Permanent University Fund Detail Schedules of Investment Securities and Independent Auditors’ Report
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PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2014 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL SCHEDULES The Board of Regents of The University of Texas System The Board of Directors of The University of Texas Investment Management Company We have audited the financial statements of the Permanent University Fund (the “PUF”) as of and for the years ended August 31, 2014 and 2013, and have issued our report thereon dated October 31, 2014, which contained an unmodified opinion on those financial statements. Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedules consisting of the PUF’s equity securities (Schedule A), preferred stocks (Schedule B), purchased options (Schedule C), debt securities (Schedule D), investment funds (Schedule E), physical commodities (Schedule F), cash and cash equivalents (Schedule G), hedge fund investment funds (Schedule H), and private investment funds (Schedule I) as of August 31, 2014 are presented for the purposes of additional analysis and are not a required part of the financial statements. These schedules are the responsibility of The University of Texas Investment Management Company and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such schedules have been subjected to the auditing procedures applied in our audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated in all material respects in relation to the financial statements as a whole. October 31, 2014 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2014 SECURITY SHARES FAIR VALUE COST ($) ($) DOMESTIC COMMON STOCKS ACCESS MIDSTREAM PARTNERS LP..................................................45,760 2,944,643 1,642,835 ALCOA INC.............................................................................................96,743 1,606,898 1,190,148 ALLSCRIPTS HEALTHCARESOLUTIONS INC.......................................503,004 7,431,891 7,260,548 ALPHA NATURAL RESOURCES INC.....................................................146,694 579,441 1,175,018 ALTERA CORP.......................................................................................99,617 3,520,480 3,575,525 AMERICAN ASSETS TRUST INC...........................................................11,532 404,197 287,128 AMERICAN CAPITAL AGENCY CORP...................................................12,695 300,238 273,431 AMERICAN HOMES 4 RENT..................................................................24,311 434,681 428,879 AMERICAN INTERNATIONAL GROUP INC............................................132,435 7,424,306 5,665,524 AMERICAN REALTY CAPITAL PROPERTIES INC.................................79,982 1,052,563 1,045,688 ANALOG DEVICES INC..........................................................................116,761 5,968,818 4,077,517 ANTERO RESOURCES CORP...............................................................36,664 2,121,036 1,989,788 APACHE CORP.......................................................................................62,935 6,408,653 5,991,299 APARTMENT INVESTMENT & MANAGEMENT CO...............................28,967 992,699 677,460 ARCH COAL INC.....................................................................................215,331 656,760 1,433,790 ASBURY AUTOMOTIVE GROUP INC.....................................................88,536 6,169,185 3,725,405 ATLAS ENERGY INC..............................................................................66,931 2,995,833 2,906,919 ATLAS PIPELINE PARTNERS LP...........................................................27,130 1,001,928 822,463 AUTODESK INC......................................................................................213,307 11,441,795 9,308,354 AVALONBAY COMMUNITIES INC..........................................................31,208 4,809,145 4,303,389 BAKER HUGHES INC.............................................................................188,941 13,063,398 10,838,416 BERKSHIRE HATHAWAY INC................................................................3,085 3,283,265 2,042,500 BILL BARRETT CORP............................................................................50,607 1,152,311 1,027,979 BIOMED REALTY TRUST INC................................................................27,668 621,147 598,636 BIZLINK HOLDING INC...........................................................................5,762 28,239 27,064 BLOCK H & R INC...................................................................................42,321 1,419,030 1,288,586 BOARDWALK PIPELINE PARTNERS LP...............................................107,455 2,143,718 2,245,653 BOSTON PROPERTIES INC...................................................................7,555 917,384 797,955 BRANDYWINE REALTY TRUST.............................................................120,409 1,928,957 1,866,574 BRINKS CO.............................................................................................62,847 1,720,754 1,716,059 BRIXMOR PROPERTY GROUP INC.......................................................64,920 1,536,664 1,468,341 BROOKDALE SR LIVING INC.................................................................43,126 1,507,267 1,461,264 BROOKFIELD PROPERTY PARTNERS LP............................................5,068 108,207 78,335 BUCKEYE PARTNERS LP......................................................................16,438 1,298,619 836,420 C&J ENERGY SERVICES INC................................................................96,110 2,757,395 2,567,859 CABOT OIL & GAS CORP.......................................................................136,799 4,588,245 4,416,788 CAMDEN PROPERTY TRUST................................................................30,996 2,319,731 2,087,344 CAMERON INTERNATIONAL CORP......................................................184,653 13,725,289 10,347,732 CARBO CERAMICS INC.........................................................................19,799 2,130,146 2,352,335 CARRIZO OIL & GAS INC.......................................................................76,544 4,800,863 3,236,655 CBL & ASSOCIATES PROPERTIES INC................................................154,455 2,934,644 2,894,263 CBS OUTDOOR AMERICAS INC............................................................186,073 6,395,346 6,301,131 CENTERPOINT ENERGY INC................................................................138,670 3,444,562 3,565,177 CHARTER COMMUNICATIONS INC.......................................................26,235 4,115,514 3,914,343 CHENIERE ENERGY INC.......................................................................11,030 885,245 778,156 CHENIERE ENERGY PARTNERS LP.....................................................124,733 3,488,309 3,369,364 CIMAREX ENERGY CO..........................................................................58,370 8,473,058 4,027,835 CLAYTON WILLIAMS ENERGY INC.......................................................138,679 16,425,197 7,240,932 COBALT INTERNATIONAL ENERGY INC..............................................127,482 1,956,841 3,333,560 COCA-COLA CO..................................................................................... 57,512 2,399,388 1,680,333 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2014 SECURITY SHARES FAIR VALUE COST ($) ($) COLGATE-PALMOLIVE CO....................................................................1,982 50,178 39,600 CONSOL ENERGY INC...........................................................................156,966 6,322,573 5,348,642 CORPORATE OFFICE PROPERTIES TRUST INC.................................15,441 438,216 389,091 COUSINS PROPERTIES INC..................................................................96,959 1,230,411 794,915 CREDIT ACCEPTANCE CORP...............................................................8,116 1,000,207 742,851 CRESTWOOD EQUITY PARTNERS LP.................................................93,077 1,186,730 1,306,204 CRESTWOOD MIDSTREAM PARTNERS LP..........................................37,942 886,316 825,542 CUBESMART..........................................................................................34,106 634,372 438,898 CVS HEALTH CORP...............................................................................8,969 712,601 334,499 DCP MIDSTREAM PARTNERS LP.........................................................32,622 1,845,760 1,224,667 DCT INDUSTRIAL TRUST INC................................................................170,865 1,358,373 1,347,992 DELEK LOGISTICS PARTNERS LP........................................................13,687 568,001 463,474 DEVON ENERGY CORP.........................................................................105,361 7,946,332 6,643,899 DEVRY EDUCATION GROUP.................................................................37,641 1,615,948 1,205,764 DIAMONDROCK HOSPITALITY CO........................................................51,482 685,740 545,144 DOUGLAS EMMETT INC........................................................................85,933