Quarterly Report - May 31, 2006

Amarillo College
       Summary of Investments
  31-May-06 31-May-06
  Book Value Market Value
Equity Securities:    
U.S. Common Stock    
Equity Mutual Funds               3,331,451          3,374,151
Other Equity Securities (list)    
    Total Equities               3,331,451          3,374,151
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              16,939,021        17,083,337
A1/P1 Commercial Paper     
Repurchase Agreements    
TexPool                7,379,891          7,379,891
Other Money Market Funds & Pools                    97,727              97,727
Bank Deposits     
Cash Held at State Treasury    
Other (list)    
    Total Short Term Investments              24,416,639        24,560,955
TOTAL INVESTMENTS:              27,748,090        27,935,106
      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, Texas 79178.