Stephen F. Austin State University
	Summary of Investments
	Endowment Fund
	At November 30, 2004
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				751,193.00	9.55%	742,636.00	8.25%
		Guaranteed
			Mortgage-Backed			309,384.00	3.93%	308,945.00	3.43%
			Other
	Total U.S. Government Obligations					1,060,577.00	13.49%	1,051,581.00	11.69%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				390,220.00		397,886.00
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					390,220.00	4.96%	397,886.00	4.42%
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds					1,409,904.00		1,412,786.00
	Other
		Total Debt Securities				2,860,701.00	36.38%	2,862,253.00	31.81%
Equity Securities
	Common Stocks and Other Equities					4,434,043.00		5,563,223.00
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					4,434,043.00		5,563,223.00
	Total Long-term Securities					7,294,744.00	92.76%	8,425,476.00	93.64%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds					120,922.00		124,144.26
	TexPool						0.00%		0.00%
	Certificates of Deposit
	Total Short-term Securities					120,922.00	1.54%	124,144.26	1.38%
Cash and Cash Equivalents
	Cash
	Money Markets					437,947.03	5.57%	437,947.03	4.87%
	Certificates of Deposit					10,075.49	0.13%	10,075.49	0.11%
	Total Cash and Cash Equivalents					448,022.52	5.70%	448,022.52	4.98%
	Total Investments					7,863,688.52	100.00%	8,997,642.78	100.00%