Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment Fund
								August 31, 2004
								Beginning Period				Ending Period
		Maturity				Face		6/1/2004		6/1/2004		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%		1,530,000		$1,536,876		$1,529,051						(1,529,051)
U.S. Treasury Note		05/15/05		6.750%		1,040,000		$1,302,020		$1,297,350		$1,077,833		$1,075,224		(222,126)		6.52%		$20,602
U.S. Treasury Note		12/31/05		1.875%		800,000						$793,750		$797,504		797,504		1.88%		$2,527
U.S. Treasury Note		02/15/06		5.625%		250,000		$266,433		$263,750		$263,894		$262,480		(1,270)		5.35%		$611
U.S. Treasury Note		04/30/06		2.250%		900,000						$896,484		$899,820		899,820		2.25%		$6,768
U.S. Treasury Note		11/15/06		3.500%		293,000		$303,102		$297,579		$302,024		$299,352		1,773		3.42%		$3,010
U.S. Treasury Note		05/15/07		4.375%		135,000		$140,740		$139,894		$140,224		$141,023		1,129		4.18%		$1,733
								$3,549,171		$3,527,624		$3,474,209		$3,475,403		(52,221)				$35,251
Weighted Average Years to Maturity						1.37
Weighted Average Yield						3.87%