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Originally published Thursday, September 10, 2009 at 2:57 PM

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Yale endowment falls 30 pct from year ago

Yale University says its endowment has fallen 30.4 percent from last year, and the school is planning more budget cuts, but no layoffs.

The Associated Press

NEW HAVEN, Conn. —

Yale University says its endowment has fallen 30.4 percent from last year, and the school is planning more budget cuts, but no layoffs.

In a letter to faculty and staff Thursday, Yale President Richard C. Levin and Provost Peter Salovey said that as of June, the endowment was $16 billion. The school reported in February the endowment had fallen from $23 billion to $17 billion because of the recession.

The leaders say that because only a fraction of the endowment is invested in publicly traded securities, the recent market rebound has not helped.

Most of the endowment, they said, is in "illiquid assets, which have not begun to recover their value."

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