May 31, 2005

Lone Star College System SECTION 2256.023 INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDED MAY 31, 2005
Fund Group Beg Mkt
Value		 Additions Deletions Changes End Mkt
Value		 Accrued
Interest
Unrestricted $57,750,249 $35,155,387 $(45,146,512) $161,507 $47,920,631 $112,337
Restricted 6,724 91 6,815
Construction in Progress 2,509,614 178 786 2,510,578
Interest & Sinking 7,930,749 1,312,201 72,500 (98,503) 9,216,947
Total $68,197,336 $36,467,857 $(45,074,012) $63,790 $59,654,971 $112,337
Lone Star College System SECTION 2256.023 INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDED MAY 31, 2005
Fund Group Asset Type Maturity
Date 		Beg Mkt
Value		 Beg Book
Value		 End Mkt
Value		 End Book
Value
Unrestricted Pools
TexPool N/A $8,985,754 $8,985,754 $4,599,318 $4,599,318
TexPool N/A 1,668 1,668 1,680 1,680
TexPool N/A 259 259 261 261
Logic N/A 2,027 2,027 2,042 2,042
Lone Star N/A 842,244 842,244 591,695 591,695
Lone Star N/A 3,175 3,175 3,219 3,219
Lone Star N/A 16,384 16,384 16,494 16,494
Subtotal $9,851,511 $9,851,511 $5,214,709 $5,214,709
Fund Group Asset Type Maturity
Date 		Beg Mkt
Value		 Beg Book
Value		 End Mkt
Value		 End Book
Value
Unrestricted US Agencies
FHLB 4/16/2007 $1,475,625 $1,500,000 $1,482,195 $1,500,000
FHLB 4/23/2007 2,933,430 2,997,917 2,942,820 2,998,166
FHLB 10/27/2006 1,963,120 1,999,747 1,966,880 1,999,787
FHLB 4/5/2007 1,462,035 1,500,000 1,467,195 1,500,000
FHLB 2/23/2007 1,718,290 1,752,679 1,723,208 1,753,123
FHLB 3/8/2007 2,947,500 3,009,914 2,955,000 3,009,993
FHLB 3/9/2007 1,472,340 1,500,000 1,476,570 1,500,000
FHLB 4/5/2007 1,469,070 1,505,272 1,474,215 1,505,272
FHLB 4/6/2007 1,951,260 2,007,030 1,958,120 2,007,030
FHLB 4/20/2007 1,466,715 1,505,272 1,471,875 1,505,272
FNDN 6/13/2005 2,978,160 2,976,375 1,498,500 1,498,538
FNDN 11/10/2005 2,941,170 2,936,644 2,958,150 2,959,322
FMCDN 9/30/2005 1,969,659 1,967,076 1,981,440 1,981,923
FNDN 4/29/2005 999,854 999,616
FHLB 3/29/2007 1,467,195 1,500,000 1,491,570 1,500,000
FMCDN 7/27/2005 6,035,279 6,029,469 6,071,696 6,073,018
FMCDN 10/11/2005 2,966,880 2,963,593
FMCDN 9/30/2005 1,982,600 1,981,454
Subtotal $29,215,423 $29,657,542 $37,868,914 $38,236,491
Fund Group Asset Type Maturity
Date 		Beg Mkt
Value		 Beg Book
Value		 End Mkt
Value		 End Book
Value
Unrestricted Comm Paper
6/14/2005 $1,846,915 $1,846,829
7/11/2005 2,990,093 2,989,408
5/19/2005 $8,519,433 $8,520,336
3/15/2005 1,695,086 1,695,291
3/15/2005 3,299,274 3,299,712
Subtotal $13,513,793 $13,515,339 $4,837,008 $4,836,237
Total $52,580,727 $53,024,392 $47,920,631 $48,287,437
Restricted Pools
Lone Star N/A $6,724 $6,724 $6,815 $6,815
Subtotal $6,724 $6,724 $6,815 $6,815
Total $6,724 $6,724 $6,815 $6,815
Fund Group Asset Type Maturity
Date 		Beg Mkt
Value		 Beg Book
Value		 End Mkt
Value		 End Book
Value
Construction in Progress Pools
Lone Star N/A $13,060 $13,060 $13,238 $13,238
Subtotal $ 13,060 $13,060 $13,238 $13,238
US Agencies
FMCDN 6/15/2005 $992,580 $991,678 $998,840 $998,833
FNMA 4/27/2005 1,503,975 1,503,450 1,498,500 1,498,537
Subtotal $2,496,555 $2,495,128 $2,497,340 $2,497,370
Total $2,509,615 $2,508,188 $2,510,578 $2,510,608
Fund Group Asset Type Maturity
Date 		Beg Mkt
Value		 Beg Book
Value		 End Mkt
Value		 End Book
Value
Interest & Sinking Pools
TexPool N/A $4,061 $4,061 $4,089 $4,089
Logic N/A 1,013 1,013 1,020 1,020
Lone Star N/A 986,489 986,489 2,226,150 2,226,150
Subtotal $991,563 $991,563 $2,231,259 $2,231,259
US Agencies
FNMA 8/12/2005 $1,999,686 $1,999,686 $2,014,838 $2,014,838
FNMA 8/10/2005 4,939,500 4,939,500 4,970,850 4,970,747
Subtotal $6,939,186 $6,934,826 $6,985,688 $6,986,391
Total $7,930,749 $7,926,389 $9,216,947 $9,217,650
Portfolio Summary $63,027,815 $63,465,693 $59,654,971 $60,022,510

Statements of Compliance:

This report is presented in accordance with Generally Accepted Accounting Principles and will be reviewed by the District's independent Auditors, McConnell & Jones LLP annually.

This report reflects compliance with the investment strategy expressed in the investment Policy of the Board of Trustees and the Public Funds Investment Act as amended by HB 2459.

The original of this document as presented to the board of Trustees was signed by each of the investment officers.

Lone Star College System
5000 Research Forest Drive
The Woodlands TX 77381-4356
Phone 832.813.6500
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