This report summarizes portfolio returns, asset allocation, and related trends for 160 colleges and universities. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments to private investments. The report also contains sections on investment management structures, flows to and from the long-term investment portfolio, and investment office staffing and governance. Finally, this year’s report includes new analyses on the use of outside advisors/consultants and decision-making rights for asset allocation policy development and manager selection.