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2018 PUF Detailed Schedule of Investments

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2018 PUF Detailed Schedule of Investments PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2018 Deloitte & Touche LLP 500 West 2nd Street Suite 1600 Austin, TX 78701 USA Tel: +1 512 691 2300 Fax: +1 512 708 1035 www.deloitte.com INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL SCHEDULES To the Board of Regents of The University of Texas System To the Board of Directors of The University of Texas/Texas A&M 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, 2018 and 2017, and have issued our report thereon dated October 29, 2018, 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 and convertible securities (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, 2018 are prepared in accordance with Section 66.05 of the Texas Education Code, and 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/Texas A&M 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. Our report on page 2 includes emphasis-of- matter paragraphs which indicate in Note 1, the financial statements of the PUF includes only the investment related assets and liabilities and changes therein which are being managed by The University of Texas/Texas A&M Investment Management Company and does not include the PUF’s 2.1 million acres of land. October 29, 2018 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2018 SECURITY SHARES FAIR VALUE COST ($) ($) DOMESTIC COMMON STOCKS 1-PAGE LTD................................................................................................ 871,796 104,030 1,025,455 ACQUITY BRANDS INC.............................................................................. 6,784 1,036,805 881,626 ADTALEM GLOBAL EDUCATION INC....................................................... 1,073 51,332 34,777 AGILENT TECHNOLOGIES INC................................................................. 77,407 5,228,080 3,752,763 ALCOA CORP.............................................................................................. 25,321 1,131,067 1,336,996 ALPHABET INC........................................................................................... 19,033 23,291,223 13,978,312 ALTABA INC................................................................................................ 114,431 7,958,710 8,696,777 AMAZON.COM INC..................................................................................... 5,405 10,878,795 8,282,995 AMERICAN EXPRESS CO.......................................................................... 1,321 140,044 82,987 AMERICAN TOWER CORP........................................................................ 47,581 7,095,235 5,667,382 ANALOG DEVICES INC.............................................................................. 114,093 11,278,048 6,351,701 ANTERO MIDSTREAM GP LP.................................................................... 147,643 2,493,688 2,924,096 ANTERO MIDSTREAM PARTNERS LP..................................................... 91,128 2,667,304 2,822,117 ARMSTRONG WORLD INDUSTRIES INC................................................. 23,771 1,659,200 1,423,748 ASBURY AUTOMOTIVE GROUP INC........................................................ 129,939 9,680,464 8,330,574 ASTRONICS CORP..................................................................................... 1,594 69,360 44,217 BANK OF AMERICA CORP........................................................................ 21,134 653,689 299,429 BECTON DICKINSON & CO....................................................................... 22,840 5,981,180 4,204,034 BERKSHIRE HATHAWAY INC.................................................................... 2,844 2,663,087 1,255,195 BERRY GLOBAL GROUP INC.................................................................... 208,459 9,949,735 9,888,633 BROADCOM INC......................................................................................... 19,963 4,372,570 4,661,779 CBRL GROUP INC...................................................................................... 154,800 7,555,797 5,247,854 CBS CORP.................................................................................................. 220,529 11,692,471 12,574,623 CF INDUSTRIES HOLDINGS INC.............................................................. 164,830 8,562,935 7,288,776 CHENIERE ENERGY INC........................................................................... 192,668 12,895,266 9,203,163 CIGNA CORP.............................................................................................. 21,258 4,003,651 3,842,334 CIMAREX ENERGY CO.............................................................................. 12,366 1,044,680 1,163,836 CME GROUP INC........................................................................................ 42,262 7,384,428 4,401,737 CORNERSTONE ONDEMAND INC............................................................ 182,056 10,297,070 7,505,146 CREDIT ACCEPTANCE CORP................................................................... 6,626 3,026,237 1,084,761 CRESTWOOD EQUITY PARTNERS LP..................................................... 85,460 3,213,281 2,314,998 CVS HEALTH CORP................................................................................... 3,029 227,876 184,509 DAVITA INC................................................................................................. 4,048 280,514 237,378 DAYTON HUDSON CORP.......................................................................... 14,615 1,278,779 1,275,590 DOMINION MIDSTREAM PARTNERS LP.................................................. 33,992 557,467 538,850 ECOLAB INC............................................................................................... 50,724 7,632,965 5,202,173 ELECTRONIC ARTS................................................................................... 49,474 5,610,895 6,521,601 ELLIE MAE INC........................................................................................... 185,645 19,561,422 17,312,488 ENABLE MIDSTREAM PARTNERS LP...................................................... 13,965 217,441 204,194 ENERGY TRANSFER EQUITY LP.............................................................. 450,963 7,891,846 7,111,374 ENERGY TRANSFER PARTNERS LP....................................................... 206,423 4,654,830 3,797,136 ENLINK MIDSTREAM PARTNERS LP....................................................... 9,667 172,080 173,623 ENTERPRISE PRODUCTS PARTNERS LP............................................... 366,101 10,470,491 8,971,373 EQT GP HOLDINGS LP.............................................................................. 20,885 438,590 530,497 EQUIFAX INC.............................................................................................. 101,268 13,566,873 12,121,154 EXPEDITORS INTERNATIONAL OF WASHINGTON INC......................... 4,169 305,478 162,349 FACEBOOK INC.......................................................................................... 23,574 4,142,642 4,144,666 FASTENAL CO............................................................................................ 65,804 3,840,307 3,325,729 FIDELITY NATIONAL INFORMATION SERVICES..................................... 93,198 10,081,244 6,060,098 FIVE9 INC.................................................................................................... 64,373 3,093,119 1,554,144 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2018 SECURITY SHARES FAIR VALUE COST ($) ($) FLOWSERVE CORP................................................................................... 2,653 138,286 104,170 GOLDMAN SACHS GROUP INC................................................................ 378 89,933 52,311 GRAFTECH INTERNATIONAL LTD............................................................ 105,096 1,942,172 2,097,290 GROUP 1 AUTOMOTIVE INC..................................................................... 95,958 7,397,373 6,577,678 GRUBHUB INC............................................................................................ 5,154 742,725 532,889 HILTON WORLDWIDE HOLDINGS INC..................................................... 85,882
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