UK's endowment has significantly grown in the past six or seven years because of the research challenge trust fund.

It was a disappointing year. But you need to look ahead to the future.

We feel like we have positioned the portfolio very well for future performance.

When you compare our endowment to the benchmarks set by the Council on Postsecondary Education, we are low.

There's also going to have to be a large private commitment.