Note 3 - Investments

Investments (cost equals market value) at September 30, 2004 and 2003 are summarized as follows:

Investments at September 30, 2004 and 2003

Account	2004	2003
Highway Account	$ 6,819,962	$ 9,515,990
Mass Transit Account	3,391,890	4,450,563
Total	$10,211,852	$13,966,553

Securities represent non-marketable market based U.S. Treasury Certificates of Indebtedness. As provided by Section B of the Comparison of Transportation Revenue and Related Provisions of H.R. 2400, the Highway Trust Fund earns no interest on these securities that matured on June 30, 2004. The amount by HTF Agency that has been appropriated, but not yet been transferred to DOT is detailed below:

Securities by HTF Agency Appropriated but Not Yet Transferred to DOT
at September 30, 2004 and 2003

HTF Agency	2004	2003
FHWA Federal Aid	$6,666,766	$3,292,000
FHWA Other	809,400	899,695
FMCSA	165,832	58,395
FTA	377,050	487,000
Total	$8,019,058	$4,737,090