| Evolution of Asset Mix 1988 to 2004: 25 Largest U.S. Endowments |
1988 | 2004 |
| U.S. Equity | 45.6% | 24.6% |
| Non-U.S. Equity | 3.1% | 16.5% |
| Alternative Investments | 0.7% | 24.4% |
| Private Equity | 3.8% | 13.3% |
| Bonds | 33.0% | 13.5% |
| Real Estate | 2.9% | 5.1% |
| Cash | 10.9% | 2.6% |
| Source: William Spitz, Vanderbilt University; percentages represent the asset mixes of the 25 largest U.S. endowments |
