Stephen F. Austin State University
	Summary of Investments
	Endowment Fund
	At August 31, 2004
						Book Value	%	Market Value	%
Long-term Securities
Debt Securities
	U.S. Government Obligations
		Direct Treasuries				495,918.00	6.46%	497,788.00	5.85%
		Guaranteed
			Mortgage-Backed			289,266.00	3.77%	290,062.65	3.41%
			Other
	Total U.S. Government Obligations					785,184.00	10.23%	787,850.65	9.26%
	U.S. Government Agencies (Non-Gtd.)
		Mortgage-Backed				403,900.00		409,491.00
		Other
	Total U.S. Govt. Agencies (Non-Gtd.)					403,900.00	5.26%	409,491.00	4.81%
	Foreign Government Obligations
	Municipal and County Bonds
	Corporate Bonds					1,420,085.00		1,431,530.00
	Other
		Total Debt Securities				2,609,169.00	34.00%	2,628,871.65	30.89%
Equity Securities
	Common Stocks and Other Equities					4,403,892.00		5,216,034.00
	Index Funds
	Mutual Funds
	Other
	Total Equity Securities					4,403,892.00		5,216,034.00
	Total Long-term Securities					7,013,061.00	91.38%	7,844,905.65	92.19%
Short-term Securities
	U.S. Govt (Direct & Guaranteed)
	U.S. Govt Agencies (Non-Gtd)
	Corporate Bonds					244,646.00		248,068.00
	TexPool						0.00%		0.00%
	Certificates of Deposit
	Total Short-term Securities					244,646.00	3.19%	248,068.00	2.92%
Cash and Cash Equivalents
	Cash					6,025.00		6,025.00
	Money Markets					400,770.00	5.22%	400,770.00	4.71%
	Certificates of Deposit					10,075.00	0.13%	10,075.00	0.12%
	Total Cash and Cash Equivalents					416,870.00	5.43%	416,870.00	4.90%
	Total Investments					7,674,577.00	100.00%	8,509,843.65	100.00%