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1997 PUF Annual Report

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1997 PUF Annual Report Year Ended August 31, 1997 Investment Report PERMANENT UNIVERSITY FUND rg Prepared by The University of Texas Investment Management Company (UTIMCO) TABLE OF CONTENTS MESSAGE FROM THE CHAIRMEN . .1 LEASING OF SURFACE INTERESTS . .3 LEASING OF MINERAL INTERESTS . .3 INVESTMENT OF MINERAL INCOME . .4 DISTRIBUTION OF INVESTMENT RETURN . .5 FUNDING OF PUF ADMINISTRATIVE EXPENSES . .6 FUNDING OF PERMANENT IMPROVEMENTS . .6 FUNDING OF EXCELLENCE PROGRAMS . .7 PUF FINANCIAL HIGHLIGHTS . .7 CONTRIBUTIONS . .8 INVESTMENT RETURN . .8 FUND MARKET VALUE . .9 DISTRIBUTIONS TO THE AUF . .9 PUF INVESTMENT OBJECTIVES . .10 INVESTMENT PERFORMANCE . .10 U. T. SYSTEM BOARD OF REGENTS AND ADMINISTRATION . .15 UTIMCO EXECUTIVE OFFICERS . .15 UTIMCO BOARD OF DIRECTORS . .16 FINANCIAL STATEMENTS . .17 - 100 REF. #1 Littlefield Memorial Fountain, on the campus of U. T. Austin was turned on for the first time March 26, 1933. Y 1 MESSAGE FROM THE CHAIRMEN We are pleased to report that fiscal 1997 was an outstanding year for the Permanent University Fund. During the year, the Fund generated a record investment return of $1.254 billion and distributed $265 million to the Available University Fund (“AUF”) for the benefit of The University of Texas System and The Texas A&M University System. This investment performance combined with a benign inflation environment enabled Donald L. Evans the Fund to exceed its primary investment objective of preserving the purchasing power of both the Fund’s investment assets and income distributions to the AUF. In the future, The University of Texas Investment Management Company (“UTIMCO”) will continue to execute its strategy of diversifying the Fund’s assets into equity securities with a potential for significant dividend growth as well as capital appreciation. Although Thomas O.Hicks the Fund experienced considerable success in fiscal 1997, it is important to note that only now has income distributed to the AUF recovered to the level achieved in fiscal 1990. The inability of the Fund to preserve the purchasing power of its income stream during the decade, despite low inflation and above average rates of capital appreciation, is a function of the less than optimal income-based distribution requirement contained in the Texas Constitution. Despite the challenges of such a constraint, the U. T. Board of Regents and UTIMCO look forward to providing attractive investment returns and real income growth in the future. Donald L. Evans Thomas O. Hicks Chairman Chairman Board of Regents Board of Directors The University of Texas System The University of Texas Investment Management Company Regent The University of Texas System 2 A historical timeline of the PERMANENT UNIVERSITY FUND Permanent University Fund is shown below and on the The Permanent University Fund (“PUF”) is a public following pages. The history of the PUF spans a rather colorful and storied past, endowment contributing to the support of certain from its inception in the early days of the Republic of institutions of The University of Texas System and Texas, to its relevance today as a modern investment fund The Texas A&M University System. The PUF was for the furthering of higher education in the state of Texas. The timeline reflects established in the Texas Constitution of 1876 through when each U. T. and Texas A&M institution was the appropriation of land grants previously given to admitted into their respective systems and subsequently The University of Texas at Austin plus one million made eligible to receive proceeds from the issuance acres. The land grants to the PUF were completed of PUF bonds. Significant legislation passed by governing bodies that in 1883 with the contribution of an additional one affected the PUF’s growth is also noted. million acres of land. Y I See the inside back cover for photo references. On March 6, 1836, over 182 defenders lost their lives at the Battle of the Alamo. One month An Act signed by President Lamar, Dec.23,1853 Governor later the armies of the Mexican provided for the creation of E.M. Pease urged the Fifth General Antonio institutions of primary and higher legislature to complete Lopez de Santa education. Fifty leagues of land the survey of the fifty Anna were [221,420 acres], would be set leagues appropriated for defeated by Sam apart and appropriated for the higher education in 1839 Houston at the establishment and endowment of and to establish one state Battle of San two colleges or universities, university instead of two. Jacinto, making hereafter to be created. No action was taken. REF. #2 way for the establishment of the Republic of Texas. 1836 1838 1839 1845 1853 President of the Republic of Texas, Texas was admitted to statehood on Mirabeau B. Lamar, in his stirring December 29,1845 as a slave address to the Third Congress of state. The Mexican-American War the Republic of Texas on December 20, was fought during REF. #4 1838, eloquently explained the need 1846-48 after for and benefits of an educated Mexico refused SREF. #3 citizenry, stating, “A cultivated mind to relinquish is the guardian genius of democracy, President of the its claims of and while guided and controlled by Republic of Texas sovereignty virtue, is the noblest attribute to Mirabeau B. Lamar over Texas. man. It is the only dictator that Pictured here are free men acknowledge, and the only General Scott security that free men desire.” and the U.S. Army occupying Mexico City. 3 The University of Texas System Board of Regents (“U. T. System Board”) has maintained an active program for University of Texas System leasing of mineral interests since 1923. Y PUF Beneficiaries U. T. at Arlington PERMANENT UNIVERSITY FUND LEASING OF MINERAL INTERESTS U. T. at Austin U. T. at Dallas PUF Lands mineral PUF income Investments Mineral income generated by the PUF Lands U. T. at El Paso consists primarily of bonuses and rentals from U. T. Health Science Center surface income investment income the periodic sale of mineral leases and royalties at Houston on gross revenues from oil, gas, and sulfur U. T. Health Science Center at San Antonio AVAILABLE UNIVERSITY FUND production. Additional mineral income is U. T. M.D. Anderson generated through royalties and rentals of Cancer Center water and other miscellaneous income. U. T. Medical Branch at LEASING OF SURFACE INTERESTS Galveston U. T. of the Permian Basin As interpreted by the Texas Supreme Court U. T. at San Antonio Surface acreage of the sparsely-populated PUF and the Texas Attorney General, constitutional U. T. Southwestern Medical Lands has been leased primarily for grazing and provisions governing the PUF require that all Center at Dallas easements for power lines and pipelines. proceeds from the sale of lands and leasing of U. T. at Tyler minerals be invested in securities. Furthermore, U. T. Health Center at Tyler During the period 1970-1990, surface income all net realized gains from the sale of securities Texas A&M University grew rapidly to reach $5 million per year by must be reinvested as corpus and may not be System PUF Beneficiaries 1987. Since then, surface income has leveled off distributed to the AUF and expended. Texas A&M University and fluctuates in the $4-5 million range per year. Texas A&M at Galveston As mandated by the Constitution, all surface Texas A&M at Prairie View income from the PUF Lands is distributed to Texas A&M at Tarleton State the Available University Fund (“AUF”) and expended in the year in which it is earned. America–and the world– Old Main and was entering the Industrial the “new” wooden Revolution. Whale oil was barracks at A&M rapidly diminishing as industry College of Texas required more and different stood in 1878. types of fuel. In 1859 the first oil well in America was drilled near Titusville, Pa. The oil boom in Texas was several years off, but the world stage for mass REF. #6 S consumption of petroleum REF. #5 products was set. Governor E.M. Pease 1858 1859 18 61 18 71 REF. #8 Texas seceded from the Union effective March 2, Texas Governor E.M. Pease signed 1861 and remained part On April 17, 1871 the Texas Legislature the bill for the establishment of the of the Confederacy until established the Agricultural and Mechanical University of Texas on February 11, the Civil War ended on College of Texas and declared that it be a 1858. The Act granted the University April 9, 1865. branch of The University of Texas. A 9-member of Texas $100,000 in U.S. bonds, as Board of Directors for A&M had their first well as the original Fifty Leagues. meeting on June 1, 1875 in Bryan, Texas. In addition, the Act granted to the University 10% of the land reserved for the State under the Railroad Grant Act of 1854. REF. #7 4 On January 10, 1901 INVESTMENT OF MINERAL INCOME In order to enhance the process by which PUF the discovery of oil at investments are governed and managed, the U. T. Spindletop ushered in The Constitution delegates to the U. T. System System Board on March 1, 1996, contracted with drilling along the Texas Board the authority to invest PUF assets. The University of Texas Investment Management Company (“UTIMCO”) to invest all funds under Gulf Coast and marked Initially, the investment of PUF mineral its fiduciary control. UTIMCO is a 501(c)(3) the birth of the modern income was restricted by the Constitution to corporation formed in March of 1996 to invest oil industry. Flowing at bonds of the U.S. Treasury and State of Texas. endowment and other assets of the Board. a rate of 100,000 barrels Throughout the 20th century, the definition UTIMCO is governed by a board of directors a day, Spindletop was of eligible investments under the Constitution with experience in investment management.
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