Public NTSE Tables

**NOTE: Data from the 2023 NACUBO-Commonfund Study of Endowments will be posted in February 2024.**

The tables below are excerpts from the annual NACUBO endowment study series from 2022 through 2002. Data from fiscal year 2022 through 2018 are from the NACUBO-TIAA Study of Endowments (NTSE). Data from 2017 through 2009 are from the NACUBO-Commonfund Study of Endowments (NCSE), and information from 2008 through 2002 are from the NACUBO Endowment Study (NES). All information on this page is copyrighted by NACUBO, TIAA, and Commonfund Institute. Please cite the NACUBO-TIAA Study of Endowments and the specific study year when referencing data from 2022 through 2018. For 2017 through 2009, please reference the NACUBO-Commonfund Study of Endowments for the appropriate year. Cite the NACUBO Endowment Study and the specific study year when referencing data from 2008 to 2002.

2022 NACUBO-TIAA Study of Endowments (NTSE) Results

• Purchase your copy of the study
• Register for the 2023 NACUBO Endowment Leadership Series
• Attend the 2023 NACUBO Endowment Leadership Forum
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• Press release: Results from the 2022 NACUBO-TIAA Study of Endowments (Feb 17, 2023)
• PDF: Summary and Key Insights from the 2022 NTSE
• PDF: Inforgraphic of Results from the 2022 NTSE
• PDF: Number of U.S. Institutional Respondents to the 2022 NTSE, and Respondents' Total Endowment Market Values, by Endowment Size and Institution Type
• PDF: U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, and Change in Market Value from FY21 to FY22
• Excel: U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, Change in Market Value from FY21 to FY22, and FY22 Endowment Market Values Per Full-time Equivalent Student
• PDF: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY22 to FY13
• PDF: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2022
  
• Excel: One-, Three-, Five, and Ten-Year Average, Median, and Quartile Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2022
• PDF: Summary Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY22
• Excel: Detailed Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY22
• PDF: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY22 to FY13
  

2021 NACUBO-TIAA Study of Endowments (NTSE) Results

• Purchase your copy of the study
• Press release: Results from the 2021 NACUBO-TIAA Endowment Study (Feb 18, 2022)
• Presentation: Summary and Key Insights from the 2021 NTSE (PDF)
• FREE On-Demand Webcast: Results from the 2021 NACUBO-TIAA Study of Endowments (Recorded Feb. 22, 2022)
• Table: Number of U.S. Institutional Respondents to the 2021 NTSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type (PDF)
• Table: U.S. and Canadian 2021 NTSE Participating Institutions Listed by Fiscal Year 2021 Endowment Market Value, and Change in Market Value from FY20 to FY21 (PDF)
• Table: U.S. and Canadian 2021 NTSE Participating Institutions Listed by Fiscal Year 2021 Endowment Market Value, Change in Market Value from FY20 to FY21, and FY21 Endowment Market Values Per Full-time Equivalent Student (Excel--Updated March 2022)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY21 to FY12 (PDF)
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2021 (PDF)
  
• Table: One-, Three-, Five, and Ten-Year Average, Median, and Quartile Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2021 (Excel)
• Table: Summary Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY21 (PDF)
• Table: Detailed Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY21 (Excel)
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY21 to FY12 (PDF)
  

2020 NACUBO-TIAA Study of Endowments (NTSE) Results

• Purchase your copy of the study today. 
• Press release: Results from the 2020 NACUBO-TIAA Endowment Study (Feb 19, 2021)
• Free on-demand webcast: Results from the 2020 NACUBO-TIAA Study of Endowments (Feb. 23, 2021)
• Presentation: Summary and Key Insights from the 2020 NTSE (PDF)
• Table: Number of U.S. Institutional Respondents to the 2020 NTSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type (PDF)
• Table: U.S. and Canadian 2020 NTSE Participating Institutions Listed by Fiscal Year 2020 Endowment Market Value, and Percentage Change in Market Value from FY19 to FY20 (PDF)
• Table: U.S. and Canadian 2020 NTSE Participating Institutions Listed by Fiscal Year 2020 Endowment Market Value, Percentage Change in Market Value from FY19 to FY20, and FY20 Endowment Market Values Per Full-time Equivalent Student (Excel)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations, FY20 to FY11 (PDF)
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations for Periods Ending June 30, 2020 (PDF)
  
• Table: One-, Three-, Five, and Ten-Year Average, Median, and Quartile Returns for U.S. College and University Endowments and Higher Education Foundations for Periods Ending June 30, 2020 (Excel)
• Table: Summary Asset Allocations for U.S. College and University Endowments and Higher Education Foundations, FY20 (PDF)
• Table: Detailed Asset Allocations for U.S. College and University Endowments and Higher Education Foundations, FY20 (Excel)
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Higher Education Foundations, FY20 to FY11 (PDF)
  

2019 NACUBO-TIAA Study of Endowments (NTSE) Results

• Purchase your copy of the study today.
• Press release: Results from the 2019 NACUBO-TIAA Endowment Study (Jan. 30, 2020)
• Free On-Demand Webcast: Results from the 2019 NACUBO-TIAA Study of Endowments (April 2, 2020)
• Presentation: Summary and Key Insights from the 2019 NTSE (PDF)
• Podcast: New Insights from the 2019 NACUBO-TIAA Study of Endowments (NACUBO in Brief)
• Table: Number of U.S. Institutional Respondents to the 2019 NTSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type (PDF)
• Table: U.S. and Canadian 2019 NTSE Participating Institutions Listed by Fiscal Year 2019 Endowment Market Value, and Percentage Change in Market Value from FY18 to FY19 (PDF)
• Table: U.S. and Canadian 2019 NTSE Participating Institutions Listed by Fiscal Year 2019 Endowment Market Value, Percentage Change in Market Value from FY18 to FY19, and FY19 Endowment Market Values Per Full-time Equivalent Student (Excel)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations, FY19 to FY10 (PDF)
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations for Periods Ending June 30, 2019 (PDF)
  
• Table: One-, Three-, Five, and Ten-Year Average, Median, and Quartile Returns for U.S. College and University Endowments and Higher Education Foundations for Periods Ending June 30, 2019 (Excel)
• Table: Summary Asset Allocations for U.S. College and University Endowments and Higher Education Foundations, FY19 (PDF)
• Table: Detailed Asset Allocations for U.S. College and University Endowments and Higher Education Foundations, FY19 (Excel)
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Higher Education Foundations, FY19 to FY10 (PDF)
  

2018 NACUBO-TIAA STUDY OF ENDOWMENTS (NTSE) RESULTS

• Press release on the 2018 NACUBO-TIAA Endowment Study results (Jan. 31, 2019)
• Podcast: Breaking Down the Results of the 2018 NACUBO-TIAA Study of Endowments (NACUBO in Brief)
• Table: Number of U.S. Institutional Respondents to the 2018 NTSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type
• Table: All U.S. and Canadian NTSE Participating Institutions Listed by Fiscal Year 2018 Endowment Market Value, and Percentage Change in Market Value from FY17 to FY18 (PDF)
• Table: All U.S. and Canadian NTSE Participating Institutions Listed by Fiscal Year 2018 Endowment Market Value, Percentage Change in Market Value from FY17 to FY 18, and FY18 Endowment Market Value per Full-time Equivalent (FTE) Student (Excel)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations, FY18 to FY09
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations for Periods Ending June 30, 2018
• Table: Asset Allocations for U.S. College and University Endowments and Higher Education Foundations, FY18 (PDF)
• Table: Detailed Asset Allocations for U.S. College and University Endowments and Higher Education Foundations, FY18 (Excel)
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Higher Education Foundations, FY18 to FY09
• Table: One-, Three-, Five-, and Ten-Year Average, Median, and Quartile Net Investment Returns for U.S. College and University Endowments and Higher Education Foundations, for Periods Ending June 30, 2018 (Excel)

2017 NACUBO-COMMONFUND STUDY OF ENDOWMENT (NCSE) RESULTS

• Press release on the 2017 Endowment Study Results (Jan. 25, 2018)
  
• Table: Number of U.S. Institutional Respondents to the 2017 NCSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type
• Table: All U.S. and Canadian NCSE Participating Institutions Listed by Fiscal Year 2017 Endowment Market Value, and Percentage Change in Market Value from FY2016 to FY2017 (PDF)
• Table: All U.S. and Canadian NCSE Participating Institutions Listed by Fiscal Year 2017 Endowment Market Value, Percentage Change in Market Value from FY2016 to FY2017, and FY17 Endowment Market Value per Full-time Equivalent (FTE) Student (Excel)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY2017 to FY2008
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2017
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY2017 (PDF)
• Table: Detailed Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY2017 (Excel)
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY2017 to FY2008

2016 NACUBO-COMMONFUND STUDY OF ENDOWMENT (NCSE) RESULTS

• Press release on the 2016 Endowment Study Results (Jan, 31, 2017)
• Table: Number of U.S. Institutional Respondents to the 2016 NCSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type
• Table: All U.S. and Canadian NCSE Participating Institutions Listed by Fiscal Year 2016 Endowment Market Value, and Percentage Change in Market Value from FY2015 to FY2016
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY2016 to FY2007
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2016
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY2016
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY2016 to FY2007

2015 NACUBO-COMMONFUND STUDY OF ENDOWMENT (NCSE) RESULTS

• Press release on the 2015 Endowment Study Results (Jan, 27, 2016)
• Table: Number of U.S. Institutional Respondents to the 2015 NCSE, and Respondents' Total Endowment Market Value, by Endowment Size and Institution Type
• Table: All U.S. and Canadian NCSE Participating Institutions Listed by Fiscal Year 2015 Endowment Market Value, and Percentage Change in Market Value from FY2014 to FY2015
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY2015 to FY2006
• Table: One-, Three-, Five-, and Ten-Year Average Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2015
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY2015
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY2015 to FY2006

2014 NACUBO-COMMONFUND STUDY OF ENDOWMENT RESULTS

• Press release on the 2014 Endowment Study Results (Jan, 29, 2015)
• Table: Number of Respondents to the 2014 NCSE and Total Endowment Market Values, by Endowment Level and Institution Type
• Table: All U.S. and Canadian Institutions Listed by Fiscal Year 2014 Endowment Market Value, and Percentage Change in Market Values from FY2013 to FY2014
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY2014 to FY2005
• Table: One-, Three-, Five-, and Ten-Year Average Annual Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2014
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY2014
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY2014 to FY2005

2013 NACUBO-Commonfund Study of Endowment Results

• Press release on the 2013 Endowment Study Results (Jan, 28, 2014)
• Table: Number of Respondents to the 2013 NCSE and Total Endowment Market Values, by Endowment Level and Institution Type
• Table: All U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value, and Percentage Change in Market Values from FY 2012 to FY 2013 (Updated February 2014)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY 2013 to FY 2004
• Table: One-, Three-, Five-, and Ten-Year Average Annual Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2013
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY 2013
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY 2013 to FY 2004

2012 NACUBO-Commonfund Study of Endowment Results

• Press release on the 2012 Endowment Study Results (Feb. 1, 2013)
• Table: All U.S. and Canadian Institutions Listed by Fiscal Year 2012 Endowment Market Value, and Percentage Change in Market Values from FY 2011 to FY 2012 (Revised Feb. 4, 2013)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY 2012 to FY 2003
• Table: One-, Three-, Five-, and Ten-Year Average Annual Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2012
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY 2012
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY 2012 to FY 2003

2011 NACUBO-Commonfund Study of Endowment Results

• Press release on the 2011 Endowment Study Results (Jan. 31, 2012)
• Table: All U.S. and Canadian Institutions Listed by Fiscal Year 2011 Endowment Market Value and Percentage Change in Market Value from FY 2010 to FY 2011 (Revised Mar. 19, 2012)
• Table: Average and Median Annual Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY 2011 to FY 2002
• Table: One-, Three-, Five-, and Ten-Year Average Annual Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2011
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY 2011
• Table: Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY 2011 to FY 2002

2010 NACUBO-Commonfund Study of Endowment Results

• Press release on the 2010 Endowment Study Results (Jan. 27, 2011)
• Table: All U.S. and Canadian Institutions Listed by Fiscal Year 2010 Endowment Market Value and Percentage Change in Market Value from FY 2009 to FY 2010
• Table: Average and Median Net Investment Returns for U.S. College and University Endowments and Affiliated Foundations, FY 2010 to FY 2001
• Table: One-, Three-, Five-, and Ten-Year Average Annual Returns for U.S. College and University Endowments and Affiliated Foundations for Periods Ending June 30, 2010
• Table: Asset Allocations for U.S. College and University Endowments and Affiliated Foundations, FY 2010
• Table: Average Annual Effective Endowment Spending Rates for U.S. College and University Endowments and Affiliated Foundations, FY 2010 to FY 2001

2009 NACUBO-Commonfund Study of Endowment Results

• NACUBO-Commonfund Press Release on the 2009 Endowment Study Results (Jan. 28, 2010)
• Table: All U.S. and Canadian Institutions Listed by Fiscal Year Endowment Market Value and Pecentage Change in Market Value from FY 2008 to FY 2009 (Updated April 8, 2010)
• Table: Annual Total Net Returns, Fiscal Years Ending June 30, 2009-2000
• Table: Annual One-, Three-, Five-, and Ten-Year Total Net Returns for U.S. Higher Education Endowments and Affiliated Foundations for Periods Ending June 30, 2009
• Table: Asset Allocations for U.S. Higher Education Endowments and Affiliated Foundations for Fiscal Year 2009
• Table: Annual Reported Spending Rates for U.S. Higher Education Endowments and Affiliated Foundations, Fiscal Years 2000-2009

2008 NACUBO Endowment Study Results

• NACUBO Press Release on 2008 Endowment Study Results (Jan. 27, 2009)
• 2008 NACUBO-Commonfund Endowment Study Follow-up Survey
• Table: All Institutions Listed by Fiscal Year 2008 Market Value of Endowment Assets with Percentage Change Between 2007 and 2008 Endowment Assets
• Table: Average Investment Pool Compounded Nominal Rates of Return for Fiscal Years Ending June 30, 2008, and Selected Three, Five, and Ten-Year Periods
• Table: Average Asset Class Allocation of Total Assets
• Table: Average Annual Calculated Spending Rates, 2008-1999

2007 NACUBO Endowment Study Results

• NACUBO Press Release and Fact Sheet on 2007 Endowment Study Results (Jan. 24, 2008)
• Table: All Institutions Listed by FY 2007 Market Value of Endowment Assets With Percent Change Between 2006 and 2007 Endowment Assets
• Table: Average Investment Pool Compounded Nominal Rates of Return for FY 2007
• Table: Average Asset Class Allocation of Total Assets
• Table: Average Annual Calculated Spending Rate, 2007-1998

2006 NACUBO Endowment Study Results

• NACUBO Press Release on 2006 Endowment Study Results (Jan. 22, 2007)
• Table: All Institutions Listed by FY 2006 Market Value of Endowment Assets With Percent Change Between 2005 and 2006 Endowment Assets
• Table: Average Investment Pool Compounded Nominal Rates of Return for FY 2006
• Table: Average Asset Class Allocation of Total Assets

2005 NACUBO Endowment Study Information

• Table: All Institutions Listed by FY 2005 Market Value of Endowment Assets With Percent Change Between 2004 and 2005 Endowment Assets
• Table: Average Investment Pool Compounded Nominal Rates of Return for FY Ending June 30, 2005 and for Selected Three-, Five-, and Ten-Year Periods
• Table: FY05 Average Asset Class Allocation of Total Assets

2004 NACUBO Endowment Study Information

• Summary of the Results of the 2004 NACUBO Endowment Study (Jan. 26, 2005)
• Table: Listing of Participating Institutions By Total Market Value of Endowments as of FY Ending 2004
• Table: Average Compounded Nominal Rates of Return Over 1, 3, 5 and 10 Years as of June 30, 2004
• Table: Average Asset Allocation by Asset Class FY Ending 2004

2003 NACUBO Endowment Study Information

• Table: Listing of Participating Institutions By Total Market Value of Endowments as of FY Ending 2003
• Table: Average Compounded Nominal Rates of Return Over 1, 3, 5 and 10 Years
• Table: Average Asset Allocation by Asset Class
• Table: Number of Participating Public and Independent Institutions in FY03

2002 NACUBO Endowment Study Information

• Table: Ranking of Participating Institutions By Total Market Value of Endowments as of FY Ending 2002
• Table: Average Compounded Nominal Rates of Return Over 1, 3, 5 and 10 Years
• Table: Average Asset Allocation by Asset Class

NTSE Press Inquiries

Katy McCreary, Public Relations Manager, 202.861.2503