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.