Quarterly Report - February 28, 2006

            Amarillo College
       Summary of Investments
  28-Feb-06 28-Feb-06
  Book Value Market Value
Equity Securities:    
U.S. Common Stock    
Equity Mutual Funds               3,307,665                         3,342,167
Other Equity Securities (list)    
    Total Equities               3,307,665                         3,342,167
Debt Investments >1 year:    
   Interest Only Strips    
   Principal Only Strips    
   Inverse Floaters 0 0
    Total Debt >1 year 0 0
Short Term Investments:    
U.S. Government    
U.S. Government Agency              19,637,626                        19,853,629
A1/P1 Commercial Paper     
Repurchase Agreements    
TexPool                7,242,468                         7,242,468
Other Money Market Funds & Pools                    96,628                              96,628
Bank Deposits     
Cash Held at State Treasury    
Other (list)    
    Total Short Term Investments              26,976,722                        27,192,725
TOTAL INVESTMENTS:              30,284,387                        30,534,892
  March 8, 2006  
      Amarillo College employs First Southwest Asset Management Company for investment advice with respect to our non-endowed local funds. Their address is 300 West 6th Street, Suite 1940, Austin, Texas 78701. They do not have the authority to make investment decisions or initiate transactions.
       Amarillo College does not use soft dollar arrangements.  
      Amarillo College is associated with the Amarillo College Foundation. The market value of the investments of the Foundation at 8/31/05 was $27,211,097. The investments are managed by the Investment Committee of the Foundation, P.O. Box 447, Amarillo, TX. 79178