the form of Annual Holdings Report contained in **Exhibit 3**. Such forms will generally be completed
via the ComplianceAlpha portal.

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Quarterly Transaction Reports</u> – Subject to the applicable provisions of **Section V.** below, Access Persons must also provide Quarterly Transaction Reports for each transaction in a Reportable Security (as defined in **Section IV.B.** below) that the Access Person has any direct or indirect beneficial ownership. Such quarterly transaction reports
must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Content Requirements – Quarterly Transaction Reports must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date of transaction;

· title of Reportable Security;

· ticker symbol or CUSIP number of Reportable Security (as applicable);

· interest rate or maturity rate (if applicable);

· number of shares;

· principal amount of Reportable Security;

· nature of transaction (i.e., purchase or sale);

· price of Reportable Security at which the transaction was effected;

· the name of broker, dealer or bank through which the transaction was effected;

· the date upon which the Access Person submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Timing Requirements – Subject to **Section V.C.**, Access Persons must submit to the Chief
Compliance Officer (or a Designated Person) a Quarterly Transaction Report no later than 30 days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to **Section V.C.**, Access Persons should use the form of Quarterly Transaction Report
provided in **Exhibit 4** to this Code of Ethics. Such forms will generally be completed via the ComplianceAlpha portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Definition of Reportable Security</u>** – For purposes of the reporting requirements, a
Reportable Security includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Privately placed securities, including but not limited to, all forms of limited partnership and limited liability company interests, interests in private investment funds (such as hedge funds, private equity funds, and venture capital funds), and interests in investment clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ETFs (including without limitation Healthcare/Biotech/Life Sciences ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
 financial instrument that is known as a security and as defined in detail in Section 202(a)(18)
 of the Advisers Act<sup>\*</sup>, EXCEPT that it does NOT include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government of the United States;

<sup>\*</sup> Under the Advisers Act, a "security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term
debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares issued by registered open-end funds; provided that such funds are NOT advised by Eversept or an
affiliate and such fund's adviser or principal underwriter is not controlled or under common control with Eversept. For the avoidance
of doubt, transactions involving shares of a RIC to which Eversept serves as sub-adviser or money manager are subject to the pre-clearance
requirements of Section III above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds; provided that such funds are NOT advised by Eversept or an affiliate and such fund's adviser or principal underwriter is
not controlled or under common control with Eversept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-Fungible Tokens; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Cash loans to friends or family used for anything other than investing in public equities or derivatives.

**V.**  **<u>EXCEPTIONS FROM REPORTING REQUIREMENTS/ ALTERNATIVE TO QUARTERLY TRANSACTION REPORTS</u>** 

This **Section V.** sets forth exceptions from the reporting requirements of **Section IV.** of this Code of Ethics. All other requirements will continue to apply to any holding or transactions exempted from reporting pursuant to this **Section V**. Accordingly, the following will be exempt only from the reporting requirements of **Section IV.:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** No
 Initial, Annual or Quarterly Transaction Report is required to be filed by an Access Person
 with respect to securities held in any Personal Account over which the Access Person has
 (or had) no direct or indirect influence or control (a "Managed Account") <sup>1</sup> ;

<sup>1</sup> A Managed Account or Non-Discretionary Account" includes: (i) an account in which the employee does not have any direct or indirect influence or control over specific investment decisions, such as in the case of a fully discretionary investment management account (where the employee does not exercise any direct or indirect influence or control over the person or entity exercising discretion over the account); (ii) an account in which the employee does not have any direct or indirect influence or control and has no knowledge of the account holdings, such as a blind account or trust; and (iii) an investment fund whereby all investment decisions are made by a third party who is unrelated to the employee.

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Quarterly Transaction Reports are not required to be submitted with respect to any transactions effected
pursuant to an automatic investment plan (although holdings need to be included on Initial and Annual Holdings Reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Quarterly Transaction Reports are not required to be provided, if the Quarterly Transaction Report would
duplicate information contained in broker trade confirms or brokerage account statements that an Access Person has already provided to
the Chief Compliance Officer (or a Designated Person); provided, that such broker trade confirm or brokerage account statements are provided
to the Chief Compliance Officer (or a Designated Person) within 30 days of the end of the applicable calendar quarter. This paragraph
has no effect on an Access Person's responsibility related to the submission of Initial and Annual Holdings Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Persons that would like to avail themselves of this exemption should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ensure that the content of such broker confirms or brokerage account statements for any Personal Account
meet the content required for Quarterly Transaction Reports set forth in **Section IV.A.3** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Inform the Chief Compliance Officer (or a Designated Person) that you would like to avail yourself of
this compliance option <u>and</u> provide the Chief Compliance Officer (or a Designated Person) with the following for each of your Personal
Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name of institution; address of institution;

· name of contact at institution;

· identification numbers for Personal Accounts held at institution;

· name of Personal Accounts held at institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Send the form of letter attached to this Code of Ethics as **Exhibit 5** to the institution(s) in
question.

**VI.**  **<u>PROTECTION OF MATERIAL NON-PUBLIC INFORMATION ABOUT SECURITIES/INVESTMENT RECOMMENDATIONS</u>** 

In addition to other provisions of this Code of Ethics and Manual (including **Section XVII.** of the Manual and the Insider Trading Procedures in **Appendix H**), Access Persons should note that Eversept has a duty to safeguard material, non- public information about securities/investment recommendations provided to (or made on behalf of) Advisory Clients. As such, Access Persons generally should not share such information outside of Eversept. Notwithstanding the foregoing, Access Persons and Eversept may provide such information to persons or entities providing services to Eversept or the Funds where such information is required to effectively provide the services in question. Examples of such are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokers (if any);

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountants or accounting support service firms;

· custodians;

· transfer agents;

· compliance consultants;

· bankers; and

· lawyers

If there are any questions about the sharing of material, non-public information about securities/investment recommendations made by Eversept, please see the Chief Compliance Officer.

**VII. <u>INVESTMENT COMPANY ACT REQUIREMENTS</u>**

Eversept serves as sub-adviser or money manager to one or more RICs and consequently is subject, directly or indirectly, to certain requirements under the Investment Company Act. More specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** In accordance with Rule 17j-1(b) of the Investment Company Act, all employees are prohibited
from, in connection with the purchase or sale, directly or indirectly, of any Security to be held or acquired by a RIC, to: (i) employ
any device, scheme or artifice to defraud the RIC; (b) make any untrue statement of material fact to the RIC or omit to state a material
fact necessary in order to make the statements made to the RIC, in light of the circumstances under which they are made, not misleading;
(c) engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the RIC; or (d) engage
in any manipulative practice with respect to the RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Pursuant to Rule 17j-1(c)(2)(ii) of the Investment Company Act, no less frequently than annually,
Eversept will provide to the board of directors of any RIC a written report that, at minimum, (i) describes any issues arising under
the Code of Ethics since the last report issued, including, but not limited to, information about any material violations of the Code
of Ethics or related procedures and the sanctions imposed in response to the material violations; and (ii) certifies that Eversept
has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

**VIII. <u>OVERSIGHT OF CODE OF ETHICS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Acknowledgment/Reporting</u>.** All employees are required to sign
and acknowledge their familiarity with the provisions of this Code of Ethics (and related Insider Trading Policy) by signing the form
of acknowledgment attached as **Appendix A** (completed via the ComplianceAlpha portal) on no less than an annual basis, including
upon any amendment to the Code of Ethics. In addition, any situation that may involve a conflict of interest or other possible violation
of this Code of Ethics must be promptly reported to the Chief Compliance Officer who must report it to executive management of Eversept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Review of Transactions</u>** . Each Access Person's transactions in his/her Personal Accounts
are reviewed on a regular basis. Any transactions that are believed to be a violation of this Code of Ethics will be reported promptly
to the Chief Compliance Officer who must report them to executive management of Eversept.

Eversept Partners, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Sanctions</u>** . The executive management of Eversept, with advice of outside legal counsel (if
necessary), at its discretion, shall consider reports made to management and upon determining that a violation of this Code of Ethics
has occurred, may impose such sanctions or remedial action management deems appropriate or to the extent required by law (as may be advised
by outside legal counsel or other advisors). These sanctions may include, among other things, disgorgement of profits, suspension or termination
of employment with Eversept, or criminal or civil penalties.

**IX. <u>CONFIDENTIALITY</u>**

All reports of securities transactions and any other information filed pursuant to this Code of Ethics shall be treated as confidential to the extent permitted by law.

Eversept Partners, L.P.

**<u>EXHIBIT 1</u>**

**<u>PRE-CLEARANCE FORM FOR TRANSACTIONS</u>**

**<u>IN PERSONAL ACCOUNTS OF ACCESS PERSONS</u>**

Generally, Access Persons must complete this Pre-Clearance Form prior to engaging in any security transactions in their Personal Accounts, as set forth in Eversept's Code of Ethics.

Access Persons should complete **Sections (1)**-**(5)**, below and submit this pre-clearance form to the Chief Compliance Officer. **Section (6)** will be completed by the Chief Compliance Officer.

**(1)**  **<u>Reason for Pre-Clearance Request</u>** 

The Access Person is submitting this pre-clearance request because:

____ Proposed investment is an initial public offering ("IPO"). <br> ____ Proposed investment is a limited offering (*i.e.*, private placement, restricted stock, hedge fund etc.). <br> ____ Any other type of proposed investment

**(2)**  **<u>Investment and Transaction Information</u>** 

<u>Name of Issuer</u>: ______________________________________________________________________________________________________

<u>Date of Transaction/Trade</u>: _____________________________________________________________________________________________

<u>Security Type</u>: _______________________________________________________________________________________________________

<u>Transaction Type (please check)</u>:

Initial Purchase: ________________________

Additional Purchase: _____________________

Buy: __________________________________

Sell: __________________________________

<u>Amount of Transaction</u>: USD$ ______________________ (or # of shares, units, interests,<u> </u>etc.)

<u>Quantity</u>: ___________________________________________________________________________________________________________

<u>Estimated Price</u>: ______________________________________________________________________________________________________

<u>Broker/Dealer (if any)</u>: _________________________________________________________________________________________________

**(3)**  **<u>Conflict of Interest Information</u>** 

Access Persons should provide any factors that they believe may be relevant to a conflict of interest analysis (if any):

__________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

Exhibit 1-1

Eversept Partners, L.P.

**(4) <u>Evaluation of Advisory Client Conflicts</u>**

The investment is not currently held by or under consideration for purchase or disposition by any Advisory Client.

Initials of Access Person ____________ Date _______________

If the above listed investment is not currently held by or under consideration for any Advisory Client <u>and</u> the investment is of limited availability, indicate the primary reason(s) why you believe it is not an appropriate investment for an Advisory Client.

____ Investment is too risky

____ Fund is already exposed to industry

____ Investment by the Fund would cause it to exceed its investment policies

___ Insufficient information available or unfavorable information about the issuer or investment fund

___ Investment is outside of the Advisory Client's permitted policies (e.g., not a private investment fund) <br> ___ Other: __________________________________

Initials of Access Person ____________ Date _______________

**(5)**  **<u>Representation and Signature</u>** 

By executing this form, I represent that my trading in this investment is not based on any material non-public information. I understand that pre-clearance will only be in effect for 30 days from the date of the Chief Compliance Officer's signature.

_________________________________

Access Person's Name (please print)

---

| | | |
|:---|:---|:---|
|  | _________________________________ | ____________________ |
|  | Access Person's Signature | Date |
| **(6)** | **<u>Disposition of Pre-Clearance Request</u>** |  |

---

◻ Request Approved ◻ Request Denied

_________________________________

Name:

_________________________________

Date:

Exhibit 1-2

Eversept Partners, L.P.

**<u>EXHIBIT 2</u>**

**<u>EVERSEPT PARTNERS, L.P. INITIAL HOLDINGS REPORT FOR ACCESS PERSONS</u>**

Name of Access Person:______________________________________________________________________________________________________

In connection with my new status as an Access Person at Eversept, the following sets forth all of my holdings in Reportable Securities (as defined in **Section IV.B.** of Eversept's Code of Ethics) that are held in my Personal Accounts (as defined in **Section II.A.** of Eversept's Code of Ethics).

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title and | Ticker Symbol | Number of | Principal | Broker/Dealer |
| Type of Security | or CUSIP Number | Shares Held | Amounts | Or Bank Where |
| | (As Applicable) | | of Shares | Securities Are Held |

---

\*Add additional lines as necessary

<u>AND</u>

---

| | |
|:---|:---|
| ___ | I have attached hereto duplicate copies of brokerage statements for all of my Personal Accounts, as such term is defined in **Section II.A** of the Code of Ethics, which accurately reflect all of my Reportable Securities as of the date set forth below.<sup>13</sup> |

---

<u>OR</u>

___ No holdings in Reportable Securities as of the date set forth below.

The undersigned Access Person certifies that all information contained in this report is true and correct as of ___________________ ___, 20__ (which must be a date within 45 days that this report is submitted to the Chief Compliance Officer).

---

| | |
|:---|:---|
| | Name of Access Person |
| | Signature of Access Person |
| | Date |
| Chief Compliance Officer |  |

---

<sup>13</sup> Note to Access Persons: Holdings of Reportable Securities in Personal Accounts that are not otherwise reflected on the attached brokerage statements (e.g. limited offerings) must be included in this report.

Exhibit 2-1

Eversept Partners, L.P.

**<u>EXHIBIT 3</u>**

**<u>EVERSEPT PARTNERS, L.P. ANNUAL HOLDINGS REPORT FOR ACCESS PERSONS</u>**

Name of Access Person:______________________________________________________________________________________________________

**<u>LIST OF PERSONAL ACCOUNTS ANNUAL ATTESTATION</u>:**

I certify that as of December 31, 20__, the foregoing accounts are my only Personal Account(s) which are subject to Eversept's Code of Ethics. **<u>Initial</u>: ___________**

---

| | | |
|:---|:---|:---|
| **Name on Account and Account** | **Firm(s) through which** | **Method of Transmission to CCO** |
| **Number (including brokerage** | **Transactions are Effected** | **of brokerage statements (i.e. e-mail** |
| **accounts and bank accounts** |  | **or hard copy?)** |
| **which are used substantially as** |  |  |
| **brokerage accounts)** | | |

---

The following sets forth all of my holdings in Reportable Securities (as defined in **Section IV.B** of Eversept's Code of Ethics) that are held in my Personal Accounts (as defined in **Section II.A** of Eversept's Code of Ethics) as of December 31, 20__. (the "Annual Holdings Certification Date").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title and** | **Ticker Symbol** | **Number of** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** | **Broker/Dealer** |
| **Type of Security** | **or CUSIP Number** | **Shares Held** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | **Or Bank Where** |
| | **(As Applicable)** | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**of Shares** | **Securities Are Held** |

---

\*Add additional lines as necessary

<u>AND</u>

---

| | |
|:---|:---|
| ___ | I have attached hereto duplicate copies of brokerage statements for all of my Personal Accounts, as such term is defined in **Section II.A.** of the Code of Ethics, which accurately reflect all of my Reportable Securities as of the date set forth below.<sup>14</sup> |

---

<u>OR</u>

___ No holdings in Reportable Securities as of the date set forth below.

The undersigned Access Person certifies that all information contained in this report is true and correct as of ________________ ___, 20__ (which must be a date within 30 days of the Annual Holdings Certificate Date).

Name of Access Person

<sup>14</sup> Note to Access Persons: Holdings of Reportable Securities in Personal Accounts that are not otherwise reflected on the attached brokerage statements (e.g. limited offerings) must be included in this report.

Exhibit 3-1

Eversept Partners, L.P.

---

| | |
|:---|:---|
| | Signature of Access Person |
| | Date |
| Chief Compliance Officer |  |

---

Exhibit 3-2

Eversept Partners, L.P.

**<u>EXHIBIT 4</u>**

**<u>EVERSEPT PARTNERS, L.P.</u>**

**<u>QUARTERLY TRANSACTION REPORT FOR ACCESS PERSONS</u>**

Name of Access Person: _________________________________________________________

The following sets forth all of the transactions in Reportable Securities (as defined in **Section IV.B** of Eversept's Code of Ethics), in addition to any transactions set forth in any trade confirms or brokerage statements sent to the Chief Compliance Officer, made in my Personal Accounts (as defined in **Section II.A** of Eversept's Code of Ethics) for the quarter beginning on __________and ending on _____________.<sup>15</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Date of | Nature of | Title and | Ticker Symbol | Number | Price of | Principal | Interest | Broker/De |
| Transaction | Transaction | Type of | or CUSIP | of | Security at | Amount | Rate | aler or |
|  |  | Security | Number | Shares | which |  |  | Bank |
|  |  |  | (As |  | Transaction |  |  | Where |
|  |  |  | Applicable) |  | was |  |  | Securities |
| | | | | | Effected | | | Are Held |

---

\*Add additional lines as necessary

OR

___ No transactions in Reportable Securities (as defined in **Section IV.B.** of Eversept's Code of Ethics)

The undersigned Access Person certifies that all information contained in this report is true and correct as of (check appropriate):

December 31, 20__

March 31, 20__

June 30, 20__

September 30, 20__

<sup>15</sup> Note to Access Persons: Transactions in Reportable Securities that are not reflected in brokerage statements provided to the Chief Compliance Officer must be disclosed in this report.

Exhibit 4-1

Eversept Partners, L.P.

**<u>Personal Accounts</u>**

---

| | |
|:---|:---|
| ___ | I certify that there have not been any changes to the status in the list of Personal Accounts (as defined in **Section II.A** of Eversept's Code of Ethics) that I provided to Eversept upon becoming an Access Person (as defined in **Section II.A** of Eversept's Code of Ethics); or |

---

---

| | |
|:---|:---|
| ___ | I certify that there have been changes to the status in the list of Personal Accounts (as defined in **Section II.A** of Eversept's Code of Ethics) that I provided to Eversept upon becoming an Access Person (as defined in **Section II.A** of Eversept's Code of Ethics) and I have provided an updated list of Personal Accounts to Eversept. |

---

---

| | |
|:---|:---|
| | Name of Access Person |
| | Signature of Access Person |
| | Date |
| Chief Compliance Officer |  |

---

Exhibit 4-2

Eversept Partners, L.P.

**<u>EXHIBIT 5</u>**

---

| | |
|:---|:---|
|  | **[**DATE**]** |
| **[**INSERT NAME OF BROKER**]** | **[**INSERT NAME OF BROKER**]** |
| **[**INSERT ADDRESS**]** | **[**INSERT ADDRESS**]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Re: <u>[*NAME OF EMPLOYEE]*/Account No(s). [ ]</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Re: <u>[*NAME OF EMPLOYEE]*/Account No(s). [ ]</u>** |
| Dear **[ **]**:** |  |

---

As the Chief Compliance Officer for Eversept Partners, L.P., I am aware that **[**NAME OF BROKER**]** executes and clears transactions for the purchase or sale of securities for the account of **[**NAME OF EMPLOYEE**]** (the "Employee").

In accordance with our compliance procedures, I hereby request that duplicate copies of all monthly account statements with respect to the above-referenced account(s) held by our Employee be sent to my attention at the following address:

Eversept Partners, L.P.

444 Madison Avenue, 22nd Floor

New York, New York 10022

Attn.: Balkir Zihnali

Please feel free to call me at 212-707-6100 should you have any questions.

---

| |
|:---|
| Best regards, |
| Eversept Partners, L.P. |
| Name: Balkir Zihnali |
| Title: Chief Compliance Officer |

---

I hereby authorize **[**NAME OF BROKER**]** or its representatives to send duplicate copies of all monthly account statements with respect to my account(s) held with **[**NAME OF BROKER**]** to my employer at the above-listed address.

---

| |
|:---|
| Name: [Print/Type Name of Employee] |
| Signature |

---

Exhibit 5-1

Eversept Partners, L.P.

**<u>EXHIBIT 6</u>**

**<u>LIST OF PERSONAL ACCOUNTS</u>**

**Name of Access Person: ___________________________________________________**

**Date of Submission of Report: ______________________________________________**

The following sets forth all of my Personal Accounts (as defined in **Section II.A** of Eversept's Code of Ethics) in which I have beneficial ownership in (as defined in **Section II** of the Manual).

---

| | | |
|:---|:---|:---|
| **Name of Account and Number** | **Firms through which** | **Method of Transmission to** |
| **(including brokerage accounts and** | **Transactions are Effected** | **CCO of brokerage statements** |
| **bank accounts which are used** |  | **(i.e. e-mail or hard copy?)** |
| **substantially as brokerage accounts)** |  |  |

---

\*Add additional lines as necessary

OR

---

| | |
|:---|:---|
| ___ | I do not have any Personal Accounts (as defined in **Section II.A** of Eversept's Code of Ethics) |

---

In addition, I certify that I will update Eversept at the end of each calendar quarter if and when there are changes to the information identified above.

---

| | |
|:---|:---|
| | Signature of Access Person |
| Chief Compliance Officer |  |

---

Exhibit 6-1

## Ex-99.(P12)

Exhibit (p12)

![](tm263362d1_ex99p12img001.jpg)

**SENGU CAPITAL LIMITED**

**CODE OF ETHICS**

**Document Governance**

---

| | | | |
|:---|:---|:---|:---|
| **Version** | **Date** | **Author** | **Notes / changes** |
| V.1 | May 2025 | Kroll | Initial Code of Ethics |
| V.1 | September | Xavier FANJAUD | Reviewed (adjusted Gift down to |
|  | 2025 |  | 2000 HKD to match Compliance |
|  |  |  | Manual) |
| V1.1 | February 2026 | Xavier FANJAUD | Added section 17j-1 to meet the |
|  |  |  | requirement of the 1940 Investment |
|  |  |  | Act |

---

This Code of Ethics (the "Code") is the sole property of SENGU CAPITAL LIMITED and its subsidiaries and affiliates (collectively, the "Company") and must be returned to the Company upon termination for any reason of a Supervised Person's (as defined within this Code) association with the Company. The contents of the Code are strictly confidential. Supervised Persons may not duplicate, copy or reproduce the Code in whole or in part or make it available in any form to non-Supervised Persons without prior approval in writing from the Company's Chief Compliance Officer.

[Insert Client Logo]

**Table of Contents**

---

| | |
|:---|:---|
| **Introduction** | **1** |
| **I. General** | **4** |
| &nbsp;&nbsp;&nbsp;*A. Statement of General Principles* | *4* |
| &nbsp;&nbsp;&nbsp;*B. Initial and Annual Acknowledgment* | *4* |
| &nbsp;&nbsp;&nbsp;*C. Reporting Violations of the Code of Ethics* | *4* |
| **II. Supervised Persons' Conduct** | **5** |
| &nbsp;&nbsp;&nbsp;*A. Conflicts of Interest* | *5* |
| &nbsp;&nbsp;&nbsp;*B. Outside Business Activities* | *5* |
| &nbsp;&nbsp;&nbsp;*C. Gifts and Entertainment* | *6* |
| &nbsp;&nbsp;&nbsp;*D. Political Contributions* | *7* |
| **III. Prevention and Detection of Insider Trading** | **9** |
| **IV. Personal Trading Policies and Procedures** | **10** |
| &nbsp;&nbsp;&nbsp;*A. Reporting* | *10* |
| &nbsp;&nbsp;&nbsp;*B. Preclearance Procedures* | *10* |
| &nbsp;&nbsp;&nbsp;*C. Personal Trading Accounts* | *10* |
| &nbsp;&nbsp;&nbsp;*D. Non-Discretionary Managed Accounts* | *10* |
| &nbsp;&nbsp;&nbsp;*E. Restricted List* | *11* |
| &nbsp;&nbsp;&nbsp;*F. Review* | *11* |
| &nbsp;&nbsp;&nbsp;*G. Remedial Actions* | *11* |
| **V. Bad Actor Rule** | **13** |
| &nbsp;&nbsp;&nbsp;*A. Definitions* | *13* |
| &nbsp;&nbsp;&nbsp;*B. Verification by Covered Persons* | *14* |
| &nbsp;&nbsp;&nbsp;*C. Remedial Actions* | *14* |
| **VI. Appendix A** | **16** |

---

**Introduction**

This Code is applicable to each Supervised Person (as defined below) of the Company and is intended to govern the activities and conduct of Supervised Persons on behalf of the Company, as well as certain personal activities and conduct of Supervised Persons. The Code does not attempt to serve as a comprehensive guide regarding the conduct of Supervised Persons, but rather is intended to establish general rules of conduct and procedures applicable to all Supervised Persons.

The designated Chief Compliance Officer ("CCO") is responsible for administering and implementing this Code. All Supervised Persons and Access Persons are required to be thoroughly familiar with the Company's standards and procedures as described in this Code. Any questions regarding this Code, or other compliance issues, must be directed to the CCO. The CCO may, from time to time, appoint a designee to carry out certain responsibilities of the post.

All references to the Appendices in this Code refer to the Appendices in the Compliance Manual of the Company.

The following defined terms are used throughout the Code:

**"Access Person,"** as defined in the Advisers Act means any Supervised Person of the Company who: (i) has access to non-public information regarding Clients/Funds' investments, including the purchase or sale of Securities; (ii) has access to non-public information regarding the portfolio holdings of any Client/Fund; (iii) is involved in making investment and Securities recommendations to the Clients/Funds; (iv) has access to such recommendations that are non-public; or (v) is a director, officer or partner of the Company.

**"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

**"Beneficial Ownership"** in Securities means direct or indirect pecuniary interest in the Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. A Supervised Person or Access Person is presumed to be a Beneficial Owner of Securities that are held by his or her immediate family members sharing the Supervised Person's or the Access Person's household or to which the Supervised Person and Access Persons provides primary financial support.

**"Chief Compliance Officer"** or **"CCO"** means FANJAUD Xavier Paul Christian or such other person as may be designated from time to time.

**"Client"** means any entity to which the Company provides investment advisory or management services, including investment funds and private accounts.

**"Company"** means Sengu Capital Limited and each affiliated entity under common control, which are engaged in the business of providing investment advisory or management services.

**"Directors"** means the Company's directors who are OHIRA Yoshihiko and FANJAUD Xavier.

**"Fund"** means any pooled investment vehicle (e.g., a private fund vehicle) to which the Company provides investment advisory or management services.

**"Initial Public Offering"** or **"IPO"** means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

**"Non-Discretionary Managed Account"** means an account for which the Supervised Person/Access Person has designated investment discretion entirely to a third party. In such account, the Supervised Person/Access Person cannot exercise any investment discretion in the purchase or sale of Securities.

**"Non-Reportable Securities"** refers to indices, FX, Bonds, ETFs, and any derivatives of the above.

**"Personal Trading Account"** means a personal investment or trading account of a Supervised Person or Access Person or a related account. Specifically, Personal Trading Account includes: (i) trusts for which an Supervised Person or Access Person acts as trustee, executor, Client/Fund custodian or discretionary manager; (ii) accounts for the benefit of the Supervised Person or Access Person's spouse or minor child; (iii) accounts for the benefit of a relative living with the Supervised Person or Access Person; and (iv) accounts for the benefit of any person to whom the Supervised Person or Access Person provides primary financial support.

A Personal Trading Account may also include an investment or trading account over which a Supervised Person or Access Person exercises control or provides investment advice or a proprietary investment or trading account maintained for the Company or its Supervised Persons and Access Persons.

**"Private Placement"** means an offering of Securities that is exempt from registration under the Securities Act, pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 of Regulation D.

**"Reportable Securities"** include all Securities, as defined below, with the exception of all Non-Reportable Securities.

**"SEC"** means the U.S. Securities and Exchange Commission.

**"Security"** or **"Securities"** means any, or a combination of any, note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof) or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of or warrant or right to subscribe to or purchase any of the foregoing. For purposes of this Code, all "Securities" are deemed to be "Reportable Securities."

**"Securities Act"** means the Securities Act of 1933, as amended.

**"Securities Exchange Act"** means the Securities Exchange Act of 1934, as amended.

**"Supervised Person"** means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of the Company or other person who provides investment advice on behalf of the Company and is subject to the supervision and control of the Company.

Other capitalized terms used herein may be defined elsewhere in the Code or have the meaning given such term under applicable law.

**I.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Statement of General Principles**

This Code describes the Company's policies and procedures covering a wide range of activities applicable to Supervised Persons, and has been adopted, in conjunction with the Company's Compliance Manual (the "Manual"), to satisfy the obligations of an investment adviser registered with the SEC in connection with Rule 206(4)-7 under the Advisers Act. As an investment adviser, the Company has a fiduciary duty to place Client/Fund interests before the interests of the Company and its Supervised Persons.

It is critical that Supervised Persons avoid any situation that might present, or appear to present, any actual or potential conflict of interest with the interests of the Clients/Funds, or compromise or appear to compromise, Supervised Persons' ability to exercise fully their independent best judgment for the benefit of the Clients/Funds.

Failing to comply with the Code may lead to disciplinary actions, including, but not limited to cancellation of personal trading transactions, disgorgement of profits from such transactions, suspension of personal trading privileges, suspension of employment or termination of employment. The CCO will determine, in consultation with the Director of the Company, what disciplinary and remedial action is warranted, taking into consideration the relevant facts and circumstances, including the severity of the violation, possible harm to the Clients/Funds and their investors and whether the Supervised Person has previously engaged in any improper conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Initial and Annual Acknowledgment**

Each Supervised Person upon hire, and at least annually thereafter, is required to sign the Employee Undertaking acknowledging that he or she has received a copy of the Code and certifying that he or she has read and understands the Code and agrees to abide by its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting Violations of the Code of Ethics**

All Supervised Persons must promptly report any violations of the Code to the CCO. Any violations reported to, or independently discovered by, the CCO shall be promptly reviewed, investigated and reported to the Company's Director.

All reported Code violations will be treated as being made on an anonymous basis. Any retaliation for reporting a violation of the Code will constitute a further violation of the Code, as well as a possible violation of the anti-retaliation provisions of the SEC's Whistleblower Rule, Section 21F of the Securities Exchange Act. For more information, please refer to the "Whistleblower Policy" in the Manual.

**II.** **Supervised Persons' Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Conflicts of Interest**

The Company strives to identify and mitigate, to the extent practicable, all perceived, potential and actual conflicts of interest that may affect the Company's and its Supervised Persons' provision of advisory services to the Clients/Funds. To this end, all Supervised Persons should promptly report to the CCO any situation or circumstance which may give rise to a conflict of interest.

Employees must ensure that their personal business, investment and other activities (including those of family and other close associates) do not influence their judgment or action in relation to their duties.

Employees must not at any time unfairly place their interests above those of their clients. All reasonable steps must be taken to avoid situations that are likely to involve a conflict of interest.

If such a conflict of interest does occur, employees should report it to the senior management promptly and withdraw from, or decline to accept, a mandate where a material conflict of interest arises with their client that cannot be resolved through the client giving its informed consent. If employees are in any doubt as to whether a conflict of interest exists they should consult the senior management promptly. If the Company or employees have a material interest in a transaction with a client, the fact is disclosed, where practicable, to the client before the execution of the relevant transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Outside Business Activities**

Business activities other than employment at the Company may present conflicts of interest. Accordingly, each Supervised Person must disclose upon hire all outside business activities to the CCO, and prior to engaging in any new outside business activity, must seek approval from the CCO by submitting an Outside Business Activity Approval Form.<sup>1</sup> To minimize the scope for conflict, employees may be required to surrender any director's fees or other remuneration received as a result of external directorships.

Outside business activities captured under this policy include any activity that calls for a material time commitment or provides compensation in return for investment-related or other-business-related activity. The following outside business activities are also captured: (i) serving as an officer, director, trustee or partner of any business organization; (ii) participating as a member of a limited liability company or a limited partner of a limited partnership; or (iii) serving as a consultant, teacher, lecturer, publisher of articles or radio or television guest.

The CCO will approve or deny preclearance requests based on the nature of the activity, the time commitment, compensation and any other factors that may be relevant.

<sup>1</sup> The CCO must submit pre-approval requests on his/her own behalf to the Director.

Under no circumstances may a Supervised Person represent or suggest that his or her association with any outside business activity in any way reflects the approval by the Company of that organization, such organization's securities, its manner of doing business or any person connected with such organization or its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Gifts and Entertainment**

The following Gifts and Entertainment policy imposes limits on, and monitors the nature and quantity of, "business-related" gifts, gratuities and entertainment, as this is another area where conflicts of interest may arise. "Business-related" gifts, gratuities and entertainment are those that the Company's Supervised Persons give to, or receive from, a person or firm that: (i) conducts business with or provides services to the Company; (ii) may do business or is being solicited to do business with the Company; or (iii) is associated with an organization that conducts or seeks to conduct business with the Company. In addition, Supervised Persons may not be compensated, directly or indirectly, except by the Company or when otherwise approved by the Company (including approval by the CCO or others, as provided elsewhere in this Code).

This policy is not intended to prevent Supervised Persons from giving or receiving gifts, gratuities or entertainment, provided that such gifts and entertainment are not extravagant, costly, lavish or excessive. The policy is intended to ensure that the practice of giving and accepting gifts, gratuities or entertainment is not abused and does not compromise the integrity, objectivity or fiduciary responsibilities of the Company or its Supervised Persons, create an appearance of impropriety or raise potential conflicts of interest. For purposes of this policy, value is the higher of cost or fair market value. Gifts and entertainment given among Supervised Persons are not subject to the guidelines set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Preapproval Process and Prohibitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Gifts**

A "gift" refers to any object or thing of value provided for the recipient's personal use or enjoyment. If, for example, the giver of tickets for an event does not intend in advance to be present at such event, then the tickets will be deemed a gift. Each Supervised Person may offer or accept business-related gifts of up to HK$2,000 (or equivalent in foreign currency) in value per individual gift to or from any third party with whom the Company conducts business, or could reasonably expect to conduct business, without the prior written approval of the CCO. For individual gifts that exceed this threshold, and an accumulative value over HK$2,000 (or equivalent in foreign currency) to and from the same third party per quarter, Supervised Persons must submit a Gift and Entertainment Approval Form to the CCO upon receipt of or prior to offering such gift.<sup>2</sup>

<sup>2</sup> The CCO must submit any pre-approval requests on his / her own behalf to the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Entertainment**

"Entertainment" refers to meals, sporting events or other entertainment events where the giver intends to participate in or attends the event with the recipient (e.g., accompanies the recipient of baseball tickets to the game). If the giver intends to participate in the event, then such an event will be deemed entertainment. Each Supervised Person may offer or accept business-related entertainment of up to HK$2,000 (or equivalent in foreign currency) per person in value to or from any third party with whom the Company conducts business, or could reasonably expect to conduct business, without the prior written approval of the CCO, provided that the Supervised Person and the business associate both attend and that such entertainment is not so frequent, costly, lavish or excessive as to raise questions of impropriety. For entertainment that exceeds this threshold, and an accumulative value over HK$2,000 (or equivalent in foreign currency) to and from the same third party per quarter, Supervised Persons must submit a Gift and Entertainment Approval Form to the CCO upon receipt of or prior to offering such entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Prohibited Conduct**

No gift or entertainment should ever be accepted with the expectation of any *quid pro quo* from the Company or any Supervised Person. Supervised Persons are prohibited from giving, and must tactfully refuse, any gift of cash, gift certificate or cash equivalents.

Furthermore, to ensure compliance with the Foreign Corrupt Practices Act ("FCPA"), Supervised Persons are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of any value, no matter how small, or seemingly insignificant, to any "government official" (as defined under the FCPA) for any business or Company-related reasons. For more information, please refer to the Foreign Corrupt Practices Act section of the Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Political Contributions**

Rule 206(4)-5 under the Advisers Act (the "Pay to Play Rule") addresses practices commonly known as "pay to play", where an investment adviser or its Supervised Persons directly or indirectly make contributions or other payments to certain U.S. public officials or candidates with the intent of soliciting investment advisory business. Violations of the Pay to Play Rule can have serious implications. Specifically, the Company can be precluded from receiving fees from a U.S. state or local government entity for up to two years following the violative contribution.

The Political Contributions Policy is designed to ensure that Political Contributions (as defined below) by Supervised Persons do not violate the Pay to Play Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

For purposes of this Political Contributions policy, the following definitions apply:

**"Political Contribution"** means a contribution to any candidate or official for federal, state or local public office. Specifically, a Political Contribution is any gift, subscription, loan, advance, deposit of money or thing of value made for the purpose of supporting a candidate for or influencing an election to office. This includes, for example, repaying a candidate's campaign debt incurred in connection with any such election or paying the transition or inaugural expenses of the successful candidate for any such election. "Political Contribution" also includes "in-kind" and monetary contributions to a candidate or official, as well as indirect contributions (e.g., contributions made at the behest of a Supervised Person through a family member or friend). This term includes contributions made to a political action committee (as defined below).

**"Political Fundraising"** means to fundraise and/or communicate, directly or indirectly, for the purpose of obtaining or arranging a Political Contribution or otherwise facilitate the Political Contributions made by other parties.

**"Political Action Committee"** or **"PAC"** means an organization that raises money privately to influence elections or legislation.

**"Solicitation Activity"** means coordinating, or soliciting any person or PAC to make, any (i) Political Contributions; or (ii) payments to a political party of a state or locality where the Company is providing or seeking to provide investment advisory services to a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Preclearance and Disclosure**

Supervised Persons are required to disclose Political Contributions made by themselves and any family member living in the same household or to whom the Supervised Person provides primary financial support, within the past two years at the time of hire and annually thereafter.

Supervised Persons and any family member living in the same household or to whom the Supervised Person provides primary financial support, must obtain prior written approval from the CCO before making any Political Contribution to or participating in any political Solicitation Activity on behalf of any political candidate, official, party or organization. A Supervised Person may request approval from the CCO by completing and submitting a Political Contribution Pre-clearance Form (Appendix P of Manual).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Corporate Contributions**

Supervised Persons may not use personal or corporate funds to make Political Contributions on behalf of or in the name of the Company. Further, the Company will not reimburse Political Contributions made by Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Charitable Contributions**

Contributions to a charity are not considered Political Contributions unless made to, though, in the name of or to a fund controlled by a federal, state or local candidate or official. This Political Contributions policy is not intended to impede legitimate, charitable fund-raising activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. International Contributions**

Political Contributions by the Company or Supervised Persons to politically connected individuals or entities, anywhere in the world, with the intention of influencing such individuals or entities for business purposes are strictly prohibited. For more information, please refer to sections of the Manual on the FCPA and UK Bribery Act.

**III. Prevention and Detection of Insider Trading**

The Company's business may require Supervised Persons and Access Persons to deal with highly confidential or sensitive information. The misuse of such information, which is also known as material non-public information ("MNPI"), may violate federal and state securities laws as well as other regulatory requirements. Such misuse may also damage the reputation and financial position of the Company and its Supervised Persons and Access Persons, and therefore must be avoided.

The misuse of MNPI is generally known as "insider trading". Insider trading is not explicitly defined in securities laws; however, it has been interpreted to mean trading on the basis of MNPI for profit or to avoid loss. Securities laws have been interpreted to prohibit trading while in possession of MNPI, whether received directly or indirectly or communicating MNPI to others in breach of a fiduciary duty.

The Company forbids all Supervised Persons and Access Persons from trading for the Company, on behalf of the Clients/Funds, oneself or for others on the basis of MNPI. Furthermore, communicating MNPI to others, except as provided below, is expressly forbidden. The Company's policy extends to activities within and outside a Supervised Person's and Access Person's relationship with the Company.

Supervised Persons and Access Persons may face monetary penalties of up to three times the illicit profits gained or losses avoided, as well as disgorgement of profits or losses avoided from such transactions, termination of employment, disbarment from the securities industry and/or incarceration. In addition, the Company may face monetary penalties and reputational damage.

It is the responsibility of each Supervised Person and Access Person to notify the CCO immediately if they have come into possession of MNPI. If a Supervised Person or Access Person has questions as to whether he or she is in possession of MNPI, the Supervised Person or Access Person should consult with the CCO. For more information, please refer to the section on MNPI and insider trading in the Manual.

**IV. Personal Trading Policies and Procedures**

Rule 204A-1 under the Advisers Act requires the Company's Code to impose certain restrictions on the personal securities trading of Supervised Persons and Access Persons and any family member living in the same household or to whom the Supervised Person or Access Person provides primary financial support. Such restrictions include obtaining pre-approval for certain trades or private transactions and reporting certain trading activities and Securities holdings.

Pursuant to the Rule, the following Personal Trading Policy is designed to prevent potential legal, business or ethical conflicts and to minimize the risk of unlawful trading in any Personal Trading Account and guard against the misuse of confidential information. All personal trading and other activities of Supervised Persons and Access Persons and any family member living in the same household or to whom the Supervised Person or Access Person provides primary financial support, must avoid any conflict or perceived conflict with the interests of the Company, the Clients/Funds and the investors in the Clients/Funds.

In addition to the obligations under Rule 204A-1, Staff of the Company who are responsible for servicing the Registered Fund will also be obligated to the Registered Fund's Code of Ethics under Rule 17j-1 of the Investment Company Act which is attached hereto as Appendix A

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting** 

Please refer to the Personal Account Dealing Rules in the Manual for details.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Preclearance Procedures** 

Please refer to the Personal Account Dealing Rules in the Manual for details.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Personal Trading Accounts** 

Please refer to the Personal Account Dealing Rules in the Manual for details.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Discretionary Managed Accounts** 

Supervised Persons and Access Persons must also report to the CCO, upon hire and at least annually thereafter, all Non-Discretionary Managed Accounts (accounts for which the Supervised Person/Access Person has designated investment discretion entirely to a third party) of the Supervised Person or Access Person and all Securities held in these accounts. Additionally, upon opening or closing a Non-Discretionary Managed Account, Supervised Persons and Access Persons are required to notify the CCO accordingly by email or in writing.

In order to substantiate the Supervised Person's/Access Person's absence of discretion over transactions in a Non-Discretionary Managed Account, the Supervised Person/Access Person, as well as their third party manager, must deliver an attestation to the CCO representing the nature of their managerial relationship. In addition, upon the request of the CCO the Supervised Person may be required to provide the statements and trading confirmations related to the Non-Discretionary Managed Account.

Transactions executed by a third-party manager in Non-Discretionary Managed Accounts are exempt from the Company's preclearance requirements outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Restricted List**

The CCO may place certain securities on a "Restricted List." Supervised Persons are prohibited from personally, or on behalf of a Client/Fund, purchasing or selling securities that appear on the Restricted List. A security may be placed on the Company's Restricted List for a variety of reasons including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company is in possession of MNPI about an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Supervised Person or Access Person is in a position, such as a member of an issuer's board of
directors, that may be likely to cause the Company or such person to receive MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company has executed a non-disclosure agreement or other agreement with a specific issuer that restricts
trading in that issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Supervised Person or Access Person trading in the security may present the appearance of a conflict
of interest or an actual conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An investor relationship that involves a senior officer or director of an issuer (a "Value-Added
Investor") may present the appearance of a conflict of interest or an actual conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The CCO has otherwise determined it is necessary to do so.

The CCO is responsible for maintaining the Restricted List. Securities will remain on the Restricted List until such time as the CCO deems their removal appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Review**

On at least a monthly basis, or at any other time as may be prudent, the CCO shall review the personal trading activity of all Supervised Persons and Access Persons. The CCO will closely monitor the investment activity of Supervised Persons and Access Persons to detect any abuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Remedial Actions**

The Company takes the potential for conflicts of interest caused by personal trading very seriously. The Company reserves the right to prevent purchases or sales of a Security by a Supervised Person or Access Person for any reason it deems appropriate. In the event that the Company's personal trading policies are not complied with, the Company reserves the right to impose various sanctions on Supervised Persons and Access Persons that violate the Code. Such remedial action may include restrictions on future personal trading by the Supervised Person or Access Person, monetary fines, disgorgement of profits, reprimand or termination of employment.

**V. Bad Actor Rule**

The Bad Actor Rule, effective September 23, 2013, prohibits the Company from relying on the Rule 506 exemption if the Company, or any person covered by the Rule, has had a disqualifying event as of the Rule's effective date. For purposes of this Rule, "covered persons" include: (i) the Company, including its predecessors and affiliates; (ii) directors and certain officers;(iii) general partners and managing members of the Company; (iv) 20% beneficial owners of any of the Clients/Funds (based on voting power); (v) investment managers and principals of pooled investment funds; (vi) promoters and persons compensated for soliciting investors as well as the general partners, directors, officers; and (vii) managing members of any compensated solicitor. A sample of Bad Actor Questionnaire is found in Appendix N of the Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Definitions**

For purposes of this policy, the following definitions apply:

**"Disqualifying Events"** include:

**"Criminal convictions"** in connection with the purchase or sale of a Security, making of a false filing with the SEC or arising out of the conduct of certain types of financial intermediaries. The criminal conviction must have occurred within 10 years of the proposed sale of Securities (or five years in the case of the issuer or company and its predecessors and affiliated issuers or companies).

**"Court injunctions and restraining orders"** in connection with the purchase or sale of a Security, making of a false filing with the SEC or arising out of the conduct of certain types of financial intermediaries. The injunction or restraining order must have occurred within five years of the proposed sale of Securities.

**"Final orders"** from the Commodity Futures Trading Commission, federal banking agencies, the National Credit Union Administration, or state regulators of Securities, insurance, banking, savings associations or credit unions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bar the issuer or company from associating with a regulated entity, engaging in the business of Securities,
insurance or banking or engaging in savings association or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Are based on fraudulent, manipulative or deceptive conduct and are issued within 10 years of the proposed
sale of Securities.

**"Certain SEC disciplinary orders"** relating to brokers, dealers, municipal Securities dealers, investment companies and investment advisers and their associated persons.

**"SEC cease-and-desist orders"** related to violations of certain anti-fraud provisions and registration requirements of the federal Securities laws.

**"SEC stop orders"** and orders suspending the Regulation A exemption issued within five years of the proposed sale of Securities.

**"Suspension or expulsion"** from membership in a self-regulatory organization (SRO) or from association with an SRO member.

**"Order"** is a written directive issued pursuant to statutory authority and procedures, including an order of denial, exemption, suspension or revocation. Unless included in an order, this term does not include special stipulations, undertakings or agreements relating to payments, limitations on activity or other restrictions.

**"Proceeding"** means a formal administrative or civil action initiated by a governmental agency, self-regulatory organization or foreign financial regulatory authority; a felony criminal indictment or information (or equivalent formal charge); or a misdemeanor criminal information (or equivalent formal charge). This term does not include other civil litigation, investigations or arrests or similar charges brought in the absence of a formal criminal indictment or information (or equivalent formal charge).

**"Self-Regulatory Organization (SRO)"** is any national securities or commodities exchange, registered securities association or registered clearing agency. For example, the Chicago Board of Trade ("CBOT"), Chicago Options Exchange ("CBOE"), the Financial Industry Regulatory Association ("FINRA") and New York Stock Exchange ("NYSE") are self-regulatory organizations.

**"U.S. Postal Service false representation order"** is a scheme or device for obtaining money or property through mail by means of false representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Verification by Covered Persons**

The Company will take reasonable steps to ensure that no covered person has been the subject of a Disqualifying Event. Reasonable steps include a factual inquiry made to all covered persons. This may be in the form of questionnaires, certifications, contractual representations, covenants and undertakings. The Company may also wish to consult publicly available databases.

The Rule provides an exception from disqualification when the Company can show it did not know and, in the exercise of reasonable care, could not have known that a covered person with a Disqualifying Event participated in the offering. The Rule does not apply to events that occurred prior to September 23, 2013, the effective date; however, the Company must disclose to investors any Disqualifying Events by covered persons prior to the effective date of the Rule.

The Company is required to carry out a factual inquiry of its covered persons in a reasonable timeframe in relation to the circumstances of the offering and the participants. An initial inquiry by the Company, verified annually thereafter, shall be considered reasonable, provided there are no other indicia to suggest a covered person has been the subject of a disqualifying event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Remedial Actions**

In the event that a covered person has had a Disqualifying Event, the Company will be prohibited from relying on the Rule 506 exemption unless certain actions are taken to remedy the disqualification. Remedial actions may include terminating or reassigning disqualified individuals, restructuring governance and control arrangements, terminating engagement with a placement agent or other covered financial intermediary, postponing or foregoing capital raising or pursuing alternative capital raising methods, buying out or otherwise inducing 20% beneficial owners to reduce their ownership positions or preventing bad actors from becoming 20% beneficial owners (i.e., exercising rights of first refusal and excluding bad actors from financing rounds).

**VI. Appendix A**

**Registered Fund Code of Ethics — Rule 17j-1 of the Investment Company Act of 1940**

In addition to the obligations imposed on all Supervised Persons under Rule 204A-1 of the Advisers Act and the Company's Code of Ethics described in Section 3.5 of this Manual, Supervised Persons of the Company who are responsible for servicing the Registered Fund are separately subject to the Registered Fund's Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). Rule 17j-1 requires every registered investment company and its investment adviser to adopt a written code of ethics containing provisions reasonably necessary to prevent Access Persons from engaging in fraudulent, deceptive, or manipulative acts in connection with their personal securities transactions, and to establish procedures for reporting and reviewing such transactions.

Supervised Persons of the Company who are deemed "Access Persons" of the Registered Fund — including any Supervised Person who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Registered Fund, or whose functions relate to the making of any recommendations with respect thereto — shall be required to comply in full with the Registered Fund's Rule 17j-1 Code of Ethics. Such obligations include, without limitation: (i) submitting initial and annual holdings reports and quarterly transaction reports with respect to personal securities holdings and transactions in Covered Securities to the Registered Fund's Chief Compliance Officer or designee within the timeframes prescribed by the Registered Fund's Code of Ethics; (ii) obtaining prior written approval from the Registered Fund's Chief Compliance Officer or designee before acquiring any security in an initial public offering or limited offering (private placement); and (iii) acknowledging receipt of, and compliance with, the Registered Fund's Code of Ethics upon commencement of duties relating to the Registered Fund and upon each subsequent amendment thereto.

The Registered Fund's Rule 17j-1 Code of Ethics, as provided to the Company by the Registered Fund, is incorporated herein by reference and attached to this Appendix S. The Company's CCO shall be responsible for: (i) maintaining a current copy of the Registered Fund's Rule 17j-1 Code of Ethics and distributing it promptly to all relevant Supervised Persons upon receipt or amendment; (ii) coordinating with the Registered Fund's Chief Compliance Officer to facilitate timely submission of all required personal securities reports by applicable Supervised Persons; (iii) retaining records of all such reports and acknowledgements for a period of not less than five years, the first two years in an easily accessible place; and (iv) promptly notifying the Registered Fund's Chief Compliance Officer of any known or suspected violation of the Registered Fund's Rule 17j-1 Code of Ethics by any Supervised Person of the Company.

**The Code of Ethics of the registered fund is stored in Compliance - Documents\Compliance Manual - Policies and Forms\1940 act**

**Latest Version: 31** **<sup>st</sup> of October 2024**