Endowment

The Institute’s endowment is managed under the direction of its Vice President and Chief Investment Officer. Approximately 78 percent of the endowment is invested by external fund managers; the remainder is internally managed. External managers are used to manage virtually all asset classes, including public equities and alternative investments, including hedge funds and private equities.

At the close of fiscal year 2008, the endowment value was $17.5 billion, a decrease of $1.2 billion from the end of fiscal year 2007. The endowment return for fiscal year 2008 was negative 2.01 percent.

The composition of the Institute’s endowment by investment category on August 31, 2008, is reflected in the graph at right.