THE UNIVERSITY OF TEXAS SYSTEM

TREND ANALYSIS OF TOTAL RETURN

ON PUF, LTF AND MEDICAL LIABILITY SELF-INSURANCE FUND
BY ASSET MIX
FOR THE YEARS 1991 - 1995

EQUITIES (EXCLUDING CASH)

Years Ending August 31											Five Years
	1991		1992		1993		1994		1995		1991-95
	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix
PUF	24.9 %	33.8 %	7.2 %	37.3 %	14.3 %	34.8 %	6.4 %	38.3 %	18.2 %	45.1 %	14.0 %	37.9 %
LTF	25.4 %	30.7 %	7.3 %	37.4 %	13.6 %	46.3 %	6.4 %	48.8 %	18.2 %	50.3 %	14.0 %	42.7 %
Medical Liability Self-Insurance1	23.6 %	26.9 %	6.3 %	34.0 %	10.8 %	34.4 %	6.8 %	28.2 %	---	---	---	---
S&P 500	26.9 %		7.9 %		15.2 %		5.5 %		21.4 %		15.1 %
Wilshire 5000	28.3 %		7.8 %		15.5 %		4.8 %		21.9 %		15.9 %

TOTAL LONG TERM FIXED INCOME

Years Ending August 31											Five Years
	1991		1992		1993		1994		1995		1991-95
	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix
PUF	14.7 %	49.5 %	14.8 %	48.3 %	11.7 %	58.5 %	(1.1 %)	55.2 %	13.9 %	50.6 %	10.6 %	52.4 %
LTF	15.9 %	55.4 %	15.1 %	50.3 %	12.0 %	51.6 %	(1.1 %)	46.7 %	13.2 %	37.9 %	10.8 %	48.3 %
Medical Liability Self-Insurance1	14.2 %	50.5 %	15.5 %	45.4 %	11.6 %	60.0 %	(0.7 %)	69.1 %	---	---	---	---
Salomon Broad Index	14.6 %		13.7 %		11.1 %		(1.4 %)		11.4 %		9.7 %

CASH AND EQUIVALENTS

Years Ending August 31											Five Years
	1991		1992		1993		1994		1995		1991-95
	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix	Total Return	% of Mix
PUF	7.1 %	16.7 %	6.9 %	14.4 %	5.6 %	6.7 %	3.8 %	6.5 %	5.4 %	4.3 %	5.7 %	9.7 %
LTF	6.7 %	13.9 %	4.9 %	12.3 %	4.3 %	2.5 %	3.4 %	4.5 %	5.7 %	11.8 %	5.0 %	9.0 %
Medical Liability Self-Insurance1	6.8 %	22.6 %	4.7 %	20.6 %	4.3 %	5.8 %	3.4 %	2.7 %	---	---	---	---
91-Day Treasury Bills	6.4 %		4.3 %		3.0 %		3.3 %		5.6 %		4.5 %