Components of the energy budget of yearling lake trout (Salvelinus namaycush) were derived from data gathered in laboratory growth and metabolism studies; values for energy lost as waste were estimated with previously published equations. Because the total caloric value of food consumed by experimental lake trout was significantly different during the two years in which the studies were done, separate annual energy budgets were formulated. The gross conversion efficiency in yearling lake trout fed ad libitum rations of alewives at 10A?C was 26.6% to 41%. The distribution of energy with temperature was similar for each component of the energy budget. Highest conversion efficiencies were observed in fish fed less than ad libitum rations; fish fed an amount of food equivalent to about 4% of their body weight at 10A?C had a conversion efficiency of 33% to 45.1%. Physiologically useful energy was 76.1-80.1% of the total energy consumed. Estimated growth for age-I and -II lake fish was near that observed for laboratory fish held at lake temperatures and fed reduced rations.