The UT Board is fiduciary for four major endowment fund groups. The four major endowment fund groups are the Permanent University Fund (PUF), Permanent Health Fund (PHF), Long Term Fund (LTF) and Separately Invested Funds (SIFs).
Permanent University Fund - PUF
The Permanent University Fund (PUF) is a public endowment contributing to the support of eligible institutions of The University of Texas System and The Texas A&M University System as provided in Article VII, Section 18 of the Texas Constitution.
The PUF was established in the Texas Constitution of 1876 through the appropriation of land grants previously given to The University of Texas at Austin plus one million acres. The land grants to the PUF were completed in 1883 with the contribution of an additional one million acres of land. Today, the PUF contains approximately 2.1 million acres of land located in 24 counties primarily in West Texas.
The promise inherent in the establishment of the PUF over 120 years ago continues to be realized. Today, the PUF provides support to 19 institutions of the UT and A&M Systems in providing educational opportunities to more than 180,000 students across the State of Texas.
Audited Financial Statements - Year Ended August 31, 2016
Detailed Schedule of Investment Securities - Year Ended August 31, 2016
December 31, 2016 Semi-Annual report
June 30, 2016 Semi-Annual report
December 31, 2015 Semi-Annual report
June 30, 2015 Semi-Annual report
December 31, 2014 Semi-Annual report
June 30, 2014 Semi-Annual report
December 31, 2013 Semi-Annual report
June 30, 2013 Semi-Annual report
General Endowment Fund - GEF
As of March 1, 2001, the Permanent Health Fund (PHF) and the Long Term Fund (LTF) purchased units in the newly created General Endowment Fund (GEF) in exchange for their contribution of investment assets. The PHF and the LTF owned 23.8% and 76.2%, respectively, of the GEF as of March 1, 2001. The GEF, established by the Board of Regents effective on March 1, 2001, is a pooled fund for the collective investment of long-term funds under the control and management of the Board. The GEF is organized as a mutual fund in which the PHF and LTF purchase and redeem units quarterly at the GEF’s market value per unit. Fiduciary responsibility for the GEF rests with the Board of Regents. The day-to-day operational responsibilities of the GEF are delegated to UTIMCO. The GEF provides for greater efficiencies and cost savings than was possible when the investments of the PHF and LTF were managed separately.
The GEF reports provide information on the various investment details of the PHF’s and LTF’s ownership interest in the GEF. The GEF is excluded from assets under management since its investment value is included in the PHF and the LTF.
Permanent Health Fund - PHF
The Permanent Health Fund (PHF) is an internal U. T. System mutual fund for the pooled investment of state endowment funds for health-related institutions of higher education. These endowments were created, effective August 30, 1999, by the Texas Legislature and funded with proceeds from state tobacco litigation. The state endowment funds invested in the PHF consist of the Permanent Health Fund for Higher Education and eight separate Permanent Funds for Health-related Institutions. The distributions from the PHF endowments fund programs that benefit medical research, health education, public health, nursing, and treatment programs at health-related institutions of higher education.
On March 1, 2001, the PHF purchased units in the General Endowment Fund (GEF) in exchange for the contribution of its invesment assets.
Long Term Fund - LTF
The Long Term Fund (LTF) was established on February 9, 1995, by the Board of Regents of The University of Texas System (the "Board") to replace the Common Trust Fund established by the Board in 1932. The LTF currently serves as a pooled fund for the collective investment of over 7,000 privately raised endowments and other long-term funds of the 15 component institutions comprising The University of Texas 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 component institution.
Fiduciary responsibility for the LTF rests with the Board. The day-to-day operational responsibilities of the LTF are delegated to UTIMCO. The 15 component institutions supported by the LTF consist of nine general academic institutions and six health-related institutions, with an enrollment base of approximately 153,000 students as of the 2000 Fall semester. Maintenance and enhancement of the academic quality of the institutions will require continued support from the private sector and achievement of LTF investment objectives.
As of March 1, 2001, the LTF purchased 29,173,695 units in the newly created GEF. The initial number of units was based on the LTF’s contribution of its net asset value as of February 28, 2001. The determination of units and the relative fair value of the assets and liabilities were audited by Deloitte & Touche LLP and may be viewed by accessing the link provided below. Commencing March 1, 2001, reports of the LTF include the summary activity of its ownership in the GEF.
Separately Invested Funds - SIF
The UT System Separately Invested Funds (SIFs) consist of privately raised endowments and charitable remainder trusts where the nature of the underlying asset or donor restrictions preclude investment in the Long Term Fund. Distributions from SIF endowments support a variety of academic and health programs at UT System institutions.