University of Oklahoma Foundation, Norman, might add an alternatives allocation to its $450 million endowment within the next 12 months, said Ron Winkler, vice president and treasurer. Endowment officials realize they are "a little late getting into the game," Mr. Winkler said. He did not know which types of investments might be considered, or how new portfolios would be funded. The endowment's asset allocation is 70% equity, 30% fixed income. J.H. Ellwood & Associates will assist.