The LTF's net assets have grown from $2,602.3 million to $3,393.3 million, an increase of 30.4% over the past five years. Fiscal year 2004 resulted in the second consecutive year of strong investment returns, overcoming less favorable investment markets in 2001 and 2002.
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 1979, the net asset value of the LTF was $70.1 million, substantially below the $3.4 billion reached at the end of fiscal year 2004. 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. FY 2004 was an especially remarkable year for gifts, with contributions to the LTF reaching $276.5 million. Over the twenty-five year period, the sum of the contributions received was $2.0 billion. The investment return over this same period was $2.8 billion. However, since distributions are paid out of investment income, the net investment addition to the total LTF was $1.3 billion.