Stephen F. Austin State University
	Summary of Investments
	Endowment Fund
	At February 28, 2005
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				903,422.00	11.57%	897,051.00	9.86%
		Guaranteed
			Mortgage-Backed				0.00%		0.00%
			Other
	Total U.S. Government Obligations					903,422.00	11.57%	897,051.00	9.86%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				266,254.00		266,858.00
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					266,254.00	3.41%	266,858.00	2.93%
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds					874,695.00		866,428.00
	Other
		Total Debt Securities				2,044,371.00	26.19%	2,030,337.00	22.31%
Equity Securities
	Common Stocks and Other Equities					4,584,030.00		5,889,037.00
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					4,584,030.00		5,889,037.00
	Total Long-term Securities					6,628,401.00	84.91%	7,919,374.00	87.03%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)					679,153.00		681,808.00
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds					248,253.00		248,402.00
	TexPool						0.00%		0.00%
	Certificates of Deposit
	Total Short-term Securities					927,406.00	11.88%	930,210.00	10.22%
Cash and Cash Equivalents
	Cash
	Money Markets					240,316.87	3.08%	240,316.38	2.64%
	Certificates of Deposit					10,075.49	0.13%	10,075.49	0.11%
	Total Cash and Cash Equivalents					250,392.36	3.21%	250,391.87	2.75%
	Total Investments					7,806,199.36	100.00%	9,099,975.87	100.00%