No one can yet say for sure how much colleges and universities have suffered since July, when the stock and other financial markets began to plunge. But some observers believe the endowments of those which invested in exotic and sophisticated strategies have been hit significantly.

Institutions which have lost money are in a particularly embarrassing position as they launch alumni fund drives.

• Harvard University's $13 billion endowment reportedly took a $1.3 billion hit after investing in closed-end emerging market funds.

• Brown University suffered from a small investment in a hedge fund that included positions in Russian bonds and Latin American stocks.

• Along with Brown, Yale and Emory universities were reportedly among the clients of Everest Capital, which turned into a money loser.

"It's become a fad to invest in these esoteric investments," says Roger Ibbotson, a professor of finance at Yale -- adding that some institutions "are being too clever for their own good, wandering into areas where they don't have expertise."

Nevertheless, a February study by the National Association of College and University Business Officers established that 500 schools, holding $150 billion of assets, showed gains of 20 percent in 1997.