Schedule 3

Lamar State College - Orange

Quarterly Investment Report

For the Quarter Ended May 31, 2005

Purchase

Maturity

Book Balance

Additions

Deductions

Book Balance

Market Balance

Investment Income

Agency/Description

Date

2/28/2005

Purchases

Earnings

Returns

5/31/2005

Current Quarter

FY-to-Date

Short-Term Investments (less than 1 year):

Pooled Investments

Discount Note - At Cost

Discount Note - At Market

TexPool - at Cost

2/28/2005

OPEN

$ 7,086,796.81

$ -

$ 48,172.58

$ 200,000.00

$ 6,934,969.39

$ 48,172.58

$ 111,551.39

TexPool - at Market

$ 7,086,796.81

$ 6,934,969.39

Total Short-Term Investments

At Cost

$ 7,086,796.81

$ -

$ 48,172.58

$ 200,000.00

$ 6,934,969.39

$ 48,172.58

$ 111,551.39

At Market

$ 7,086,796.81

$ 6,934,969.39

Average Earnings Rate

2.79%

Benchmark Rate (See Note A)

2.45%

0.95*(0.04

Over/Under Realization

0.34%

Note A: The Benchmark Rate is 95% of the average 30-day T-bill rate,

on the first day of each month of the Quarter (from the Wall Street Journal)

Note B: Balance of Fund 2 (0285-Local E & G) in State Treasury as of:

11/30/2004 $ 1,577,714.74

02/28/2005 $2,137,808.02

05/31/2005 $2,214,933.17

08/31/2005