THE UNIVERSITY OF TEXAS SYSTEM

THE PERMANENT UNIVERSITY FUND
ANALYSIS OF GROWTH IN THE VALUE OF THE PUF

FOR THE YEARS 1992-1996
(Dollars in Millions)

BOOK VALUE

Years Ending August 31
1992 1993 1994 1995 1996
Book Value $ 3,658 $ 4,044 $ 4,213 $ 4,376 $ 4,638
Change in Book from Previous Year $ 132 $ 386 $ 169 $ 163 $ 262
Components of Change in Book Value:1
Mineral, Royalties, and Rentals 47.68 % 17.30 % 32.38 % 32.34 % 22.16 %
Bonus on Mineral Leases 1.50 % 0.10 % 2.89 % 2.65 % 2.79 %
Miscellaneous Land Receipts 0.02 % 0.00 % 0.03 % 0.12 % 0.07 %
Realized Gains on Sales of Securities 50.80 % 82.10 % 64.70 % 64.89 % 74.98 %
University of Texas System
Constitutional Debt Limit
$ 731 $ 809 $ 842 $ 875 $ 928
University of Texas System
Debt Outstanding
$ 626 $ 603 $ 615 $ 586 $ 608


MARKET VALUE

Years Ending August 31
1992 1993 1994 1995 1996
Market Value $ 4,145 $ 4,469 $ 4,428 $ 4,958 $ 5,292
Change in Market from Previous Year $ 223 $ 324 ($ 41) $ 530 $ 334
Components of Change in Market Value:1
Mineral, Royalties, and Rentals 28.02 % 20.40 % 134.13 % 9.91 % 17.44 %
Bonus on Mineral Leases 0.87 % 0.10 % 11.97 % 0.81 % 2.19 %
Miscellaneous Land Receipts 0.00 % 0.00 % 0.11 % 0.04 % 0.05 %
Realized Gains on Sales of Securities 29.82 % 97.30 % 268.05 % 19.89 % 59.01 %
Unrealized Gains on Securities Held 41.29 % (18.80 %) (514.26 %) 69.35 % 21.31 %



Source of information: The University of Texas Investment Management Company (UTIMCO)
Notes:
1
The dollar amount of each component of change is shown as a percentage of the total change in the book or market value from the previous year.
Fiscal Years 1994, 1995 and 1996 are reported on a trade date basis. Prior periods are reported on a settlement date basis.



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Last updated 1 Feb 1997