Stephen F. Austin State University
	Summary of Investments
	Operating Fund
	At May 31, 2003
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				2,262,775.00	8.59%	2,334,660.00	8.80%
		Guaranteed
			Mortgage-Backed				0.00%		0.00%
			Other
	Total U.S. Government Obligations					2,262,775.00	8.59%	2,334,660.00	8.80%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				4,383,811.00		4,443,168.00
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					4,383,811.00		4,443,168.00
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds
	Other
		Total Debt Securities				6,646,586.00	25.24%	6,777,828.00	25.55%
Equity Securities
	Common Stocks and Other Equities
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					0.00		0.00
	Total Long-term Securities					6,646,586.00	25.24%	6,777,828.00	25.55%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)					1,468,541.00		1,505,929.00
	U.S. Govt Agencies (Non-Gtd)					2,280,829.00		2,290,775.00
	Corporate Bonds
	Certificate of Deposit					3,790,305.36	14.39%	3,798,324.68	14.32%
	Total Short-term Securities					7,539,675.36	28.63%	7,595,028.68	28.63%
Cash and Cash Equivalents
	Texpool					1,859,839.25	7.06%	1,859,839.25	7.01%
	Cash Held at State Treasury					10,135,540.55	38.48%	10,135,540.55	38.21%
	Money Markets					156,359.00	0.59%	156,359.00	0.59%
	Commercial Paper
	Total Cash and Cash Equivalents					12,151,738.80	46.14%	12,151,738.80	45.81%
	Total Investments					26,338,000.16	100.00%	26,524,595.48	100.00%