This report summarizes returns, asset allocation, and related trends for 278 endowed institutions. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments. The analysis is broken down by size of assets under management and by institution type. The report also contains sections on investment manager structures, payout from the long-term investment portfolio, and investment office staffing and governance. Finally, accompanying this year’s report are videos which draw your attention to some of the report highlights and let you hear directly from the authors.