Stephen F. Austin State University
	Summary of Investments
	Operating Fund
	At November 30, 2003
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				6,847,675.00	29.80%	6,826,785.00	29.62%
		Guaranteed
			Mortgage-Backed				0.00%		0.00%
			Other
	Total U.S. Government Obligations					6,847,675.00	29.80%	6,826,785.00	29.62%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					0.00		0.00
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds
	Other
		Total Debt Securities				6,847,675.00	29.80%	6,826,785.00	29.62%
Equity Securities
	Common Stocks and Other Equities
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					0.00		0.00
	Total Long-term Securities					6,847,675.00	29.80%	6,826,785.00	29.62%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)					3,686,760.00	16.04%	3,762,120.00	16.32%
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds
	Certificate of Deposit					6,848,965.93	29.80%	6,859,402.70	29.76%
	Total Short-term Securities					10,535,725.93	45.84%	10,621,522.70	46.09%
Cash and Cash Equivalents
	Texpool					579,783.69	2.52%	579,783.69	2.52%
	Cash Held at State Treasury					4,901,938.85	21.33%	4,901,938.85	21.27%
	Money Markets					116,727.00	0.51%	116,727.00	0.51%
	Commercial Paper
	Total Cash and Cash Equivalents					5,598,449.54	24.36%	5,598,449.54	24.29%
	Total Investments					22,981,850.47	100.00%	23,046,757.24	100.00%