Stephen F. Austin State University
	Summary of Investments
	Operating Fund
	At February 29, 2004
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				9,190,162.00	37.32%	9,260,532.00	37.48%
		Guaranteed
			Mortgage-Backed				0.00%		0.00%
			Other
	Total U.S. Government Obligations					9,190,162.00	37.32%	9,260,532.00	37.48%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				0.00		0.00
		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				9,190,162.00	37.32%	9,260,532.00	37.48%
Equity Securities
	Common Stocks and Other Equities
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					0.00		0.00
	Total Long-term Securities					9,190,162.00	37.32%	9,260,532.00	37.48%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)					496,135.00	2.01%	497,021.00	2.01%
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds
	Certificate of Deposit					6,873,657.57	27.91%	6,883,882.51	27.86%
	Total Short-term Securities					7,369,792.57	29.93%	7,380,903.51	29.87%
Cash and Cash Equivalents
	Texpool					581,268.16	2.36%	581,268.16	2.35%
	Cash Held at State Treasury					6,473,932.70	26.29%	6,473,932.70	26.20%
	Money Markets					1,012,358.00	4.11%	1,012,358.00	4.10%
	Commercial Paper
	Total Cash and Cash Equivalents					8,067,558.86	32.76%	8,067,558.86	32.65%
	Total Investments					24,627,513.43	100.00%	24,708,994.37	100.00%