Darlene Spier
Investment Officer
Clarendon College
1122 College Drive
Clarendon, TX 79226
(806) 874-3571
darlene.spier@clarendoncollege.net

CLARENDON COLLEGE
Summary of Investments
Investment Type	May 31, 2005 Book Value	May 31, 2005 Market Value
Equity Securities
U.S. Common Stock
Equity Mutual Funds
Other Equity Securities (list)
Total Equity Securities
Other Investments
Real Estate
Private Equity
Annuities
Collective Endowment Funds
Commodities
Collectibles
Other (list)
Total Other Investments
Debt Investments>1 year
U.S. Government
U.S. Government Agency
Mortgage Pass-Throughs
CMOs:
Interest Only Strips
Principal Only Strips
Inverse Floaters
Stated Maturities longer than 10 years
PFIA Compliant CMOs
Other Asset-Backed Bonds
Foreign Issued Obligations
Municipal Obligations

CLARENDON COLLEGE
Summary of Investments, page 2
Investment Type	May 31, 2005 Book Value		May 31, 2005 Market Value
Corporate Obligations:
Highly Rated (AAA/AA)
Investment Grade (A/BBB)
NR/High Yield (<BBB)
GICs
Bond Mutual Funds
Other (list)
Total Debt Investments >1 year
Short Term Investments
U.S. Government
U.S. Government Agency
CDs/BAs	2,625,912.71	2,625,912.71
A1/P1 Commercial Paper
Repurchase Agreements
TexPool
Other Money Market Funds and Pools
Bank Deposits
Cash Held at State Treasury
Other (list)
Total Short Term Investments
TOTAL INVESTMENTS	2,625,912.71	2,625,912.71

INVESTMENT DISCLOSURE

á Does the institution employ outside investment advisors or managers and, if so, who are they (provide individual or firm name and address)? Do the outside investment advisors or managers have the authority to make investment decisions without obtaining prior approval?  NO

á Does the institution use soft dollar arrangements (a means of paying for services through brokerage commission revenue, rather than through direct payments)?  (If the answer to this question is yes, the institution must provide a copy of the guidelines that govern the use of soft dollars arrangements.) NO

á Is the institution associated with an independent endowment or foundation? Yes

Mr. Walt Knorpp, P.O. Box Drawer A, Clarendon, Texas 79226, is Chairman of the Clarendon College Foundation and the 2003 market value of investments is $298,496.  Mr. Don Lane, 600 West Francis, Pampa, Texas 79065, is Chairman of the Pampa Center Foundation and the 2003 market value of investments is $151,016.