PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2015 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 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, 2015 and 2014, and have issued our report thereon dated October 30, 2015, 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 (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, 2015 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 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 indicates (1) that in Note 1, the financial statements of the PUF include only the investment related assets and liabilities and changes therein which are being managed by The University of Texas Investment Management Company and do not include the PUF’s 2.1 million acres of land; (2) that in Note 2, the financial statements include investments valued at $13,548,351,602 (75.3% of total assets) and $12,742,901,418 (70.9% of total assets) as of August 31, 2015 and 2014, respectively, whose fair values have been estimated by management in the absence of readily determinable fair values. Management’s estimates are based on procedures performed by management which use information provided by the fund managers or the general partners. October 30, 2015 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2015 SECURITY SHARES FAIR VALUE COST ($) ($) DOMESTIC COMMON STOCKS ACTIVISION BLIZZARD INC...................................................................105,893 3,031,730 3,047,953 ALCOA INC.............................................................................................93,743 885,871 1,235,819 ALPHA NATURAL RESOURCES INC.....................................................149,115 8,634 1,194,415 AMERICAN ASSETS TRUST INC...........................................................8,983 346,025 223,662 AMERICAN CAPITAL AGENCY CORP...................................................9,152 175,081 197,124 AMERICAN EXPRESS CO......................................................................19,246 1,476,543 1,636,611 AMERICAN HOMES 4 RENT..................................................................38,245 611,155 668,495 AMERICAN INTERNATIONAL GROUP INC............................................134,125 8,093,130 6,372,498 ANADARKO PETROLEUM CORP...........................................................86,900 6,220,275 7,487,344 ANALOG DEVICES INC..........................................................................68,340 3,817,479 2,510,970 ANTERO MIDSTREAM PARTNERS LP..................................................19,123 442,877 414,310 ANTERO RESOURCES CORP...............................................................37,552 970,331 2,007,128 APACHE CORP.......................................................................................84,306 3,813,985 7,045,849 APARTMENT INVESTMENT & MANAGEMENT CO...............................40,713 1,466,889 1,143,617 ARCH COAL INC.....................................................................................20,713 192,836 1,379,171 ARRIS GROUP INC.................................................................................192,023 5,073,244 5,852,022 ASBURY AUTOMOTIVE GROUP INC.....................................................37,232 2,999,781 1,935,534 AUTODESK INC......................................................................................130,038 6,079,254 6,219,020 AUTONATION INC..................................................................................70,081 4,193,622 4,611,627 AVALONBAY COMMUNITIES INC..........................................................29,445 4,860,189 4,176,306 BAKER HUGHES INC.............................................................................169,200 9,475,176 9,937,660 BERKSHIRE HATHAWAY INC................................................................3,127 2,646,402 1,802,075 BILL BARRETT CORP............................................................................60,402 330,400 1,125,059 BIOMED REALTY TRUST INC................................................................61,845 1,144,132 1,321,543 BIZLINK HOLDING INC...........................................................................3,529 14,862 15,721 BOARDWALK PIPELINE PARTNERS LP...............................................217,143 2,966,179 3,917,206 BOSTON PROPERTIES INC...................................................................35,478 4,022,519 4,311,062 BRANDYWINE REALTY TRUST.............................................................130,251 1,578,640 1,992,947 BRIXMOR PROPERTY GROUP INC.......................................................75,484 1,722,544 1,781,261 BUCKEYE PARTNERS LP......................................................................12,817 902,557 791,835 CABOT OIL & GAS CORP.......................................................................140,098 3,316,124 4,502,357 CALLON PETROLEUM CO.....................................................................404,336 3,707,763 2,978,527 CAMDEN PROPERTY TRUST................................................................46,045 3,316,600 3,242,623 CAMERON INTERNATIONAL CORP......................................................70,857 4,730,405 3,970,725 CARBO CERAMICS INC.........................................................................21,646 593,528 787,864 CARE CAPITAL PROPERTIES INC........................................................9,641 306,475 364,843 CARRIZO OIL & GAS INC.......................................................................83,760 3,051,370 3,581,610 CBL & ASSOCIATES PROPERTIES INC................................................148,968 2,216,644 2,796,399 CHENIERE ENERGY INC.......................................................................25,995 1,615,562 1,879,250 CHENIERE ENERGY PARTNERS LP.....................................................93,019 2,766,398 2,804,917 CHENIERE ENERGY PARTNERS LP HOLDINGS LLC..........................71,823 1,552,091 1,707,996 CIMAREX ENERGY CO..........................................................................90,886 10,043,781 7,599,283 CLAYTON WILLIAMS ENERGY INC.......................................................155,507 7,912,192 8,191,267 CME GROUP INC....................................................................................13,196 1,246,185 1,132,417 COLGATE-PALMOLIVE CO....................................................................141 4,145 4,128 COLUMBIA PIPELINE GROUP INC........................................................28,233 715,979 756,748 CONCHO RESOURCES INC..................................................................11,004 1,190,183 1,089,358 CONSOL ENERGY INC...........................................................................158,727 2,417,417 5,413,943 CONTANGO OIL & GAS CO...................................................................70,183 653,401 901,526 COPART INC..........................................................................................115,664 4,050,536 3,857,665 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2015 SECURITY SHARES FAIR VALUE COST ($) ($) CORPORATE OFFICE PROPERTIES TRUST INC.................................64,766 1,362,039 1,890,159 COUSINS PROPERTIES INC..................................................................89,011 816,229 696,243 CREDIT ACCEPTANCE CORP...............................................................3,983 811,864 364,604 CUBESMART..........................................................................................50,354 1,273,453 844,431 CVS HEALTH CORP...............................................................................6,466 662,114 241,144 DCT INDUSTRIAL TRUST INC................................................................31,306 1,005,247 987,934 DDR CORP.............................................................................................111,467 1,704,330 1,906,812