Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment
								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		5/15/2005		6.75%		560,000		$584,394		$582,128		$566,158		$564,592		($17,536)		6.69%		$10,651
U.S. Treasury Note		12/31/05		1.875%		800,000		$793,750		$792,968		$793,750		$791,408		($1,560)		1.89%		$2,320
U.S. Treasury Note		02/15/06		5.625%		250,000		$261,461		$258,505		$259,092		$255,692		($2,813)		5.49%		$388
U.S. Treasury Note		04/30/06		2.250%		900,000		$896,484		$892,755		$896,484		$888,642		($4,113)		2.27%		$6,545
U.S. Treasury Note		07/31/06		2.750%		500,000		$502,617		$498,615		$502,230		$495,235		($3,380)		2.77%		$950
U.S. Treasury Note		11/15/06		3.500%		293,000		$300,990		$295,748		$299,968		$292,897		($2,851)		3.50%		$2,890
U.S. Treasury Note		05/15/07		4.375%		135,000		$139,733		$138,912		$139,249		$137,114		($1,798)		4.30%		$1,664
U.S. Treasury Note		05/15/09		3.875%		37,000		$86,330		$84,892		$37,969		$36,958		($47,934)		3.87%		$404
U.S. Treasury Note		05/15/09		2.875%		52,000						$52,829		$51,941		$51,941		3.87%		$568
								$3,565,759		$3,544,523		$3,547,729		$3,514,479		($30,044)				$26,380
Weighted Average Years to Maturity						1.12
Weighted Average Yield						3.41%