Quarterly Report - November 30, 2005

Amarillo College  
         Summary of Investments  
    30-Nov-05   30-Nov-05  
    Book Value   Market Value  
Equity Securities:          
U.S. Common Stock          
Equity Mutual Funds                 3,295,143            3,250,356  
Other Equity Securities (list)          
    Total Equities                 3,295,143            3,250,356  
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                16,662,057          16,794,182  
A1/P1 Commercial Paper           
Repurchase Agreements          
TexPool                  3,617,293            3,617,293  
Other Money Market Funds & Pools                      95,627                95,627  
Bank Deposits           
Cash Held at State Treasury          
Other (list)          
    Total Short Term Investments                20,374,976          20,507,102  
TOTAL INVESTMENTS:                23,670,120          23,757,458  
    December 7, 2005      
      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.