Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Funds
								May 31, 2005
								Beginning Period				Ending Period
		Maturity				Face		3/1/2005		3/1/2005		5/31/2005		5/31/2005		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		$187,087		$186,854						(186,854)
U.S. Treasury Note		05/15/05		6.750%		576,000		$582,308		$580,723						(580,723)
U.S. Treasury Note		05/15/07		4.375%		300,000		$307,610		$304,698						(304,698)
U.S. Treasury Note		05/15/09		3.875%		110,000		$112,881		$109,875						(109,875)
U.S. Treasury Note		05/15/09		3.875%		130,000		$132,074		$129,853						(129,853)
U.S. Treasury Note		08/15/05		6.500%		1,200,000		$1,226,327		$1,219,692		$1,212,178		$1,208,628		(11,064)		6.45%		$22,624
U.S. Treasury Note		12/31/05		1.875%		434,000		$1,984,375		$1,978,520		$430,609		$430,523		(1,547,997)		1.89%		$3,394
U.S. Treasury Note		02/15/06		5.625%		746,000		$1,036,370		$1,022,770		$766,059		$758,734		(264,036)		5.53%		$12,171
U.S. Treasury Note		04/30/06		2.250%		2,500,000		$2,490,234		$2,468,450		$2,490,234		$2,474,425		5,975		2.27%		$4,738
U.S. Treasury Note		07/31/06		2.750%		1,500,000		$1,506,691		$1,485,705		$1,505,504		$1,487,820		2,115		2.77%		$13,674
U.S. Treasury Note		11/15/06		3.500%		896,000		$973,619		$950,667		$914,160		$895,820		(8,584)		3.50%		$1,363
U.S. Treasury Note		03/31/07		3.750%		1,817,000						$1,818,737		$1,821,960		1,821,960		3.73%		$11,357
U.S. Treasury Note		02/15/08		3.375%		527,000						$522,224		$523,395		523,395		3.39%		$5,159
U.S. Treasury Note		03/15/10		4.000%		755,000						$755,201		$762,784		762,784		3.95%		$6,318
U.S. Treasury Infl Note		04/15/10		adjusted		317,000						$313,671		$317,107		317,107		0.89%		$349
						$10,692,000		$10,539,576		$10,437,807		$10,728,577		$10,681,196		289,652				$81,147
Weighted Average Years to Maturity				1.43
Weighted Average Yield				3.58%