PSH-Annual-Report

Annual Report December 31, 2014U.S. GAAP Disclosures (continued)(Stated in United States Dollars)CONDENSED SCHEDULE OF INVESTMENTS (CONTINUED)Shares Description/Name Fair ValuePercentage ofNet AssetsAttributable toall Shareholders (1)Securities Sold, Not Yet PurchasedEquity SecuritiesCommon StockCayman Islands:Consumer Products $ 184,447,439 2.81%Total Cayman Islands (proceeds$247,135,864) 184,447,439 2.81Europe:Healthcare:803,534 Actavis plc 206,837,686 3.15Total Europe (proceeds $212,765,461) 206,837,686 3.15Total Common Stock (proceeds$459,901,325) 391,285,125 5.96Total Securities Sold, Not Yet Purchased(proceeds $459,901,325) $ 391,285,125 5.96%Derivative ContractsCredit Default Swap Contracts, buyprotectionAsia:Sovereign Debt $ (605,608) (0.01)%Total Asia (proceeds $668,164) (605,608) (0.01)Europe:Financial Services (215,913) -Total Europe (proceeds $741,860) (215,913) -Total Credit Default Swap Contracts, buyprotection (proceeds $1,410,024) (821,521) (0.01)Currency Call/Put Options PurchasedVarious Currency Call Options, U.S. Dollar PutOptions 5,943,842 0.09Total Currency Call/Put Options (cost$10,793,999) 5,943,842 0.09Equity Options PurchasedCayman Islands:Consumer Products 140,574,953 2.14Total Cayman Islands (cost $133,248,579) 140,574,953 2.14Total Equity Options Purchased (cost$133,248,579) 140,574,953 2.14Equity Options WrittenCayman Islands:Consumer Products (16,071,113) (0.24)Total Cayman Islands (proceeds $24,986,189) (16,071,113) (0.24)Total Equity Options Written (proceeds$24,986,189) (16,071,113) (0.24)Foreign Currency Forward ContractsBuy U.S. Dollar, Sell Canadian Dollar 23,822,484 0.36Total Foreign Currency Forward Contracts 23,822,484 0.36PERSHING SQUARE HOLDINGS, LTD. 71