TEXAS PERMANENT SCHOOL FUND
BOND GUARANTEE PROGRAM - PROGRAM STATUS REPORT
AS OF JANUARY, FEBRUARY & MARCH 2006
(000’s OMITTED)
| Amount of Issues Guaranteed as of January 31, 2006 | $58,092,402 |
| Amount Guaranteed in January, February & March 2006. | $ 2,032,034 |
| Total Amount of Issues Currently Guaranteed | $60,124,436 |
| Less Maturities, Refunds & Paydowns in January, February & March 2006 | (1,139,733) |
| Net Amount Guaranteed as of March 31, 2006 | $58,894,703 |
| Maximum Allowable For Guarantee (IRS Calculation) | $46,930,714* |
| Less Amount Guaranteed as of March 31, 2006 | ( 36,592,578)** |
| Less Reserve of 5% of the Maximum Allowable for Guarantee | ( 2,346,536) |
| Amount Available for Guarantee | $ 7,991,600** |
* Limit of guarantee amount presented here is based on the IRS ruling dated 3/31/2005.
** Does not include in process applications for which guarantee will be awarded.
PROGRAM STATISTICS
| Total Number Guaranteed As of December 31, 2005 | 2,243 |
| Issues Refunded, Matured & Guaranteed January, February & March 2006 | _ (22) |
| Number of Issues Currently Guaranteed | 2,221 |
| Amount Guaranteed from 1985 through December 31, 2005 | $58,092,402 |
| Net Number Guaranteed in January, February & March 2006 | 2,032,034 |
| Total Amount Guaranteed since Inception of Program | $60,124,436 |