Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Funds
								February 28, 2005
								Beginning Period				Ending Period
		Maturity				Face		12/1/2004		12/1/2004		2/28/2005		2/28/2005		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%		187,000		$241,431		$240,501		$187,087		$186,854		(53,647)		1.62%		$1,236
U.S. Treasury Note		05/15/05		6.750%		576,000		$589,467		$587,226		$582,308		$580,723		(6,503)		6.69%		$10,955
U.S. Treasury Note		08/15/05		6.500%		1,200,000		$1,240,298		$1,233,420		$1,226,327		$1,219,692		(13,728)		6.39%		$2,155
U.S. Treasury Note		12/31/05		1.875%		2,000,000		$1,984,375		$1,982,420		$1,984,375		$1,978,520		(3,900)		1.89%		$5,801
U.S. Treasury Note		02/15/06		5.625%		1,000,000		$1,045,844		$1,034,020		$1,036,370		$1,022,770		(11,250)		5.49%		$1,554
U.S. Treasury Note		04/30/06		2.250%		2,500,000		$2,490,234		$2,479,875		$2,490,234		$2,468,450		(11,425)		2.27%		$18,180
U.S. Treasury Note		07/31/06		2.750%		1,500,000		$1,507,853		$1,495,845		$1,506,691		$1,485,705		(10,140)		2.77%		$2,849
U.S. Treasury Note		11/15/06		3.500%		951,000		$976,935		$959,920		$973,619		$950,667		(9,253)		3.50%		$9,379
U.S. Treasury Note		05/15/07		4.375%		300,000		$308,469		$308,694		$307,610		$304,698		(3,996)		4.30%		$3,698
U.S. Treasury Note		05/15/09		3.875%		110,000		$255,909		$251,646		$112,881		$109,875		(141,771)		3.87%		$1,201
U.S. Treasury Note		05/15/09		3.875%		130,000						$132,074		$129,853		129,853		3.87%		$1,419
						10,454,000		10,640,815		10,573,567		10,539,576		10,437,807		(135,760)				58,427
Weighted Average Years to Maturity						1.31
Weighted Average Yield						3.41%