Muskingum College, New Concord, Ohio, added to its hedge fund and REIT investments, said James R. Wilson, vice president-business and finance. The $55 million endowment put another $3 million in hedge funds, for a total of $5 million, and increased REITs by $500,000, for a total of $1.5 million, Mr. Wilson said. Mellon Private Capital Management is the endowment's sole manager. Funding came from rebalancing the endowment's domestic equity portfolios, Mr. Wilson said. Changes were made for diversification. The fund's asset allocation is 53% equity, 35% fixed income and 12% alternatives. No consultant was used.