Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment 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
		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury Note		05/15/05		6.750%		571,000		$1,077,833		$1,075,224		$584,394		$582,128		(493,096)		6.62%		$1,597
U.S. Treasury Note		12/31/05		1.875%		800,000		$793,750		$797,504		$793,750		$792,968		(4,536)		1.89%		$6,236
U.S. Treasury Note		02/15/06		5.625%		250,000		$263,894		$262,480		$261,461		$258,505		(3,975)		5.43%		$4,089
U.S. Treasury Note		04/30/06		2.250%		900,000		$896,484		$899,820		$896,484		$892,755		(7,065)		2.26%		$1,678
U.S. Treasury Note		07/31/06		2.750%		500,000						$502,617		$498,615		498,615		2.75%		$4,558
U.S. Treasury Note		11/15/06		3.500%		293,000		$302,024		$299,352		$300,990		$295,748		(3,604)		3.46%		$425
U.S. Treasury Note		05/15/07		4.375%		135,000		$140,224		$141,023		$139,733		$138,912		(2,111)		4.25%		$244
U.S. Treasury Note		05/15/09		3.875%		84,000						$86,330		$84,892		84,892		3.83%		$135
						3,533,000		$3,474,209		$3,475,403		$3,565,759		$3,544,523		69,120.00				$18,962
Weighted Average Years to Maturity						1.36
Weighted Average Yield						3.39%