Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Funds
								May 31, 2004
								Beginning Balance				Ending Balance
		Maturity				Face		3/1/2004		3/1/2004		5/31/2004		5/31/2004		Market Value		Current		Accrued
Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury Note		08/15/04		6.000%		485,000		$496,135		$496,062		$490,112		$490,000		($6,062)		5.93%		$8,234
U.S. Treasury Note		03/31/05		1.625%		5,741,000		$5,774,640		$5,767,925		$5,766,955		$5,737,440		($30,485)		1.62%		$14,784
U.S. Treasury Note		05/15/05		6.750%		700,000		$744,126		$746,158		$734,903		$732,375		($13,783)		6.45%		$1,669
U.S. Treasury Note		08/15/05		6.500%		1,200,000		$1,284,800		$1,289,256		$1,270,181		$1,264,128		($25,128)		6.17%		$22,071
U.S. Treasury Note		02/15/06		5.625%		1,000,000		$1,075,467		$1,077,500		$1,065,735		$1,055,000		($22,500)		5.33%		$15,917
U.S. Treasury Note		05/15/07		4.375%		300,000		$311,129		$319,783		$310,251		$310,875		($8,908)		3.44%		$1,176
U.S. Treasury Note		11/15/07		3.500%		951,000						$983,793		$965,864		$965,864		4.22%		$464
								$9,686,297		$9,696,684		$10,621,930		$10,555,682		$858,998				$64,315
Weighted Average Years to Maturity						1.24
Weighted Average Yield						3.32%