Stephen F. Austin State University
	Summary of Investments
	Endowment Fund
	At May 31, 2005
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				1,050,125.00	13.28%	1,063,748.00	11.79%
		Guaranteed
			Mortgage-Backed				0.00%		0.00%
			Other
	Total U.S. Government Obligations					1,050,125.00	13.28%	1,063,748.00	11.79%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				269,724.00		278,411.00
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					269,724.00	3.41%	278,411.00	3.09%
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds					744,576.00		754,164.00
	Other
		Total Debt Securities				2,064,425.00	26.10%	2,096,323.00	23.24%
Equity Securities
	Common Stocks and Other Equities					4,589,303.00		5,663,304.00
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					4,589,303.00		5,663,304.00
	Total Long-term Securities					6,653,728.00	84.12%	7,759,627.00	86.04%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)					781,181.00	9.88%	783,107.00	8.68%
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds					86,987.00	1.10%	88,439.00	0.98%
	TexPool
	Certificates of Deposit
	Total Short-term Securities					868,168.00	10.98%	871,546.00	9.66%
Cash and Cash Equivalents
	Cash
	Money Markets					377,519.00	4.77%	377,519.00	4.19%
	Certificates of Deposit					10,075.49	0.13%	10,075.49	0.11%
	Total Cash and Cash Equivalents					387,594.49	4.90%	387,594.49	4.30%
	Total Investments					7,909,490.49	100.00%	9,018,767.49	100.00%