Yale’s Endowment earned a 19.4% return in the fiscal year ending June 30, 2004, bringing total assets to $12.7 billion. The excellent performance resulted in approximately $2.1 billion in gains for the University. Yale’s Endowment has returned an annualized 16.8% over the past 10 years, placing the University in the top one percent of institutional funds. Over the past decade, Endowment funds grew from $3.6 billion to $12.7 billion. The Endowment now provides nearly a third of the University’s annual operating revenues.