Endowments require investment management in accordance with long-term investment objectives because of the perpetual nature of the funds. The benefit of meeting these long-term investment objectives is that the present as well as the future beneficiaries of the distribution stream receive the same inflation adjusted benefits in perpetuity. Recognizing that the investment environment will only become more challenging in the future as the markets evolve on a global basis, UTIMCO will meet the challenge by maintaining a specialized and experienced investment staff focused on adding value within a well-structured and disciplined asset allocation and risk control process.