Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Fund
								November 30, 2004
								Beginning Period				Ending Period
		Maturity				Face		9/1/2004		9/1/2004		11/30/2004		11/30/2004		Market Value		Current		Accrued
Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury Note		03/31/05		1.625%		241,000		$1,746,302		$1,739,363		$241,431		$240,501		(1,498,862)		1.62%		$656
U.S. Treasury Note		05/15/05		6.750%		576,000		$725,275		$723,709		$589,467		$587,226		(136,483)		6.62%		$1,611
U.S. Treasury Note		08/15/05		6.500%		1,200,000		$1,254,918		$1,251,324		$1,240,298		$1,233,420		(17,904)		6.32%		$22,679
U.S. Treasury Note		12/31/05		1.875%		2,000,000		$1,984,375		$1,993,760		$1,984,375		$1,982,420		(11,340)		1.89%		$15,591
U.S. Treasury Note		02/15/06		5.625%		1,000,000		$1,055,576		$1,049,920		$1,045,844		$1,034,020		(15,900)		5.43%		$16,355
U.S. Treasury Note		04/30/06		2.250%		2,500,000		$2,490,234		$2,499,500		$2,490,234		$2,479,875		(19,625)		2.26%		$4,662
U.S. Treasury Note		07/31/06		2.750%		1,500,000						$1,507,853		$1,495,845		1,495,845		2.75%		$13,675
U.S. Treasury Note		11/15/06		3.500%		951,000		$980,290		$971,617		$976,935		$959,920		(11,697)		3.46%		$1,379
U.S. Treasury Note		05/15/07		4.375%		300,000		$309,337		$313,383		$308,469		$308,694		(4,689)		4.25%		$544
U.S. Treasury Note		05/15/09		3.875%		249,000						$255,909		$251,646		251,646		3.83%		$400
						10,517,000		$10,546,307		$10,542,576		$10,640,815		$10,573,567		30,991				$77,552
Weighted Average Years to Maturity						1.36
Weighted Average Yield						3.45%