1995 -- 1996

Report of Leonard W. Sandridge

Financial Report Highlights

University of Virginia Endowment

"Growth Over Time"

Management Responsibility for Financial Statements

Auditor's Opinion

Balance Sheet

Statement of Changes in Fund Balances

Statement of Current Funds Revenues, Expenditures, and Other Changes

Notes to Financial Statements, Introduction

Note 1: Endowment and Similar Funds

Note 2: Investment Risk

Note 3: Balance Sheet Details

Notes 4 & 5: Long-Term Debt, Affiliated Companies

Note 6: Affiliated Companies

Notes 7-13: Retirement Plans, Postemployment Benefits Other Than Pension Benefits, Self-Insurance, Funds Held in Trust by Others, Pledges, Commitments and Contingencies, Direct Lending