University of Mississippi Foundation, Oxford, is conducting an asset allocation study and a manager review for its $220 million endowment, said Don Fruge, president. The process could lead to investment changes, he said. The current mix is 55% domestic equity, 10% international equity, 25% domestic bonds and 10% international bonds. The recently hired Fund Evaluation Group will conduct the study and review, Mr. Fruge said. No timetable was set for completion.