Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment
								May 31, 2004
								Beginning Period				Ending Period
		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		03/31/05		1.625%		1,530,000		$1,618,394		$1,616,546		$1,536,876		$1,529,051		(87,495)		1.62%		$3,940
U.S. Treasury Note		05/15/05		6.750%		1,240,000		$1,318,288		$1,321,764		$1,302,020		$1,297,350		(24,414)		6.45%		$2,957
U.S. Treasury Note		02/15/06		5.625%		250,000		$268,866		$269,375		$266,433		$263,750		(5,625)		5.33%		$3,979
U.S. Treasury Note		11/15/06		3.500%		293,000						$303,102		$297,579		297,579		3.44%		$362
U.S. Treasury Note		05/15/07		4.375%		135,000		$103,710		$106,595		$140,740		$139,894		33,299		4.22%		$209
						3,448,000		$3,309,258		$3,314,280		$3,549,171		$3,527,624		213,344				$11,447
Weighted Average Years to Maturity						1.03
Weighted Average Yield						3.68%