Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Funds
								February 28, 2004
								Beginning Balance				Ending Balance
		Maturity				Face		12/1/2003		12/1/2003		2/28/2004		2/28/2004		Market Value		Current		Accrued
Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury Note		06/30/04		2.875%		980,000		$984,118		$990,103						(990,103)
U.S. Treasury Note		08/15/04		6.000%		315,000		$323,743		$325,533						(325,533)
U.S. Treasury Note		05/31/04		3.250%		650,000		$651,866		$656,909						(656,909)
U.S. Treasury Note		02/15/04		5.875%		1,220,000		$1,228,571		$1,232,200						(1,232,200)
U.S. Treasury Note		08/15/04		6.000%		485,000		$498,462		$501,219		$496,135		$496,062		(5,157)		5.86%		$959
U.S. Treasury Note		03/31/05		1.625%		5,741,000		$5,782,329		$5,742,781		$5,774,640		$5,767,925		25,144		1.61%		$38,235
U.S. Treasury Note		05/15/05		6.750%		700,000		$753,349		$750,967		$744,126		$746,158		(4,809)		6.33%		$13,500
U.S. Treasury Note		08/15/05		6.500%		1,200,000						$1,284,800		$1,289,256		1,289,256		6.05%		$2,571
U.S. Treasury Note		02/15/06		5.625%		1,000,000						$1,075,467		$1,077,500		1,077,500		5.22%		$1,854
U.S. Treasury Note		05/15/07		4.375%		300,000		$312,001		$315,843		$311,129		$319,783		3,940		4.10%		$3,750
								$10,534,439		$10,515,555		$9,686,297		$9,696,684		($818,871)				$60,869
Weighted Average Years to Maturity						1.27
Weighted Average Yield						3.21%
		38214		38045		0.4630137		485,000		224561.644		5.86%		28421
		38442		38045		1.0876712		5,741,000		6244320.55		1.61%		92430.1
		38487		38045		1.2109589		700,000		847671.233		6.33%		44310
		38579		38045		1.4630137		1,200,000		1755616.44		6.05%		72600
		38763		38045		1.9671233		1,000,000		1967123.29		5.22%		52200
		39217		38045		3.2109589		300,000		963287.671		4.10%		12300
						9.4027397		9,426,000		12002580.8				302261.1
										1.27334827				0.032066741