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Financial Highlights The LTF's net assets have grown from $2,147.7 million to $2,839.8 million, an increase of 32.2% over the past five years. After two years of negative investment returns, fiscal year 2003 generated positive results as more favorable financial markets prevailed. Figure B illustrates the substantial long term growth in the LTF's net asset value from contributions and investment return (after distributions and expenses). Twenty five years ago, at the end of fiscal year 1978, the net asset value of the LTF was $64.1. million, a relative small amount compared to the $2.8 billion reached at the end of fiscal year 2003. The tremendous growth of the LTF over this period reflects the generosity of the many benefactors supporting UT System as well as investment returns earned by the LTF. Over the twenty five year period, the sum of the contributions received was $1.8 billion. The investment return over this same period was $2.4 billion. However, since distributions are paid out of investment income, the net investment addition to the total LTF was $1.0 billion. |
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