Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Fund
								August 31, 2004
								Beginning Period				Ending Period
		Maturity				Face		5/28/2004		5/28/2004		8/31/2004		8/31/2004		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%		1,741,000		$1,748,871		$1,739,920		$1,746,302		$1,739,363		(557)		1.62%		$6,648
U.S. Treasury Note		05/15/05		6.750%		700,000		$734,903		$732,375		$725,275		$723,709		(8,666)		6.52%		$13,867
U.S. Treasury Note		08/15/05		6.500%		1,200,000		$1,270,181		$1,264,128		$1,254,918		$1,251,324		(12,804)		6.23%		$3,391
U.S. Treasury Note		12/31/05		1.875%		2,000,000						$1,984,375		$1,993,760		1,993,760		1.88%		$6,318
U.S. Treasury Note		02/15/06		5.625%		1,000,000		$1,065,735		$1,055,000		$1,055,576		$1,049,920		(5,080)		5.35%		$2,446
U.S. Treasury Note		04/30/06		2.250%		2,500,000						$2,490,234		$2,499,500		2,499,500		2.25%		$18,801
U.S. Treasury Note		11/15/07		3.500%		951,000		$983,791		$965,864		$980,290		$971,617		5,753		3.42%		$9,768
U.S. Treasury Note		05/15/07		4.375%		300,000		$310,251		$310,875		$309,337		$313,383		2,508		4.18%		$3,852
Total						10,392,000		$6,113,732		$6,068,162		$10,546,307		$10,542,576		4,474,414				$65,091
Weighted Average Years to Maturity						1.42
Weighted Average Yield						3.28%