Purpose: To test the utility of a brief measure of developmental assets for predicting risk and health-promoting behaviors. Methods: Six "assets" questions were added to an existing school-based survey of health-related behaviors. "Asset" questions dealt with students' grades in school, their communication with parents about school, students' perceptions of their role in school decision-making, students' participation in after-school activities and volunteering, and students' perceptions that they "matter" in their community. Participants were 30,916 Vermont students in grades 8-12. The sample included approximately equal numbers of girls and boys. It was 92% white. Fifty-nine percent of students' mothers had completed at least some postsecondary education (according to student report). Data were analyzed by Chi-square techniques and logistic regression. Results: Number of assets (0-6) was negatively related to students' engagement in each of seven risk behaviors, and positively related to three health-promoting behaviors. The effects of number of assets were in most cases independent of demographic variables. Among the six assets, academic success (grades in school) contributed the greatest effect for most of the outcome measures; however, each of the assets contributed significant independent effects to multiple risk- and health-behaviors. Conclusions: Students' assets, even if relatively few, may make important contributions to wellness, independent of other well-established demographic factors. (C) Society for Adolescent Medicine, 2004.