Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment
								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		05/15/05		6.750%		560,000		$566,158		$564,592						(564,592)
U.S. Treasury Note		05/15/09		3.875%		37,000		$37,969		$36,958						(36,958)
U.S. Treasury Note		05/15/09		2.875%		52,000		$52,829		$51,941						(51,941)
U.S. Treasury Note		12/31/05		1.875%		646,000		$793,750		$791,408		$640,953		$640,825		(150,583)		1.89%		$5,052
U.S. Treasury Note		12/15/06		5.625%		45,000		$259,092		$255,692		$46,209		$45,768		(209,924)		5.53%		$734
U.S. Treasury Note		04/30/06		2.250%		900,000		$896,484		$888,642		$896,484		$890,793		2,151		2.27%		$1,706
U.S. Treasury Note		07/31/06		2.750%		500,000		$502,230		$495,235		$501,834		$495,940		705		2.77%		$4,558
U.S. Treasury Note		11/15/06		3.500%		293,000		$299,968		$292,897		$298,935		$292,941		44		3.50%		$446
U.S. Treasury Note		03/31/07		3.750%		611,000						$611,583		$612,668		612,668		3.73%		$3,819
U.S. Treasury Note		05/15/07		4.375%		32,000		$139,249		$137,114		$33,384		$32,474		(104,640)		4.31%		$61
U.S. Treasury Note		02/15/08		3.375%		263,000						$260,858		$261,201		261,201		3.39%		$2,574
U.S. Treasury Note		03/15/10		4.000%		227,000						$227,012		$229,340		229,340		3.95%		$1,899
U.S. Treas Inflation Note		04/15/10		adjusted		107,000						$105,881		$107,037		107,037		0.89%		$118
						3,624,000		3,547,729		3,514,479		3,623,133		3,608,987		747,999				$20,967
Weighted Average Years to Maturity				1.5
Weighted Average Yield				2.88%