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Lecture slide presentations, a sequence of pages that contain text and figures accompanied by speech, are constructed and presented carefully in order to optimally transfer knowledge to students. Previous studies in multimedia and psychology attribute the effectiveness of lecture presentations to their multimodal nature. As a step toward developing AI to aid in student learning as intelligent teacher assistants, we introduce the Multimodal Lecture Presentations dataset as a large-scale benchmark testing the capabilities of machine learning models in multimodal understanding of educational content. Our dataset contains aligned slides and spoken language, for 180+ hours of video and 9000+ slides, with 10 lecturers from various subjects (e.g., computer science, dentistry, biology). We introduce two research tasks which are designed as stepping stones towards AI agents that can explain (automatically captioning a lecture presentation) and illustrate (synthesizing visual figures to accompany spoken explanations) educational content. We provide manual annotations to help implement these two research tasks and evaluate state-of-the-art models on them. Comparing baselines and human student performances, we find that current models struggle in (1) weak crossmodal alignment between slides and spoken text, (2) learning novel visual mediums, (3) technical language, and (4) long-range sequences. Towards addressing this issue, we also introduce PolyViLT, a multimodal transformer trained with a multi-instance learning loss that is more effective than current approaches. We conclude by shedding light on the challenges and opportunities in multimodal understanding of educational presentations., Comment: 9 pages, 5 figures