Stephen F. Austin State University
								Inventory of Fixed Securites
								Operating Funds
								August 31, 2003
								Beginning Period				Ending Period
		Maturity				Face		5/31/2003		5/31/2003		8/31/2003		8/31/2003		Market Value		Current		Accrued
Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury Note		01/15/04		3.000%		220,000		220,048		222,750		220,030		221,788		(962)		2.97%		520
U.S. Treasury Note		02/15/04		5.875%		1,220,000		1,248,493		1,260,418		1,238,456		1,246,303		(14,115)		5.75%		2,727
U.S. Treasury Note		05/31/04		3.250%		650,000		653,700		663,611		652,778		659,951		(3,660)		3.20%		5,195
U.S. Treasury Note		06/30/04		2.875%		980,000		987,621		998,071		985,864		993,475		(4,596)		2.83%		4,594
U.S. Treasury Note		08/15/04		6.000%		300,000		307,688		317,343		306,102		313,407		(3,936)		5.74%		685
U.S. Treasury Note		08/15/04		6.000%		500,000						523,896		522,345		522,345		5.74%		1,141
U.S. Treasury Note		03/31/05		1.625%		5,741,000						5,790,010		5,737,440		5,737,440		1.62%		38,489
U.S. Treasury Note		05/15/07		4.375%		300,000		313,766		327,750		312,878		315,565		(12,185)		4.15%		3,781
FNMA		03/15/04		4.750%		1,000,000		1,028,242		1,027,810						(1,027,810)
FNMA		05/14/04		5.625%		1,200,000		1,252,587		1,250,256						(1,250,256)
FNMA		03/15/05		3.875%		3,115,000		3,230,115		3,256,142						(3,256,142)
FNMA		03/15/05		3.875%		1,103,000		1,153,697		1,152,976						(1,152,976)
						16,329,000		10,395,957		10,477,127		10,030,014		10,010,274		(466,853)				57,132
Weighted Average Years to Maturity						1.30
Weighted Average Yield						2.79%