January 25, 2002

For Investment Managers, Boom Years Are Over

By JOHN L. PULLEY

Value of college endowments drops 3.6% in first year of decline since 1984

Last year, the average college endowment lost value for the first time

ALSO SEE:

610 College and University Endowments

Average Returns, 1991-2001

2001 returns

How the Assets Were Invested as of June 30, 2001

Biggest Gains and Largest Losses,

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