THE UNIVERSITY OF TEXAS SYSTEM

TREND ANALYSIS OF TOTAL RETURN

FOR THE YEARS 1992 - 1996



PERMANENT UNIVERSITY FUND (PUF),
LONG TERM FUND (LTF),
AND SHORT/INTERMEDIATE TERM FUND (SITF)

Years Ending August 31 Five Years
Fund 1992 1993 1994 1995 1996 1992-96
PUF 10.7 % 12.4 % 3.3 % 16.1 % 10.7 % 10.6 %
LTF 11.0 % 12.2 % 4.2 % 15.8 % 11.6 % 10.9 %
SITF N/A N/A 2.0 % 6.7 % 4.8 % N/A


OTHER ACCOUNTS

Years Ending August 31 Five Years
Other Accounts 1992 1993 1994 1995 1996 1992-96
Medical Liability
Self-Insurance Fund1
9.4 % 11.2 % 1.6 % 13.0 % 11.6 % 9.3 %



Source of information: The University of Texas Investment Management Company (UTIMCO)
Note: Total return includes dividends on equities, bond income, other interest income, and both realized and unrealized capital appreciation of equities and bonds.
1
The Medical Liability Self-Insurance Fund was invested in the Short / Intermediate Term Fund (SITF) and the LTF during the Fiscal Year 1995, and therefore is no longer a separate investment fund.



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Last updated 1 Feb 1997