This report presents the results of a 1991 study of the performance and management of endowments of colleges and universities. Part I offers information on the data collection and describes several definitions and formula used in the analysis. Part II presents the report's exhibits in two sections the first of which treats endowment characteristics including general characteristics (assets, assets by institution type, institutions ranked by value of endowment, assets per full-time equivalent student,and types of endowments); growth (growth and market indexes, spending rates and rules, and gift flow rates); and asset allocation (including a list of asset allocation by institution). The second section details investment pool characteristics including general characteristics (investment pool assets and institutions grouped by size of pool); performance (nominal returns, range of nominal returns, and real and nominal returns average, compounded, and cumulative); asset allocation (by institution and changes in allocation); turnover and fees (common stock and bond turnover, management fees, custodial fees); and managers and custodians (management structures by institution, bank custodians by institution). An appendix contains a glossary and descriptions of market indexes. Also listed are firms that contributed to funding the study. (JB)