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2017 PUF Detailed Schedule of Investments

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2017 PUF Detailed Schedule of Investments PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2017 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, 2017 and 2016, and have issued our report thereon dated October 27, 2017, 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, 2017 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 27, 2017 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2017 SECURITY SHARES FAIR VALUE COST ($) ($) DOMESTIC COMMON STOCKS 1-PAGE LTD............................................................................................871,796 114,092 1,025,456 ADTALEM GLOBAL EDUCATION INC....................................................4,829 165,151 156,547 AGILENT TECHNOLOGIES INC.............................................................88,932 5,755,687 4,311,502 ALPHABET INC.......................................................................................21,531 20,348,664 15,774,099 AMAZON.COM INC.................................................................................5,817 5,704,380 5,721,602 AMERICAN EAGLE OUTFITTERS INC...................................................30,662 366,414 349,802 AMERICAN EXPRESS CO......................................................................4,173 359,256 262,043 AMERICAN TOWER CORP....................................................................47,356 7,011,129 5,640,676 ANALOG DEVICES INC..........................................................................113,555 9,501,139 6,321,770 ANDEAVOR LOGISTICS LP...................................................................4,909 244,236 227,779 ANTERO MIDSTREAM GP LP................................................................428,455 8,166,355 8,832,039 ANTERO MIDSTREAM PARTNERS LP..................................................136,224 4,600,282 3,387,805 ANTHEM INC..........................................................................................36,029 7,063,034 5,105,981 ASBURY AUTOMOTIVE GROUP INC.....................................................93,895 5,056,231 5,684,988 AUTODESK INC......................................................................................88,642 10,145,990 4,449,821 BANK OF AMERICA CORP.....................................................................24,406 583,070 345,785 BEAR NEWCO INC.................................................................................5,548 188,086 318,344 BECTON DICKINSON & CO....................................................................22,733 4,533,796 4,184,224 BED BATH & BEYOND INC....................................................................35,768 986,851 1,187,178 BERKSHIRE HATHAWAY INC................................................................2,818 2,273,558 1,243,976 BERRY GLOBAL GROUP INC................................................................112,561 6,330,447 5,651,304 BOARDWALK PIPELINE PARTNERS LP...............................................622,846 9,411,210 8,686,966 BRISTOW GROUP INC...........................................................................10,663 87,859 173,681 C&J ENERGY SERVICES INC................................................................11,241 283,827 365,266 CBRE GROUP.........................................................................................329,498 11,888,297 10,326,338 CBS CORP..............................................................................................99,931 6,401,574 6,562,827 CF INDUSTRIES HOLDINGS INC...........................................................238,619 6,917,563 6,593,857 CHENIERE ENERGY INC.......................................................................224,602 9,610,735 9,528,648 CIGNA CORP..........................................................................................21,694 3,949,592 3,535,815 CIMAREX ENERGY CO..........................................................................3,898 388,640 385,442 CME GROUP INC....................................................................................42,063 5,291,498 4,380,995 CONSTELLATION BRANDS INC............................................................28,337 5,670,198 4,394,437 CREDIT ACCEPTANCE CORP...............................................................6,595 1,795,803 1,079,649 CVS HEALTH CORP...............................................................................7,820 604,819 476,418 DECKERS OUTDOOR CORP.................................................................14,179 906,012 908,706 DRIL-QUIP INC.......................................................................................6,140 230,545 417,004 ECOLAB INC...........................................................................................50,485 6,729,662 5,177,659 EMERSON ELECTRIC CO......................................................................3,137 185,208 151,648 ENABLE MIDSTREAM PARTNERS LP...................................................307,479 4,578,360 4,582,103 ENERGY TRANSFER EQUITY LP..........................................................312,107 5,421,292 4,927,718 ENERGY TRANSFER PARTNERS LP....................................................410,382 7,801,358 8,982,955 ENLINK MIDSTREAM PARTNERS LP....................................................5,878 95,402 94,458 ENTERPRISE PRODUCTS PARTNERS LP............................................377,042 9,829,491 8,923,381 EQT MIDSTREAM PARTNERS LP..........................................................30,198 2,306,246 2,149,444 EQUIFAX INC..........................................................................................25,224 3,593,606 3,447,934 EXPEDIA INC..........................................................................................79,836 11,844,510 10,738,422 EXPEDITORS INTERNATIONAL OF WASHINGTON INC.......................5,797 325,202 225,760 FAIRMONT SANTROL HOLDINGS INC..................................................423,720 1,296,584 2,869,457 FIDELITY NATIONAL INFORMATION SERVICES..................................95,465 8,870,642 6,207,521 FLOWSERVE CORP...............................................................................2,630 103,287 103,239 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2017 SECURITY SHARES FAIR VALUE COST ($) ($) FORUM ENERGY TECHNOLOGIES INC................................................39,447 457,590 590,013 GOLDMAN SACHS GROUP INC.............................................................375 83,856 51,843 GROUP 1 AUTOMOTIVE INC.................................................................74,810 4,490,079 5,082,867 HALLIBURTON CO.................................................................................45,929 1,789,836 1,832,621 HELIX ENERGY SOLUTIONS GROUP...................................................69,356 434,859 539,358 HELMERICH & PAYNE INC....................................................................8,321 352,326 689,853 IMPERVA INC.........................................................................................125,138 5,587,409 5,497,266 INTERACTIVE BROKERS GROUP INC..................................................40,633 1,703,730 1,544,493 INTERCONTINENTAL EXCHANGE INC.................................................363,717 23,521,584 19,689,311 INTEROIL
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