PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2010 Independent Auditors’ Report 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, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the Permanent University Fund (the “PUF”), as of and for the year ended August 31, 2010, and have issued our unqualified report thereon dated October 29, 2010. We have also audited the accompanying schedule 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), cash and cash equivalents (Schedule F), hedge fund investment pools (Schedule G), and the private investment pools (Schedule H) as of August 31, 2010. These schedules are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these Schedules based on our audit. In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the PUF referred to above, present fairly, in all material respects, the information set forth therein. October 29, 2010 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2010 SECURITY SHARES VALUE COST ($) ($) DOMESTIC COMMON STOCKS ACTUATE SOFTWARE CORP................................................................ 198,496 791,999 963,243 AES CORP.............................................................................................. 21,740 222,618 249,543 AKAMAI TECHNOLOGIES INC............................................................... 22,610 1,041,643 970,133 ALCOA INC............................................................................................. 104,043 1,062,279 1,295,450 ALEXANDERS INC.................................................................................. 941 286,582 252,635 ALPHA NATURAL RESOURCES INC..................................................... 81,751 3,035,415 3,629,238 ALTRIA GROUP INC............................................................................... 28,330 632,326 624,512 AMB PROPERTIES CORP...................................................................... 71,561 1,702,437 1,661,778 AMERESCO INC..................................................................................... 54,000 657,720 540,000 AMERICAN CAMPUS COMMUNITIES INC............................................. 12,683 377,827 346,914 AMERICAN ELECTRIC & POWER INC.................................................. 114,779 4,064,324 3,652,649 ANALOG DEVICES INC.......................................................................... 51,237 1,428,496 1,516,044 AON CORP.............................................................................................. 21,130 765,751 838,732 APACHE CORP....................................................................................... 21,900 1,967,715 1,719,852 APARTMENT INVESTMENT & MANAGEMENT...................................... 66,483 1,358,913 968,124 APPLE COMPUTER INC......................................................................... 8,120 1,976,164 1,434,218 APPLIED MATERIALS............................................................................. 93,204 968,390 1,119,873 ARCH COAL INC..................................................................................... 164,800 3,709,648 5,551,345 ARUBA NETWORKS INC........................................................................ 61,710 1,133,613 934,392 ARVINMERITOR INC.............................................................................. 116,000 1,516,120 1,291,576 ASSISTED LIVING CONCEPTS INC....................................................... 17,610 478,640 577,402 ATLAS ENERGY INC.............................................................................. 56,900 1,547,680 1,596,157 ATP OIL & GAS CORP............................................................................ 26,900 306,929 974,293 AUTOZONE INC...................................................................................... 12,248 2,569,455 2,593,437 AVALONBAY COMMUNITIES INC.......................................................... 31,850 3,351,257 2,729,725 AVON PRODUCTS INC........................................................................... 84,674 2,464,009 2,690,345 BAKER HUGHES INC............................................................................. 45,260 1,700,871 2,202,917 BANK NEW YORK MELLON CORP........................................................ 173,633 4,214,073 5,099,372 BARRETT BILL CORP............................................................................. 18,700 608,872 627,602 BE AEROSPACE INC.............................................................................. 20,470 551,667 633,137 BECTON DICKINSON & CO.................................................................... 34,611 2,360,147 2,428,486 BERKSHIRE HATHAWAY INC................................................................ 2 237,350 203,819 BEST BUY CO INC.................................................................................. 136,762 4,292,959 5,728,805 BIOMED REALTY TRUST INC................................................................ 11,167 190,844 191,816 BIO-RAD LABORATORIES INC.............................................................. 30,131 2,486,711 2,671,895 BOSTON PROPERTIES INC................................................................... 90,701 7,383,062 6,732,122 BRE PROPERTIES INC.......................................................................... 32,431 1,325,780 1,132,368 BRISTOL MYERS SQUIBB CO............................................................... 25,730 671,038 598,245 BROOKDALE SR LIVING INC................................................................. 62,465 837,031 830,086 BRUNSWICK CORP................................................................................ 61,360 779,886 1,122,630 CALPINE CORP...................................................................................... 10,538 134,043 122,833 CAMDEN PROPERTY TRUST................................................................ 8,497 388,823 388,295 CAMERON INTERNATIONAL CORP...................................................... 83,580 3,074,072 3,151,035 CARBO CERAMICS INC......................................................................... 1,975 149,567 144,262 CARRIZO OIL & GAS INC....................................................................... 27,900 584,784 713,716 CENTRAL EUROPEAN DISTRIBUTION CORP....................................... 44,571 1,019,785 1,394,960 CHESAPEAKE ENERGY CORP.............................................................. 80,000 1,654,400 1,652,198 CHEVRONTEXACO CORP..................................................................... 4,300 318,888 322,515 CHUBB CORP......................................................................................... 44,378 2,446,115 2,183,843 CINTAS CORP........................................................................................ 12,890 328,566 329,203 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2010 SECURITY SHARES VALUE COST ($) ($) CITRIX SYSTEMS INC............................................................................ 18,870 1,093,328 902,626 CMS ENERGY CORP.............................................................................. 64,341 1,125,968 836,182 COCA COLA CO..................................................................................... 38,062 2,128,427 2,146,624 COLGATE-PALMOLIVE CO.................................................................... 20,078 1,482,538 1,574,673 COLONIAL PROPERTIES....................................................................... 37,361 592,545 386,006 COMFORT SYSTEMS USA INC.............................................................. 89,024 928,520 916,833 COMPLETE PRODUCTION SERVICES INC........................................... 29,789 525,478 442,707 COMSTOCK RESOURCES INC.............................................................. 3,700 80,549 281,983 CONOCOPHILLIPS................................................................................. 5,900 309,337 316,274 CONSOL ENERGY INC........................................................................... 131,680 4,240,096 4,992,438 CONSTELLATION ENERGY GROUP INC............................................... 7,300 214,109 212,585 CONTANGO OIL & GAS.......................................................................... 12,280 538,478 608,859 CORNING INC......................................................................................... 77,637 1,217,348 1,222,638 COSTCO WHOLESALE CORP............................................................... 11,070 626,009 623,038 COUSINS PROPERTIES INC.................................................................. 96,833 636,193 656,187 CULP INC................................................................................................ 77,361 717,136 860,400 DELL INC................................................................................................ 72,950 858,622 974,437 DELTA AIR LINES INC............................................................................ 61,400 642,244 749,711 DENBURY RESOURCE INC................................................................... 75,000 1,105,500 1,011,740 DEVELOPERS