Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment
								February 29, 2004
									Beginning Period				Ending Period
		Maturity				Face		12/1/2003		12/1/2003		2/29/2004		2/29/2004		Market Value		Current		Accrued
Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury Note		05/31/04		3.250%		720,000		$722,977		$727,653						(727,653)
U.S. Treasury Note		08/15/04		6.000%		200,000		$513,624		$516,720						(516,720)
U.S. Treasury Note		03/31/05		1.625%		1,609,000		$1,620,541		$1,609,498		$1,618,394		$1,616,546		7,048		1.61%		$10,716
U.S. Treasury Note		05/15/05		6.750%		520,000		$559,592		$557,861		$552,740		$554,288		(3,573)		6.33%		$10,029
U.S. Treasury Note		05/15/05		6.750%		720,000						$765,548		$767,476		767,476		6.33%		$13,886
U.S. Treasury Note		02/15/06		5.625%		250,000						$268,866		$269,375		269,375		5.22%		$464
U.S. Treasury Note		05/15/07		4.375%		100,000		$104,000		$105,281		$103,710		$106,595		1,314		4.10%		$1,250
						4,119,000		$3,520,734		$3,517,013		$3,309,258		$3,314,280		(202,733)				$36,345
Weighted Average Years to Maturity						1.27
Weighted Average Yield						3.80%
		38442		38045		1.0876712		1,609,000		1750063.01		1.61%		25904.9
		38487		38045		1.2109589		520,000		629698.63		6.33%		32916
		38487		38045		1.2109589		720,000		871890.411		6.33%		45576
		38763		38045		1.9671233		250,000		491780.822		5.22%		13050
		39217		38045		3.2109589		100,000		321095.89		4.10%		4100
						8.6876712		3,199,000		4,064,529				121546.9
										1.27056229				3.80%