Stephen F. Austin State University
	Summary of Investments
	Operating Fund
	At February 28, 2003
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				2,267,949.00	7.36%	2,323,926.00	7.48%
		Guaranteed
			Mortgage-Backed				0.00%		0.00%
			Other
	Total U.S. Government Obligations					2,267,949.00	7.36%	2,323,926.00	7.48%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				5,510,941.00		5,647,614.00
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					5,510,941.00		5,647,614.00
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds
	Other
		Total Debt Securities				7,778,890.00	25.24%	7,971,540.00	25.66%
Equity Securities
	Common Stocks and Other Equities
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					0.00		0.00
	Total Long-term Securities					7,778,890.00	25.24%	7,971,540.00	25.66%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)					2,551,868.00		2,601,494.00
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds
	Certificate of Deposit					3,769,115.10	12.23%	3,776,753.90	12.16%
	Total Short-term Securities					6,320,983.10	20.51%	6,378,247.90	20.53%
Cash and Cash Equivalents
	Texpool					1,853,873.98	6.02%	1,853,873.98	5.97%
	Cash Held at State Treasury					14,769,787.35	47.93%	14,769,787.35	47.55%
	Money Markets					90,461.00	0.29%	90,461.00	0.29%
	Commercial Paper
	Total Cash and Cash Equivalents					16,714,122.33	54.24%	16,714,122.33	53.81%
	Total Investments					30,813,995.43	100.00%	31,063,910.23	100.00%