This new report summarizes portfolio returns, asset allocation, and related trends for 289 endowed institutions. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments to private investments. The analysis is broken down by size of assets under management and by institution type. The report also contains sections on investment management structures and flows to and from the long-term investment portfolio. Finally, this year’s report includes a section that looks at topics pertaining to governance and investment office staffing.