Stephen F. Austin State University
								Inventory of Fixed Securites
								Quasi Endowment
								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		02/15/04		5.875%		230,000		233,877		237,619		232,523		234,958		(2,661)		5.75%		514
U.S. Treasury Note		05/31/04		3.250%		1,000,000		1,006,230		1,020,953		1,004,678		1,015,310		(5,643)		3.20%		7,992
U.S. Treasury Note		08/15/04		6.000%		200,000		205,125		211,562		204,068		208,938		(2,624)		5.74%		457
U.S. Treasury Note		08/15/04		6.000%		300,000						314,338		313,407		313,407		5.74%		685
U.S. Treasury Note		03/31/05		1.625%		1,609,000						1,622,687		1,608,002		1,608,002		1.62%		10,787
U.S. Treasury Note		05/15/07		4.375%		100,000		104,588		109,250		104,292		105,189		(4,061)		4.15%		1,260
FNMA		03/15/04		4.750%		125,000		128,461		128,476						(128,476)
FNMA		05/14/04		5.625%		375,000		393,197		390,705						(390,705)
FNMA		03/15/05		3.875%		564,000		583,491		589,554						(589,554)
FNMA		03/15/05		3.875%		360,000		374,849		376,311						(376,311)
FNMA		03/15/05		3.875%		406,000		424,661		424,385						(424,385)
						5,269,000		3,454,479		3,488,815		3,482,586		3,485,804		(3,011)				21,695
Weighted Average Years to Maturity						1.13
Weighted Average Yield						2.91%