P U F D S I S

PERMANENT UNIVERSITY FUND DETAIL SCHEDULES OF INVESTMENT SECURITIES August 31, 2005 !@# r Ernst & Young LLP Suite 1400 700 Lavaca Austin, Texas 78701 r Phone:(512) 478-9881 Fax: (512) 473-3499 www.ey.com Report of Independent Auditors 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, the financial statements of the Permanent University Fund (PUF), as of August 31, 2005, and for the year then ended, and have issued our unqualified report thereon dated October 21, 2005. Our audit included an audit of the PUF's accompanying schedule of equity securities (Schedule A), preferred stocks and convertible securities (Schedule B), purchased options (Schedule C), debt securities (Schedule D), investment funds (Schedule E), and cash and cash equivalents (Schedule F) as of August 31, 2005. These Schedules are the responsibility of the PUF'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, presents fairly, in all material respects, the information set forth therein. October 21, 2005 1 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) SCHEDULE A COST ($) DOMESTIC COMMON STOCKS 1-800 FLOWERS COM INC..................................................................... 724 SOLUTIONS INC.............................................................................. 7-ELEVEN INC COM NEW...................................................................... AAR CORP.............................................................................................. ABBOTT LABS........................................................................................ ABERCROMBIE & FITCH CO.................................................................. ACCELR8 TECH CORP........................................................................... ACCENTURE LTD BERMUDA................................................................. ACCO BRANDS CORP............................................................................ ACETO CORP......................................................................................... ADE CORP MASS................................................................................... ADESA INC............................................................................................. ADMINISTAFF INC.................................................................................. ADVANCED AUTO PARTS INC.............................................................. ADVANCED MICRO DEVICES................................................................ AEROFLEX INC....................................................................................... AETNA US HEALTHCARE INC............................................................... AGCO CORP........................................................................................... AGERE SYSTEM INC.............................................................................. AGILE SOFTWARE CORP...................................................................... AGILYSYS INC........................................................................................ AGREE REALTY CORP.......................................................................... ALASKA AIR GROUP INC....................................................................... ALBANY MOLECULAR RESEARCH INC................................................ ALBERTO CULVER CO........................................................................... ALDERWOODS GROUP INC.................................................................. ALEXANDRIA REAL ESTATE................................................................. ALLERGAN INC....................................................................................... ALLIANT TECHSYSTEMS INC................................................................ ALLIS CHALMERS ENERGY INC............................................................ ALLOY ONLINE INC................................................................................ ALPHA NATURAL RESOURCES INC..................................................... ALTRIA GROUP INC............................................................................... AMBAC INC............................................................................................. AMERADA HESS CORP......................................................................... AMERICAN GREETINGS........................................................................ AMERICAN HOME MORTGAGE INVESTMENT CORP.......................... AMERICAN INTERNATIONAL GROUP INC............................................ AMERICAN MEDICAL HOLDINGS INC................................................... AMERICAN SUPERCONDUCTOR CORP............................................... AMERICREDIT CORP............................................................................. AMERISOURCECEBER GENERAL CORP............................................. AMGEN INC............................................................................................ AMIS HOLDINGS INC............................................................................. ANADARKO PETROLEUM...................................................................... ANALOGIC CORP................................................................................... ANDREW CORP...................................................................................... ANGLO AMERICAN PLC ADR................................................................ ANN TAYLOR STORES CORP............................................................... 2 20,384 20,076 5,950 12,000 14,800 2,800 3,190 143,500 33,400 291,564 1,800 8,569 7,650 18,600 33,700 59,585 9,700 164,100 137,730 14,800 24,550 1,700 9,800 6,400 54,400 8,050 255,800 800 59,200 4,100 31,920 800 78,010 32,800 9,200 16,100 20,450 44,400 30,983 133,981 20,600 10,000 16,000 17,300 9,100 140,357 239,980 21,130 12,880 141,669 81,709 168,623 211,200 667,924 155,708 9,666 3,501,400 871,740 2,142,995 39,276 195,373 275,171 1,133,298 699,949 553,545 772,799 3,368,973 1,559,104 98,272 440,673 50,320 330,456 106,752 2,336,480 129,525 20,962,810 73,640 4,554,256 43,665 161,515 23,864 5,515,307 2,249,424 1,169,320 408,779 654,196 2,628,480 635,152 1,366,606 513,764 746,700 1,278,400 207,081 826,917 6,996,796 2,766,970 538,815 329,728 170,001 136,454 170,042 165,869 694,184 178,829 6,380 3,644,425 611,060 2,668,354 40,798 193,221 194,657 840,431 709,486 711,410 577,965 2,774,569 3,033,680 96,625 391,206 49,960 238,121 91,302 2,393,011 79,149 7,979,000 73,813 3,744,586 39,975 161,053 15,200 4,545,141 2,181,170 1,148,727 439,758 627,990 2,879,586 618,964 1,661,395 486,738 668,866 976,792 198,848 619,057 6,289,587 3,091,304 504,047 281,942 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 175,560 313,325 307,966 3,020,226 385,925 756,056 222,906 211,869 5,095,673 439,356 359,394 2,253,900 779,100 179,172 12,628 6,315,354 814,862 21,297,784 52,847 53,987 61,560 53,557 110,145 241,861 1,292,340 226,402 2,004,621 43,260 397,707 73,766 859,680 75,650 686,730 17,950,944 147,795 3,263,949 2,175,719 63,401 123,613 99,098 7,070,518 710,500 2,570,937 55,028 5,078,720 136,275 2,517,672 99,997 873,015 2,089,009 SCHEDULE A (CONTINUED) COST ($) 194,103 267,968 296,810 3,370,930 361,806 757,601 223,532 149,038 4,858,102 749,316 323,437 2,126,725 753,194 172,635 12,267 4,051,578 821,000 11,989,229 57,539 51,049 59,558 46,675 90,003 209,295 1,245,922 255,253 1,582,184 58,481 340,373 52,443 493,779 75,398 462,656 8,024,829 141,497 3,236,214 3,363,648 63,675 110,683 96,903 7,011,305 566,017 2,590,592 52,304 6,161,820 120,962 2,173,073 92,386 839,533 1,767,640 ANNALY MORTGAGE MANAGEMENT INC............................................ ANSYS INC............................................................................................. APACHE CORP....................................................................................... APPLEBEES INTERNATIONAL INC........................................................ APPLERA CORP-APPLIED BIOSYSTEM................................................ APPLERA CORP-CELERA GENOMICS.................................................. APPLIED FILMS CORP........................................................................... APPLIED INDUSTRIAL TECHNOLOGIES INC........................................ APPLIED MATERIALS............................................................................. APPLIED SIGNAL TECHNOLOGY INC................................................... AQUANTIVE INC..................................................................................... ARAMARK CORP.................................................................................... ARBITRON INC....................................................................................... ARBOR REALTY TR INC......................................................................... ARCH CHEMICAL INC............................................................................ ARCH COAL INC..................................................................................... ARCHER-DANIELS-MIDLAND CO.......................................................... ARCHSTONE-SMITH TRUST.................................................................. ARCTIC CAT INC.................................................................................... ARENA PHARMACEUTICALS INC.......................................................... ARGON STREET INC.............................................................................. ARGONAUT GROUP INC........................................................................ ARRIS GROUP INC................................................................................. ARTHROCARE CORP............................................................................. ASPEN INSURANCE HOLDINGS............................................................ ASPEN TECHNOLOGY INC.................................................................... ASSURANT INC...................................................................................... ATMEL CORP.......................................................................................... ATMI INC................................................................................................. AUDIOVOX CORP................................................................................... AUTODESK INC...................................................................................... AUTOLIV INC.......................................................................................... AUTONATION INC.................................................................................. AVALONE BAY COMMUNITIES INC....................................................... AVNET INC.............................................................................................. AVON PRODUCTS INC.......................................................................... AXCELIS TECHNOLOGIES INC.............................................................. BANC CORPORATION............................................................................ BANCFIRST CORP................................................................................. BANK MAT CORP................................................................................... BANK OF AMERICA CORP..................................................................... BANK OF HAWAII CORP........................................................................ BANK OF NEW YORK CO...................................................................... BANK OF THE OZARKS INC.................................................................. BANKUNITED FINANCIAL CORP........................................................... BARNES GROUP INC............................................................................. BARR LABS INC...................................................................................... BECTON DICKINSON & CO.................................................................... BELDEN CDT INC................................................................................... BELL MICROPRODUCTS INC................................................................. 3 11,550 8,300 4,300 136,600 17,950 64,400 9,850 5,900 278,300 23,015 19,900 82,500 18,550 6,300 510 98,370 36,200 528,481 2,450 6,450 2,000 2,150 10,500 6,650 47,600 45,100 53,700 21,000 12,900 4,080 19,900 1,700 33,000 213,600 5,900 99,450 368,766 5,942 1,450 9,050 164,316 14,000 84,100 1,650 215,200 3,950 55,200 1,900 40,700 206,220 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 63,882 1,443,870 1,674,146 1,969,908 160,992 53,170 2,490,075 69,000 2,006,592 5,730,818 24,160 179,452 220,000 49,800 55,225 24,304,840 254,890 77,644 6,016,072 173,216 910,284 13,754,306 319,500 341,202 774,092 914,996 161,700 4,585,248 108,868 640,215 48,492 2,899,365 2,388,505 895,433 181,902 53,592 119,826 60,145 2,613,281 45,360 198,288 103,614 5,633,649 118,503 50,505 80,598 262,525 224,898 2,093,715 732,240 SCHEDULE A (CONTINUED) COST ($) 58,924 1,146,215 1,286,976 1,942,950 182,451 43,631 2,514,634 65,319 2,208,129 4,789,430 23,494 158,575 201,516 39,000 52,529 12,015,238 259,030 72,895 5,278,824 168,729 947,208 6,003,656 352,134 165,805 653,036 523,515 164,554 3,795,868 94,987 551,589 52,003 3,227,116 1,465,168 921,304 158,208 51,756 138,334 58,631 1,323,287 34,104 61,200 112,550 5,993,020 127,464 57,510 69,462 268,261 170,938 2,565,099 761,008 BERKLEY W R CORP............................................................................. BG PLC ADR FINAL INSTALLMENT....................................................... BHP BILLITON LTD................................................................................. BIG LOTS INC......................................................................................... BIMINI MORTGAGE MANAGEMENT INC............................................... BIOMED REALTY TR INC....................................................................... BIOMET INC............................................................................................ BIO-RAD LABORATORIES INC.............................................................. BISYS GROUP INC................................................................................. BJ SERVICE CO..................................................................................... BLAIR CORP........................................................................................... BLUE COAT SYSTEM INC COM NEW.................................................... BMC SOFTWARE INC............................................................................. BOIS D ARC ENERGY LLC..................................................................... BOSTON BEER INC................................................................................ BOSTON PROPERTIES INC................................................................... BOWNE & CO INC.................................................................................. BOYKIN LODGING CO............................................................................ BP AMOCO PLC...................................................................................... BRADY CORP......................................................................................... BRISTOL MYERS SQUIBB CO............................................................... BROOKFIELD PROPERTIES CORP....................................................... BROOKS AUTOMATION INC.................................................................. BUILDING MATERIALS HOLDINGS CORP............................................. BURLINGTON NORTHERN SANTA FE CORP....................................... BURLINGTON RESOURCES INC........................................................... CABOT CORPORATION......................................................................... CACI INTERNATIONAL INC.................................................................... CADENCE DESIGN SYSTEMS INC........................................................ CAL DIVE INTERNATIONAL INC............................................................ CALAMOS ASSET MANAGEMENT INC.................................................. CALGON CARBON CORP....................................................................... CALIFORNIA PIZZA KITCHEN INC......................................................... CALIPER LIFE SCIENCES INC............................................................... CALLAWAY GOLF CO............................................................................ CALLON PETROLEUM CO..................................................................... CAMBREX CORP.................................................................................... CAMDEN PROPERTY TRUST................................................................ CANADIAN NAT RES LTD...................................................................... CANARGO ENERGY CORP.................................................................... CANARGO ENERGY CORP.................................................................... CARNIVAL CORP.................................................................................... CARRAMERICA REALTY CORP............................................................. CATALINA MARKET CORP.................................................................... CATHAY BANCORP INC......................................................................... CBL & ASSOCIATES PROPERTIES INC................................................ C-COR NET CORP.................................................................................. CDI CORP............................................................................................... CELESTICA INC...................................................................................... CENDANT CORP.................................................................................... 4 1,800 31,560 53,470 166,800 12,900 2,150 67,500 1,250 134,400 90,850 604 4,550 11,000 3,000 2,350 341,600 17,950 5,900 87,980 5,550 37,200 474,450 22,500 3,650 14,600 12,400 4,900 73,200 6,800 10,250 1,800 364,700 80,720 136,499 12,200 2,900 6,300 1,150 53,040 28,000 122,400 2,100 156,100 4,950 1,500 1,900 35,050 8,345 175,500 36,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 51,816 78,802 21,092,648 386,285 33,339 169,442 840,060 539,565 2,427,880 8 3,674,078 245,388 171,920 98,184 299,880 208,266 583,205 177,413 3,335,184 1,349,244 163,994 1,189,765 158,395 3,663,198 5,160,483 57,632 176,100 927,405 64,460 730,180 516,906 628,601 220,605 2,845,500 1,067,025 94,234 476,285 311,860 134,640 216,810 681,736 713,713 739,530 82,196 3,026,400 756,405 63,851 1,233,869 4,195,243 55,985 SCHEDULE A (CONTINUED) COST ($) 50,808 69,827 12,030,457 325,907 105,242 176,068 759,072 629,854 2,098,716 8 2,723,853 163,913 165,736 110,748 321,350 207,396 466,601 196,320 2,783,304 825,937 139,669 1,065,488 134,624 3,899,130 5,358,379 57,241 169,973 961,649 71,208 623,018 439,749 316,492 224,565 2,712,456 1,102,278 78,810 421,958 384,753 131,326 228,215 677,150 375,195 822,688 85,496 2,872,872 762,903 72,063 749,765 2,580,407 70,352 CENTENE CORP DEL............................................................................. CENTER FINANCIAL CORP.................................................................... CENTERPOINT PROPERTIES TRUST................................................... CENTILLIUM COMMUNICATIONS INC................................................... CENTRAL FREIGHT LINES INC............................................................. CENTRAL PACIFIC FINANCIAL CORP................................................... CENTURYTEL INC.................................................................................. CEPHEID................................................................................................. CERIDIAN CORP NEW........................................................................... CHALLENGER CORPORATION.............................................................. CHECKPOINT SYSTEMS INC................................................................. CHEMTURA CORP................................................................................. CHEVRONTEXACO CORP..................................................................... CHILDRENS PLACE RETAIL STORES................................................... CHIQUITA BRANDS INTERNATIONAL INC............................................ CHITTENDEN CORP............................................................................... CHOICE HOTELS INTERNATIONAL INC................................................ CHRISTOPHER & BANKS CORP............................................................ CHURCH & DWIGHT INC........................................................................ CIGNA CORP.......................................................................................... CIRCOR INTERNATIONAL INC............................................................... CIRCUIT CITY STORES INC................................................................... CIRRUS LOGIC INC................................................................................ CISCO SYSTEM INC.............................................................................. CITIGROUP INC...................................................................................... CITY NATIONAL CORP........................................................................... CLAIRES STORES INC........................................................................... CLEAR CHANNEL COMMUNICATIONS................................................. CNS INC.................................................................................................. COACH INC............................................................................................. COHERENT INC...................................................................................... COLDWATER CREEK INC...................................................................... COLE KENNETH PRODUCTIONS INC................................................... COLGATE-PALMOLIVE CO.................................................................... COMCAST CORP.................................................................................... COMFORT SYSTEMS USA INC.............................................................. COMMERCIAL NET LEASE REALTY INC............................................... COMMONWEALTH TELEPHONE........................................................... COMMSCOPE INC.................................................................................. COMPANIA ANONIMA NACIONAL......................................................... COMPTON PETEROLEUM CORP.......................................................... COMPUCREDIT CORP........................................................................... COMPUTER SCIENCES CORP.............................................................. COMPUTER TASK GROUP INC............................................................. COMSTOCK RESOURCES INC.............................................................. COMTECH TELECOMMUNICATIONS.................................................... CONNETICS CORP................................................................................. CONOCOPHILLIPS................................................................................. CONSOL ENERGY INC........................................................................... CONSOLIDATED GRAPHICS INC.......................................................... 5 1,700 3,100 500,300 136,016 18,120 4,900 23,400 71,942 119,600 727 168,150 14,300 2,800 2,400 11,900 7,725 9,500 11,040 87,400 11,700 6,245 70,442 20,050 207,900 117,900 800 7,500 27,850 2,450 22,000 16,260 20,509 7,700 54,200 34,700 11,450 23,850 7,750 7,200 14,600 57,000 17,050 16,600 21,130 104,000 21,550 3,350 18,712 60,190 1,450 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 108,750 385,143 168,898 442,302 165,627 717,175 274,592 2,295,618 24,975 383,273 381,732 72,385 3,803,925 716,059 238,786 165,372 576,022 1,619,268 2,519,082 195,700 76,023 278,374 2,349,384 104,608 1,060,880 2,883,375 8,916,542 279,542 5,498,519 3,326,982 939,054 2,064,000 52,520 460,330 554,180 90,202 604,201 2,790,792 471,489 3,257,280 3,137,310 3,603,298 168,102 2,550,750 289,900 4,834,466 214,412 610,157 998,800 3,724,611 SCHEDULE A (CONTINUED) COST ($) 113,846 314,222 168,127 248,510 178,031 652,435 327,476 2,318,017 54,187 431,793 339,836 61,832 3,629,764 684,972 236,785 180,962 511,983 1,300,917 2,421,347 216,550 81,398 266,800 1,745,536 116,457 1,121,912 2,565,178 8,010,642 193,637 5,013,684 3,050,682 729,286 2,061,523 72,296 517,147 615,997 189,230 508,566 2,321,203 458,401 3,429,290 2,759,666 3,326,853 160,711 2,213,016 292,635 3,689,424 265,694 284,362 728,459 3,384,192 CONSOLIDATED TOMOKA LD............................................................... CORE LABORATORIES.......................................................................... CORINTHIAN COLLEGES INC................................................................ CORUS BANKSHARES INC.................................................................... COST PLUS INC..................................................................................... COVALENT GROUP INC......................................................................... COVENANT TRANSPORTATION INC..................................................... COX RADIO INC...................................................................................... CRAY INC................................................................................................ CREDENCE SYSTEMS CORP................................................................ CRYOLIFE INC........................................................................................ CSG SYSTEMS INTERNATIONAL INC.................................................. CSK AUTO CORP................................................................................... CSX CORP.............................................................................................. CTS CORP.............................................................................................. CUMULUS MEDIA INC............................................................................ CURIS INC.............................................................................................. CYPRESS SEMICONDUCTOR CORP.................................................... DARDEN RESTAURANTS INC................................................................ DATACRAFT ASIA.................................................................................. DATASCOPE CORP................................................................................ DAVE & BUSTERS INC........................................................................... DEAN FOODS CO................................................................................... DEERE & CO........................................................................................... DELL INC................................................................................................ DELTA & PINE LAND CO........................................................................ DEVELOPERS DIVERSIFIED REALTY CORP........................................ DEVON ENERGY CORP......................................................................... DEVRY INC............................................................................................. DIAGEO PLC SPONSORED ADR........................................................... DIAMOND OFFSHORE DRILLING INC................................................... DIEBOLD INC.......................................................................................... DIGI INTERNATIONAL INC..................................................................... DILLARDS INC........................................................................................ DISNEY WALT CO.................................................................................. DIVERSA CORP...................................................................................... DOLLAR THRIFTY AUTOMOTIVE.......................................................... DONNELLY (R.R.) & SONS..................................................................... DOUBLE EAGEL PETE CO..................................................................... DOW CHEMICAL CO.............................................................................. DOWNEY FINANCIAL CORP.................................................................. DRESSER RAND GROUP INC................................................................ DSP GROUP INC.................................................................................... DST SYSTEMS INC................................................................................ DUKE ENERGY CORP............................................................................ DURATEK INC......................................................................................... DYCOM INDUSTRIES INC...................................................................... EDISON INTERNATIONAL...................................................................... EDWARDS LIFE SCIENCES CORP........................................................ EGL INC.................................................................................................. 6 1,450 12,100 13,320 7,601 7,700 281,245 21,845 148,200 22,500 43,210 48,940 3,550 227,100 16,300 19,195 12,950 126,877 103,600 80,200 206,000 2,350 19,535 63,600 1,600 29,800 112,500 185,800 4,600 297,700 57,650 15,900 43,000 4,950 20,450 22,000 18,950 19,967 74,700 25,349 75,400 49,500 150,200 6,600 47,500 10,000 230,542 12,100 13,550 22,700 148,450 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 71,391 370,406 368,060 1,061,476 2,734,964 694,430 178,880 3,610,024 1,461,707 23,779,992 2,050,968 119,232 11,046,520 206,208 52,734 350,132 107,027 583,711 28,704 1,641,260 207,081 3,876,676 1,188,405 2,080,208 134,723 416,088 404,250 75,520 69,439 238,056 235,955 2,811,818 456,822 233,132 474,074 2,890,880 4,913,035 189,334 6,135,365 64,352 3,013,058 274,620 384,517 110,100 5,913,750 277,245 169,313 928,200 104,550 175,344 SCHEDULE A (CONTINUED) COST ($) 61,975 357,814 274,077 802,741 1,708,534 633,017 128,607 3,430,359 949,658 18,003,949 1,194,601 125,031 5,998,760 216,432 52,676 345,713 112,611 654,465 27,523 1,134,392 217,668 3,254,241 1,251,495 2,572,804 124,228 475,154 217,228 70,784 51,298 227,535 237,791 2,830,967 341,841 239,403 607,881 1,740,183 2,760,282 189,088 4,080,256 65,364 2,173,269 182,355 413,131 136,828 4,598,649 264,596 165,385 846,300 80,405 174,104 ELECTRO RENT CORP.......................................................................... ELECTRO SCIENTIFIC INDS INC........................................................... EMCOR GROUP INC.............................................................................. EMMIS COMMUNICATIONS CORP........................................................ ENCANA CORP....................................................................................... ENERGIZER HOLDINGS INC.................................................................. ENPRO INDUSTRIES INC....................................................................... ENTEGRIS INC....................................................................................... EOG RESOURCES INC.......................................................................... EQUITY RESIDENTIAL PROPERTY...................................................... EQUITY ONE INC.................................................................................... ESCO TECHNOLOGIES INC................................................................... ESSEX PROPERTIES TRUST................................................................ ETHAN ALLEN INTERIORS INC............................................................. EVANS & SUTHERLAND COMPUTER................................................... EXAR CORP............................................................................................ EXCEL TECHNOLOGY INC.................................................................... EXELIXIS INC.......................................................................................... EXPLORATION CO................................................................................. EXXON MOBIL CORP............................................................................. FEDERAL SIGNAL CORP....................................................................... FEDERATED DEPARTMENT STORES INC............................................ FEI COMPANY........................................................................................ FERRO CORP......................................................................................... FINANCIAL FED CORP........................................................................... FIRST BANCORP PR.............................................................................. FIRST CITIZENS BANCSHARES INC..................................................... FIRST COMMUNITY BANCORP CALIF.................................................. FIRST FINANCIAL BANKSHARES INC................................................... FIRST NIAGARA FINANCIAL GROUP INC............................................. FIRSTFED FINANCIAL CORP................................................................. FLORIDA EAST COAST INDUSTRY....................................................... FLOWSERVE CORP............................................................................... FLUSHING FINANCIAL CORP................................................................ FORD MOTOR CO.................................................................................. FORDING CANADIAN COAL TRUST...................................................... FOREST OIL CORP................................................................................ FOSSIL INC............................................................................................. FOUNDATION COAL HOLDINGS INC.................................................... FRANKLIN RESOURCES INC................................................................. FREESCALE SEMICONDUCTOR INC.................................................... FREESCALE SEMICONDUCTOR INC.................................................... FREMONT GENERAL CORP.................................................................. FSI INTERNATIONAL INC....................................................................... FTI CONSULTING INC............................................................................ FULLER CO............................................................................................ FULTON FINANCIAL CORP.................................................................... GALLAGHER ARTHUR J & CO............................................................... GARDNER DENVER INC........................................................................ GARTNER GROUP INC.......................................................................... 7 5,300 16,700 6,675 44,302 55,600 10,700 5,200 344,797 22,900 629,600 88,100 1,150 125,600 6,400 10,200 22,430 4,300 77,932 6,900 27,400 12,110 56,200 56,780 109,600 3,450 22,540 2,450 1,600 2,004 16,800 4,100 65,300 12,300 13,360 47,550 23,389 109,300 8,610 172,100 800 125,127 11,500 16,850 27,525 237,500 8,450 9,675 32,500 2,500 15,600 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 4,130,035 657,580 3,102,484 6,108,618 26,891,676 739,845 244,492 111,228 333,994 688,500 328,160 1,747,395 39,222 686,400 120,107 5,451,594 332,503 2,443,590 157,899 148,344 407,278 48,600 229,013 119,988 2,218,526 300,086 150,470 8,505,783 354,491 2,405 100,918 190,034 3,619,725 200,330 82,726 3,470,000 1,435,410 4,184,136 3,253,824 6,225,318 129,575 13,493,535 3,734,260 59,520 3,641,950 2,186,470 401,784 53,025 120,930 198,392 SCHEDULE A (CONTINUED) COST ($) 3,714,792 570,617 2,854,623 6,302,909 13,880,061 725,773 238,130 104,181 226,096 626,130 302,377 1,351,993 27,720 558,329 165,404 1,440,243 355,169 2,025,224 150,898 151,039 577,796 42,569 219,560 85,221 1,491,862 381,039 145,023 3,894,459 336,482 1,934 85,515 187,531 3,937,235 183,595 85,753 2,662,947 1,259,155 3,984,860 3,170,667 3,998,693 108,496 10,004,790 3,619,962 49,452 3,378,613 2,211,790 310,347 50,353 131,631 177,843 GENCORP INC........................................................................................ GENENTECH INC................................................................................... GENERAL COMMUNICATION INC......................................................... GENERAL ELECTRIC CO....................................................................... GENERAL GROWTH PROPERTIES INC................................................ GENESIS HEALTH CARE CORP............................................................ GENWORTH FINANCIAL INC................................................................. GERBER SCIENTIFIC INC...................................................................... GILLETTE CO......................................................................................... GLOBAL INDUSTRIES LTD................................................................... GLOBAL SANTAFE CORP...................................................................... GOLDCORP INC..................................................................................... GOODRICH PETROLEUM CORP........................................................... GOOGLE INC.......................................................................................... GRAFTECH INTERNATIONAL LTD......................................................... GRANT PRIDECO INC............................................................................ GREIF BROTHERS................................................................................. GTECH HOLDINGS CORP...................................................................... GUESS INC............................................................................................. GUIDANT CORP..................................................................................... GUILFORD PHARMACEUTICALS INC.................................................... GULF IS FABRICATION INC................................................................... GYMBOREE CORP................................................................................. HAEMONETICS CORP............................................................................ HALLIBURTON CO.................................................................................. HANDLEMAN CO.................................................................................... HANMI FINANCIAL CORP....................................................................... HARRIS CORP........................................................................................ HEARST ARGYLE TELEVISION INC...................................................... HEICO CORP.......................................................................................... HEICO CORP.......................................................................................... HELIX TECHNOLOGY CORP.................................................................. HERCULES INC...................................................................................... HERMAN MILLER INC............................................................................ HERSHEY FOODS CORP....................................................................... HEWLETT PACKARD CO....................................................................... HEXCEL CORP....................................................................................... HILB ROGAL & HAMILTION CO.............................................................. HOME DEPOT INC.................................................................................. HOME PROPERTIES NY INC................................................................. HORNBECK OFFSHORE SERVICES INC.............................................. HOST MARRIOTT CORP........................................................................ HOUSTON EXPLORATION CO............................................................... HRPT PROPERTIES TRUST................................................................... HUDSON UNITED BANCORP................................................................. HUNT J B TRANSPORTATION SERVICES INC..................................... HUSKY ENERGY INC............................................................................. IBERIABANK CORP................................................................................ IBM CORP............................................................................................... IMAGISTICS INTERNATIONAL INC........................................................ 8 219,100 7,000 287,800 181,750 596,400 18,450 7,600 16,120 6,200 50,000 7,000 96,755 1,800 2,400 20,220 147,900 5,650 85,500 7,300 2,100 110,075 1,800 14,900 2,700 35,800 21,450 8,200 220,300 13,650 100 5,455 12,135 283,900 6,700 1,400 125,000 73,800 118,800 80,700 151,800 3,650 771,500 63,400 4,650 86,200 121,000 7,800 1,050 1,500 5,931 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 372,099 503,579 479,552 1,883,283 57,566 298,546 78,399 5,957,280 2,186,884 308,430 327,955 1,422,316 227,584 781,512 55,664 198,154 115,500 122,400 912,218 130,388 122,859 1,574,406 92,540 1,075,266 119,920 194,034 1,397,963 767,489 2,389,920 6,302,772 72,138 1,822,463 94,688 2,515,500 425,223 55,924 260,190 1,156,000 278,300 203,023 4,487,518 572,519 190,876 737,055 146,055 185,176 34,206,516 367,200 6,770,156 1,740,457 SCHEDULE A (CONTINUED) COST ($) 312,513 498,006 553,108 1,219,367 104,262 291,387 98,196 4,590,688 1,622,284 271,008 370,232 1,536,256 212,030 562,625 50,547 193,523 106,013 126,290 604,997 101,125 103,930 1,671,106 78,410 795,056 77,097 180,103 1,536,904 768,537 1,665,282 1,742,376 65,270 1,473,920 95,754 2,785,939 260,983 37,612 260,326 1,091,274 304,096 229,781 5,484,199 553,071 166,078 706,870 76,904 226,787 14,015,354 398,570 6,005,456 1,866,891 IMAX CORP............................................................................................. IMMUCOR INC........................................................................................ IMMUNOGEN INC................................................................................... IMPERIAL OIL LTD NEW........................................................................ INFOCUS CORP..................................................................................... INGRAM MICRO INC............................................................................... INNOVATIVE SOLUTIONS & SUPPORT................................................. INPUT/OUTPUT INC............................................................................... INSIGHT COMMUNICATIONS INC.......................................................... INSITUFORM TECHNOLOGIES INC....................................................... INTEGRATED DEVICE TECHNOLOGY.................................................. INTEL CORPORATION OF CALIFORNIA............................................... INTERDIGITAL COMMUNICATIONS....................................................... INTERGRAPH CORP.............................................................................. INTERNET SECURITY SYSTEMS INC................................................... INTERPOOL INC..................................................................................... INTERSIL HOLDINGS CORP.................................................................. INTERWOVEN INC................................................................................. INTUITIVE SURGICAL INC..................................................................... INVESTMENT TECHNOLOGY GROUP.................................................. INVITROGEN CORP............................................................................... IOWA TELECOMMUNICATIONS SERVICES.......................................... ITRON INC.............................................................................................. ITT EDUCATIONAL SERVICES INC....................................................... J & J SNACK FOODS CORP................................................................... J JILL GROUP INC.................................................................................. J P MORGAN CHASE & CO.................................................................... J2 GLOBAL COMMUNICATIONS INC..................................................... JACOBS ENGINEERING GROUP INC.................................................... JARDEN CORP....................................................................................... JLG INDUSTRIES INC............................................................................. JOHNSON & JOHNSON.......................................................................... JOURNAL REGISTER CO....................................................................... KADANT INC........................................................................................... KAMAN CORP......................................................................................... KANSAS CITY LIFE INSURANCE CO..................................................... KAYDON CORP...................................................................................... KCS ENERGY INC.................................................................................. KEANE INC............................................................................................. KEITHLEY INSTRUMENTS INC............................................................. KEMET CORP......................................................................................... KENSEY NASH CORP............................................................................ KEY ENERGY GROUP INC..................................................................... KEYNOTE SYSTEMS INC....................................................................... KFX......................................................................................................... KIMBALL INTERNATIONAL INC............................................................. KIMCO REALTY CORP........................................................................... KINDRED HEALTHCARE INC................................................................. KITE REALTY GROUP............................................................................ KMG AMERICAN CORP.......................................................................... 9 40,711 21,275 75,520 18,560 16,125 17,050 4,650 689,500 188,200 14,900 30,650 55,300 12,800 19,150 2,450 10,380 5,500 15,300 12,261 4,750 1,450 84,600 2,000 21,150 2,000 10,950 41,250 20,450 38,300 158,800 2,200 28,750 5,050 129,000 17,725 1,100 9,000 50,000 24,200 14,050 552,650 18,895 13,600 56,178 9,100 14,650 1,081,800 12,000 435,100 194,900 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 170,012 316,920 4,675,455 401,908 715,206 277,552 133,088 120,829 309,375 1,473,965 740,301 4,895,936 121,705 292,152 2,600,466 1,078,305 2,096,504 2,738,686 64,787 352,344 1,201,447 121,044 404,560 788,070 59,378 750,480 31,500 3,308,448 269,189 2,183,280 248 63,626 284,160 15,944,600 203,500 119,413 13,548,800 162,964 142,120 907,875 385,581 3,211,068 136,890 108,300 399,249 81,084 695,640 2,917,880 1,814,221 4,693,380 SCHEDULE A (CONTINUED) COST ($) 154,764 279,976 4,311,844 324,488 609,670 295,082 129,836 82,454 292,258 1,333,332 546,920 1,549,767 143,520 366,621 2,473,017 993,176 2,520,550 1,400,956 59,428 382,157 755,880 131,150 406,297 426,739 58,316 390,808 31,500 2,485,056 422,150 1,750,447 190 70,444 303,558 12,009,069 201,786 126,797 10,003,432 279,298 203,757 941,376 418,411 2,109,626 122,084 94,365 442,718 75,984 688,248 1,948,653 735,343 4,014,380 KNOLL INC.............................................................................................. KOMAG INC............................................................................................ KONINKLIJKE PHILIPS ELECTRIC......................................................... KOS PHARMACEUTICALS INC.............................................................. KOSAN BIOSCIENCES INC.................................................................... KULICKE & SOFFA INDUSTRY INC....................................................... LA QUINTA PROPERTIES INC............................................................... LADISH INC COM................................................................................... LAIDLAW INTERNATIONAL INC............................................................. LAKELAND INDUSTRIES INC................................................................. LANDAMERICA FINANCIAL GROUP INC............................................... LANDSTAR SYSTEM INC....................................................................... LARGE SCALE BIOLOGY CORP............................................................ LATTICE SEMICONDUCTOR CORP....................................................... LAZARD LTD........................................................................................... LEAPFROG ENTERPRISES INC............................................................ LECROY CORP....................................................................................... LEGG MASON INC.................................................................................. LIBERTY CORP....................................................................................... LIBERTY MEDIA CORP.......................................................................... LIGHTBRIDGE INC.................................................................................. LILLY ELI & CO....................................................................................... LOCKHEED MARTIN CORP.................................................................... LOEWS CORP........................................................................................ LONE STAR STEAKHOUSE & SALOON................................................. LONGS DRUG STORES CORP.............................................................. LONGVIEW ENERGY COMPANY........................................................... LSI LOGIC CORP.................................................................................... LTX CORP............................................................................................... LUBRIZOL CORP.................................................................................... LUMENIS LTD......................................................................................... LYDALL INC............................................................................................ MACDERMID INC.................................................................................... MACERICH CO....................................................................................... MACROVISION CORP............................................................................ MAGMA DESIGN AUTOMATION INC..................................................... MAGUIRE PROPERTIES INC................................................................. MANNATECH INC................................................................................... MANUGISTICS GROUP INC................................................................... MAPINFO CORP..................................................................................... MARRIOTT INTERNATIONAL INC.......................................................... MASSEY ENERGY CORP....................................................................... MATERIAL SCIENCES CORP................................................................. MATTSON TECHNOLOGY INC............................................................... MAXTOR CORP...................................................................................... MAXWELL TECHNOLOGIES INC........................................................... MBIA INC................................................................................................. MCAFEE INC........................................................................................... MCDERMOTT INTERNATIONAL INC...................................................... MEDICIS PHARMACEUTICAL CORP..................................................... 10 9,170 9,500 176,100 5,900 97,307 33,200 15,750 6,709 12,500 94,972 12,522 134,800 139,891 65,800 102,300 80,231 141,560 26,200 1,350 42,400 159,132 2,200 6,500 8,987 2,250 17,700 2,100 343,200 63,190 52,800 121 7,255 9,600 245,000 11,000 13,493 464,000 13,100 74,800 80,201 6,100 63,210 9,000 11,400 82,150 5,800 12,000 95,200 52,510 138,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 4,882 228,000 8,639,064 165,690 934,017 341,998 1,000,300 322,088 779,272 188,805 80,294 7,818,590 1,237,739 96,252 1,694,675 86,840 666,000 207,504 5,436 179,396 256,679 4,671,000 778,848 790,671 1,388,751 3,706,472 618,856 1,590,841 748,143 1,219,400 719,070 6,643,450 245,700 228,863 898,940 253,924 211,727 898,752 77,382 261,900 7,982,541 63,328 197,358 245,056 3,898,505 130,890 22,944 150,307 672,359 3,048,341 SCHEDULE A (CONTINUED) COST ($) 4,882 208,621 6,776,093 114,006 1,066,981 456,937 1,022,915 319,386 496,717 201,278 81,457 7,704,228 1,477,155 98,615 1,167,238 125,566 685,439 179,133 4,981 167,825 282,064 4,055,081 552,592 422,950 1,530,223 2,610,894 862,391 1,149,706 356,102 823,195 473,839 2,053,765 184,023 170,070 832,941 258,668 207,971 1,225,970 91,852 257,075 5,600,736 60,227 165,259 256,089 4,022,358 96,363 24,000 146,818 473,622 3,408,551 MEDSITE INC.......................................................................................... MEDTRONIC INC.................................................................................... MEMC ELECTRONICS MATERIALS....................................................... MENTOR CORP...................................................................................... MERCURY COMPUTER SYSTEM INC................................................... MERIX CORP.......................................................................................... MERRILL LYNCH & CO........................................................................... METHANEX CORP.................................................................................. METLIFE INC.......................................................................................... MEYER (FRED) INC................................................................................ MGM GRAND INC................................................................................... MICROSOFT CORP................................................................................ MICROVISION INC WASH...................................................................... MIDLAND CO.......................................................................................... MILLIPORE CORP.................................................................................. MIPS TECHNOLOGIES INC.................................................................... MKS INSTRUMENTS INC....................................................................... MOBILE MINI INC ARIZ........................................................................... MODTECH HOLDINGS INC.................................................................... MOLECULAR DEVICES CORP............................................................... MONACO COACH CORP........................................................................ MONEYGRAM INTERNATIONAL INC..................................................... MONSANTO CO...................................................................................... MOODYS CORP...................................................................................... MORGAN STANLEY DEAN WITTER...................................................... MOTOROLA INC..................................................................................... MOVIE GALLERY INC............................................................................. MRO SOFTWARE INC............................................................................ MTS SYSTEM CORP.............................................................................. NABORS INDUSTRIES........................................................................... NACCO INDUSTRY INC.......................................................................... NASDAQ STOCK MARKET INC.............................................................. NASH FINCH CO..................................................................................... NATIONAL HEALTH INVESTORS INC.................................................... NATIONAL OILWELL INC....................................................................... NBTY INC................................................................................................ NETIQ CORP.......................................................................................... NETWORK EQUITY TECHNOLOGIES................................................... NEW CENTURY FINANCIAL CORP........................................................ NEWALLIANCE BANCSHARES INC....................................................... NEWFIELD EXPLORATION CO.............................................................. NEWMONT MINING CORP..................................................................... NEWPARK RESOURCE INC.................................................................. NEWPORT CORP................................................................................... NEWS CORPORATION........................................................................... NEXEN INC............................................................................................. NGP CAPITAL RESOURCES CO............................................................ NN INC.................................................................................................... NOBLE CORP......................................................................................... NOKIA CORP.......................................................................................... 11 4,882 4,000 512,400 3,150 35,745 55,700 17,500 21,190 15,910 15,350 1,900 285,350 221,817 3,045 26,500 13,850 37,500 4,950 600 8,600 16,700 225,000 12,200 16,100 27,300 169,400 34,400 94,300 18,150 18,200 6,600 282,700 5,850 7,900 14,000 11,600 18,050 181,200 1,800 18,000 169,050 1,600 22,200 18,370 240,500 3,000 1,600 12,290 9,430 193,300 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 206,016 1,342,000 2,988,163 5,864,210 1,906,873 891,647 212,534 48,258 2,937,192 79,072 165,143 1,184,213 1,642,980 68,799 433,250 621,281 977,137 370,583 3,449,443 6,954 195 310,666 125,358 300,888 51,417 176,479 6,862,015 308,654 3,734,265 73,701 5,846,688 87,560 91,523 63,720 1,547,910 2,069,100 700,812 4,455,007 640,582 680,475 271,295 3,571,620 3,506,400 670,644 1,065,240 44,460 1,787,965 98,280 297,419 4,276,922 SCHEDULE A (CONTINUED) COST ($) 196,489 1,018,473 2,969,732 5,541,586 3,523,671 860,381 199,549 51,782 2,962,260 67,302 163,810 1,155,928 1,754,086 55,067 328,064 617,269 949,168 319,711 2,525,336 13,097 524 571,162 121,044 297,619 52,298 189,479 6,256,802 316,121 5,586,326 30,039 3,858,341 82,539 75,521 51,358 743,643 1,974,053 659,883 2,481,520 802,401 654,172 224,416 2,536,807 3,674,305 680,386 825,934 42,116 1,178,480 103,711 217,315 5,022,411 NORDSON CORP................................................................................... NORSK HYDRO A S................................................................................ NORTH FORK BANCORPORATION INC................................................ NORTHROP CORP................................................................................. NORTHWEST AIRLINES CORP.............................................................. NOVATEL INC......................................................................................... NOVELL INC........................................................................................... NOVELLUS SYSTEM INC....................................................................... NUCO 2 INC............................................................................................ NUCOR CORP........................................................................................ NYMAGIC INC......................................................................................... OAKLEY INC........................................................................................... OFFICEMAX INC DEL............................................................................. OFFSHORE LOGISTICS INC.................................................................. OIL STATES INTERNATIONAL INC........................................................ OPENWAVE SYSTEMS INC................................................................... ORBITAL SCIENCES.............................................................................. OREGON STEEL MILLS.......................................................................... ORIENT EXPRESS HOTELS LTD........................................................... OSI PHARMACEUTICALS INC................................................................ OSI PHARMACEUTICALS INC................................................................ OVERLAND STORAGE INC.................................................................... OVERSEAS SHIPHOLDING GROUP...................................................... PACIFIC SUNWEAR CALIFORNIA INC.................................................. PACKETEER INC.................................................................................... PAN AMERICAN SILVER CORP............................................................. PANACOS PHARMACEUTICALS INC..................................................... PANTRY INC........................................................................................... PAR PHARMACEUTIAL COS INC........................................................... PARALLEL PETE CORP......................................................................... PARAMETRIC TECHNOLOGY CORP..................................................... PARKER DRILLING CO........................................................................... PASON SYSTEM INC.............................................................................. PATHMARK STORES INC...................................................................... PATTERSON UTI ENERGY INC............................................................. PAXAR CORP......................................................................................... PAYLESS SHOESOURCE INC............................................................... PEABODY ENERGY CORP.................................................................... PEGASYSTEM INC................................................................................. PENN VA CORP...................................................................................... PENN WEST ENERGY........................................................................... PER SE TECHNOLOGIES INC................................................................ PEROT SYSTEMS CORP....................................................................... PERRIGO CO.......................................................................................... PETRO-CANADA.................................................................................... PETROHAWK ENERGY CORP............................................................... PETROLED BRASILEIOR....................................................................... PETROQUEST ENERGY INC................................................................. PFF BANCORP INC................................................................................ PFIZER INC............................................................................................. 12 5,800 12,500 108,700 104,550 379,100 33,395 32,300 1,800 117,300 1,400 6,810 67,708 55,600 1,900 12,500 36,100 81,564 16,485 112,250 212 3,746 36,984 2,050 12,600 4,350 11,320 749,947 8,600 154,500 5,700 964,800 10,850 4,200 5,900 45,500 110,000 37,800 62,160 103,822 12,134 9,400 185,250 243,500 46,800 13,200 3,800 28,580 12,600 10,004 167,920 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 3,956,484 344,096 222,606 418,516 258,960 179,670 29,640 2,717,000 70,240 1,444,950 115,050 3,075,856 6,913,200 463,584 159,880 126,491 350,239 2,342,412 950,873 844,478 1,778,590 238,160 135,850 1,337,068 50,589 30,551,504 443,611 523,843 19,081,152 53,664 262,086 815,008 414,000 327,684 157,075 109,099 3,698,790 458,874 405,669 43,272 215,237 6,865,441 126,480 96,200 362,300 76,048 225,609 1,275,467 501,650 207,450 SCHEDULE A (CONTINUED) COST ($) 3,692,557 365,246 189,335 489,532 322,199 166,685 23,275 2,392,926 69,322 733,910 152,767 2,315,152 5,769,330 527,710 160,775 109,968 326,658 1,665,192 921,572 1,195,040 1,665,772 239,749 140,964 992,152 50,296 18,318,017 439,028 297,584 8,013,476 66,816 191,632 663,996 310,259 287,395 164,829 107,517 2,631,609 399,884 346,847 49,436 162,510 6,016,230 143,258 107,090 355,243 69,261 204,428 1,051,292 421,474 184,226 PG&E CORP........................................................................................... PHELPS DODGE CORP.......................................................................... PHOENIX TECHNOLOGY LTD................................................................ PHOTRONICS INC.................................................................................. PIER 1 IMPORTS INC............................................................................. PILGRIMS PRIDE CORP......................................................................... PIONEER DRILLING CO......................................................................... PIONEER NATURAL RESOURCE CO.................................................... PIXAR...................................................................................................... PLAINS EXPLORATION & PRODUCTION.............................................. PLANAR SYSTEMS INC......................................................................... PLATINUM UNDERWRITERS HOLDINGS.............................................. POGO PRODUCING CO......................................................................... POLARIS INDUSTRIES PARTNERS INC................................................ PORTFOLIO RECOVERY ASSOCIATES INC......................................... POWELL INDUSTRIES INC.................................................................... PRE PAID LEGAL SERVICES INC.......................................................... PRECISION DRILLING CORP................................................................. PREFERRED BANK LOS ANGELES CA................................................. PRG SCHULTZ INTERNATIONAL INC.................................................... PRIDE INTERNATIONAL INC.................................................................. PRINCIPAL FINANCIAL GROUP............................................................. PROCENTURY CORP............................................................................. PROCTER & GAMBLE CO...................................................................... PROGRESS SOFTWARE CORP............................................................ PROLOGIS TRUST................................................................................. PROVIDENT FINANCIAL SERVICES INC............................................... PRUDENTIAL FINANCIAL INC................................................................ PUBLIC STORAGE INC.......................................................................... QUAKER CHEMICAL CORP................................................................... QUALCOMM INC..................................................................................... QUANEX CORP...................................................................................... QUANTA SERVICES INC........................................................................ QUESTAR CORP.................................................................................... QUIKSILVER INC.................................................................................... RAIT INVESTMENT TRUST.................................................................... RALCORP HOLDINGS INC..................................................................... RAYTHEON CO....................................................................................... REAL RESOURCE INC........................................................................... RED ROBIN GOURMET BURGERS INC................................................. REGAL BELOIT CORP............................................................................ REGENCY CENTERS CORP.................................................................. REMEC INC............................................................................................. RENT-WAY INC...................................................................................... REPUBLIC SERVICES INC..................................................................... RESTORATION HARDWARE INC.......................................................... REYNOLDS & REYNOLDS..................................................................... RIO TINTO PLC....................................................................................... RITA MEDICAL SYSTEM INC................................................................. RLI CORP................................................................................................ 13 105,450 3,200 29,800 20,150 20,800 5,300 1,900 55,000 1,600 39,000 15,000 94,700 123,450 8,800 4,000 5,721 8,650 49,680 23,300 258,250 70,300 5,200 13,585 24,100 1,650 702,172 24,950 8,138 282,600 3,025 6,600 13,250 34,500 4,200 10,300 3,650 83,400 11,700 19,279 900 6,450 117,700 21,080 13,000 10,000 10,651 7,905 8,910 141,709 4,500 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 1,129,080 2,922,827 2,742,624 1,372,680 749,204 97,236 381,480 2,426,580 209,003 1,517,529 430,874 266,752 1,027,012 98,049 2,407,542 226,114 369,184 321,000 176,562 185,900 278,712 259,022 97,047 601,350 261,651 85,749 876,258 626,476 30,397,572 23,529,054 362,162 2,355,372 4,146,469 4,869 154,771 2,910,544 6,821,827 2,495,240 101,270 277,780 462,851 266,220 339,779 93,859 114,621 64,469 22,806,960 1,996,018 78,240 2,235,911 SCHEDULE A (CONTINUED) COST ($) 1,159,469 3,041,485 2,022,698 953,555 679,237 86,943 269,979 2,770,588 213,150 1,137,469 376,028 205,069 1,080,865 117,032 1,818,112 197,872 335,762 404,538 438,595 138,271 302,367 251,214 95,483 566,720 196,977 83,519 503,198 708,762 20,007,302 9,999,439 347,582 1,980,130 4,566,618 4,615 142,970 2,976,898 4,682,539 2,319,495 97,998 235,235 276,254 270,910 351,580 73,543 99,899 66,793 13,990,098 1,350,431 76,614 2,075,322 ROCKWOOD HOLDINGS INC................................................................. ROGERS CORP...................................................................................... ROPER INDUSTRIES INC....................................................................... ROWAN COMPANIES INC...................................................................... ROYAL DUTCH SHELL PLC................................................................... RSA SECURITY INC............................................................................... RTI INTERNATIONAL METALS INC........................................................ RUBY TUESDAY INC.............................................................................. RUSSELL CORP..................................................................................... SAKS INC................................................................................................ SALIX PHARMACEUTICALS INC............................................................ SAVANNA ENERGY SERVICES CORP.................................................. SBC COMMUNICATIONS INC................................................................. SBS TECHNOLOGIES............................................................................ SCHLUMBERGER LTD........................................................................... SCHOLASTIC CORP............................................................................... SCOTTISH POWER PLC........................................................................ SEABOARD CORP.................................................................................. SEACHANGE INTERNATIONAL INC...................................................... SEACOR HOLDINGS INC....................................................................... SEAGATE TECHNOLOGY INC............................................................... SELECT COMFORT CORP..................................................................... SELECTIVE INSURANCE GROUP INC................................................... SENIOR HOUSING PROPERTIES TRUST............................................. SEQUOIA OIL & GAS.............................................................................. SERVICE CORP INTERNATIONAL......................................................... SIERRA PACIFIC RESOURCES............................................................. SILVER STAND RESOURCE INC........................................................... SIMON PROPERTY GROUP INC............................................................ SL GREEN REALTY CORP..................................................................... SMITH A O CORP................................................................................... SMITH INTERNATIONAL INC................................................................. SNB BANCSHARES INC TEXAS............................................................. SOFTBRANDS INC................................................................................. SOTHEBYS HOLDINGS INC................................................................... SOUTH FINANCIAL GROUP INC............................................................ SOUTHERN UNION CO.......................................................................... SOVEREIGN BANCORP INC.................................................................. SPIRIT FINANCE CORP......................................................................... SPORTS AUTHORITY INC...................................................................... SPRINT CORP........................................................................................ ST JUDE MEDICAL INC.......................................................................... ST PAUL COS......................................................................................... STAGE STORES INC.............................................................................. STANDARD MICROSYSTEMS CORP..................................................... STANDEX INTERNATIONAL CORP........................................................ STARWOOD HOTELS & RESORTS....................................................... STATOIL ASA.......................................................................................... STEAK(THE) N SHAKE COMPANY........................................................ STEELCASE INC..................................................................................... 14 58,200 74,810 71,200 36,900 11,060 7,400 11,000 109,800 11,490 69,900 21,142 12,800 42,650 10,150 27,920 6,200 10,190 250 28,850 2,600 16,800 13,400 2,050 31,650 17,175 10,100 60,100 53,960 399,600 355,800 12,870 67,800 368,575 2,705 8,900 99,950 277,085 107,000 9,500 8,600 17,850 5,800 7,900 3,375 4,400 2,420 391,200 81,570 4,000 152,310 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 777,148 2,182,259 50,074 1,904,024 821,510 6,201,030 11,000 254,040 298,977 678,599 794,589 219,340 5,335,754 2,280,526 239,598 1,496,877 986,700 2,715,100 246,214 2,236,950 4,643,100 10,703 268,543 319,302 451,971 1,225,530 458,768 65,786 522,275 7,775,040 0 512,825 301,428 51,559 4,686,312 4,880,485 1,571,390 184,124 3,719,548 107 1,180,928 202,616 1,334,221 275,776 177,921 222,072 2,829,197 75,450 450 461,123 SCHEDULE A (CONTINUED) COST ($) 463,977 1,638,919 43,437 1,201,864 553,367 4,995,564 8,551 212,839 321,476 449,228 430,322 237,740 3,519,950 2,459,319 258,030 1,318,873 1,290,421 2,556,291 243,556 1,405,141 4,003,378 23,475 246,015 254,869 350,097 934,465 433,370 70,301 616,200 6,939,913 1 544,742 268,175 42,604 3,305,710 4,708,051 1,015,093 165,994 3,095,436 2 1,130,391 167,688 1,125,137 224,083 246,506 242,153 1,891,483 76,079 408 350,830 STEWART INFORMATION SERVICES................................................... STOLT-NIELSEN SA............................................................................... SUN BANCORP INC N J......................................................................... SUNCOR ENERGY INC.......................................................................... SUNOCO INC.......................................................................................... SUNSTONE HOTEL INVESTMENT INC.................................................. SUPERIOR WELL SERVICES INC.......................................................... SUPERVALU INC.................................................................................... SURMODICS INC.................................................................................... SVB FINANCIAL GROUP........................................................................ SWIFT ENERGY CO............................................................................... SWIFT TRANSPORTATION INC............................................................. SYBASE INC........................................................................................... SYMANTEC CORP.................................................................................. SYMBOL TECHNOLOGIES INC.............................................................. SYMYX TECHNOLOGIES INC................................................................ SYNAPTICS INC..................................................................................... SYNOPSYS INC...................................................................................... TALBOTS INC......................................................................................... TALISMAN ENERGY INC........................................................................ TANGER FACTORY OUTLET CENTERS INC......................................... TECHNOLOGY SOLUTIONS CO............................................................ TECK COMINCO LTD.............................................................................. TEKELEC................................................................................................ TELEDYNE INC....................................................................................... TELEFLEX INC........................................................................................ TELETECH HOLDINGS INC.................................................................... TELLABS INC.......................................................................................... TEMPUR PEDIC INTERNATIONAL INC.................................................. TERADYNE INC...................................................................................... TERASTOR CORP.................................................................................. TERRA INDUSTRIES INC....................................................................... TETRA TECHNOLOGIES INC................................................................. TEXAS CAPITAL BANCSHARES INC..................................................... TEXAS INSTRUMENTS INC.................................................................... TEXTRON INC......................................................................................... THORATEC CORP.................................................................................. TIBCO SOFTWARE INC.......................................................................... TIFFANY & CO........................................................................................ TIMCO AVIATION SERVICES INC.......................................................... TIME WARNER INC................................................................................ TOO INC.................................................................................................. TOTAL SA............................................................................................... TRAMMELL CROW CO........................................................................... TRANS WORLD ENTERTAINMENT CORP............................................. TRANSMONTAIGNE INC........................................................................ TRANSOCEAN SEDCO FOREX INC....................................................... TRC COS INC.......................................................................................... TREASURE IS RTY TR........................................................................... TRICAN WELL SERVICE LTD................................................................. 15 16,167 56,360 2,329 32,130 11,300 245,100 500 7,300 8,050 14,426 17,300 11,000 238,950 108,700 26,100 53,479 59,800 142,900 8,020 45,680 167,500 31,480 6,900 16,200 11,700 17,800 54,100 7,400 32,500 462,800 26,236 70,250 19,114 2,350 143,400 68,450 95,992 24,100 99,400 497 65,900 7,600 10,120 10,150 23,850 23,450 47,920 5,030 600 13,800 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 337,153 340,613 99,588 135,482 164,076 3,732,003 631,706 3,858,910 2,582,606 55,314 2,471,312 209,336 630,261 813,960 345,295 3,285,100 74,088 3,967,500 789,863 78,280 3,723,364 5,459,682 57,200 343,096 619,073 725,274 130,682 275,931 261,660 348,887 332,130 546,720 657,471 3,270,654 695,107 68,672 550,694 781,454 2,326,937 552,636 672,993 135,065 44,067,100 139,740 3,929,309 338,209 1,485,928 4,311,250 1,055,648 136,908 SCHEDULE A (CONTINUED) COST ($) 330,894 283,067 99,357 117,200 165,223 4,258,375 480,302 3,690,381 2,443,709 47,147 2,012,303 235,121 536,786 1,607,174 274,020 3,530,781 45,384 3,853,681 382,970 49,568 3,293,173 2,816,819 46,645 384,732 325,516 748,127 121,159 251,105 284,647 272,043 350,162 308,354 811,069 3,360,338 525,504 57,562 503,680 463,379 2,031,824 699,609 604,079 150,231 20,002,050 120,544 3,915,921 335,592 1,602,416 3,003,801 781,399 112,916 TRIMBLE NAVIGATION LTD................................................................... TRINITY INDUSTRIES INC..................................................................... TRIQUINT SEMICONDUCTOR INC......................................................... TRIUMPH GROUP INC............................................................................ TRUSTREET PROPERTIES INC............................................................. TYCO INTERNATIONAL LTD.................................................................. TYSON FOODS INC................................................................................ U S BANCORP....................................................................................... U S I HOLDINGS CORP.......................................................................... U S XPRESS ENTERPRISES.................................................................. U STORE IT TR....................................................................................... ULTRATECH STEPPER INC................................................................... UNIONBANCAL CORP............................................................................ UNISYS CORP........................................................................................ UNITED ONLINE INC.............................................................................. UNITED RENTALS INC........................................................................... UNITED STATES CELLULAR CORP....................................................... UNITED TECHNOLOGIES CORP........................................................... UNITED THERAPEUTICS CORP............................................................ UNIVERSAL COMPRESSION HOLDINGS.............................................. UNIVERSAL HEALTH SERVICES INC.................................................... UNOVA INC............................................................................................. USANA HEALTH SCIENCES INC............................................................ USEC INC................................................................................................ USG CORP.............................................................................................. VALEANT PHARMACEUTICALS INTERNATIONAL................................ VALUECLICK INC................................................................................... VALUEVISION INTERNATIONAL INC..................................................... VARIAN INC............................................................................................ VARIAN SEMICONDUCTOR EQUIPMENT............................................. VEECO INSTRUMENTS INC................................................................... VERITAS DGC INC................................................................................. VERIZON COMMUNICATIONS............................................................... VIACOM INC........................................................................................... VIASAT INC............................................................................................. VIASYS HEALTHCARE INC.................................................................... VICAL INC............................................................................................... VICOR CORP.......................................................................................... VINTAGE PETROLEUM INC................................................................... VISHAY INTERTECHNOLOGY INC........................................................ VODAFONE GROUP............................................................................... VOLT INFORMATION SCIENCES INC.................................................... VORNADO REALTY TRUST................................................................... W & T OFFSHORE INC........................................................................... WACHOVIA CORP.................................................................................. WALGREEN CO...................................................................................... WAL-MART STORES INC....................................................................... WARNACO GROUP INC......................................................................... WARREN RESOURCE INC..................................................................... WASHINGTON GROUP INTERNATIONAL INC...................................... 16 9,232 9,100 25,800 3,450 9,950 134,100 35,529 132,064 210,825 4,200 120,200 13,700 9,300 122,400 26,500 182,000 1,350 79,350 11,250 1,900 72,850 188,200 1,100 29,150 9,850 36,300 9,050 20,825 7,350 7,700 18,080 17,000 20,100 96,224 29,280 2,550 115,692 48,994 60,550 42,840 24,697 5,950 512,289 5,100 79,188 7,300 33,050 172,450 92,682 2,591 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 902,286 117,050 75,856 5,301,693 683,493 98,800 1,765,590 231,783 78,075 67,925 321,320 235,828 46,692 120,038 975,780 332,112 1,118,950 42,705 155,397 34,160 539,386 301,735 135,627 3,571,620 52,193 1,007,556 172,980 119,985 392,049 375,088 2,776,280 1,311,874,682 SCHEDULE A (CONTINUED) COST ($) 888,260 111,439 65,868 4,083,971 608,439 75,635 995,818 306,073 58,506 61,836 309,538 252,971 34,468 116,214 668,697 294,462 1,017,775 50,249 166,837 62,362 606,875 228,607 113,488 3,164,326 61,674 1,231,832 178,876 97,084 418,344 317,799 2,809,644 999,902,108 WASHINGTON MUTUAL INC.................................................................. WASHINGTON TR BANCORP INC......................................................... WATSON PHARMACEUTICALS INC...................................................... WEATHERFORD INTERNATIONAL LTD................................................ WEBSENSE INC..................................................................................... WEBTEC................................................................................................. WEINGARTEN REALTY INVESTMENT.................................................. WELLMAN INC........................................................................................ WESCO INTERNATIONAL INC............................................................... WESTCORP............................................................................................ WESTERN DIGITAL CORP..................................................................... WESTWOOD ONE INC........................................................................... WHITE FIRE ENERGY LTD.................................................................... WILEY (JOHN) & SONS.......................................................................... WILLIAMS CLAYTON ENERGY INC....................................................... WILLIAMS COS INC................................................................................ WILLIAMS SONOMA INC........................................................................ WIND RIVERS SYSTEMS....................................................................... WINNEBAGO INDUSTRIES.................................................................... WJ COMMUNICATIONS INC.................................................................. WOODHEAD DANIEL INC....................................................................... WOODWARD GOVERNOR CO.............................................................. WORLD ACCEPTANCE CORP............................................................... WYETH................................................................................................... YANKEE CANDLE INC............................................................................ YANZHOU COAL MINING CO LTD......................................................... ZALE CORP............................................................................................ ZENITH NATIONAL INSURANCE CORP................................................. ZOLL MED CORP.................................................................................... ZORAN CORP......................................................................................... ZYGO CORP........................................................................................... TOTAL DOMESTIC COMMON STOCKS FOREIGN COMMON STOCKS 3I GROUP ORD....................................................................................... A P MOLLER - MAERSK A/S................................................................... AASTRA TECHNOLOGIES LTD.............................................................. ACOM CO................................................................................................ AEGON.................................................................................................... AEGON NV.............................................................................................. AGF MANAGMENT LTD.......................................................................... AIDA ENGINEERING............................................................................... AIFUL CORP........................................................................................... AIRBOSS OF AMERICA CORP............................................................... AISIN SEIKI CO....................................................................................... AKER KVAERNER.................................................................................. AKITA DRILLING LTD............................................................................. ALBERTA CLIPPER ENERGY INC.......................................................... ALTADIS SA............................................................................................ ALTEN NPV............................................................................................. 17 21,700 4,107 2,200 78,300 13,700 3,800 45,800 33,350 2,250 1,100 23,200 11,600 17,175 2,750 26,000 14,800 27,800 3,250 5,100 28,000 40,647 3,700 5,300 78,000 1,900 26,940 6,200 1,900 14,700 23,800 224,800 1,904 70 41,600 15,000 117,153 117,153 56,100 299,000 14,875 29,200 9,000 30,130 6,300 22,325 34,745 39,800 24,022 751,447 994,745 979,889 1,638,197 0 845,679 1,681,513 1,135,016 122,885 227,561 1,608,191 104,673 90,946 1,501,145 1,173,284 24,776 671,313 973,663 983,137 1,569,194 0 770,379 1,360,519 1,024,546 63,543 214,687 929,977 81,211 80,601 1,479,465 697,476 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 4,413,326 530,016 99,697 343,891 237,450 1,719,793 225,132 912,053 841,572 980,982 665,112 137,204 13,491 13,956 4,047,330 123,902 555,646 26,926 744,601 1,194,739 484,734 58,559 370,542 509,743 575,227 980,725 125,315 100,716 238,612 1,869,348 880,389 2,092,126 451,077 399,791 1,268,323 490,834 359,890 1,032,473 2,602,400 709,756 276,340 3,248,130 398,625 359,928 2,303,158 181,508 528,421 129,462 1,775,071 2,105,580 SCHEDULE A (CONTINUED) COST ($) 3,411,454 534,590 106,142 329,402 235,148 1,698,438 181,728 838,400 806,942 948,064 529,624 132,434 14,314 14,402 3,889,074 103,668 375,558 26,484 706,411 1,147,693 474,216 58,627 293,945 454,962 504,736 707,338 141,822 94,305 195,704 1,809,740 797,020 1,990,798 297,456 367,350 1,158,060 488,390 307,866 597,164 931,597 459,839 358,099 2,722,808 323,723 308,567 2,240,890 48,213 434,659 121,264 1,762,038 2,050,140 AMADA.................................................................................................... AMPLIFON.............................................................................................. ANDRES WINES LTD............................................................................. ANDRITZ AG NPV................................................................................... ANTENA 3 DE TELEVISION.................................................................... ANTOFAGASTA ORD............................................................................. AOC HOLDINGS INC.............................................................................. AOYAMA TRADING................................................................................. APRIL GROUP........................................................................................ ARC LAND SAKAMOTO.......................................................................... ARISTOCRAT LEISURE.......................................................................... ARRIVA ORD.......................................................................................... ASAHI BREWERIES............................................................................... ASAHI CHEMICAL INDUSTRY................................................................ ASATSU-DK INC..................................................................................... ASCENDAS REAL ESTATE INV TRUST................................................. ASHTEAD GROUP ORD......................................................................... ASM PACIFIC TECHNOLOGY................................................................ ASTRAZENECA...................................................................................... AUR RESOURCES INC........................................................................... AUSTAL LIMITED ORD........................................................................... AUSTRALIAN & NEW ZEALAND BANK.................................................. AUSTRALIAN STOCK EXCHANGE......................................................... AUTONOMY CORP................................................................................. AUTOST TORINO MILA.......................................................................... AXA ASIA PAC HOLDINGS..................................................................... AXIA NETMEDIA CORP.......................................................................... BANCO SANTANDER............................................................................. BANK OF CHINA HONG KONG HOLDINGS........................................... BANK OF RYUKYUS............................................................................... BANK OF YOKOHAMA Y50.................................................................... BASF AG................................................................................................. BAYTEX ENERGY TRUST...................................................................... BCA INTESA DI RISP.............................................................................. BCE INC.................................................................................................. BEKAERT SA NPW................................................................................. BELLWAY ORD....................................................................................... BHP BILLITON........................................................................................ BIJOU BRIGITTE..................................................................................... BILIA AB.................................................................................................. BIOMIRA INC.......................................................................................... BNP PARIBAS......................................................................................... BOHLER UDDEHOLM............................................................................. BORALEX INC......................................................................................... BOUYGUES............................................................................................ BOW VALLEY ENERGY LTD.................................................................. BRAMBLES INDUSTRIES....................................................................... BRAMBLES INDUSTRIES....................................................................... BRITISH AIRWAYS................................................................................. BRITISH LAND ORD............................................................................... 18 575,000 8,000 4,600 3,608 12,067 65,700 12,000 33,900 25,600 60,100 70,667 13,490 1,100 3,000 138,400 93,200 254,400 5,500 16,441 179,000 336,983 3,518 18,580 81,000 27,000 264,834 69,900 8,272 118,500 75,000 138,000 29,923 32,500 90,048 48,500 5,939 23,000 67,181 13,300 37,300 182,400 44,802 2,587 57,400 51,804 47,500 79,221 21,922 358,238 133,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 1,722,621 3,657,612 1,975,339 456,767 310,159 556,820 901,316 588,940 460,542 33,886 145,346 1,202,231 239,374 525,096 290,538 28,606 48,796 549,866 62,994 975,231 2,217,911 1,109,282 508,125 1,034,332 325,393 610,555 92,320 319,593 188,150 404,178 294,339 2,777,973 155,312 670,069 699,735 1,081,576 331,517 226,120 1,593,886 349,280 1,322,806 839,340 181,501 637,500 2,302,080 2,697,050 1,352,714 263,712 8,771 88,452 SCHEDULE A (CONTINUED) COST ($) 1,435,162 1,846,357 1,668,482 201,000 296,815 580,760 811,116 364,116 472,225 30,369 154,627 845,191 386,711 250,463 286,346 23,212 46,455 396,822 63,779 798,121 2,044,310 1,036,406 416,592 773,985 312,078 536,148 93,070 318,894 167,507 364,286 231,390 2,971,821 127,728 447,517 403,257 720,919 263,475 190,622 2,049,158 286,635 1,191,972 696,387 185,512 634,884 2,391,144 2,750,737 681,165 322,446 5,884 91,746 BULGARI SPA......................................................................................... BURREN ENERGY ORD......................................................................... CAIRN ENERGY (NEW) ORD GBP0.10.................................................. CALFRAC WELL SERVICES LTD........................................................... CALIAN TECHNOLOGY LTD................................................................... CAMBRIDGE ANTIBODY TECHNOLOGY............................................... CANACCORD CAPITAL INC................................................................... CANADA BREAD CO LTD....................................................................... CANAM MANAC GROUP INC................................................................. CANEX ENERGY INC.............................................................................. CANON INC............................................................................................. CANON SALES....................................................................................... CANWEL BUILDING MATERIALS INC.................................................... CAPITALAND.......................................................................................... CAPITALIA SPA...................................................................................... CAPITAMALL TRUST.............................................................................. CAPITOL ENERGY RESOURCE LTD..................................................... CATALANA OCCIDENTE SA DE............................................................. CATHAY PACIFIC AIRWAYS.................................................................. CCL INDUSTRIES INC............................................................................ CELESIO AG........................................................................................... CENTURY LEASING SYSTEM................................................................ CHARLES VOGELE HOLDINGS AG....................................................... CHARTER ORD....................................................................................... CHEUNG KONG HOLDINGS................................................................... CHIBA BANK........................................................................................... CHUBU ELECTRIC POWER Y500.......................................................... CHUBU SHIRYO CO............................................................................... CHUGOKU BANK.................................................................................... CIA DISTRIB INTEGRAL LOGISTA......................................................... CLP HOLDINGS...................................................................................... COCA COLA............................................................................................ COCHLEAR LTD..................................................................................... CODAN.................................................................................................... COFIDE................................................................................................... COGECO CABLE INC............................................................................. COGECO INC.......................................................................................... COLES MYER LTD.................................................................................. COLRUYT SA.......................................................................................... COMMONWEALTH BANK OF AUSTRALIA............................................ COMPTON PETROLEUM CORP............................................................. COMSYS HOLDINGS.............................................................................. CORIO..................................................................................................... CORUS GROUP PLC ORD..................................................................... CRANSWICK ORD.................................................................................. CREDIT SUISSE GROUP........................................................................ CREW ENERGY INC............................................................................... CRYPTOLOGIC INC................................................................................ CSR ORD................................................................................................ CUMBERLAND RESOURCES LTD......................................................... 19 151,000 279,000 62,280 14,300 27,500 42,300 99,800 13,600 79,300 12,200 2,900 62,000 47,400 303,000 52,381 20,000 13,176 6,800 34,000 40,400 25,400 92,000 6,300 174,800 30,000 86,000 3,800 59,000 15,000 7,900 50,500 123,000 4,923 12,900 508,000 39,600 13,700 30,438 12,000 12,433 110,600 80,000 3,136 746,216 217,400 62,449 90,800 14,600 4,357 67,800 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 486,540 570,765 174,059 2,555,972 146,686 451,451 229,091 1,522,748 54,392 66,661 425,706 1,073,978 2,350,010 51,418 580,528 730,204 1,700,197 80,181 1,230,449 532,054 549,499 1,220,306 188,679 856,225 101,991 1,514,046 2,421,107 781,398 260,809 140,464 2,393,810 63,841 221,913 518,835 325,646 1,553,915 1,113,927 356,616 181,914 918,882 134,563 193,908 1,531,346 3,664,567 135,381 261,922 1,811,185 166,989 496,982 519,096 SCHEDULE A (CONTINUED) COST ($) 578,346 491,914 120,434 2,366,915 155,125 407,589 195,376 1,171,710 36,873 87,844 422,895 1,001,355 2,113,710 37,560 577,650 742,522 1,791,789 85,569 1,106,611 345,322 600,391 1,064,975 120,457 732,793 66,276 1,150,146 1,704,538 876,250 249,334 60,654 2,352,310 31,251 221,845 524,196 291,194 832,024 1,010,290 293,910 190,367 1,024,478 96,993 158,728 1,430,090 3,747,501 122,878 241,174 1,671,665 136,462 487,361 409,173 CYCLE & CARRIAGE.............................................................................. DAI NIPPON PRINTING CO.................................................................... DAIHEN CORP........................................................................................ DAIICHI PHARMACEUTICAL CO............................................................ DAIO PAPER CORP................................................................................ DAISYO CORP........................................................................................ DAIWABO CO LTD.................................................................................. DANISCO................................................................................................ DANSKE BANK....................................................................................... DATAMIRROR CORP.............................................................................. DB RREEF TRUST NPV (STAPLED)...................................................... DBS GROUP HOLDINGS LTD................................................................ DELHAIZE LE LION................................................................................. DELPHI ENERGY CORP......................................................................... DELTA GROUP....................................................................................... DENYO CO LTD...................................................................................... DEXIA...................................................................................................... DIAGNOCURE INC.................................................................................. DIAWABO INFO SYSTEM....................................................................... DONGWON FINANCIAL.......................................................................... DRAXIS HEALTH INC.............................................................................. DSM NV CVA.......................................................................................... DUVERNAY OIL CORP........................................................................... EADS EURO AERO................................................................................. EASYHOME LTD..................................................................................... EASYJET ORD........................................................................................ EIFFAGE................................................................................................. ELCOTEQ NETWORK CORP................................................................. ELECTRIC POWER DEVELOP............................................................... EMBER RESOURCES INC...................................................................... ENDESA SA............................................................................................ ENDEV ENERGY INC............................................................................. ENERFLEX SYSTEMS LTD..................................................................... ENTERPRISE INNS................................................................................ EQUITABLE GROUP INC........................................................................ ERAMET.................................................................................................. ERSTE BANK DER OSTERREICHISCHEN............................................. ESPRIT ENERGY TRUST....................................................................... EUROZINC MINING CORP..................................................................... EXEDY CORPORATION......................................................................... EXPRO INTERNATIONAL GROUP......................................................... F.C.C....................................................................................................... FAIRFAX FINANCIAL HOLDINGS LTD................................................... FINMECCICA SPA.................................................................................. FIRST CALGARY PETES LTD................................................................ FIRST CHOICE HOLDINGS ORD............................................................ FIRST PACIFIC CO................................................................................. FLINT ENERGY SERVICES LTD............................................................ FONCIERE DES REGION....................................................................... FORTIS................................................................................................... 20 73,196 36,000 52,000 110,100 19,000 37,000 134,000 23,800 1,800 9,600 415,193 116,000 40,777 14,900 253,900 70,200 78,281 21,700 71,000 24,550 120,900 15,800 5,800 25,446 6,550 287,800 25,700 38,000 8,500 21,815 106,362 39,300 9,300 34,900 14,600 14,000 20,150 29,100 260,400 46,000 14,388 5,000 9,200 196,653 16,514 72,194 5,312,000 6,400 4,500 18,264 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 6,491,114 104,864 1,060,647 422,699 1,612,183 579,799 8,164,529 4,353,167 219,571 213,794 3,172,340 152,967 913,124 279,891 1,655,319 665,332 104,124 707,463 218,471 455,560 450,260 1,338,716 604,852 476,054 166,207 193,822 199,586 1,192,406 83,250 969,868 31,453 1,301,868 440,016 713,854 1,111,486 257,795 721,596 3,126,964 569,973 86,964 2,077 100,097 1,983,614 1,574,171 444,086 1,318,399 559,320 1,581,180 1,200,181 774,451 SCHEDULE A (CONTINUED) COST ($) 5,530,729 106,468 1,004,419 419,044 1,403,174 624,564 7,294,041 4,176,463 223,133 219,486 3,075,318 151,926 996,167 207,220 1,047,063 324,207 104,689 481,845 139,660 471,693 417,344 1,385,551 608,324 280,069 136,296 162,737 186,330 1,153,824 99,199 703,830 21,730 1,265,683 419,020 611,788 1,136,345 253,618 590,133 1,568,661 556,310 79,690 1,585 87,713 981,405 813,578 354,843 951,630 503,156 1,238,504 1,071,902 504,309 FORTIS................................................................................................... FORTUM................................................................................................. FOSTER ELECTRIC CO.......................................................................... FOURLIS EUR1 ORD.............................................................................. FUJI ELECTRIC HOLDINGS CO............................................................. FUJI PHOTO FILM LTD........................................................................... FUJI TELEVISION NETWORK................................................................ FUJI-TEC................................................................................................. FUJITSU KIDEN...................................................................................... FUKUDA DENSHI.................................................................................... FUTABA INDUSTRIAL............................................................................. GABRIEL RESOURCES LTD.................................................................. GAKKEN CO........................................................................................... GALLEON ENERGY INC......................................................................... GALLEON ENERGY INC......................................................................... GAMBRO................................................................................................. GAMMON LAKE RESOURCES INC........................................................ GARDA WORLD SECURITY CORP........................................................ GENERAL PROPERTY TRUST............................................................... GENERALI(SCHWEIZ) HOLDING........................................................... GERRY WEBER INTERNATIONAL AG NPV(REG)................................. GESTEVIS TELECINO............................................................................ GLEESON(M J) GROUP ORD................................................................. GMP CAP CORP..................................................................................... GROUPE LAPERRIERE & VERREAULT................................................. GUARDIAN CAPITAL GROUP LTD......................................................... GUNZE.................................................................................................... HACHIJUNI BANK................................................................................... HANKYU DEPARTMENT STORES Y50.................................................. HARRIS STEEL GROUP INC.................................................................. HAWKER RESOURCES INC................................................................... HBOS...................................................................................................... HEIJMANS CVA...................................................................................... HELLENIC TELECOM ORGANIZATION.................................................. HITACHI LTD........................................................................................... HITACHI SYSTEMS & S NAV.................................................................. HKR INTERNATIONAL............................................................................ HOME CAPITAL GROUP INC................................................................. HONDA MOTOR CO............................................................................... HONG KONG ELECTRIC HOLDINGS..................................................... HSE INTEGRATED LTD.......................................................................... HUDBAY MINERALS INC........................................................................ HUNTING PLC ORD................................................................................ HUSKY ENERGY INC............................................................................. HUTCHISON WHAMPOA........................................................................ HYPO REAL ESTATE NPV..................................................................... ICHIYOSHI SECURITIES........................................................................ IHC CALAND NV..................................................................................... IMPERIAL CHEMICAL INDUSTRY.......................................................... INCHCAPE ORD..................................................................................... 21 228,286 5,400 125,000 49,100 437,000 18,100 3,615 798,332 21,000 6,000 163,600 93,200 430,000 19,300 114,143 47,000 13,900 72,900 74,386 1,800 31,000 57,900 112,100 16,000 13,000 11,400 41,000 173,000 12,000 50,100 6,499 83,081 8,900 34,550 183,000 15,000 1,089,000 96,900 10,700 18,000 866 35,500 372,600 30,560 45,000 26,800 56,000 19,810 232,300 20,700 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 451,932 1,211,470 622,713 1,888,756 1,176,966 388,576 1,665,150 152,967 932,809 4,801 1,049,070 73,028 220,950 819,518 154,129 480,317 1,001,169 36,227 8,143 86,381 468,856 1,533,853 178,612 587,124 2,414,676 575,320 451,991 515,781 2,159,859 468,169 795,789 2,737,787 186,714 1,081,483 1,377,998 697,542 1,115,245 532,700 190,903 30,526 345,994 11,935,483 670,608 1,002,807 349,574 242,498 2,494,171 1,279,606 1,579,085 454,312 SCHEDULE A (CONTINUED) COST ($) 450,543 934,446 570,262 1,626,480 652,870 609,260 1,387,276 153,330 825,686 4,593 412,837 86,157 169,633 716,590 165,674 433,523 983,889 37,992 8,401 62,109 338,986 1,025,441 196,034 612,143 2,226,922 528,849 399,326 425,785 1,682,905 465,749 703,274 2,710,795 192,593 908,353 987,096 177,276 886,168 514,932 158,628 41,214 297,828 11,752,406 617,858 1,008,412 347,909 175,492 1,753,350 1,016,089 1,289,573 442,556 INDIRA SISTEMAS SA............................................................................ ING GROEP............................................................................................ INMET MINING CORP............................................................................. INMOBILIARIA COLONIAL SA................................................................ INMOBILIARIA URBIS SA....................................................................... INNOVATION GROUP PLC ORD............................................................ INTERNATIONAL POWER ORD............................................................. INTERNET RESEARCH INSTITUTE....................................................... INTESABCI SPA...................................................................................... INVESTA PROPERTY GROUP............................................................... IPSCO INC.............................................................................................. ISOTECHINIKA INC................................................................................ ITALCEMENTI EUR1............................................................................... ITE GROUP ORD.................................................................................... IVERNIA INC........................................................................................... IZUMI CO................................................................................................ JACCS CO............................................................................................... JAMES HARDIE INDUSTRIES NPV........................................................ JAPAN RETAIL FUND............................................................................. JAPAN TOBACCO INC............................................................................ JKX OIL & GAS ORD............................................................................... JM BYGG-&FASTIGH.............................................................................. JOINT CORP........................................................................................... JSP CORP............................................................................................... KANTO AUTO WORKS........................................................................... KAS BANK NV CVA................................................................................. KATO SANGYO CO................................................................................ KAUFMAN & BROAD.............................................................................. KAWASAKI KISEN KAISHA.................................................................... KAYABA INDUSTRY CO......................................................................... KEIHIN CORP......................................................................................... KEIYO BANK LTD................................................................................... KELDA GROUP ORD.............................................................................. KEPPEL CORP....................................................................................... KESKO ORD........................................................................................... KICK ENERGY CORP............................................................................. KIER GROUP ORD.................................................................................. KILN ORD................................................................................................ KINDEN CORPORATION........................................................................ KINGBOARD CHEMICAL HOLDING....................................................... KINGSWAY FINANCIAL SERVICES INC................................................ KIRIN BREWERY CO.............................................................................. KITZ CORPORATION.............................................................................. KOBE STEEL.......................................................................................... KOJIMA CO............................................................................................. KOMATSU............................................................................................... KT&G CORP............................................................................................ KUBOTA CORPORATION....................................................................... KUHNE & NAGEL AG.............................................................................. KURABO INDUSTRIES........................................................................... 22 22,393 41,846 40,100 33,134 58,000 702,600 401,400 100 195,483 3,103 16,400 43,600 13,709 435,700 122,900 17,000 119,000 5,595 1 6 142,100 41,600 5,000 58,000 191,000 25,300 28,000 7,300 332,000 121,000 44,000 521,000 15,434 157,090 48,400 97,500 67,400 295,300 24,000 13,000 18,900 1,195,000 137,000 427,000 30,000 22,000 56,540 207,000 7,200 170,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 250,236 1,033,986 1,114,680 237,144 127,515 158,640 41,173 663,833 27,179 159,115 583,435 471,691 2,841,004 16,884 4,100,040 1,558,818 554,713 1,032,321 3,286,094 1,432,132 34,643 1,165,177 29,627 3,324,140 1,312,085 2,899,654 226,509 1,393,063 1,376,056 1,339,209 772,754 35,146 1,504,980 566,743 507,671 947,187 675,978 136,683 1,105,837 1,121,893 661,682 604,624 627,528 511,191 321,348 473,946 163,882 234,350 1,199,190 242,948 SCHEDULE A (CONTINUED) COST ($) 286,831 971,554 1,082,021 184,074 111,430 75,673 19,479 660,356 20,645 158,840 531,867 425,606 2,808,816 18,744 4,608,263 1,288,347 400,870 628,480 2,519,595 1,061,577 29,695 1,040,329 30,069 2,197,284 1,305,315 1,502,235 173,221 1,425,732 1,387,199 801,122 711,047 35,397 1,020,680 524,180 585,402 727,675 581,674 169,893 600,341 1,140,004 599,315 500,150 492,695 332,030 337,597 472,651 166,962 207,222 770,131 270,055 KURIMOTO LTD...................................................................................... KYOWA EXECO CORP........................................................................... KYOWA HAKKO KOGYO........................................................................ KYUSHU ELECTRIC POWER CO INC.................................................... LA SENZA CORP.................................................................................... LE CHATEAU INC................................................................................... LEADER ENERGY SERVICES LTD........................................................ LEGACY HOTELS REIT.......................................................................... LEIGHTON HOLDINGS LTD.................................................................... LEND LEASE CORP................................................................................ LINDE AG NPV........................................................................................ LINDEX.................................................................................................... LION CORP............................................................................................. LORUS THERAPEUTICS INC................................................................. MABUCHI MOTOR Y50........................................................................... MACARTHUR COAL LTD........................................................................ MACQUARIE AIRPORTS NPV STAPLED............................................... MAJOR DRILLING GROUP INTERNATIONAL INC................................. MAKITA CORP........................................................................................ MARUBENI CORP................................................................................... MATSUSHITA ELECTRIC INDUSTRIAL CO........................................... MAZDA MOTOR CORP........................................................................... MELCOR DEVELOPMENTS LTD............................................................ MERCK KGAA......................................................................................... MI DEVELOPMENTS INC........................................................................ MILANO ASSICURAZIO ITL1000............................................................ MINACS WORLDWIDE INC.................................................................... MINISTOP CO......................................................................................... MITSUBISHI CHEMICAL Y50.................................................................. MITSUBISHI GAS & CHEMICAL CO....................................................... MITSUBISHI TOKOYO FINANCIAL GROUP........................................... MITSUI CHEMICALS............................................................................... MITSUI O.S.K. LINES LTD...................................................................... MITSUI TRUST HOLDINGS NPV............................................................ MITSUMURA PRINTING......................................................................... MONSOON ORD..................................................................................... MORGAN SINDALL ORD........................................................................ MOSAID TECHNOLOGIES INC............................................................... MULLEN GROUP INCOME FUND........................................................... MUNCHENER RUCKVERSICHERUNGS................................................ N.G.K. SPARK PLUG CO........................................................................ NAMCO................................................................................................... NETELLER.............................................................................................. NEXEN INC............................................................................................. NICHIAS CORP....................................................................................... NICHICON CORP.................................................................................... NIDEC TOSOK CORP............................................................................. NIHON DEMPA KOGYO.......................................................................... NIHON KODEN CORP............................................................................. NIHON UNISYS....................................................................................... 23 90,000 114,000 152,000 10,500 7,500 3,800 13,221 110,000 2,430 16,072 7,900 9,000 485,000 29,500 79,800 319,760 231,500 89,200 166,000 346,000 2,000 297,000 400 38,751 39,700 414,000 69,900 73,200 432,000 207,000 76 6,000 207,000 51,000 91,000 128,100 44,400 7,700 53,300 10,052 48,000 36,900 40,500 11,800 71,000 32,000 13,000 9,700 72,000 25,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 12,959,850 2,191,929 33,221 924,228 1,619,331 1,245,332 964,017 1,219,813 9,718 307,122 656,499 1,294,507 2,624,610 635,983 835,525 186,440 1,964,127 3,144,543 7,150,638 2,251,300 98,056 376,549 22,466 96,520 120,937 547,603 2,408,020 209,536 207,855 6,377,340 715,427 493,094 1,503,021 897,256 4,449,822 339,824 757,649 200,303 134,603 854,618 28,651 555,181 295,384 1,124,421 2,141,213 678,731 885,085 463,152 1,975,658 84,252 SCHEDULE A (CONTINUED) COST ($) 12,279,475 2,183,543 34,944 1,120,991 1,690,949 1,109,970 800,682 1,046,173 8,589 247,431 639,768 1,050,572 2,513,379 625,658 671,208 206,566 1,991,779 2,205,708 4,498,721 1,941,990 101,185 420,734 23,119 236,790 95,458 549,857 1,355,485 137,602 210,737 3,304,238 713,818 464,645 901,015 889,944 3,123,787 313,382 682,167 190,880 90,104 786,978 41,443 487,843 162,259 614,217 1,351,970 502,727 932,750 469,835 1,529,953 71,089 NIKKO SECURITIES............................................................................... NINTENDO CO........................................................................................ NIPPON BUILDING FUND INC................................................................ NIPPON CHEMICAL INDUSTRIAL CO.................................................... NIPPON FINE CHEMICAL CO................................................................. NIPPON KAYAKU CO............................................................................. NIPPON MINING HOLDING.................................................................... NIPPON SHINYAKU CO.......................................................................... NIPPON SHOKUBAI CO......................................................................... NIPPON STEEL....................................................................................... NIPPON TEL & TEL CORP...................................................................... NIPPON YUSEN KK................................................................................ NIPPONKOA INSURANCE CO................................................................ NISSAN SHATAI CO............................................................................... NISSHIN STEEL CO Y50........................................................................ NITTA CORP........................................................................................... NOKIA..................................................................................................... NORDBANKEN HOLDINGS.................................................................... NORSK HYDRO...................................................................................... NORTHBRIDGE FINANCIAL CORP........................................................ NORTHSTAR AEROSPACE INC............................................................. NOVAGOLD RESOURCES INC.............................................................. NOVARTIS AG........................................................................................ NOVICOURT INC.................................................................................... NURUN INC............................................................................................. NUTRECO HOLDING.............................................................................. OESTERREICHISECHE EL WIRTSCH................................................... OILEXCO INC.......................................................................................... OKINAWA CELLULAR............................................................................. OMV AG.................................................................................................. ONEX CORP........................................................................................... ONO PHARMACEUTICAL CO................................................................. ORIENT OVERSEAS INT........................................................................ ORIGIN ENERGY.................................................................................... ORKLA ASA............................................................................................ OSAKA STEEL CO.................................................................................. OSIM INTERNATIONAL.......................................................................... OVERSEA-CHINESE BANKING CORP................................................... OVERSEAS UNION ENTERPRISES....................................................... PACIFIC INDUSTRIAL............................................................................. PACIFIC RODERA ENERGY INC............................................................ PAL CO LTD............................................................................................ PAN-OCEAN ENERGY CORP................................................................. PASON SYSTEMS INC........................................................................... PENN WEST ENERGY TRUST............................................................... PETRO-CANADA.................................................................................... PREUSSAGE AG.................................................................................... PRIMARY HEALTH CARE....................................................................... PROMINA GROUP.................................................................................. PROSPEX RESOURCES LTD................................................................. 24 2,626,000 21,000 4 318,000 273,502 173,000 144,000 158,000 1,000 106,000 152 207,000 373,000 93,000 292,000 14,000 125,950 326,000 67,380 81,300 23,300 51,900 465 76,450 51,500 12,300 7,107 65,000 100 117,451 42,100 10,000 377,438 164,760 111,050 24,700 982,000 54,000 24,000 169,000 29,600 10,000 9,700 51,600 74,190 16,800 37,561 58,500 551,400 26,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 469,575 225,019 449,919 213,526 485,167 1,534,299 1,460,475 4,140,030 358,688 481,778 306,183 857,690 152,356 0 696,454 2,320,511 1,457,075 3,953,809 762,688 1,875,017 1,235,039 576,929 1,264,948 448,671 2,105,882 883,020 356,245 669,456 1,010,196 105,107 591,590 14,351 616,094 1,206,195 184,119 591,200 444,010 3,364,646 384,298 88,259 287,130 210,244 3,224,452 574,858 7,569 168,575 2,943,677 1,547,299 1,002,456 256,004 SCHEDULE A (CONTINUED) COST ($) 524,476 238,539 434,520 183,740 472,517 569,072 912,644 2,959,198 417,530 213,949 182,578 780,086 157,168 0 643,103 1,825,828 1,061,285 1,483,536 833,169 1,613,862 876,389 570,875 1,221,689 443,155 1,255,086 514,035 339,348 669,997 738,390 110,959 410,289 10,803 593,090 1,700,459 156,493 409,680 449,173 2,038,829 380,203 88,843 269,488 199,621 3,238,294 85,729 7,453 106,234 2,799,939 402,600 833,392 236,594 QANTAS AIRWAYS LIMITED.................................................................. QUADRA MINING LTD............................................................................ QUADRANT HOLDING............................................................................ QUEST CAPITAL CORP......................................................................... RAMSAY HEALTH CARE LTD................................................................ REAL RESOURCES INC......................................................................... REITMANS (CANADA) LTD..................................................................... REPSOL SA............................................................................................ RICARDO PLC ORD................................................................................ RIDER RESOURCES LTD....................................................................... RINKER GROUP..................................................................................... RIO TINTO LIMITED................................................................................ ROCHE HOLDINGS................................................................................ ROYAL DUTCH SHELL........................................................................... ROYAL DUTCH SHELL PLC................................................................... SACYR VALLERMOSO SA..................................................................... SAIPEM................................................................................................... SALZGITTER AG ORD............................................................................ SAMUEL MANU-TECH INC..................................................................... SANGETSU............................................................................................. SANTOS LIMITED................................................................................... SANWA SHUTTER CORP....................................................................... SANYO SHINPAN FINANCE CO............................................................. SATORI ELECTRIC CO........................................................................... SAVANNA ENERGY SERVICES CORP.................................................. SAVILLS ORD......................................................................................... SCHERING AG....................................................................................... SEINO TRANSPORTATION.................................................................... SEMBCORP INDUSTRIES...................................................................... SEMBCORP LOGISTICS......................................................................... SEMBCORP MARINE SGD0.10.............................................................. SEQUOIA OIL & GAS TR........................................................................ SERONO SA........................................................................................... SFK PULP FUND..................................................................................... SHANGRI-LA ASIA.................................................................................. SHERRITT INTERNATIONAL CORP....................................................... SHIGA BANK........................................................................................... SHINKO ELECTRIC INDUSTRIES CO.................................................... SICO INC................................................................................................. SIERRA SYSTEMS GROUP INC............................................................. SINGAPORE AIRLINES.......................................................................... SINGAPORE PETROLEUM..................................................................... SINGAPORE PRESS HOLDINGS........................................................... SINGAPORE TELECOMMUNICATIONS................................................. SMARTONE TELECOMMUNICATIONS.................................................. SMRT CORP........................................................................................... SODEXHO ALLIANCE............................................................................. SOLARWORLD AG NPV......................................................................... SOMPO JAPAN INSURANCE INC.......................................................... SOSHIN ELECTRIC CO.......................................................................... 25 194,748 45,700 3,800 110,300 70,900 72,916 100,300 140,379 77,600 31,800 28,366 22,696 1,107 21,418 21,418 90,800 87,520 106,700 86,300 69,000 141,986 97,000 18,000 33,000 101,050 67,400 5,652 75,000 605,740 110,000 356,000 942 933 325,700 106,000 64,500 71,000 61,000 30,500 10,700 41,000 65,000 1,202,000 375,429 6,500 263,000 84,937 14,200 88,000 23,000 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 340,335 368,453 727,756 268,225 479,162 966,175 1,405,424 1,169,065 574,059 1,277,643 159,158 254,141 1,623,236 1,398,479 635,407 1,293,805 917,902 80,956 647,590 37,538 1,324,675 42,758 1,405,308 369,762 519,766 2,347,128 287,058 150,790 687,148 852,495 121,879 3,214,199 2,346,695 11,925,212 337,454 13,479 735,765 825,208 1,536,704 1,040,312 1,500,049 813,015 427,215 1,461,118 368,100 149,553 357,585 418,213 924,146 387,583 SCHEDULE A (CONTINUED) COST ($) 249,719 236,847 274,244 270,619 421,598 679,161 733,470 791,306 418,889 1,087,830 151,860 214,870 1,491,078 1,406,962 534,362 1,194,397 834,050 61,090 664,073 44,119 1,490,484 29,127 1,450,623 354,947 498,088 1,931,306 287,174 170,153 797,389 733,050 123,142 3,407,510 2,178,553 11,862,809 431,321 14,029 633,051 876,795 1,139,005 753,065 1,149,247 851,643 442,897 1,346,104 301,769 138,040 334,723 413,616 894,228 339,361 STANTEC INC......................................................................................... STAR MICRONICS CO............................................................................ STATOIL DEN NORSKE STATS OLJESELSKAP................................... STOCKLAND........................................................................................... STOCKMANN AB OY.............................................................................. STOLT OFFSHORE................................................................................. STOREBRAND ASA................................................................................ STORK NV.............................................................................................. SUEZ....................................................................................................... SULZER AG............................................................................................ SUMITOMO BAKELITE CO..................................................................... SUMITOMO CHEMICAL.......................................................................... SUMITOMO CORP.................................................................................. SUMITOMO CORP LEASING.................................................................. SUMITOMO ELECTRIC IND.................................................................... SUMITOMO RUBBER INDUSTRIES....................................................... SUMITOMO TRUST & BANKING CO...................................................... SUN HUNG KAI PROPERTIES............................................................... SUNCORP METWAY LTD....................................................................... SUNTEC REAL ESTATE INVESTMENT.................................................. SUNTELEPHONE CO............................................................................. SWIRE PACIFIC...................................................................................... SWISS LIFE HOLDING........................................................................... SWISS REINSURANCE.......................................................................... SWISSCOM AG....................................................................................... SYNGENTA AG....................................................................................... SYSTEMS XCELLENCE INC................................................................... TACHI-S CO............................................................................................ TAIGA FOREST PRODUCTS LTD.......................................................... TAIHEIYO CEMENT CORP..................................................................... TAIKO BANK........................................................................................... TAISHO PHARMACEUTICAL CO............................................................ TAIYO YUDEN CO.................................................................................. TAKEFUJI................................................................................................ TAMRON CO LTD................................................................................... TATE & LYLE.......................................................................................... TDC......................................................................................................... TECHEM AG-NPV................................................................................... TECHNIP SA EUR................................................................................... TECK COMINCO LTD.............................................................................. TEIJIN..................................................................................................... TELECOM ITALIA.................................................................................... TELECOM ITALIA DI RISP...................................................................... TELEKOM AUSTRIA............................................................................... TELENOR AS ORD................................................................................. TELEVISION BROADCAST ORD............................................................ TELSTRA CORP..................................................................................... TESCO.................................................................................................... THK CO................................................................................................... THUNDER ENERGY TRUST................................................................... 26 10,800 29,000 29,900 60,523 11,700 77,400 141,400 23,500 19,745 2,700 24,000 46,000 172,630 38,000 52,000 123,000 133,000 8,000 43,763 55,000 188,499 4,500 10,100 5,759 1,550 22,142 143,300 14,000 32,500 254,000 45,000 162,000 200,000 171,450 27,000 1,626 13,900 19,100 26,900 26,730 284,000 259,956 163,700 69,517 40,200 27,000 101,720 71,547 41,000 33,490 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 400,800 737,877 1,478,103 174,760 163,585 375,651 49,534 670,605 688,158 268,210 989,356 17,555 1,638,422 604,982 5,420,198 434,981 42,067 1,803,618 1,326,374 37,230 4,988,023 631,576 458,655 1,658,040 397,355 19,133 632,066 27,933 681,349 265,406 4,219,985 4,014,230 800,609 310,881 405,023 1,526,496 1,973,152 218,635 318,380 346,223 922,029 899,083 1,015,846 360,129 364,995 714,339 202 37,783 517,945 2,561 SCHEDULE A (CONTINUED) COST ($) 429,660 789,221 1,435,331 174,128 150,409 325,457 47,861 676,330 647,057 153,031 593,108 16,129 1,586,300 392,065 2,029,049 445,422 18,601 1,555,971 1,341,836 32,094 4,496,201 666,188 311,788 1,265,647 274,484 19,123 660,484 28,713 351,908 186,592 3,333,902 2,128,981 788,125 297,186 416,360 574,727 920,315 166,847 270,851 174,559 863,412 613,996 1,072,994 258,559 370,537 509,813 0 46,207 449,328 1,397 TIMBERWEST FOREST CORP............................................................... TOA CORP.............................................................................................. TOCHIGI BANK....................................................................................... TOENEC CORP....................................................................................... TOKAI RIKA DENKI Y50.......................................................................... TOKYO BROADCASTING SYSTEM INC................................................. TOPPAN PRINTING................................................................................ TOREX RETAIL ORD.............................................................................. TORSTAR CORP.................................................................................... TOTAL ENERGY SERVICES TRUST...................................................... TOTAL FINA ELF..................................................................................... TOYO SUISAN KAISHA LTD................................................................... TOYO TIRE & RUBBER.......................................................................... TRANSCOM WORLDWIDE S.A.............................................................. TRICAN WELL SERVICE LTD................................................................. TRINITY MIRROR ORD........................................................................... TRUE ENERGY INC................................................................................ TSUBAKIMOTO CHAIN CO..................................................................... TSURUMI MANFACTURE CO................................................................. TUSK ENERGY CORP............................................................................ TV ASAHI CORP..................................................................................... TVA GROUP INC..................................................................................... TWENTSCHE KABEL HOLDINGS CVA.................................................. UBISOFT ENTMT.................................................................................... UFJ HOLDINGS....................................................................................... UNIBAIL EUR5........................................................................................ UNITED OVERSEAS BANK.................................................................... UNITED OVERSEAS LAND..................................................................... UNIVAR NV ORD.................................................................................... UTS ENERGY CORP.............................................................................. VA STAHL AG......................................................................................... VALLOUREC........................................................................................... VAN HOUTTE INC................................................................................... VEBA AG................................................................................................. VECTOR AEROSPACE CORP................................................................ VEIDEKKE............................................................................................... VENTURE PRODUCTION ORD.............................................................. VFC INC.................................................................................................. VIVENDI UNIVERSAL............................................................................. VOLVO.................................................................................................... VTECH HOLDINGS................................................................................. WAJAX INCOME FUND UNIT................................................................. WAKACHIKU CONSTRUC...................................................................... WALLENSTAM........................................................................................ WESCAST INDUSTRIES INC.................................................................. WESTPAC BANKING CORP................................................................... WESTPOINT INNOVATIONS INC........................................................... WESTPORT INNOVATIONS INC............................................................ WHARF HOLDINGS................................................................................ WHITE FIRE ENERGY LTD.................................................................... 27 33,000 83,000 217,000 39,000 9,000 19,600 5,000 325,800 32,000 22,600 3,775 1,000 362,000 80,600 162,210 39,012 8,400 345,000 151,497 8,589 2,084 37,500 9,853 32,400 64 134 75,000 20,200 17,700 74,900 51,684 9,600 47,300 3,268 132,200 56,700 216,074 19,100 10,164 8,400 331,000 43,600 504,000 31,800 14,700 48,176 2,400 33,500 141,000 942 PERMANENT UNIVERSITY FUND EQUITY SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) 18,383 1,114,320 1,056,768 140,786 867,605 1,176,272 85,379 2,097,449 1,097,971 3,922,757 516,815,775 SCHEDULE A (CONTINUED) COST ($) 16,366 849,084 712,411 143,130 652,052 1,161,769 86,146 1,393,988 887,580 3,021,462 431,884,790 WING HANG BANK................................................................................. WOOD GROUP (JOHN).......................................................................... WOODSIDE PETROLEUM ORD............................................................. WOOLWORTHS LIMITED....................................................................... WORLEY GROUP NPV........................................................................... YAMAHA MOTOR CO............................................................................. YAMANA GOLD INC................................................................................ YAMATO KOGYO.................................................................................... ZINIFEX................................................................................................... ZURICH FINANCIAL SERVICES............................................................. TOTAL FOREIGN COMMON STOCKS OTHER - EQUITY SECURITIES FEMPARTNERS INC............................................................................... GOLDSTON OIL CO - GLADEWATER JETER ROYALTY INTEREST.... GOLDSTON OIL CO - JETER #3............................................................. GOLDSTON OIL-GLADEWATER JETER................................................ SEAGATE TECHNOLOGY INC.............................................................. SONGBIRD HEARING INC...................................................................... SONGBIRD HEARING INC...................................................................... TERASTOR CORP.................................................................................. TIMCO AVIATION SERVICES INC.......................................................... TOTAL OTHER - EQUITY SECURITIES 2,500 300,760 42,710 11,534 121,200 63,000 22,100 148,000 374,800 22,267 5,432 1 4,613,112 2,815,706 6,117,899 1 234,338 59,001 265,750 0 528 0 0 0 559,618 42,300 812,527 1 1 188 0 528 0 0 0 13,547,246 TOTAL EQUITY SECURITIES 1,842,237,703 1,432,346,516 28 PERMANENT UNIVERSITY FUND PREFERRED STOCKS AND CONVERTIBLE SECURITIES August 31, 2005 SECURITY SHARES VALUE ($) SCHEDULE B COST ($) DOMESTIC PREFERRED STOCKS DG FUNDING TRUST PRIVATE PLACEMENT........................................................................... FEDERAL NATIONAL MORTGAGE ASSOCIATION 2004-1..................................................................................................... TERASTOR CORP SERIES A................................................................................................ SERIES B................................................................................................ SERIES C................................................................................................ SERIES E................................................................................................ SERIES E ITV DISSOLU......................................................................... SERIES F................................................................................................ SERIES F ITV DISSOLU......................................................................... TOTAL DOMESTIC PREFERRED STOCKS CONVERTIBLE SECURITIES FEMPARTNERS INC SERIES A CONV PFD............................................................................. SERIES B CONV PFD............................................................................. SONGBIRD HEARING INC SERIES A3 CONV PFD........................................................................... SERIES A4 CONV PFD........................................................................... SERIES B CONV PFD............................................................................. SERIES C CONV PFD............................................................................. SERIES D CONV PFD............................................................................. TOTAL CONVERTIBLE SECURITIES 881,528 87,805 3,183,569 29,278,408 4,232,814 114,599 11,415 413,864 3,806,193 550,266 5,010,420 5,504,749 2,451,519 1,558,892 3,806,193 550,266 13,985,702 10,865 3,395 86,920 27,163 86,920 27,163 280,128 320,670 69,698 5,048,544 305,667 2,603,268 104,917 0 0 0 0 0 0 0 2,690,194 5 2 4 1 1 1 1 2,490,600 3,100 173,794 155,000 233 2,516,400 2,335,585 TOTAL PREFERRED STOCKS AND CONVERTIBLE SECURITIES 7,700,614 16,476,302 29 PERMANENT UNIVERSITY FUND PURCHASED OPTIONS August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE C COST ($) PURCHASED OPTIONS NEW S & P 500 INDEX PUT SEP 05 1225.000........................................................................... RUSSELL 2000 INDEX FUTURE PUT DEC 06 609.425............................................................................. PUT DEC 06 609.710............................................................................. PUT DEC 06 610.950............................................................................. PUT DEC 06 618.3958........................................................................... PUT DEC 06 636.2863........................................................................... PUT JUN 07 620.540.............................................................................. S & P 500 INDEX FUTURE PUT JAN 06 1154.810............................................................................ PUT JAN 06 1156.150............................................................................ PUT JAN 2006 1151.920........................................................................ PUT JAN 2006 1156.630........................................................................ PUT SEP 06 1163.2129.......................................................................... PUT SEP 06 1163.4088.......................................................................... S&P/TSE 60 INDEX FUTURE PUT DEC 06 569.7193........................................................................... PUT DEC 06 570.3948........................................................................... UTIMCO NASDAQ STOCK BASKET OTC CALL DEC 05 112.250........................................................................... PURCHASED SWAPTIONS OTC ECAL 6MEU/3.7 SWP30@3.7 BRC CALL NOV 05 003.700........................................................................... OTC ECAL 6MEU/3.7 SWP30@3.7 JPM CALL NOV 2005 003.700....................................................................... TOTAL PURCHASED OPTIONS 8 14,483 20,152,504 10,533 1,293,680 16 26,195 24,071 65,000 351,319 325,000 27,097 27,065 626,716 630,497 0 0 187,152 106,820 268,030 53,388 53,086 53,077 1,537,267 905,086 2,057,398 457,375 2,728,298 2,712,792 0 0 0 0 0 0 50,663 50,639 50,536 49,928 48,524 49,756 1,081,290 1,085,089 1,101,493 1,203,055 1,467,261 1,480,490 0 0 0 0 0 0 572 686,400 934,076 (1) Par Values on Non-US dollar denominated bonds are reported in currency of issue. 30 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D COST ($) U. S. GOVERNMENT OBLIGATIONS COMMIT TO PURCHASE FEDERAL HOME ASSOCIATION 5% DUE 10/01/35.................................................................................. COMMIT TO PURCHASE FEDERAL HOME LOAN MORTGAGE CORP 4.5% DUE 09/01/18............................................................................... 5% DUE 09/01/19.................................................................................. COMMIT TO PURCHASE FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.198% DUE 09/22/35........................................................................... 4.5% DUE 09/01/35............................................................................... 4.5% DUE 10/01/20............................................................................... 5% DUE 09/01/20.................................................................................. 5% DUE 09/01/20.................................................................................. 5% DUE 09/01/35.................................................................................. 5% DUE 10/01/20.................................................................................. 5.5% DUE 09/01/35............................................................................... 5.5% DUE 10/01/35............................................................................... 6% DUE 10/01/35.................................................................................. FEDERAL HOME LOAN BANK CONS 3.24% BONDS DUE 08/20/07................................................................. 6.25% BONDS DUE 03/01/11................................................................. 6.435% BONDS DUE 12/12/11............................................................... FEDERAL HOME LOAN MORTGAGE CORP 0% DUE 12/12/05.................................................................................. 3.5% CMO 2731 PK DUE 05/15/26........................................................ 3.57% CMO 2738 UA DUE 12/15/23...................................................... 4% CMO 2893 PA DUE 04/15/25........................................................... 4% CMO 2931 DA DUE 07/15/14........................................................... 4.42% CMO 2266 F DUE 11/15/30......................................................... 4.5% CMO 2508 CR DUE 03/15/16........................................................ 4.5% CMO 2773 EA DUE 05/15/10........................................................ 4.5% CMO 2931 DA DUE 09/15/29........................................................ 5% CMO 2581 QG DUE 12/15/31........................................................... 5% CMO 2827 TA DUE 01/15/21............................................................ 5% PART CERT B1-7624 DUE 01/01/20................................................ 5% PART CERT B1-7975 DUE 04/01/20................................................ 5% PART CERT B1-8104 DUE 04/01/20................................................ 5% PART CERT B1-8317 DUE 04/01/20................................................ 5% PART CERT B1-8386 DUE 06/01/20................................................ 5% PART CERT B1-8394 DUE 05/01/20................................................ 5% PART CERT B1-9020 DUE 04/01/20................................................ 5% PART CERT B1-9104 DUE 04/01/20................................................ 5% PART CERT B1-9140 DUE 04/01/20................................................ 5% PART CERT B1-9182 DUE 05/01/20................................................ 5% PART CERT G1-1672 DUE 03/01/15................................................ 5% PART CERT G1-1745 DUE 07/01/15................................................ 5% PART CERT G1-8026 DUE 12/01/19................................................ 5% PART CERT JO-2154 DUE 04/01/20................................................ 5% PASS THRU 0254663 DUE 07/01/15............................................... 5.1% PART CERT 84-7040 DUE 02/01/29............................................. 31 3,000,000 33,470,000 2,595,000 4,500,000 9,650,000 9,940,000 10,800,000 40,100,000 20,133,000 7,895,000 2,780,000 4,000,000 700,000 8,200,000 1,414,622 1,274,765 439,901 845,000 129,493 1,146,478 1,071,747 269,263 1,100,000 1,714,169 1,528,965 218,232 727,180 679,092 99,074 248,323 166,781 603,393 250,959 177,284 230,260 2,704,989 127,443 173,270 1,470,656 1,549,864 2,992,800 32,465,900 2,570,672 4,530,938 9,716,344 9,871,664 10,864,130 40,501,000 20,309,164 8,067,703 2,736,393 4,041,960 784,298 8,108,137 1,394,002 1,258,674 436,176 839,145 130,089 1,148,739 1,073,930 267,554 1,100,739 1,723,039 1,541,367 219,991 733,042 684,566 99,873 250,324 168,125 608,257 252,982 178,714 232,164 2,727,615 128,477 174,667 1,482,958 1,592,234 2,982,891 31,989,998 2,547,560 4,502,813 9,645,477 9,786,736 10,816,031 40,208,352 20,187,967 8,062,105 2,731,350 4,280,156 822,493 8,108,137 1,396,940 1,261,170 438,733 838,002 129,463 1,150,419 1,076,771 265,055 1,065,281 1,731,478 1,531,533 218,598 728,402 680,233 99,240 248,740 167,061 604,407 251,380 177,582 230,980 2,710,483 127,657 173,561 1,475,022 1,607,984 9,965,000 15,100,000 -5,000,000 9,884,034 14,977,313 -5,035,940 9,799,351 14,755,953 -5,002,344 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 232,422 3,215,802 376,979 5,773,196 199,568 1,147,962 9,440,381 7,636,187 1,216,242 197,778 779,412 316,136 857,135 12,814 11,074 6,389 570 761 1,156,127 351,830 1,596,959 249,794 1,588,260 1,212,416 1,947,297 580,931 1,565,701 1,782,084 1,397,839 118,518 3,980,400 2,235,384 13,981 783,873 242,273 1,076,190 1,395,598 358,468 411,161 59,939 1,486,195 608,562 2,748,950 333,260 748,016 729,037 112,809 14,010 SCHEDULE D (CONTINUED) COST ($) 223,604 3,124,461 378,400 5,578,564 190,472 1,017,215 8,273,697 7,184,244 1,130,782 197,138 777,008 315,090 861,452 11,304 10,022 5,688 494 655 1,167,611 352,387 1,593,262 249,595 1,590,362 1,218,435 1,929,485 582,948 1,567,922 1,786,800 1,398,260 118,000 3,955,625 2,245,796 13,947 776,794 245,667 1,086,353 1,330,438 364,390 417,863 60,916 1,468,783 618,615 2,765,212 338,766 760,373 740,920 114,648 14,241 5.496% PART CERT 78-6190 DUE 07/01/27.......................................... 5.5% DUE 11/15/33............................................................................... 6.5% PART CERT A4-5788 DUE 05/01/35............................................. 6.53% DEBS DUE 11/26/12................................................................... 7.5% CMO 1215-H DUE 03/15/07.......................................................... 7.5% CMO 2206Z DUE 01/15/30............................................................ 7.645% PART CERT 30-0088 DUE 05/01/25.......................................... 7.75% CMO 1394-IA DUE 10/15/22........................................................ 8% CMO 2182-ZB DUE 09/15/29........................................................... 8.3% CMO 1245-I DUE 04/15/07............................................................ 8.5% CMO 1311-KA DUE 07/15/22........................................................ 9.9% REMIC CMO 17-I DUE 10/15/19.................................................... 10% REMIC CMO 18-D DUE 11/15/19................................................... 11% PART CERT 170147 DUE 11/01/15................................................ 11.5% PART CERT 170139 DUE 08/01/15............................................. 13.5% PART CERT 170037 DUE 10/01/10............................................. 15.5% PART CERT 170051 DUE 06/01/11............................................. 16.25% PART CERT 170047 DUE 05/01/11........................................... FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.92% CMO 03-M2 A DUE 05/25/09....................................................... 3.46% CMO 03-W12 1A2 DUE 06/25/43................................................ 3.5% CMO DUE 11/25/13....................................................................... 3.539% CMO DUE 06/25/44................................................................... 3.65125% CMO 05-T2 1A1 DUE 11/28/35.............................................. 3.77% CMO 03-W6 1A32 DUE 10/25/42................................................ 4% CMO 05-35 AC DUE 08/25/18.......................................................... 4% CMO DUE 11/25/17.......................................................................... 4.1875% CMO 04-63 FA DUE 08/25/34.................................................. 4.243% CMO 03-W6 1A31 DUE 10/25/42.............................................. 4.2875% CMO 04-W8 1AF DUE 06/25/44.............................................. 4.4375% CMO 2002-08 F DUE 09/25/32................................................ 4.5% DUE 10/15/20............................................................................... 4.5% PASS THRU 0255176 DUE 04/01/19............................................ 4.5% PASS THRU 0357425 DUE 09/01/33............................................ 4.5375% CMO 2002-10 FB DUE 03/25/17.............................................. 4.86% PASS THRU 0422883 DUE 12/01/26.......................................... 4.992% PASS THRU 0800171 DUE 12/01/34......................................... 5% CMO 03-26 AT DUE 11/25/32.......................................................... 5% PASS THRU 0190341 DUE 09/01/18............................................... 5% PASS THRU 0254510 DUE 11/01/17............................................... 5% PASS THRU 0254545 DUE 12/01/17............................................... 5% PASS THRU 0254663 DUE 02/01/13............................................... 5% PASS THRU 0254685 DUE 04/01/18............................................... 5% PASS THRU 0357312 DUE 12/01/17............................................... 5% PASS THRU 0555545 DUE 06/01/18............................................... 5% PASS THRU 0555750 DUE 09/01/18............................................... 5% PASS THRU 0653195 DUE 08/01/17............................................... 5% PASS THRU 0662408 DUE 01/01/18............................................... 5% PASS THRU 0677681 DUE 02/01/18............................................... 32 225,010 3,192,297 364,394 5,500,000 199,873 1,095,461 8,268,530 7,244,468 1,138,882 198,081 778,151 316,564 858,263 11,329 10,068 5,728 497 656 1,210,224 353,713 1,625,000 250,613 1,590,114 1,223,982 1,977,770 583,723 1,567,922 1,788,896 1,399,135 118,037 4,000,000 2,252,483 14,378 776,794 240,776 1,065,052 1,400,000 355,665 407,857 59,458 1,466,035 603,803 2,726,865 330,654 742,167 723,180 111,903 13,900 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 1,424,942 352,619 553,587 333,200 383,685 114,904 657,906 627,449 899,830 951,068 849,158 47,102 24,251 313,122 427,472 148,764 305,217 174,047 546,613 364,855 377,955 4,599,498 9,631,795 80,396 70,790 2,018,513 7,701,054 1,042,383 797,802 340,877 96,194 21,046,720 9,617,266 10,794,303 3,301,114 286,139 1,666,152 2,515,844 1,878,928 1,245,305 2,872,500 652,677 771,351 98,280 85,012 902,738 310,801 1,934,951 272,926 SCHEDULE D (CONTINUED) COST ($) 1,448,482 358,444 562,611 338,705 390,024 116,802 660,105 626,426 898,363 949,516 847,747 47,025 24,211 312,602 426,761 148,517 304,710 173,758 545,704 364,248 376,735 4,615,653 9,619,707 81,790 71,035 2,028,418 7,735,272 1,047,253 801,099 342,365 96,644 20,990,641 9,615,824 10,799,454 3,317,687 285,310 1,673,202 2,528,262 1,887,536 1,251,452 2,880,441 654,482 775,153 98,802 84,979 797,696 273,217 1,699,309 275,633 5% PASS THRU 0685181 DUE 02/01/18............................................... 5% PASS THRU 0703443 DUE 05/01/18............................................... 5% PASS THRU 0705284 DUE 06/01/18............................................... 5% PASS THRU 0708706 DUE 06/01/18............................................... 5% PASS THRU 0720372 DUE 06/01/18............................................... 5% PASS THRU 0730057 DUE 08/01/18............................................... 5% PASS THRU 0743925 DUE 11/01/18............................................... 5% PASS THRU 0775689 DUE 05/01/19............................................... 5% PASS THRU 0793917 DUE 09/01/19............................................... 5% PASS THRU 0796379 DUE 12/01/19............................................... 5% PASS THRU 0797773 DUE 03/01/20............................................... 5% PASS THRU 0798733 DUE 11/01/19............................................... 5% PASS THRU 0799263 DUE 12/01/19............................................... 5% PASS THRU 0810968 DUE 04/01/20............................................... 5% PASS THRU 0811870 DUE 02/01/20............................................... 5% PASS THRU 0815437 DUE 02/01/20............................................... 5% PASS THRU 0816349 DUE 04/01/20............................................... 5% PASS THRU 0819732 DUE 04/01/20............................................... 5% PASS THRU 0819952 DUE 04/01/20............................................... 5% PASS THRU 0820006 DUE 04/01/20............................................... 5.001% PASS THRU 0399907 DUE 08/01/27......................................... 5.5% DEBS DUE 02/15/06..................................................................... 5.5% PASS THRU 0357735 DUE 02/01/35............................................ 5.5% PASS THRU 0456654 DUE 02/01/14............................................ 5.5% PASS THRU 0535704 DUE 12/01/30............................................ 5.5% PASS THRU 0555531 DUE 06/01/33............................................ 5.5% PASS THRU 0555800 DUE 10/01/33............................................ 5.5% PASS THRU 0648962 DUE 11/01/32............................................ 5.5% PASS THRU 0668399 DUE 01/01/33............................................ 5.5% PASS THRU 0713467 DUE 04/01/33............................................ 5.5% PASS THRU 0725042 DUE 01/01/34............................................ 5.5% PASS THRU 0725425 DUE 04/01/34............................................ 5.5% PASS THRU 0725773 DUE 09/01/34............................................ 5.5% PASS THRU 0725946 DUE 11/01/34............................................ 5.5% PASS THRU 0735228 DUE 02/01/35............................................ 5.5% PASS THRU 0761826 DUE 08/01/33............................................ 5.5% PASS THRU 0767725 DUE 12/01/33............................................ 5.5% PASS THRU 0780901 DUE 05/01/34............................................ 5.5% PASS THRU 0821504 DUE 06/01/35............................................ 5.5% PASS THRU 0822621 DUE 06/01/35............................................ 5.5% PASS THRU 0823279 DUE 06/01/35............................................ 5.5% PASS THRU 0823854 DUE 05/01/35............................................ 5.5% PASS THRU 0829376 DUE 06/01/35............................................ 5.5% PASS THRU 255706 DUE 05/01/35.............................................. 5.55% PASS THRU 0594245 DUE 06/01/30.......................................... 6% PASS THRU 0426612 DUE 10/01/28............................................... 6% PASS THRU 0443239 DUE 10/01/28............................................... 6% PASS THRU 0529320 DUE 07/01/29............................................... 6% PASS THRU 0555198 DUE 01/01/23............................................... 33 1,413,799 349,861 549,140 330,595 380,685 114,006 652,761 622,752 893,095 943,949 842,775 46,750 24,069 310,769 424,259 147,646 302,923 172,739 542,504 362,113 367,434 4,565,000 9,530,360 78,650 69,942 1,996,137 7,615,682 1,030,587 788,774 337,098 95,128 20,813,402 9,516,049 10,680,699 3,266,372 282,901 1,647,682 2,489,366 1,859,140 1,232,199 2,842,249 645,804 763,228 97,245 82,492 879,306 302,734 1,882,891 264,972 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 6,526,165 691,083 1,412,759 1,423,773 2,171,710 1,570,467 3,030,776 3,414,018 2,702,903 1,483,259 1,486,547 16,402 1,751,251 297,458 274,315 372,712 160,321 195,939 36,445 274,780 341,576 183,281 689,808 271,831 424,267 60,810 12,388,968 107,178 18,218 2,632 805 3,689 1,577 1,108 92,190 140,451 64,734 144,596 100,112 57,014 109,923 126,962 44,059 55,425 25,495 40,178 59,512 12,317 SCHEDULE D (CONTINUED) COST ($) 6,078,188 699,849 1,414,251 1,269,574 2,014,114 1,537,468 2,681,736 3,330,771 2,734,425 1,225,067 1,395,324 16,224 1,622,514 273,160 271,193 374,079 160,453 193,742 36,401 264,291 336,398 176,263 679,547 273,496 424,394 57,956 10,146,392 101,628 17,714 2,585 790 3,623 1,532 1,088 87,799 133,762 61,660 137,748 95,372 54,315 104,726 120,959 42,815 53,859 24,768 39,043 57,831 11,969 6.4% CMO 93-G40 H DUE 12/25/23....................................................... 6.5% CMO 03-W1 1A1 DUE 12/25/42.................................................... 6.5% PASS THRU 0254086 DUE 11/01/21............................................ 6.5% PASS THRU 0323606 DUE 03/01/29............................................ 6.5% PASS THRU 0323755 DUE 11/01/13............................................ 6.8% CMO 93-59 J DUE 05/25/08.......................................................... 6.825% PASS THRU 0381817 DUE 08/01/09......................................... 6.9% CMO 93-43 J DUE 04/25/08.......................................................... 7% PASS THRU 0323937 DUE 09/01/14............................................... 7.46% PASS THRU 0381809 DUE 08/01/29.......................................... 8.375% CMO 92-G41 MB DUE 08/25/22................................................ 8.5% CMO 91-71 D DUE 06/25/06......................................................... 8.5% CMO 92-G19 M DUE 04/25/22...................................................... 8.6% CMO 50 CL G DUE 08/25/19......................................................... GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 4.125% PASS THRU 0080119 DUE 10/20/27......................................... 4.25% PASS THRU 0080364 DUE 01/20/30.......................................... 4.375% PASS THRU 0008351 DUE 01/20/24......................................... 4.375% PASS THRU 0008865 DUE 05/20/26......................................... 4.375% PASS THRU 0080180 DUE 03/20/28......................................... 4.375% PASS THRU 0080393 DUE 04/20/30......................................... 4.375% PASS THRU 0080397 DUE 04/20/30......................................... 4.375% PASS THRU 0080407 DUE 05/20/30......................................... 4.375% PASS THRU 0080409 DUE 05/20/30......................................... 4.375% PASS THRU 0080418 DUE 06/20/30......................................... 4.75% PASS THRU 0080095 DUE 07/20/27.......................................... 5.5% PASS THRU 0569547 DUE 01/15/32............................................ 6.75% CMO 2001-616 CL DUE 10/16/40................................................ 7% PASS THRU 0001212 DUE 06/20/23............................................... 8% PASS THRU 0016676 DUE 04/15/07............................................... 8.25% PASS THRU 0008790 DUE 04/15/06.......................................... 8.25% PASS THRU 0009675 DUE 04/15/06.......................................... 8.25% PASS THRU 0010215 DUE 06/15/06.......................................... 8.25% PASS THRU 0010770 DUE 05/15/06.......................................... 8.25% PASS THRU 0010834 DUE 06/15/06.......................................... 8.5% PASS THRU 0002841 DUE 11/20/29............................................ 8.5% PASS THRU 0002855 DUE 12/20/29............................................ 8.5% PASS THRU 0002910 DUE 04/20/30............................................ 8.5% PASS THRU 0002936 DUE 06/20/30............................................ 8.5% PASS THRU 0002947 DUE 07/20/30............................................ 8.5% PASS THRU 0002974 DUE 09/20/30............................................ 8.5% PASS THRU 0003029 DUE 01/20/31............................................ 8.5% PASS THRU 0003043 DUE 02/20/31............................................ 8.5% PASS THRU 0508335 DUE 04/15/30............................................ 8.5% PASS THRU 0511172 DUE 01/15/30............................................ 8.5% PASS THRU 0521511 DUE 10/15/29............................................ 8.5% PASS THRU 0522981 DUE 02/15/30............................................ 8.5% PASS THRU 0526031 DUE 08/15/30............................................ 8.5% PASS THRU 0526032 DUE 08/15/30............................................ 34 6,315,000 667,317 1,355,783 1,371,586 2,093,606 1,537,468 2,826,599 3,341,379 2,580,407 1,217,364 1,396,931 16,245 1,633,796 277,167 270,180 366,873 157,838 193,258 35,835 270,333 336,021 180,315 678,595 267,396 417,287 59,585 10,346,391 101,852 17,764 2,586 791 3,624 1,549 1,089 85,003 129,502 59,697 133,362 92,335 52,585 101,391 117,107 40,487 50,931 23,421 36,920 54,687 11,319 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 41,599 119,414 40,513 56,865 12,206 25,605 12,133 3,193 6,289 12,054 1,054 1,047 22,570 20,734 10,021 8,063 4,121 5,197 6,060 7,769 615,738 227,581 7,279,180 1,582,340 2,914,820 4,099,065 5,364,368 1,238,449 16,612,533 21,333,158 22,782,190 23,160,648 9,667,710 79,854,885 56,820,679 59,244,461 39,521,913 3,956,054 14,990,667 11,803,821 34,309,493 7,501,436 44,483,894 14,810,372 33,138,313 SCHEDULE D (CONTINUED) COST ($) 40,424 113,582 35,415 50,192 10,375 23,244 10,804 2,827 5,408 10,487 909 1,035 18,102 18,374 8,858 7,144 3,638 4,212 4,911 6,281 590,366 217,706 6,435,760 1,537,124 2,914,820 4,099,065 5,364,368 1,238,449 16,690,768 21,330,745 22,308,406 22,554,775 9,652,873 79,103,586 56,128,647 55,732,773 39,427,716 3,901,957 15,130,189 11,901,417 34,557,350 7,496,391 42,032,128 14,750,480 33,272,989 8.5% PASS THRU 0538114 DUE 09/15/30............................................ 8.5% PASS THRU 0780840 DUE 07/20/28............................................ 10% PASS THRU 0151185 DUE 03/15/16............................................. 10% PASS THRU 0233778 DUE 02/15/18............................................. 10.5% PASS THRU 0224630 DUE 10/15/17.......................................... 11% PASS THRU 0035288 DUE 03/15/10............................................. 11.5% PASS THRU 0131670 DUE 05/15/15.......................................... 12.5% PASS THRU 0040744 DUE 05/15/10.......................................... 12.5% PASS THRU 0043162 DUE 11/15/10.......................................... 12.5% PASS THRU 0044298 DUE 11/15/10.......................................... 13% PASS THRU 0047171 DUE 04/15/11............................................. 13% PASS THRU 0047219 DUE 04/15/11............................................. 13% PASS THRU 0049550 DUE 07/15/11............................................. 13.5% PASS THRU 0039589 DUE 08/15/10.......................................... 13.5% PASS THRU 0040310 DUE 05/15/10.......................................... 13.5% PASS THRU 0041007 DUE 07/15/10.......................................... 13.5% PASS THRU 0041570 DUE 05/15/10.......................................... 13.5% PASS THRU 0045053 DUE 05/15/11.......................................... 13.5% PASS THRU 0045236 DUE 05/15/11.......................................... 13.5% PASS THRU 0048879 DUE 05/15/11.......................................... SMALL BUSINESS ADMINISTRATION 7.22% PART CERT 2000-20 1 DUE 11/01/20......................................... 7.64% PART CERT 00-10A DUE 03/01/10............................................. SYNTHETIC 6% CUSTODY RECPT DUE 08/15/11.................................................... TENNESSEE VALLEY AUTHORITY POWER 4.875% BONDS DUE 12/15/16............................................................... UNITED STATES TREASURY 0% BILLS DUE 02/16/06........................................................................ 0% BILLS DUE 09/01/05........................................................................ 0% BILLS DUE 09/15/05........................................................................ 0% BILLS DUE 12/01/05........................................................................ 0.875% INFLATION INDEX NOTE DUE 04/15/10................................... 1.625% INFLATION INDEX BOND DUE 01/15/15.................................. 1.875% INFLATION INDEX NOTE DUE 07/15/13................................... 1.875% INFLATION INDEX NOTE DUE 07/15/15................................... 1.875% NOTES DUE 01/31/06............................................................... 2% INFLATION INDEX NOTE DUE 01/15/14......................................... 2% INFLATION INDEX NOTE DUE 07/15/14......................................... 2.375% INFLATION INDEX BOND DUE 01/15/25.................................. 3% INFLATION INDEX NOTE DUE 07/15/12......................................... 3.375% INFLATION INDEX BOND DUE 04/15/32.................................. 3.375% INFLATION INDEX NOTE DUE 01/15/07................................... 3.375% INFLATION INDEX NOTE DUE 01/15/12................................... 3.5% INFLATION INDEX NOTE DUE 01/15/11...................................... 3.5% NOTES DUE 08/15/09................................................................... 3.625% INFLATION INDEX BOND DUE 04/15/28.................................. 3.625% INFLATION INDEX NOTE DUE 01/15/08................................... 3.625% NOTES DUE 04/30/07............................................................... 35 38,226 109,965 35,966 50,455 10,779 23,430 10,856 2,870 5,652 10,959 938 1,071 20,084 18,396 8,891 7,154 3,657 4,591 5,354 6,863 562,211 209,270 6,660,000 1,500,000 2,970,000 4,130,000 5,398,562 1,249,518 17,011,922 21,359,023 22,293,647 22,687,412 9,740,000 77,464,411 55,055,064 54,640,558 36,114,972 2,938,828 14,462,999 10,601,989 31,013,138 7,600,000 33,465,208 13,965,356 33,250,000 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 262,143 26,099,706 3,995,291 24,902,432 38,062,421 5,224,647 13,229,720 64,965,009 5,084,341 5,477,670 16,880,034 4,431,983 14,649,412 745,007 743,485 660,215 9,346,292 4,080,503 17,697,660 1,379,145 1,177,159,868 SCHEDULE D (CONTINUED) COST ($) 261,854 26,052,625 3,815,715 25,323,828 38,156,374 5,086,354 13,195,334 66,733,972 4,998,577 5,413,688 15,951,783 4,213,752 14,273,329 735,618 748,242 634,610 9,076,698 3,992,234 17,636,837 1,368,232 1,160,275,299 3.625% NOTES DUE 06/15/10............................................................... 3.625% NOTES DUE 06/30/07............................................................... 3.875% INFLATION INDEX BOND DUE 04/15/29.................................. 3.875% INFLATION INDEX NOTE DUE 01/15/09................................... 3.875% NOTES DUE 05/15/10............................................................... 4% NOTES DUE 02/15/15...................................................................... 4.125% NOTES DUE 05/15/15............................................................... 4.25% INFLATION INDEX NOTE DUE 01/15/10.................................... 4.25% NOTES DUE 08/15/15................................................................. 4.75% NOTES DUE 05/15/14................................................................. 5.25% BONDS DUE 02/15/29................................................................. 5.25% BONDS DUE 11/15/28................................................................. 5.375% BONDS DUE 02/15/31............................................................... 6.25% BONDS DUE 05/15/30................................................................. 6.25% BONDS DUE 08/15/23................................................................. 6.625% BONDS DUE 02/15/27............................................................... 8.125% BONDS DUE 05/15/21............................................................... 8.125% BONDS DUE 08/15/19............................................................... 8.875% BONDS DUE 02/15/19............................................................... 10.625% BONDS DUE 08/15/15............................................................. TOTAL U. S. GOVERNMENT OBLIGATIONS FOREIGN GOVERNMENT AND PROVINCIAL OBLIGATIONS AUSTRALIA COMMONWEALTH 4% BONDS DUE 08/20/10..................................................................... AUSTRIA REPUBLIC 4% BONDS DUE 07/15/09..................................................................... 5% BONDS DUE 07/15/12..................................................................... 5.5% BONDS DUE 01/15/10................................................................... 6.25% BONDS DUE 07/15/27................................................................. BANQUE CENTRALE DE TUNISIE 7.375% BONDS DUE 04/25/12............................................................... BRAZIL(FEDERATIVE REPUBLIC) 8% BONDS DUE 01/15/18..................................................................... CENTRAL BANK OF TUNISIA BONDS 7.375% BONDS DUE 04/25/12............................................................... CHILE REPUBLIC 5.5% BONDS DUE 01/15/13................................................................... DENMARK (KINGDOM OF) 7% BONDS DUE 11/15/07..................................................................... DUTCH (GOVT OF) 3.75% BONDS DUE 07/15/14................................................................. FEDERAL REPUBLIC OF BRAZIL 11% BONDS DUE 01/11/12.................................................................... FRANCE GOVERNMENT 4% BONDS DUE 04/25/09..................................................................... 4% BONDS DUE 04/25/14..................................................................... 4% BONDS DUE 04/25/55..................................................................... 4% BONDS DUE 10/25/14..................................................................... 36 265,000 26,200,000 2,872,615 22,902,073 38,055,000 5,240,000 13,145,000 57,891,377 4,990,000 5,200,000 14,835,000 3,900,000 12,495,000 575,000 600,000 500,000 6,500,000 2,900,000 12,000,000 900,000 800,000 1,100,000 800,000 600,000 860,000 500,000 790,000 100,000 300,000 13,830,000 600,000 1,000,000 1,900,000 400,000 100,000 1,600,000 890,061 1,429,947 1,116,113 828,060 1,486,662 572,500 814,411 113,380 316,950 2,512,493 778,126 1,180,000 2,464,066 528,836 133,193 2,114,358 901,767 1,103,602 888,183 624,920 842,840 484,375 783,267 115,250 297,273 1,759,617 787,372 1,190,500 1,648,659 543,133 126,172 2,149,237 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 7,587,191 296,640 505,837 511,372 1,040,945 2,079,922 4,437,975 1,750,691 2,559,515 277,823 3,176,580 2,930,056 693,943 25,907,282 7,057,875 324,557 13,216,854 7,757,156 15,427,251 112,351 533,836 664,201 3,246,332 2,839,229 6,318,281 8,251,103 5,741,745 1,146,350 946,124 504,362 3,809,977 816,497 2,404,892 3,309,098 1,286,525 2,385,789 215,600 SCHEDULE D (CONTINUED) COST ($) 4,825,955 288,431 488,156 547,736 964,812 2,249,976 4,486,937 1,751,862 2,552,051 260,753 2,394,530 2,913,913 701,866 27,136,564 7,459,260 309,580 11,657,165 7,666,595 13,515,299 100,566 484,862 653,810 3,297,789 3,040,340 6,290,042 8,124,936 5,132,172 1,089,039 645,588 506,220 2,214,585 787,963 2,408,057 3,288,916 1,220,357 2,389,204 196,186 4% DEBS DUE 10/25/09........................................................................ 4.75% BONDS DUE 04/25/35................................................................. 5.75% BONDS DUE 10/25/32................................................................. GERMANY FEDERAL REPUBLIC 3.5% BONDS DUE 10/09/09................................................................... 3.75% BONDS DUE 07/04/13................................................................. 4% BONDS DUE 07/04/09..................................................................... 4.25% BONDS DUE 01/04/14................................................................. 4.25% BONDS DUE 07/04/14................................................................. 4.5% BONDS DUE 01/04/13................................................................... 5% BONDS DUE 01/04/12..................................................................... 5% BONDS DUE 07/04/11..................................................................... 5% BONDS DUE 07/04/12..................................................................... 5.25% BONDS DUE 01/04/11................................................................. 5.25% BONDS DUE 07/04/10................................................................. 5.375% BONDS DUE 01/04/10............................................................... 5.5% BONDS DUE 01/04/31................................................................... 5.625% BONDS DUE 01/04/28............................................................... 6.25% BONDS DUE 01/04/30................................................................. 6.5% BONDS DUE 07/04/27................................................................... GOVERNMENT OF CANADA 3% BONDS DUE 12/01/36..................................................................... 5.75% BONDS DUE 06/01/33................................................................. ISRAEL STATE 5.5% NOTES DUE 09/18/23................................................................... ONTARIO PROVIDENCE CANADA 3.375% BONDS DUE 01/15/08............................................................... POLAND (GOVT OF) 6% BONDS DUE 05/24/09..................................................................... REPUBLIC OF ITALY 4.5% BONDS DUE 05/01/09................................................................... 5.5% BONDS DUE 11/01/10................................................................... RUSSIAN FEDERATION 5% BONDS DUE 03/31/30..................................................................... SOUTH AFRICA (REPUBLIC OF) 7.375% NOTES DUE 04/25/12............................................................... SPAIN (GOVT OF) 5.15% BONDS DUE 07/30/09................................................................. 5.75% BONDS DUE 07/30/32................................................................. 6% BONDS DUE 01/31/29..................................................................... SPAIN (KINGDOM OF) 4.2% BONDS DUE 01/31/37................................................................... UNITED KINGDOM TREASURY 4.75% BONDS DUE 06/07/10................................................................. 5% BONDS DUE 03/07/08..................................................................... 7.25% BONDS DUE 12/07/07................................................................. 8% BONDS DUE 09/27/13..................................................................... UNITED MEXICAN STATES 6.375% BONDS DUE 01/16/13............................................................... 37 5,820,000 200,000 300,000 400,000 800,000 1,600,000 3,300,000 1,300,000 1,880,000 200,000 2,300,000 2,100,000 500,000 18,800,000 5,140,000 200,000 8,160,000 4,400,000 8,660,000 103,781 500,000 600,000 3,300,000 8,900,000 4,800,000 5,910,000 5,030,000 1,010,000 700,000 300,000 2,240,000 600,000 1,300,000 1,800,000 670,000 1,050,000 200,000 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 910,000 270,600 615,000 760,500 687,705 1,490,000 164,084,718 SCHEDULE D (CONTINUED) COST ($) 834,400 228,580 486,240 630,221 647,430 1,382,500 152,497,611 7.5% NOTES DUE 01/14/12................................................................... 8% NOTES DUE 09/24/22...................................................................... 8% NOTES DUE 09/24/22...................................................................... 8.3% BONDS DUE 08/15/31................................................................... 9.875% BOND DUE 02/01/10................................................................. 11.375% BOND DUE 09/15/16............................................................... TOTAL FOREIGN GOVERNMENT AND PROVINCIAL OBLIGATIONS CORPORATE OBLIGATIONS AB SPNTAB SWEDMTG 0% DUE 10/21/05.................................................................................. ABITIBI-CONSOLIDATED INC 7.875% DUE 08/01/09........................................................................... 8.85% DUE 08/01/30............................................................................. AGL CAP CORP 6% DUE 10/01/34.................................................................................. ALABAMA POWER CO 3.5% DUE 11/15/07............................................................................... ALLIED WASTE NORTH AMERICA INC 6.5% DUE 11/15/10............................................................................... ALLSTATE LIFE GLOBAL 4.25% DUE 02/26/10............................................................................. AMERICAN ELECTRIC & POWER INC 4.709% DUE 08/16/07........................................................................... AMERICAN GENERAL FINANCE 4.875% DUE 07/15/12........................................................................... AMERICAN HOME MORTGAGE 4.29% DUE 10/25/34............................................................................. AMERIQUEST MORTGAGE 4.2175% DUE 03/25/35......................................................................... 4.4475% DUE 02/25/33......................................................................... 4.4475% DUE 07/01/10......................................................................... 4.5975% DUE 06/25/34......................................................................... ANHEUSER BUSCH COMPANIES INC 5.05% DUE 10/15/16............................................................................. ANZ DELAWARE INC 0% DUE 12/27/05.................................................................................. APPALACHIAN POWER CO 4.4% DUE 06/01/10............................................................................... AT & T CORPORATION 9.05% DUE 11/15/11............................................................................. AT&T WIRELESS SERVICES INC 7.875% DUE 03/01/11........................................................................... ATCHISON TOPEKA & SANTA FE RAILROAD 7.57% EQUIP TRUST DUE 02/15/09..................................................... ATMOS ENERGY CORP 4% DUE 10/15/09.................................................................................. BAE SYSTEM HOLDINGS INC 4.05% NOTES DUE 08/15/08................................................................. 38 800,000 220,000 500,000 600,000 570,000 1,000,000 3,000,000 190,000 195,000 750,000 235,000 195,000 455,000 225,000 520,000 784,535 119,622 9,915 19,763 995,413 1,375,000 1,800,000 150,000 970,000 2,410,000 1,695,000 345,000 500,000 2,972,898 190,950 184,275 793,895 231,271 191,588 451,584 226,144 526,012 773,106 119,606 9,918 19,774 997,149 1,423,437 1,776,313 148,953 1,113,076 2,785,434 1,867,787 336,637 499,717 2,972,898 190,000 188,906 748,643 232,596 190,613 457,066 226,718 519,449 779,634 119,678 9,929 19,795 994,378 1,415,549 1,776,313 149,715 1,119,322 2,834,496 1,648,506 339,808 500,000 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) 1,959,218 1,520,786 1,488,143 1,505,102 3,700,992 429,833 5,035,794 793,560 235,284 24,764 1,386,378 221,759 1,412,187 3,426,614 669,298 1,407,285 874,946 122,945 1,249,821 337,500 159,600 770,000 620,348 521,528 2,155,513 1,618,651 1,297,191 5,745,314 SCHEDULE D (CONTINUED) COST ($) 1,944,384 1,507,544 1,474,820 1,497,795 3,702,891 288,797 5,035,794 796,917 235,171 24,724 1,375,215 222,594 1,378,316 3,292,740 676,004 1,278,803 766,646 131,972 1,254,346 335,463 164,063 770,000 620,508 525,230 1,620,663 1,618,819 1,296,113 5,745,314 4.75% NOTES DUE 08/15/10................................................................. BANC AMERICA COMMERCIAL MORTGAGE 4.877% DUE 11/10/42........................................................................... BANC AMERICAN MORTGAGE SECURITIES 5% DUE 05/25/34.................................................................................. BANK OF AMERICA CORP 4.5% DUE 08/01/10............................................................................... BANK ONE ISSUANCE 4.02% DUE 10/15/08............................................................................. BANQUE CENTRALE DE TUNISIE 7.5% DUE 08/06/09............................................................................... BARCLAYS US FUNDING 3.655% DUE 11/28/05........................................................................... BEAR STEARNS COMMERCIAL MORTGAGE 2.96% DUE 08/13/39............................................................................. 4.2075% DUE 12/25/42......................................................................... 4.3675% DUE 10/25/32......................................................................... 4.75% DUE 10/13/14............................................................................. BELLSOUTH CORP 4.75% DUE 11/15/12............................................................................. 5.2% DUE 12/15/16............................................................................... BOEING CAPITAL CORPORATION 5.4% DUE 11/30/09............................................................................... BRITISH TELECOMMUNICATIONS 8.375% DUE 12/15/10........................................................................... BURLINGTON NORTHERN SANTA FE CORP 6.462% DUE 01/15/21........................................................................... 8.125% DUE 04/15/20........................................................................... CAJA DE MADRID 2.132% BONDS DUE 05/31/06............................................................... CALIFORNIA INFRASTRUCTURE 6.42% DUE 09/25/08............................................................................. CALPINE CORP 8.5% DUE 07/15/10............................................................................... 9.875% DUE 12/01/11........................................................................... CAPITAL ONE PRIME 3.954% DUE 09/15/06........................................................................... CAPITAL ONE PRIME AUTO 3.06% DUE 03/17/08............................................................................. CARNIVAL CORP 6.15% DUE 04/15/08............................................................................. 7.2% DUE 10/01/23............................................................................... CARRINGTON MORTGAGE 4.1175% DUE 06/25/35......................................................................... CATERPILLAR FINANCIAL SERVICES CORP 4.3% DUE 06/01/10............................................................................... CBA (DELAWARE) 0% DUE 11/23/05.................................................................................. 1,950,000 1,500,000 1,486,901 1,500,000 3,700,000 300,000 5,100,000 817,088 235,060 24,724 1,375,000 220,000 1,380,000 3,300,000 570,000 1,278,803 666,000 100,000 1,235,048 450,000 210,000 770,000 625,000 500,000 1,770,000 1,618,819 1,300,000 5,800,000 39 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) CENTERPOINT ENERGY INC 7.25% DUE 09/01/10............................................................................. CHARTER COMMONS HOLDINGS CAPITAL CORP 8.625% DUE 04/01/09........................................................................... CHASE CREDIT CARD 4.1% DUE 03/16/09............................................................................... CHESAPEAKE ENERGY CORP 6.875% DUE 01/15/16........................................................................... CIT EQUIPMENT 3.852% DUE 09/20/06........................................................................... CIT GROUP INC NEW 3.65% DUE 11/23/07............................................................................. CITIGROUP INC 4.625% DUE 08/03/10........................................................................... 4.7% DUE 05/29/15............................................................................... COMCAST CABLE COMMUNICATIONS INC 6.2% DUE 11/15/08............................................................................... COMCAST CORP 5.85% DUE 01/15/10............................................................................. COMM 2003 LNB1 COML CTF 3.251% DUE 06/10/38........................................................................... CONSECO FINANCIAL SECURITIES 4.34% DUE 12/15/29............................................................................. CONSUMERS ENERGY CO 4.4% DUE 08/15/09............................................................................... 5.8% DUE 09/15/35............................................................................... COX COMMUNICATIONS INC NEW 4.625% DUE 01/15/10........................................................................... CREDIT SUISSE FIRST BOSTON USA INC 4.125% DUE 01/15/10........................................................................... 4.24% DUE 03/25/33............................................................................. 6.5% DUE 01/15/12............................................................................... CWABS INC 4.1175% DUE 05/25/35......................................................................... CWALT INC 3.98% DUE 06/25/34............................................................................. CWMBS INC 4.3575% DUE 03/25/35......................................................................... 4.3575% DUE 03/25/35......................................................................... 4.3675% DUE 02/25/35......................................................................... 4.3775% DUE 06/25/35......................................................................... 4.615466% DUE 06/20/35..................................................................... DAIMLER CHRYSLER 4.05% DUE 06/04/08............................................................................. 4.875% DUE 06/15/10........................................................................... 6.4% DUE 05/15/06............................................................................... DELL INC 7.1% DUE 04/15/28............................................................................... 405,000 615,000 620,000 130,000 770,000 345,000 1,200,000 1,200,000 2,120,000 2,200,000 1,354,643 95,985 390,000 150,000 665,000 290,000 5,195 1,300,000 1,533,543 12,637 441,781 2,834,539 1,190,270 386,094 319,808 3,750,000 2,100,000 1,500,000 1,350,000 447,704 508,913 620,880 134,713 770,000 340,204 1,210,060 1,198,609 2,226,899 2,306,104 1,296,536 95,979 387,290 156,371 659,148 286,092 5,196 1,429,662 1,533,483 12,636 442,770 2,835,163 1,190,929 387,124 319,143 3,688,301 2,081,766 1,519,959 1,697,030 444,581 455,275 621,066 136,500 770,000 340,839 1,199,844 1,207,692 1,981,140 2,237,669 1,298,182 95,985 391,357 149,711 663,404 289,226 5,204 1,426,230 1,533,543 12,629 441,781 2,839,854 1,190,270 386,092 319,508 3,737,138 2,093,973 1,541,595 1,677,483 40 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) DELPHINUS 2.423% DUE 11/28/31........................................................................... DEUTSCHE BANK 5.82038% DUE 12/29/49....................................................................... DEVON ENERGY CORP 2.75% DUE 08/01/06............................................................................. DEXIA MUNICIPAL AGENCY 4% BONDS DUE 01/26/11..................................................................... DNB NOR BANK ASA 0% DUE 11/07/05.................................................................................. 3.59% DUE 11/18/05............................................................................. 3.59% DUE 11/21/05............................................................................. DOW JONES CDX NA HY 4 8.25% DUE 06/29/10............................................................................. DUKE ENERGY FIELD SERVICES LLC 5.75% DUE 11/15/06............................................................................. DUTCH MBS VI BV MTG BKD 2.365% DUE 11/02/35........................................................................... DUTCH MORTGAGE PORTFOLIO LOANS 2.382% DUE 11/20/35........................................................................... ECHOSTAR DBS CORP 6.375% DUE 10/01/11........................................................................... EDISON MISSION ENERGY FUNDING 7.33% DUE 09/15/08............................................................................. EL PASO CORP 7% NOTES DUE 05/15/11...................................................................... EL PASO NATURAL GAS CO 7.625% DUE 08/01/10........................................................................... EMC MORTGAGE LOAN TRUST 4.4075% DUE 05/25/40......................................................................... ENERGY TRANSFER PARTNERS 5.65% DUE 08/01/12............................................................................. ENTERGY GULF STATES INC 4.875% DUE 11/01/11........................................................................... ENTERPRISE PRODUCTS OPERATION LP 4.625% DUE 10/15/09........................................................................... 4.95% DUE 06/01/10............................................................................. EOP OPERATION LTD 4.65% DUE 10/01/10............................................................................. EXELON CORP 4.45% DUE 06/15/10............................................................................. 5.625% DUE 06/15/35........................................................................... FAIRFAX FINANCIAL HOLDINGS LTD 7.75% DUE 04/26/12............................................................................. 8.25% DUE 10/01/15............................................................................. FINANCIAL ASSET SECURITIES CORP 3.93% DUE 11/26/35............................................................................. FIRST FRANKLIN MORTGAGE 2.82% DUE 03/25/34............................................................................. 41 3,500,000 3,300,000 425,000 1,300,000 100,000 10,800,000 4,000,000 3,014,550 205,000 599,309 1,210,196 255,000 1,288,936 230,000 365,000 125,417 265,000 195,000 1,200,000 350,000 395,000 370,000 1,400,000 30,000 24,000 3,581,936 830,452 4,350,102 3,324,750 417,380 1,698,730 98,784 10,668,606 3,950,868 3,061,652 208,321 732,408 1,482,496 253,406 1,314,714 230,575 390,735 125,803 267,987 193,825 1,191,316 349,827 393,826 367,403 1,409,167 29,700 23,760 3,578,230 830,437 4,012,154 3,300,178 419,280 1,663,535 98,784 10,668,606 3,950,868 3,014,098 209,844 677,703 1,411,674 254,775 1,319,548 230,150 387,356 125,417 264,169 195,162 1,196,628 348,696 395,154 369,363 1,396,360 28,556 22,680 3,581,936 830,452 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) FIRST REPUBLIC MORTGAGE LOAN 4.32% DUE 11/15/31............................................................................. FIRSTENERGY CORP 6.45% DUE 11/15/11............................................................................. FLEET FINANCIAL GROUP INC 6.875% DUE 01/15/28........................................................................... FLORIDA POWER & LIGHT CO 4.85% DUE 02/01/13............................................................................. FLORIDA POWER CORP 4.5% DUE 06/01/10............................................................................... FORD MOTOR CO 7.45% NOTES DUE 07/16/31................................................................. FORD MOTOR CREDIT CO 4.87% DUE 03/21/07............................................................................. 5.7% DUE 01/15/10............................................................................... 5.8% DUE 01/12/09............................................................................... GENERAL ELECTRIC CAPITAL CORP 0% DUE 10/20/05.................................................................................. 0% DUE 11/15/05.................................................................................. 6.75% DUE 03/15/32............................................................................. GENERAL MOTORS ACCEPTANCE CORP 3.337% DUE 05/10/36........................................................................... 4.67% DUE 03/20/07............................................................................. 4.67688% DUE 05/18/06....................................................................... 4.87% DUE 10/20/05............................................................................. 5.05% DUE 01/16/07............................................................................. 6.125% DUE 01/22/08........................................................................... 6.75% DUE 01/15/06............................................................................. GMAC MORTGAGE CORP LOAN TRUST 4.17938% DUE 11/18/25....................................................................... 5.5% DUE 09/25/34............................................................................... GOLDMAN SACHS GROUP INC 3.492% DUE 06/01/34........................................................................... 4.12% DUE 11/15/15............................................................................. 4.2275% DUE 10/25/33......................................................................... 4.5% DUE 06/15/10............................................................................... 5.25% DUE 10/15/13............................................................................. GPU INC 7.7% DUE 12/01/05............................................................................... HBOS TREASURY PLC 3.76% DUE 11/30/05............................................................................. HERMES 2.455% DUE 04/18/12........................................................................... HOUSEHOLD CREDIT CARD MASTER 4.1% DUE 07/15/08............................................................................... HOUSEHOLD FINANCE CORP 4.125% DUE 11/16/09........................................................................... 4.125% DUE 12/15/08........................................................................... 6.375% DUE 11/27/12........................................................................... 42 1,452,469 585,000 700,000 1,375,000 485,000 200,000 2,400,000 815,000 1,900,000 1,200,000 1,100,000 516,000 1,287,694 300,000 600,000 1,700,000 2,200,000 1,300,000 100,000 112,644 959,904 1,699,016 789,253 246,405 355,000 1,300,000 1,300,000 2,300,000 594,641 1,535,000 620,000 1,300,000 2,125,000 1,458,171 633,618 847,807 1,414,816 485,708 159,926 2,367,864 765,352 1,818,249 1,189,350 1,089,825 629,531 1,237,181 294,953 598,553 1,701,443 2,167,812 1,278,204 100,592 112,678 971,086 1,676,421 789,197 246,479 353,582 1,333,803 1,311,210 2,277,900 726,631 1,535,046 612,504 1,290,236 2,337,160 1,452,469 641,571 840,448 1,410,668 489,856 177,000 2,368,830 756,848 1,786,000 1,189,350 1,089,825 568,425 1,249,365 290,250 598,904 1,700,000 2,160,111 1,341,379 102,194 112,697 963,804 1,667,690 789,253 246,405 354,272 1,331,278 1,379,105 2,277,900 759,243 1,535,300 616,336 1,296,269 2,293,993 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) HSBC BANK USA NA GLOBAL 5.625% DUE 08/15/35........................................................................... ICI WILMINGTON INC 4.375% DUE 12/01/08........................................................................... IMPAC SECURED ASSET CORP 3.83125% DUE 08/25/34....................................................................... INDIANAPOLIS LIFE INSURANCE CO 8.66% SURPLUS NOTES DUE 04/01/11............................................... INTERNATIONAL LEASE CORP 4.875% DUE 09/01/10........................................................................... J P MORGAN CHASE & CO 5.75% DUE 01/02/13............................................................................. JAPAN FINANCIAL CORP 5.875% DUE 03/14/11........................................................................... 8.375% DUE 12/07/06........................................................................... KELLOGG CO 7.45% BONDS DUE 04/01/31................................................................. KERN RIV FUNDING CORP 4.893% DUE 04/30/18........................................................................... KIMCO REALTY CORP 5.19% DUE 10/01/13............................................................................. KINDER MORGAN ENERGY 5.35% DUE 08/15/07............................................................................. KOREA DEV BANK NOTES 4.75% DUE 07/20/09............................................................................. KREDIT FUER WIEDER 3.5% DUE 11/15/05............................................................................... LANDESBANK-BADGEN 5.5% DUE 04/02/07............................................................................... LB UBS COMMERICAL MORTGAGE TRUST 2.599% DUE 05/15/27........................................................................... LENFEST COMMUNICATIONS 8.375% DUE 11/01/05........................................................................... LONG BEACH MORTGAGE 4.3575% DUE 06/25/33......................................................................... 4.3575% DUE 07/25/33......................................................................... MAFI II REMIC TRUST 4.29% DUE 04/25/29............................................................................. MASTER ASSET SECURITY 4% DUE 12/25/33.................................................................................. MELLON RESIDENTIAL 4.41% DUE 12/15/30............................................................................. MESA TRUST ASSET BACKED CERTIFICATES 4.4375% DUE 11/25/31......................................................................... METROPOLITAN LIFE 4.625% DUE 08/19/10........................................................................... MORGAN STANLEY 4.1875% DUE 11/25/34......................................................................... 1,100,000 930,000 200,608 3,330,000 425,000 1,300,000 1,700,000 900,000 700,000 184,227 1,500,000 3,300,000 800,000 2,800,000 240,000 1,378,954 1,500,000 127,351 256,790 2,128 218,437 1,076,160 228,528 960,000 387,310 1,134,840 923,018 200,614 3,726,683 428,437 1,386,610 1,836,940 1,693,139 920,128 186,054 1,528,311 3,327,631 804,340 3,452,189 309,479 1,336,921 1,509,669 127,393 257,015 2,128 217,329 1,077,177 228,742 967,473 387,585 1,091,805 923,810 200,608 3,330,000 424,341 1,363,479 1,661,852 1,464,088 917,735 186,069 1,500,000 3,297,756 797,464 2,752,459 215,285 1,335,377 1,646,625 127,501 257,151 2,101 217,993 1,080,532 228,528 955,056 387,310 43 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) MORGAN STANLEY DEAN WITTER 4.3675% DUE 07/25/32......................................................................... NEW YORK LIFE GLOBAL 3.875% DUE 01/15/09........................................................................... NEXTEL COMMUNICATIONS INC 5.95% DUE 03/15/14............................................................................. NORTHERN BORDER PIPELINE CO 6.25% DUE 05/01/07............................................................................. NOVASTAR MORTGAGE FUNDING 4.3125% DUE 05/20/28......................................................................... 4.5975% DUE 01/25/31......................................................................... ONEOK INC 5.2% DUE 06/15/15............................................................................... PACIFIC GAS & ELECTRIC CO 3.6% DUE 03/01/09............................................................................... PARK PLACE SECURITIES INC 4.1975% DUE 02/25/35......................................................................... PEARSON 7% DUE 10/27/14.................................................................................. PEMEX PROJECT FUNDING 7.375% DUE 12/15/14........................................................................... 8.625% DUE 02/01/22........................................................................... 9.25% DUE 03/30/18............................................................................. PEPCO HOLDINGS INC 3.75% DUE 02/15/06............................................................................. PETRO-CANADA 7% DUE 11/15/28.................................................................................. POTASH CORP SASK INC 4.875% DUE 03/01/13........................................................................... PPL ELECTRIC UTILITIES CORP 5.875% DUE 08/15/07........................................................................... PRUDENTIAL FINANCIAL INC 5.4% DUE 06/13/35............................................................................... PSEG ENERGY HOLDINGS INC 8.5% DUE 06/15/11............................................................................... PUBLIC SERVICE CO 4.375% DUE 10/01/08........................................................................... QWEST COMMUNICATIONS INTERNATIONAL INC 7.25% DUE 02/15/11............................................................................. QWEST CORP 8.875% DUE 03/15/12........................................................................... RABOBANK CAPITAL FUNDING 5.254% DUE 10/29/49........................................................................... RABOBANK USA FINANCIAL 0% DUE 11/28/05.................................................................................. RAS LAFFAN LIQUEFIELD 5.298% DUE 09/30/20........................................................................... 5.838% DUE 09/30/27........................................................................... 1,461 520,000 245,000 80,000 176,879 37,194 1,345,000 490,000 110,948 780,000 1,250,000 200,000 2,000,000 295,000 1,300,000 1,500,000 190,000 1,150,000 145,000 715,000 195,000 900,000 500,000 1,500,000 750,000 500,000 1,473 514,570 254,546 82,269 176,897 37,203 1,366,847 478,012 111,033 1,590,755 1,410,000 245,000 2,560,000 294,497 1,536,652 1,514,792 195,390 1,144,832 157,688 714,797 190,125 983,250 511,278 1,481,146 768,525 518,130 1,462 516,750 254,800 82,750 176,851 37,182 1,344,274 481,371 110,948 1,529,886 1,233,948 210,176 2,448,000 294,770 1,354,613 1,519,920 197,834 1,132,736 153,700 722,844 189,150 894,129 500,000 1,481,146 750,000 500,000 44 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) RENAISSANCE HOME EQUITY 4.03% DUE 07/25/34............................................................................. 4.5375% DUE 12/25/33......................................................................... RESIDENTIAL ASSET MORTGAGE PRODUCTS IN 4.3175% DUE 06/25/32......................................................................... RESIDENTIAL ASSET SECURITIES CORP 4.1675% DUE 04/25/13......................................................................... RESIDENTIAL CAPITAL CORP 6.375% DUE 06/30/10........................................................................... ROUSE CO 3.625% DUE 03/15/09........................................................................... ROYAL BANK SCOTLAND 3.7% DUE 11/16/05............................................................................... SAXON ASSET SECURITIES 4.4375% DUE 12/25/32......................................................................... SBC COMMUNICATIONS INC 4.125% DUE 09/15/09........................................................................... 6.25% DUE 03/15/11............................................................................. 6.45% DUE 06/15/34............................................................................. SEQUOIA MORTGAGE TRUST 4.34688% DUE 10/19/26....................................................................... SIENA MORTGAGES 2.365% DUE 12/16/38........................................................................... SIMON PROPERTY GROUP LP 4.875% DUE 08/15/10........................................................................... 5.1% DUE 06/15/15............................................................................... SLM STUDENT LOAN MORTGAGE 3.63% NOTES DUE 07/27/09................................................................. SLM STUDENT LOAN TRUST 3.63% DUE 04/25/10............................................................................. 4% DUE 09/16/13.................................................................................. 4.23% DUE 10/25/08............................................................................. 4.25% DUE 07/26/10............................................................................. SOCIETE GENERAL N A 3.76% DUE 12/02/05............................................................................. SOUTH CAROLINA ELECTRIC & GAS CO 5.3% DUE 05/15/33............................................................................... SOUTHERN CALIFORNIA EDISON CO 5.35% DUE 07/15/35............................................................................. SPRINT CAPITAL CORP 8.375% DUE 03/15/12........................................................................... SUMITOMO MITSUI 5.625% DUE 07/29/49........................................................................... SUNTRUST BANKS 4.55% DUE 05/25/09............................................................................. SWEDBANK 4.43375% DUE 12/11/11....................................................................... TARGET CORP 5.875% DUE 03/01/12........................................................................... 45 215,994 193,917 90,052 183,521 920,000 310,000 500,000 15,211 1,525,000 490,000 1,316,000 1,080,964 2,600,000 385,000 1,200,000 74,250 446,421 674,174 201,487 695,000 3,800,000 1,400,000 225,000 495,000 200,000 390,000 1,500,000 2,000,000 216,012 195,076 90,165 183,521 939,133 292,600 495,375 15,215 1,506,129 529,936 1,468,942 1,081,754 3,184,818 387,165 1,198,889 74,247 446,246 674,542 201,446 696,682 3,762,692 1,449,864 229,763 591,074 203,822 384,971 1,509,300 2,159,614 215,994 193,917 90,108 183,521 920,607 293,663 495,375 15,237 1,523,145 526,525 1,393,310 1,084,004 3,111,303 388,896 1,199,604 74,218 446,295 674,253 201,502 693,047 3,762,692 1,397,298 224,892 595,742 198,946 390,488 1,499,850 2,158,120 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) TELECOM ITALIA CAPITAL 4% DUE 01/15/10.................................................................................. TELEFONOS DE MEXICO 4.5% DUE 11/19/08............................................................................... TEXAS EASTERN TRANSMISSION CORP 5.25% DUE 07/15/07............................................................................. TEXTRON FINANCIAL CORP 5.125% DUE 08/15/14........................................................................... THOMSON CORP 5.5% DUE 08/15/35............................................................................... TOYOTA MOTOR CREDIT CORP 3.75% DUE 10/12/07............................................................................. TYCO INTERNATIONAL GROUP SA 6.75% COMPANY GTY DUE 02/15/11................................................... TYSON FOODS INC 7.25% DUE 10/01/06............................................................................. U S WEST COMMUNICATIONS INC 7.2% DUE 11/10/26............................................................................... UBS FINANCE DEL INC 0% DUE 09/23/05.................................................................................. 0% DUE 09/26/05.................................................................................. 0% DUE 10/17/05.................................................................................. 0% DUE 11/21/05.................................................................................. 0% DUE 12/23/05.................................................................................. UNION PACIFIC RAILROAD CO 7.16% EQUIP TR 96-G DUE 06/01/08.................................................... UNITED AIRLINES 4.09% DUE 03/02/49............................................................................. UNITED STATES STEEL CORP 9.75% DUE 05/15/10............................................................................. UNITED TECHNOLOGIES CORP 5.4% DUE 05/01/35............................................................................... VALSPAR CORP 6% DUE 05/01/07.................................................................................. VERIZON GLOBAL FUNDING CORP 4.375% DUE 06/01/13........................................................................... VIACOM INC 7.7% DUE 07/30/10............................................................................... VIRGINIA ELEC & POWER CO 4.75% DUE 03/01/13............................................................................. VODAFONE GROUP 5% DUE 09/15/15.................................................................................. WACHOVIA AUTO OWNER 3.34% DUE 05/22/06............................................................................. WACHOVIA BANK NA 2.986% DUE 06/15/35........................................................................... WAL-MART STORES INC 5.25% DUE 09/01/35............................................................................. 1,205,000 210,000 345,000 1,350,000 660,000 1,600,000 245,000 325,000 295,000 500,000 1,700,000 3,600,000 5,700,000 3,200,000 1,330,000 3,192,933 340,000 950,000 1,320,000 2,700,000 220,000 1,375,000 600,000 211,694 1,353,968 1,100,000 1,173,252 208,751 348,975 1,375,959 678,774 1,599,286 269,801 334,534 268,450 494,448 1,680,940 3,558,150 5,629,065 3,158,954 1,416,642 3,200,468 372,300 993,760 1,350,120 2,650,844 246,938 1,382,131 610,552 211,457 1,280,314 1,109,970 1,175,528 209,763 352,828 1,344,398 652,912 1,600,000 273,339 337,906 267,713 494,448 1,680,940 3,558,150 5,629,065 3,158,954 1,330,000 3,189,293 372,050 942,742 1,343,925 2,638,322 243,163 1,367,493 595,452 211,587 1,283,996 1,095,380 46 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) WAMU MORTGAGE PASS-THOUGH CTFS 4.06% DUE 04/25/45............................................................................. 4.14% DUE 01/25/45............................................................................. WASHINGTON MUTUAL MORTGAGE 4.3075% DUE 12/25/27......................................................................... WEST DT LANDESBANK 4.75% DUE 09/28/07............................................................................. WESTAR ENERGY INC 5.1% DUE 07/15/20............................................................................... WISCONSIN ELECTRIC POWER CO 3.5% DUE 12/01/07............................................................................... WORLD OMNI AUTO 3.8345% DUE 08/21/06......................................................................... WRIGLEY (WM) JR CO 4.3% DUE 07/15/10............................................................................... TOTAL CORPORATE OBLIGATIONS OTHER - DEBT SECURITIES ALASKA STATE HOUSING FINANCE 7.32% DUE 12/01/20............................................................................. BADGER TOB ASSET SEC CORP WIS 6% DUE 06/01/17.................................................................................. CALIFORNIA INFRASTRUCTURE 5% DUE 07/01/36.................................................................................. CALIFORNIA STATEWIDE FINANCING AUTHORITY 5.625% DUE 05/01/29........................................................................... CHICAGO ILL BOARD OF EDUCATION 5% DUE 12/01/31.................................................................................. CHICAGO ILL WATERWORK SYSTEM 5% DUE 11/01/26.................................................................................. CONNECTICUT STATE 5.5% DUE 12/15/13............................................................................... GOLDEN STATE TOB SECURITIZATION 6.25% DUE 06/01/33............................................................................. 6.75% DUE 06/01/39............................................................................. GUADALUPE VALLEY TEXAS ELECTRIC CO-OP INC 8.61% 1ST MTGE SF DUE 01/01/11...................................................... HARRIS COUNTY TEXAS REF-TOLL-ROAD 5% DUE 08/01/33.................................................................................. HAWAII (STATE OF) 5.5% DUE 08/01/11............................................................................... INDIANA TRANSPORTATION FINANCE AUTHORITY HIGHWAY 5% DUE 06/01/28.................................................................................. LONG BEACH CALIFORNIA COMMUNITY COLLEGE 5% DUE 05/01/28.................................................................................. LOS ANGELES CALIF WASTERWATER SYSTEM 5% DUE 06/01/27.................................................................................. LOS ANGELES COUNTY CALIFORNIA SANITATION 5% DUE 10/01/11.................................................................................. 47 1,732,011 1,202,114 1,878,707 420,000 300,000 345,000 600,000 1,300,000 1,728,235 1,202,501 1,876,771 541,847 301,006 339,058 599,813 1,302,198 279,351,047 1,732,011 1,202,114 1,879,294 360,748 299,556 341,219 599,968 1,297,686 274,212,253 3,930,000 115,000 400,000 95,000 400,000 200,000 900,000 3,555,000 170,000 2,360,000 200,000 600,000 100,000 200,000 500,000 100,000 4,242,867 123,195 424,676 100,688 438,260 218,900 1,026,216 3,964,749 196,302 2,360,000 204,706 670,254 105,502 212,792 532,955 109,914 3,930,000 104,413 403,040 85,605 374,876 188,170 1,100,781 3,398,706 149,585 2,360,000 198,452 690,408 99,711 201,000 502,500 115,651 PERMANENT UNIVERSITY FUND DEBT SECURITIES August 31, 2005 SECURITY PAR VALUE (1) VALUE ($) SCHEDULE D (CONTINUED) COST ($) LOUISVILLE & JEFFERSON COUNTY KY 5% DUE 05/15/36.................................................................................. MARYLAND STATE HEALTH & HIGHER EDUCATION 5% DUE 07/01/41.................................................................................. MICHIGAN STATE BUILDING AUTHORITY 5.25% DUE 10/15/13............................................................................. NEW HAMPSHIRE BANK 5% DUE 08/15/13.................................................................................. NEW JERSEY ST TRANSN TR FD 5% DUE 06/15/10.................................................................................. NEW YORK NY CITY 5% DUE 06/15/34.................................................................................. OKLAHOMA STATE 5% DUE 07/15/16.................................................................................. SEATTLE WASHINGTON WATER SYSTEM 5% DUE 09/01/33.................................................................................. TOBACCO SETTLEMENT FINANCING CORP 4.375% DUE 06/01/19........................................................................... 6% DUE 06/01/23.................................................................................. 6.125% DUE 06/01/42........................................................................... 6.25% DUE 06/01/43............................................................................. 6.75% DUE 06/01/39............................................................................. TOTAL OTHER - DEBT SECURITIES 200,000 400,000 100,000 500,000 100,000 100,000 300,000 100,000 970,000 600,000 100,000 585,000 200,000 209,954 417,604 112,709 553,060 106,629 105,525 333,393 104,964 980,311 636,720 108,018 663,881 233,804 19,498,548 188,236 375,408 111,273 538,475 109,407 100,388 342,837 102,420 970,000 531,540 86,209 477,149 188,788 18,025,028 TOTAL DEBT SECURITIES 1,640,094,181 1,605,010,191 (1) Par Values on Non-US dollar denominated bonds are reported in currency of issue. 48 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) SCHEDULE E COST ($) INDEX FUNDS BGI ACTIVE INTERNATIONAL EQUITY FUND B................................... BGI EAFE EQUITY INDEX FUND B........................................................ BGI EMERGING MARKETS STRUCTURED TIERED FUND B............... BGI EQUITY INDEX FUND B LENDABLE............................................... BGI MID-CAP INDEX FUND B LENDABLE.............................................. BGI RUSSELL 2000 ALPHA TILTS FUND B........................................... BGI RUSSELL 3000 ALPHA TILTS B...................................................... TOTAL INDEX FUNDS HEDGE FUNDS AQR ABSOLUTE RETURN OFFSHORE................................................. BGI GLOBAL MARKET NEUTRAL FUND B............................................ BLUE RIDGE 2005.................................................................................. BLUE RIDGE OFFSHORE LP................................................................. BRAHMAN II OFFSHORE....................................................................... BRIDGEWATER PURE ALPHA LEAD..................................................... EMINENCE FUND A 2005....................................................................... EMINENCE FUND LTD CLASS A............................................................ EVERGLADES OFFSHORE.................................................................... FARALLON CAPITAL OFFSHORE INVESTORS INC.............................. INDUS ASIA PACIFIC FUND LTD........................................................... INDUS EVENT DRIVEN FUND LTD CL 1................................................ INDUS EVENT DRIVEN FUND LTD CL 2................................................ INDUS EVENT DRIVEN FUND LTD CL A................................................ INDUS JAPAN FUND LTD....................................................................... K CAPITAL LTD....................................................................................... MAVERICK FUND LTD A SHARES......................................................... MAVERICK FUND LTD B SHARES......................................................... MILLGATE INTL CL D............................................................................ MILLGATE INTL CL D HOT ISSUE APRIL 2005...................................... MILLGATE INTL CL D HOT ISSUE JUN 2005......................................... MOON CAPITAL GLOBAL....................................................................... MOON CAPITAL GLOBAL EQUITY......................................................... OCM EMERGING MARKETS (CAYMAN) FUND LTD.............................. OCM HIGH YIELD PLUS CYMN FUND LTD............................................ OZ EUROPE OVERSEAS FUND CL A SER 59....................................... OZ EUROPE OVERSEAS FUND CL C SER 12....................................... OZ EUROPE OVERSEAS FUND CL C SER 13....................................... OZ EUROPE OVERSEAS FUND CL C SER 16....................................... OZ EUROPE OVERSEAS FUND CL C SER 19....................................... OZ EUROPE OVERSEAS FUND CL C SER 20....................................... OZ EUROPE OVERSEAS FUND CL C SER 21....................................... OZ EUROPE OVERSEAS FUND CL C SER 22....................................... OZ EUROPE OVERSEAS FUND CL C SER 23....................................... OZ OVERSEAS FUND CL A SER 371..................................................... OZ OVERSEAS FUND CL C SER 47...................................................... OZ OVERSEAS FUND CL C SER 48...................................................... OZ OVERSEAS FUND CL C SER 49...................................................... 49 11,834,478 2,656,042 3,571,580 307,179 825,302 1,733,592 7,860,134 205,132,587 110,496,910 73,676,011 9,703,059 40,388,711 142,989,966 193,234,689 775,621,933 177,868,614 91,312,517 68,952,846 15,396,106 40,263,941 135,054,780 180,207,910 709,056,714 182 15,439,781 50,300,000 59,400,000 26,510 40,093 50,563 122,292 9,568 28,020,177 12,517 8,080 5,343 12,176 10,375 13,066 359,370 38,305 9,900 4,327 6,500 19,524 32,500 44,550,000 6,500,000 3,021 6 95 4 5 13 37 16 59,332 56 139 686 26,971,884 176,527,647 61,400,154 72,508,333 35,904,361 64,920,999 18,170,951 43,948,755 27,341,063 278,290,796 20,397,908 10,127,284 6,696,869 15,260,303 17,179,860 23,730,345 301,294,672 32,115,215 10,118,084 9,792,338 6,330,094 19,552,231 32,546,899 56,835,420 6,547,450 3,199,134 6,343 96,632 3,886 5,089 13,575 13 38,131 16,002 67,442,277 57,039 145,934 1,269,191 26,400,000 173,491,627 50,300,000 59,400,000 34,306,775 61,185,557 16,800,000 33,000,000 26,800,000 150,950,579 16,500,000 10,000,000 6,600,000 13,200,000 13,200,000 23,924,712 171,044,848 25,066,723 9,900,000 10,303,455 6,500,000 19,500,000 32,500,000 44,550,000 6,500,000 3,021,726 6,243 95,110 3,825 5,009 13,361 13 37,343 15,750 59,405,762 56,486 139,498 685,800 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) 14 46 406 15 5 136 91 30 2 28 41 117 15 23 44 89 694 27 408 82 53 103 39 12 63 5 1 14 24 153 1,641 2 1 370 125 267 19,500,000 506,383 1,011 15,640 1,077 231 16,988 1,453 108,677 66,146 14,642 14,140 46,646 546,169 16,090 4,464 138,218 91,747 39,250 2,290 31,149 43,327 216,255 18,949 23,403 44,439 89,570 700,540 27,219 412,323 82,465 53,602 104,375 104 39,100 12,412 63,417 4,900 483 14,561 23,992 154,682 1,657,530 2,105 1,038 248 375,602 126,585 269,642 19,875,570 281,380,179 101,093 1,828,159 217,745 50,771 343,677 452,481 16,942,783 6,622,551 1,460,588 SCHEDULE E (CONTINUED) COST ($) 14,000 46,180 406,035 15,385 5,279 136,257 90,838 30,431 2,256 28,308 41,429 116,846 14,691 23,172 43,999 88,684 693,604 26,950 408,241 81,648 53,071 103,342 103 38,713 12,289 63,084 4,875 571 14,415 23,755 153,150 1,641,119 2,489 1,028 245 370,088 125,332 266,972 19,500,000 140,684,758 101,093 1,566,891 107,667 23,053 1,237,616 145,103 10,854,393 6,614,855 1,464,249 OZ OVERSEAS FUND CL C SER 50...................................................... OZ OVERSEAS FUND CL C SER 51...................................................... OZ OVERSEAS FUND CL C SER 52...................................................... OZ OVERSEAS FUND CL C SER 53...................................................... OZ OVERSEAS FUND CL C SER 54...................................................... OZ OVERSEAS FUND CL C SER 57...................................................... OZ OVERSEAS FUND CL C SER 58...................................................... OZ OVERSEAS FUND CL C SER 59...................................................... OZ OVERSEAS FUND CL C SER 60...................................................... OZ OVERSEAS FUND CL C SER 61...................................................... OZ OVERSEAS FUND CL C SER 62...................................................... OZ OVERSEAS FUND CL C SER 63...................................................... OZ OVERSEAS FUND CL C SER 64...................................................... OZ OVERSEAS FUND CL C SER 65...................................................... OZ OVERSEAS FUND CL C SER 66...................................................... OZ OVERSEAS FUND CL C SER 67...................................................... OZ OVERSEAS FUND CL C SER 68...................................................... OZ OVERSEAS FUND CL C SER 69...................................................... OZ OVERSEAS FUND CL C SER 70...................................................... OZ OVERSEAS FUND CL C SER 71...................................................... OZ OVERSEAS FUND CL C SER 73...................................................... OZ OVERSEAS FUND CL C SER 74...................................................... OZ OVERSEAS FUND CL C SER 75...................................................... OZ OVERSEAS FUND CL C SER 76...................................................... OZ OVERSEAS FUND CL C SER 77...................................................... OZ OVERSEAS FUND CL C SER 78...................................................... OZ OVERSEAS FUND CL C SER 79...................................................... OZ OVERSEAS FUND CL C SER 80...................................................... OZ OVERSEAS FUND CL C SER 83...................................................... OZ OVERSEAS FUND CL C SER 84...................................................... OZ OVERSEAS FUND CL C SER 85...................................................... OZ OVERSEAS FUND CL C SER 86...................................................... OZ OVERSEAS FUND CL C SER 88...................................................... OZ OVERSEAS FUND CL C SER 89...................................................... OZ OVERSEAS FUND CL C SER 90...................................................... OZ OVERSEAS FUND CL C SER 91...................................................... OZ OVERSEAS FUND CL C SER 92...................................................... OZ OVERSEAS FUND CL C SER 93...................................................... PERRY COMMITMENT FUND................................................................. PERRY PARTNERS INTERNATIONAL CL A.......................................... PERRY PARTNERS INTERNATIONAL CL S-10..................................... PERRY PARTNERS INTERNATIONAL CL S-2....................................... PERRY PARTNERS INTERNATIONAL CL S-3....................................... PERRY PARTNERS INTERNATIONAL CL S-4....................................... PERRY PARTNERS INTERNATIONAL CL S-5....................................... PERRY PARTNERS INTERNATIONAL CL S-6....................................... PERRY PARTNERS INTERNATIONAL CL S-7....................................... PERRY PARTNERS INTERNATIONAL CL S-8....................................... PERRY PARTNERS INTERNATIONAL CL S-9....................................... 50 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) 103,830,522 38,010,477 174,793 202,072 13,030 3,411 1,705 125,743,833 34,026,927 27,911,424 35,209,489 53,807,848 941,604 36,297,762 2,237,746,686 SCHEDULE E (CONTINUED) COST ($) 92,600,662 33,899,410 167,560 54,890 759 176 1,693 105,182,463 33,000,000 23,760,324 32,318,631 52,198,297 944,721 33,500,000 1,700,528,340 PROTEGE PARTNERS FUND LTD CL A S-2.......................................... PROTEGE PARTNERS FUND LTD CL A S-3.......................................... PROTEGE PARTNERS FUND LTD CL A S-5.......................................... PROTEGE PARTNERS FUND LTD CL B S-2.......................................... PROTEGE PARTNERS FUND LTD CL B S-3.......................................... PROTEGE PARTNERS FUND LTD CL B S-4.......................................... PROTEGE PARTNERS FUND LTD CL B S-5.......................................... SATELLITE OVERSEAS FUND V LTD.................................................... SG PARTNERS LP.................................................................................. SIRIOS OVERSEAS FUND LTD CL A..................................................... STANDARD PACIFIC CAPITAL OFFSHORE FUND LTD........................ STEADFAST INTL CLASS C SERIES..................................................... STEADFAST INTL SIDE POCKET.......................................................... TPG - AXON PARTNERS(OFFSHORE)LTD............................................ TOTAL HEDGE FUNDS LIMITED PARTNERSHIPS 3I EUROPARTNERS II............................................................................ 3I EUROPARTNERS II FCPR.................................................................. 3I EUROPARTNERS III........................................................................... 3I EUROPARTNERS III FCPR................................................................. 3I UK INVESTMENT PARTNERS............................................................ 3I UKIP II................................................................................................. A/B INVESTMENT PARTNERS LP.......................................................... ADVANCED TECHNOLOGY VENTURES VII LP..................................... AG CAPITAL RECOVERY PARTNERS IV LP......................................... AMERICAN INDUSTRIAL PARTNERS CAPITAL FUND LP.................... AMERICAN SECURITIES PARTNERS II LP........................................... AMERICAN SECURITIES PARTNERS III LP.......................................... AMPERSAND 1995 LP............................................................................ AMPERSAND 1999 LP............................................................................ AMPERSAND 2001 LP............................................................................ ARCH VENTURE FUND VI LP................................................................ ARCLIGHT ENERGY PARTNERS FUND I LP......................................... ARCLIGHT ENERGY PARTNERS FUND II LP........................................ ASIAN CORPORATE FINANCE FUND LP.............................................. ASIAN MEDIA INVESTORS I LP............................................................. ASP III ALTERNATIVE INVESTMENTS L P............................................ ATLANTIC MEDICAL CAPITAL LP.......................................................... ATLAS VENTURE FUND VI LP............................................................... AUSTIN VENTURES IV LP...................................................................... AUSTIN VENTURES V LP....................................................................... AUSTIN VENTURES VI LP...................................................................... AUSTIN VENTURES VII LP..................................................................... AUSTIN VENTURES VIII LP.................................................................... B IV CAPITAL PARTNERS L P................................................................ BAKER COMMUNICATIONS FUND (CAYMAN) LP................................. BAKER COMMUNICATIONS FUND II (CAYMAN) LP.............................. BAKER COMMUNICATIONS FUND II (QP) LP........................................ 51 80,796 31,699 160 86,577,546 126,500,192 129,804 136,139 104,448 33,000,000 13,645 119,157 400,386 9,447 33,678 5,503,522 1,299,283 11,122,835 1,777,776 2,627,697 7,955,902 9,940,768 3,892,183 5,981,780 54,449 4,383,522 2,402,523 4,792,870 4,659,498 5,700,856 1,567,265 12,159,760 8,319,760 897,862 3,377,021 3,978,047 1 4,212,217 310,189 3,352,468 4,116,731 5,096,593 4,450,911 6,061,182 10,903,899 1,402,828 6,081,478 7,268,551 3,440,505 7,907,917 1,533,061 9,463,618 14,429,093 4,028,754 5,602,303 3,570,487 2,436,724 5,340,821 3,756,601 8,320,883 9,395,021 8,253,331 2,147,356 11,827,639 8,044,198 4,833,347 3,377,021 4,372,153 1 5,212,424 2,667,674 10,769,423 12,304,653 9,064,138 5,426,650 6,220,195 4,184,667 1,939,667 10,935,254 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) 5,199,938 3,003,115 13,030,733 1,919,486 6,562,221 7,701,711 295,796 2,278,498 839,063 2,181,300 46,875,911 17,879,651 5,194 2,337,754 1,500,748 1,384,466 499,851 8,777,804 1,125,314 793,837 325,766 0 13,428,159 5,658,730 6,235,915 1,080,430 4,300,101 778,417 1,965,006 1,796,023 689,500 2,689,289 7,955,781 6,214,627 3,917,051 8,297,493 19,337,881 2,065,458 5,306,942 7,903,434 913,687 1,034,900 6,016,046 7,014,025 4,135,364 4,568,546 721,000 4,588,986 27,856,738 SCHEDULE E (CONTINUED) COST ($) 15,821,538 5,236,852 10,828,843 13,479,254 4,204,121 4,937,434 254,997 1,745,168 839,064 9,827,758 37,678,965 13,494,251 5,194 1,348,958 840,375 1,313,346 499,851 6,514,798 96,606 892,683 325,766 1 16,251,774 11,864,982 12,417,367 11,662,548 4,409,740 10,321,923 15,414,353 4,917,230 2,063,094 2,689,289 5,276,053 6,125,000 9,654,565 7,157,951 13,242,593 2,240,059 3,534,288 6,717,317 1,226,496 1,034,900 5,006,542 8,552,302 9,276,276 3,661,193 990,000 5,359,394 21,562,478 BAKER COMMUNICATIONS FUND LP................................................... BAND OF ANGELS FUND LP.................................................................. BARCLAYS PRIVATE EQUITY EUROPEAN FUND A LP....................... BEACON GROUP III FOCUS VALUE FUND LP...................................... BLACKSTONE CAPITAL PARTNERS (CAYMAN) IV LP......................... BLACKSTONE CAPITAL PARTNERS IV LP........................................... BLACKSTONE FC CAPITAL PARTNERS IV LP...................................... BLACKSTONE FCH CAPITAL PARTNERS IV LP................................... BLACKSTONE TG CAPITAL PARTNERS IV LP...................................... BRENTWOOD ASSOCIATES BUYOUT FUND II LP............................... BRENTWOOD ASSOCIATES PRIVATE EQUITY III LP.......................... CANDOVER 2001 FUND US NO 2 LP..................................................... CANDOVER 2005 FUND US NO 3 LP..................................................... CARLYLE PARTNERS II LP.................................................................... CARLYLE PARTNERS III FM (CAYMAN) LP........................................... CARLYLE PARTNERS III HAWAII LP..................................................... CARLYLE PARTNERS III LOEWS LP..................................................... CARLYLE PARTNERS III LP................................................................... CARLYLE PARTNERS III TELECOMMUNICATIONS LP......................... CARLYLE PARTNERS IV LP................................................................... CARLYLE PIEDMONT DOMESTIC PARTNERS LP................................ CARLYLE-HORIZON PARTNERS LP...................................................... CGW SOUTHEAST PARTNERS IV LP.................................................... CITICORP MEZZANINE PARTNERS LP................................................. CLAYTON, DUBILIER & RICE FUND V LP.............................................. CORTEC GROUP FUND II LP................................................................. CORTEC GROUP FUND III LP................................................................ CRESCENDO II LP.................................................................................. CRESCENDO III LP................................................................................. CRESCENDO IV LP................................................................................ CTIP PARTNERS LP............................................................................... CVC EUROPEAN EQUITY PARTNERS LP............................................. CVC EUROPEAN EQUITY PARTNERS LP............................................. DDJ TOTAL RETURN LOAN FUND LP................................................... DOUGHTY HANSON & CO II.................................................................. DOUGHTY HANSON & CO IV LP............................................................ DOUGHTY HANSON III LP...................................................................... ENCAP ENERGY CAPITAL FUND III-B LP............................................. ENCAP ENERGY CAPITAL FUND IV-B LP............................................. ENERGY ASSET OPTION FUND............................................................ EOS CAPITAL PARTNERS III LP............................................................ ESCALATE CAPITAL I LP....................................................................... EVERCORE CAPITAL PARTNERS CAYMAN LP.................................... EVERCORE CAPITAL PARTNERS II LP................................................. EVERCORE CAPITAL PARTNERS LP.................................................... EVERCORE METC CAPITAL PARTNERS II LP...................................... FISHER LYNCH VENTURE PARTNERSHIP LP...................................... FOUNDATION CAPITAL IV LP................................................................ GREEN EQUITY INVESTORS III LP....................................................... 52 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) 3,176,391 2,275,763 8,460,294 12,522,243 8,625,279 134,230 4,306,386 2,264 467,126 1,116,971 0 5,360,210 2,834,257 1,716,782 1,168,393 5,431,230 780,405 5,336,609 10,835,275 540,738 7,108,157 5,130,730 7,676,527 4,628,602 4,222,894 8,738,740 2,028,038 7,473,073 484,853 1,207,652 2,142,161 5,284,659 5,774,681 4,809,244 5,768,355 3,684,791 14,706,821 6,125,000 3,300,919 150,513 7,134,556 128,520 15,811,715 4,405,451 4,673,891 2,586,857 5,787,497 2,891,631 5,766,442 SCHEDULE E (CONTINUED) COST ($) 2,846,211 19,689,597 10,645,883 22,139,516 13,303,841 1 10,067,200 1,405,393 826,096 17,949,939 1 6,683,712 12,529,205 1,189,001 3,402,813 6,178,783 15,479,926 5,136,358 19,724,025 700,000 7,130,633 4,312,255 8,140,865 4,785,000 4,950,028 8,817,578 4,024,619 8,785,794 474,583 6,721,652 13,617,970 6,241,146 12,001,532 8,202,478 4,116,484 2,411,836 13,750,000 6,125,000 3,530,255 2,793,752 6,943,708 4,497,809 12,960,794 4,732,347 4,654,597 7,318,443 11,924,477 13,959,453 13,732,109 GREEN EQUITY INVESTORS IV LP....................................................... HALPERN DENNY FUND II LP................................................................ HALPERN DENNY FUND III LP............................................................... HAMPSHIRE EQUITY PARTNERS II LP................................................. HAMPSHIRE EQUITY PARTNERS III LP................................................ HAMPSHIRE MEDIA PARTNERS II LP................................................... HDA PARTNERS I LP.............................................................................. HELLMAN & FRIEDMAN CAPITAL PARTNERS II LP............................. HEP II LLC II............................................................................................ INFORMATION TECHNOLOGY VENTURES II LP.................................. INFORMATION TECHNOLOGY VENTURES LP..................................... INVERNESS PARTNERS II LP................................................................ INVERNESS/PHOENIX PARTNERS LP.................................................. J W CHILDS BERMUDA AIV TWO LP..................................................... JATOTECH VENTURES LP.................................................................... JW CHILDS EQUITY PARTNERS III LP.................................................. KB MEZZANINE FUND II LP................................................................... KKR 1996 FUND (OVERSEAS) LP.......................................................... KKR 1996 FUND LP................................................................................ KNIGHTSBRIDGE VENTURE CAPITAL VI LP........................................ KNIGHTSBRIDGE VENTURE COMPLETION 2005 LP........................... LAKE CAPITAL PARTNERS LP.............................................................. LIGHTHOUSE CAPITAL PARTNERS IV LP............................................ LIGHTHOUSE CAPITAL PARTNERS V LP............................................. MATLIN PATTERSON GLOBAL OPPORTUNITIES PARTNERS II LP.... MATLIN PATTERSON GLOBAL OPPORTUNITIES PARTNERS LP....... MORGENTHALER PARTNERS VI LP..................................................... MORGENTHALER PARTNERS VII LP.................................................... MORGENTHALER PARTNERS VII LP.................................................... MORGENTHALER VENTURE PARTNERS IV LP................................... MORGENTHALER VENTURE PARTNERS V LP.................................... NORTH AMERICAN FUND II LP.............................................................. NORTH AMERICAN FUND III LP............................................................. NORTHSTAR SEIDLER MEZZANINE PARTNERS II LP......................... OCM OPPORTUNITIES FUND III LP....................................................... OCM OPPORTUNITIES FUND IV LP...................................................... OCM OPPORTUNITIES FUND V LP....................................................... OCM OPPORTUNITIES FUND VI LP...................................................... OCM/GFI POWER OPPORTUNITIES FUND II LP.................................. OSCCO III LP.......................................................................................... PARTHENON INVESTORS II LP............................................................. PHILADELPHIA VENTURES II LP........................................................... PMI MEZZANINE FUND LP..................................................................... POLARIS VENTURE PARTNERS IV LP.................................................. POMONA CAPITAL V LP........................................................................ PRIME ENTERPRISES II LP................................................................... PRIME VIII LP.......................................................................................... PRISM VENTURE PARTNERS I LP........................................................ PRISM VENTURE PARTNERS II LP....................................................... 53 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) 2,174,611 1,312,337 5,272,475 297,930 7,636,228 7,368,473 1,636,106 3,219,410 6,164,479 7,038,775 17,591,808 6,363,230 919,440 11,134,286 5,832,671 10,170,554 655,770 193,117 712,259 11,649,253 4,108,925 236,518 1,317,471 621,956 9,128,307 10,742,521 1,061,835 214,318 1,296,185 11,492,196 9,615,671 3,176,561 8,397,108 4,425,625 2,477,370 0 1,221,287 10,475,941 841,448,185 SCHEDULE E (CONTINUED) COST ($) 2,222,490 5,159,492 8,596,123 525,000 8,453,214 7,463,876 1,728,697 11,981,830 17,978,478 5,616,422 14,027,503 6,582,309 919,440 27,389,606 8,476,081 10,098,000 7,366,463 3,301,704 5,247,230 8,898,241 3,960,601 239,225 1,662,500 7,253,726 17,159,698 20,377,408 402,624 474,711 716,587 10,309,676 27,414,679 7,075,031 8,301,500 7,267,932 4,124,077 1 3,950,201 11,818,979 1,206,985,713 PRISM VENTURE PARTNERS II-A LP.................................................... PRISM VENTURE PARTNERS III LP...................................................... PRISM VENTURE PARTNERS IV LP...................................................... PRISM VENTURE PARTNERS V LP....................................................... PROSPECT VENTURE PARTNERS II LP............................................... PTV SCIENCES LP................................................................................. PUF/LTF WARBURG 1997 REVOCABLE TRUST................................... RICE PARTNERS II LP............................................................................ RSTW PARTNERS III LP........................................................................ SCF-III LP................................................................................................ SCF-IV LP............................................................................................... SCF-V LP................................................................................................ SCF-VI LP............................................................................................... SKM EQUITY FUND II LP........................................................................ SKM EQUITY FUND III LP....................................................................... TCV V LP................................................................................................. TECHNOLOGIES FOR INFORMATION & ENTERTAINMENT III LP....... TEXAS GROWTH FUND - 1991 TRUST.................................................. TEXAS GROWTH FUND - 1995 TRUST.................................................. THIRD CINVEN FUND US (NO 5) LP...................................................... TPG PARTNERS IV LP........................................................................... TPG PARTNERS IV-AIV 2 LP.................................................................. UNION SQUARE VENTURES 2004 LP................................................... VS&A COMMUNICATIONS PARTNERS II LP......................................... VS&A COMMUNICATIONS PARTNERS III LP........................................ WAND EQUITY PORTFOLIO II LP.......................................................... WAND/CASEWISE INVESTMENTS LP................................................... WAND/PARAGON INVESTMENTS I LP.................................................. WARBURG PINCUS (BERMUDA) PRIVATE EQUITY VIII LP................. WARBURG PINCUS PRIVATE EQUITY VIII LP...................................... WILLIS STEIN & PARTNERS II LP.......................................................... WILLIS STEIN & PARTNERS LP............................................................. WINDJAMMER MEZZANINE & EQUITY FUND II LP............................... WINGATE PARTNERS II LP................................................................... WINGATE PARTNERS III LP.................................................................. WOODLANDS VENTURE FUND LP........................................................ WOODLANDS/ESSEX VENTURE FUND III LP....................................... ZN MEXICO II LP..................................................................................... TOTAL LIMITED PARTNERSHIPS EXCHANGE TRADED FUNDS BLDRS INDEX FUNDS TR EMERGING.................................................. ISHARES INC MSCI SOUTH KOREA...................................................... ISHARES INC MSCI TAIWAN................................................................. ISHARES MSCI SINGAPORE................................................................. ISHARES TR RUSSELL 2000 INDEX...................................................... ISHARES TR S&P 100 INDEX FUND...................................................... ISHARES TR S&P GLOBAL 100............................................................. IUNITS S&P/TSX 60................................................................................ 54 327,818 192,400 1,046,500 2,126,204 686,220 637,448 815,826 55,000 32,585,109 6,753,240 12,296,375 16,648,177 45,654,216 35,716,211 50,622,003 2,789,117 32,509,875 6,485,804 13,022,227 16,346,956 41,762,139 34,697,813 49,592,461 2,407,197 PERMANENT UNIVERSITY FUND INVESTMENT FUNDS August 31, 2005 SECURITY SHARES VALUE ($) 21,054,564 15,527,272 7,420,837 247,067,121 SCHEDULE E (CONTINUED) COST ($) 18,939,697 16,245,060 7,299,153 239,308,382 MIDCAP SPDR TR UNIT......................................................................... PHARMACEUTICAL HOLDERS.............................................................. SPDR TR UNIT SER 1 STANDARD........................................................ TOTAL EXCHANGE TRADED FUNDS OTHER - HEDGE FUNDS STATE STREET RESEARCH ENERGY.................................................. TOTAL OTHER - HEDGE FUNDS OTHER - INVESTMENT FUNDS GMO TRUST EMERGING COUNTRY DEBT FUND................................ PIMCO FUNDS PACIFIC INVESTMENT MANAGEMENT SERVICE....... TOTAL OTHER - INVESTMENT FUNDS OTHER - INVESTMENT FUNDS - EQUITY AUSTIN ALPHA LP.................................................................................. CAPITAL GUARDIAN INTERNATIONAL SMALL CAP............................. JMBO FUND LIMITED............................................................................. RELATIONAL INVESTORS XI LP............................................................ TEMPLETON INSTITUTIONAL FUNDS INC............................................ VALUE ACT CAPITAL INTL CL A S-3..................................................... VALUE ACT CAPITAL INTL LTD CL A S-1.............................................. VALUE ACT CAPITAL INTL LTD CL A S-6.............................................. TOTAL OTHER - INVESTMENT FUNDS - EQUITY 161,449 216,710 60,603 24,375,000 39,385,905 39,385,905 24,375,000 24,375,000 1,866,351 182,085 21,929,619 2,041,171 23,970,790 19,096,659 1,860,273 20,956,932 32,500,000 1,857,503 105,628 1,739,817 8,122,051 108,136 400,073 209,461 43,205,403 36,499,932 19,750,915 204,996,876 135,881,918 21,423,279 79,725,135 41,740,855 583,224,313 32,500,000 38,581,426 19,500,000 184,876,880 113,169,847 19,500,000 64,081,904 39,000,000 511,210,057 TOTAL INVESTMENT FUNDS 4,748,464,933 4,412,421,138 55 PERMANENT UNIVERSITY FUND CASH AND CASH EQUIVALENTS August 31, 2005 SECURITY VALUE ($) SCHEDULE F COST ($) MONEY MARKET FUNDS AUSTRALIAN DOLLAR TRADING...................................................................................... BGI CASH........................................................................................................................... BGI MONEY MARKET FUND.............................................................................................. CANADIAN DOLLAR TRADING.......................................................................................... CASH (INTEREST BEARING)............................................................................................. CASH EQUITIZATION........................................................................................................ CASH NON CUSTODIED.................................................................................................... CASH NON CUSTODIED.................................................................................................... CHF (SWISS FRANC) TRADING........................................................................................ DANISH KRONE TRADING................................................................................................ DREYFUS INSTITUTIONAL PREFERRED MONEY MARKET FUND................................. EURO EUROPEAN MONETARY UNIT............................................................................... GBP (POUNDS AND PENCE) TRADING............................................................................ HONG KONG DOLLAR TRADING...................................................................................... JAPANESE TRADING......................................................................................................... MXN (MEXICAN PESO) INCOME....................................................................................... NEW ZEALAND DOLLAR TRADING................................................................................... NORWEGIAN KRONE TRADING....................................................................................... PLN (POLISH ZLOTY) TRADING........................................................................................ SINGAPORE DOLLAR TRADING....................................................................................... SWEDISH TRADING......................................................................................................... TEXAS STATE TREASURY FUND..................................................................................... TWD (TAIWAN DOLLAR).................................................................................................... TOTAL MONEY MARKET FUNDS 36,417 1 142,341 6,153,569 (250,665) 149,757 (9,611,128) (22,287) 120,616 25,224 1,297,001,001 1,961,164 147,159 23,359 18,726,218 177 1 13,253 163,394 89,348 37,873 1,038,967 996,252 1,316,942,011 36,466 1 142,341 6,099,590 (250,665) 149,757 (9,611,128) (22,287) 118,007 25,260 1,297,001,001 1,959,437 146,503 23,359 19,092,645 180 1 13,231 164,307 90,251 36,682 1,038,967 1,026,186 1,317,280,092 TOTAL CASH AND CASH EQUIVALENTS 1,316,942,011 1,317,280,092 56