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LTF Beneficiaries

UT Arlington
UT Austin
UT Brownsville
UT Dallas
UT El Paso
UT Pan American
UT Permian Basin
UT San Antonio
UT Health Science Center at Houston
UT Tyler
UT Health Center at Tyler
UT Southwestern Medical Center at Dallas
UT Medical Branch at Galveston
UT Health Science Center at San Antonio
UT M. D. Anderson Cancer Center
UT System

Long Term Fund ($2,595.1 million)

Overview
The University of Texas System Long Term Fund (LTF) is an internal UT System mutual fund for the pooled investment of 5,927 privately raised endowments and other long-term funds of the 15 component institutions of the UT System. The LTF is structured as a mutual fund in which each endowment or account purchases units at the LTF's market value per unit. Cash distributions are paid quarterly, on a per unit basis, directly to the UT System institution of record. Distributions from the LTF fund scholarships, teaching, research, and medical liability insurance programs across the UT System.

On March 1, 2001, the LTF purchased units in the newly created General Endowment Fund (GEF). The initial number of units purchased was based on the contributed value of the LTF's investment assets as of February 28, 2001. LTF contributions are invested in the GEF on a quarterly basis. These contributions purchase additional GEF units at the prevailing market value price per unit. To understand the details of the LTF's investment results for the year, the GEF section of this report should be consulted.

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The chart below illustrates the substantial growth in the LTF's net asset value. New contributions and investment return (after expenses and distributions) produced ten-year asset growth of 61.0% and 39.0%, respectively.

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Contributions
Although contributions to the LTF declined by 21.1 % from fiscal year 2001 to 2002, the growth of the LTF contributions over the past twenty-five years, as depicted in the chart above, reflects the generosity of the many benefactors supporting the UT System institutions. Fiscal year 2002 contributions of $89.3 million represented 3.2% of the average value of LTF net assets during the year.

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