PSH-Annual-Report

Annual Report December 31, 2014U.S. GAAP Disclosures(Stated in United States Dollars)CONDENSED SCHEDULE OF INVESTMENTSShares Description/Name Fair ValuePercentage ofNet AssetsAttributable toall Shareholders (1)Investments in SecuritiesEquity SecuritiesCommon StockCanada:Restaurant:13,946,447 Restaurant Brands International Inc. $ 544,469,291 8.30%140,873Restaurant Brands International LimitedPartnership 5,315,093 0.08Transportation:4,985,556 Canadian Pacific Railway Limited 960,666,786 14.64Total Canada (cost $1,213,793,306) 1,510,451,170 23.02United States:Chemicals:15,785,226 Platform Specialty Products Corporation 366,532,948 5.59Financial Services 112,319,097 1.71Healthcare:14,997,676 Zoetis Inc. 645,349,998 9.84Industrials/Chemicals:5,547,537 Air Products and Chemicals, Inc. 800,121,262 12.20Real Estate Development and Operating 162,331,296 2.47Total United States (cost $1,681,955,596) 2,086,654,601 31.81Total Common Stock (cost $2,895,748,902) 3,597,105,771 54.83Preferred StockUnited States:Financial Services 3,899,346 0.06Total United States (cost $7,228,425) 3,899,346 0.06Total Preferred Stock (cost $7,228,425) 3,899,346 0.06Total Equity Securities (cost$2,902,977,327) 3,601,005,117 54.89Investments in Affiliated EntitiesUnited States:PS Fund 1, LLC:9,793,412 Allergan, Inc., Common Stock Purchased 2,081,981,457 31.74968,403 Actavis plc, Common Stock Sold Short (249,276,616) (3.80)Other assets and liabilities 266,856,374 4.07PS V International, Ltd.:625,179Air Products and Chemicals, Inc., CommonStock 90,169,550 1.37Other assets and liabilities 451,901 0.01Total United States (cost $1,594,453,530) 2,190,182,666 33.39Total Investments in Affiliated Entities (cost$1,594,453,530) 2,190,182,666 33.39Total Investments in Securities (cost$4,497,430,857) $ 5,791,187,783 88.28%(1) Net assets attributable to all shareholders are comprised of the equity balances of the Public Shares and Class B Shares aswell as net assets attributable to Management Shares. As of December 31, 2014 the net assets attributable to all shareholderswas $6,560,373,067.70 PERSHING SQUARE HOLDINGS, LTD.