PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2013 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION The Board of Regents of The University of Texas System The Board of Directors of The University of Texas 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, 2013 and 2012, and have issued our report thereon dated October 31, 2013, 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 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, 2013 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 PUF’s management 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. October 31, 2013 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2013 SECURITY SHARES FAIR VALUE COST ($) ($) DOMESTIC COMMON STOCKS ACCESS MIDSTREAM PARTNERS LP..................................................33,790 1,541,162 1,036,145 ADVANCED AUTO PARTS INC..............................................................79,650 6,377,550 5,865,550 ALCOA INC.............................................................................................119,323 918,790 1,467,939 ALEXANDRIA REAL ESTATE.................................................................21,420 1,320,971 1,555,099 ALLSCRIPTS HEALTHCARE..................................................................309,627 4,501,978 4,167,244 ALPHA NATURAL RESOURCES INC.....................................................143,635 873,303 1,150,519 ALTERA CORP.......................................................................................96,240 3,384,746 3,454,285 AMERICAN ASSETS TRUST INC...........................................................29,168 863,664 637,705 AMERICAN INTERNATIONAL GROUP INC............................................136,607 6,346,779 4,973,138 ANADARKO PETROLEUM......................................................................58,312 5,330,920 4,771,019 ANALOG DEVICES INC..........................................................................112,802 5,220,465 3,939,255 ANNALY CAPITAL MANAGEMENT INC.................................................26,169 305,394 367,148 APACHE CORP.......................................................................................37,621 3,223,359 3,952,279 APARTMENT INVESTMENT & MANAGEMENT......................................117,691 3,240,033 2,803,696 APPLIED MATERIALS INC.....................................................................234,795 3,524,277 3,029,714 APPROACH RESOURCES INC..............................................................112,340 2,617,527 3,254,951 ARCH COAL INC.....................................................................................173,143 773,948 1,250,090 ASBURY AUTOMOTIVE GROUP INC.....................................................81,444 4,001,339 3,006,234 ASCENA RETAIL GROUP INC................................................................225,987 3,688,100 3,604,422 ASPEN TECHNOLOGY INC....................................................................21,490 718,424 322,587 ATLAS PIPELINE HOLDINGS LP............................................................32,228 1,250,446 1,036,939 ATP OIL & GAS CORP............................................................................40,988 2,045 4,550 ATWOOD OCEANICS INC......................................................................80,424 4,478,016 3,758,560 AUTONATION INC..................................................................................52,878 2,471,520 2,391,152 AVALONBAY COMMUNITIES INC..........................................................32,621 4,041,748 4,252,313 B/E AEROSPACE INC.............................................................................68,821 4,692,879 3,172,220 BAKER HUGHES INC.............................................................................170,090 7,907,500 8,307,931 BERKSHIRE HATHAWAY INC................................................................1,616 2,888,345 2,104,571 BILL BARRETT CORP............................................................................87,772 1,889,737 1,660,962 BIOMED REALTY TRUST INC................................................................40,100 738,241 804,120 BOARDWALK PIPELINE PARTNERS LP...............................................57,968 1,742,518 1,389,747 BONANZA CREEK ENERGY INC...........................................................68,384 2,714,846 1,721,910 BOSTON PROPERTIES INC...................................................................31,261 3,204,233 3,254,363 BRE PROPERTIES INC..........................................................................26,465 1,270,055 1,311,754 BRINKS CO.............................................................................................53,057 1,370,465 1,452,796 BUCKEYE PARTNERS LP......................................................................50,660 3,546,200 2,742,439 C&J ENERGY SERVICES INC................................................................21,536 442,125 444,689 CABOT OIL & GAS CORP.......................................................................114,723 4,489,119 2,139,945 CAMERON INTERNATIONAL CORP......................................................118,828 6,748,223 5,564,795 CARBO CERAMICS INC.........................................................................9,455 771,456 906,120 CAREFUSION CORP..............................................................................89,655 3,214,119 3,422,351 CBL & ASSOCIATES PROPERTIES INC................................................48,693 934,906 1,183,732 CHENIERE ENERGY INC.......................................................................28,718 803,813 516,922 CIMAREX ENERGY CO..........................................................................67,688 5,672,896 4,544,753 CLAYTON WILLIAMS ENERGY INC.......................................................92,246 4,544,062 3,762,559 CME GROUP INC....................................................................................43,876 3,119,999 2,392,876 COBALT INTERNATIONAL ENERGY.....................................................102,497 2,500,919 2,753,162 COCA-COLA CO.....................................................................................121,866 4,652,850 3,560,592 COGNIZANT TECH SOLUTIONS............................................................55,779 4,088,593 3,636,338 COLE REAL ESTATE INVESTMENTS INC.............................................70,822 781,875 779,474 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2013 SECURITY SHARES FAIR VALUE COST ($) ($) COLGATE-PALMOLIVE CO....................................................................33,587 1,833,572 1,285,211 COLONIAL PROPERTIES.......................................................................11,950 263,976 265,361 COMFORT SYSTEMS USA INC..............................................................114,714 1,732,186 1,259,569 COMSTOCK RESOURCES INC..............................................................112,497 1,642,455 1,805,586 CONSOL ENERGY INC...........................................................................122,730 3,832,849 4,061,323 CORPORATE OFFICE PROPERTIES TRUST INC.................................69,136 1,574,918 1,660,228 COUSINS PROPERTIES INC..................................................................206,961 2,055,120 1,823,112 CREDIT ACCEPTANCE CORP...............................................................7,841 843,270 717,662 CUBESMART..........................................................................................70,758 1,178,121 798,337 CVS CORP..............................................................................................9,477 550,123 353,427 DCP MIDSTREAM PARTNERS LP.........................................................24,655 1,181,714 865,213 DDR CORP.............................................................................................175,586 2,725,095 2,785,514 DEVON ENERGY CORP.........................................................................128,191 7,318,448 8,067,270 DEVRY INC.............................................................................................19,499 585,162 564,156 DIAMOND