PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES AND INDEPENDENT AUDITORS’ REPORT August 31, 2011 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, 2011, and have issued our unqualified report thereon dated October 31, 2011. 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), physical commodities (Schedule F), cash and cash equivalents (Schedule G), hedge fund investment pools (Schedule H), and the private investment pools (Schedule I), as of August 31, 2011. 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 31, 2011 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES August 31, 2011 SECURITY SHARES VALUE COST ($) ($) DOMESTIC COMMON STOCKS 3M CO..................................................................................................... 19,895 1,650,887 1,718,906 ACME PACKET INC................................................................................ 14,920 702,583 781,523 ALCOA INC............................................................................................. 359,273 4,602,287 5,252,603 ALEXANDERS INC.................................................................................. 524 226,840 140,681 ALLIED NEV GOLD CORP...................................................................... 30,580 1,269,987 852,977 ALPHA NATURAL RESOURCES INC..................................................... 212,452 7,025,788 8,327,929 ALTERA CORP....................................................................................... 61,063 2,222,096 2,033,434 AMAZON COM INC................................................................................. 8,930 1,922,540 1,809,704 AMERICAN ASSETS TRUST INC........................................................... 25,388 510,807 525,153 AMERICAN ELECTRIC & POWER INC.................................................. 90,255 3,486,550 3,029,950 ANADARKO PETROLEUM...................................................................... 33,289 2,455,064 2,324,130 ANALOG DEVICES INC.......................................................................... 136,140 4,495,351 4,666,820 AON CORP............................................................................................. 19,056 890,489 773,194 APACHE CORP....................................................................................... 22,550 2,324,228 1,783,857 APARTMENT INVESTMENT & MANAGEMENT...................................... 143,544 3,813,964 3,000,698 APPLE COMPUTER INC......................................................................... 7,410 2,851,590 2,819,965 APPLIED MATERIALS............................................................................ 291,715 3,302,214 3,864,422 ARCH COAL INC..................................................................................... 162,600 3,302,406 5,563,339 ARIBA INC.............................................................................................. 30,270 821,225 752,079 ASCENA RETAIL GROUP INC................................................................ 148,630 4,224,064 4,475,992 ASPEN TECHNOLOGY INC.................................................................... 266,971 4,482,443 4,013,753 ASSISTED LIVING CONCEPTS INC....................................................... 35,220 473,004 577,403 ATP OIL & GAS CORP............................................................................ 26,900 362,343 974,293 AUTOMATIC DATA PROCESSING INC.................................................. 11,230 561,819 500,499 AVALONBAY COMMUNITIES INC.......................................................... 23,235 3,168,789 2,345,555 BAKER HUGHES INC............................................................................. 139,590 8,530,345 8,101,905 BASIC ENERGY SERVICES INC............................................................ 17,100 373,806 190,026 BE AEROSPACE INC.............................................................................. 17,890 623,109 567,452 BERKSHIRE HATHAWAY INC................................................................ 1,447 105,606 115,603 BERKSHIRE HATHAWAY INC................................................................ 9 973,479 1,013,138 BILL BARRETT CORP............................................................................ 27,750 1,330,612 1,028,379 BIOMED REALTY TRUST INC................................................................ 60,500 1,106,545 1,158,092 BIO-RAD LABORATORIES INC.............................................................. 32,031 3,213,990 3,082,170 BOARDWALK PIPELINE PARTNERS..................................................... 58,618 1,471,312 1,628,115 BOSTON PROPERTIES INC................................................................... 25,213 2,629,464 1,927,554 BPZ RESOURCES INC........................................................................... 29,600 108,632 156,994 BRANDYWINE REALTY TRUST............................................................. 11,473 114,042 135,571 BRE PROPERTIES INC.......................................................................... 6,738 338,652 308,226 BRIGGS & STRATTON CORP................................................................ 132,668 2,142,588 2,725,715 BRUNSWICK CORP............................................................................... 58,170 924,321 1,241,697 BUCKEYE PARTNERS........................................................................... 32,188 2,027,200 2,000,082 CA INC.................................................................................................... 35,862 752,737 839,975 CABOT OIL & GAS.................................................................................. 6,500 493,090 439,126 CALUMET SPECIALTY PRODUCTS PARTNERS LP............................. 14,878 306,784 318,464 CAMERON INTERNATIONAL CORP...................................................... 131,400 6,827,544 5,812,661 CAMPUS CREST COMMUNITIES INC.................................................... 10,143 119,890 126,352 CARBO CERAMICS INC......................................................................... 10,425 1,669,564 1,051,605 CARRIZO OIL & GAS INC....................................................................... 27,900 837,558 713,716 CAVIUM INC........................................................................................... 18,820 605,816 764,170 CHART INDUSTRIES INC....................................................................... 23,420 1,107,532 820,076 2 PERMANENT UNIVERSITY FUND SCHEDULE A EQUITY SECURITIES (CONTINUED) August 31, 2011 SECURITY SHARES VALUE COST ($) ($) CHENIERE ENERGY INC....................................................................... 124,890 967,897 1,152,368 CHESAPEAKE ENERGY CORP............................................................. 138,970 4,501,238 3,788,428 CISCO SYSTEMS INC............................................................................ 114,248 1,791,402 1,973,904 CITIGROUP INC...................................................................................... 78,277 2,430,501 3,325,407 CITRIX SYSTEMS INC............................................................................ 8,650 522,719 653,679 CLAYTON WILLIAMS ENERGY INC....................................................... 60,564 3,436,401 3,157,632 COCA COLA CO..................................................................................... 78,879 5,557,047 4,609,270 COLGATE-PALMOLIVE CO.................................................................... 48,260 4,341,903 3,836,469 COLONIAL PROPERTIES....................................................................... 107,425 2,258,074 2,016,131 COMFORT SYSTEMS USA INC.............................................................. 248,616 2,376,769 2,724,481 COMMONWEALTH REIT........................................................................ 82,580 1,697,845 2,092,260 COMSTOCK RESOURCES INC.............................................................. 3,700 75,295 281,983 CONSOL ENERGY INC........................................................................... 145,680 6,651,749 5,633,104 CONTANGO OIL & GAS......................................................................... 10,625 644,223 540,095 CONTANGO ORE INC............................................................................ 1,845 26,755 9,520 CONTINENTAL RESOURCE INC OKLAHOMA....................................... 13,200 737,748 834,954 COPANO ENERGY LLC.......................................................................... 50,529 1,638,150 1,670,994 CORPORATE OFFICE PROPERTIES TRUST INC................................. 10,550 282,635 296,856 COUSINS PROPERTIES INC.................................................................. 96,005 693,156 668,767