Stephen F. Austin State University
								Inventory of Fixed Securities
								Endowment Fund
								May 31, 2003
								Beginning Period				Ending Period
		Maturity				Face		3/1/2003		3/1/2003		5/31/2003		5/1/2003		Market Value		Current		Accrued
Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
U.S. Treasury		4/30/2003		5.75%		215,000		216,675		216,561
U.S. Treasury		4/30/2003		5.75%		42,000		42,327		42,301
U.S. Treasury		11/15/03		4.250%		156,000		165,237		165,442		158,026		158,193		(7,249)		4.19%		270
U.S. Treasury		11/15/03		4.250%		76,000						77,060		77,068		77,068		4.19%		132
U.S. Treasury		09/30/03		1.875%		299,000						301,502		301,804		301,804		1.85%		919
Federal Nat'l Mtg Assoc		06/15/09		6.375%		197,000		232,453		238,106		224,477		235,229		(2,877)		5.33%		5,756
Federal Nat'l Mtg Assoc		06/15/09		6.375%		6,000		6,887		7,003		6,887		7,164		161		5.33%		175
U.S. Treasury		02/15/10		6.500%		70,000		83,412		86,625		80,670		85,815		(810)		5.30%		1,307
U.S. Treasury		02/15/10		6.500%		4,000		4,730		4,812		4,701		4,903		91		5.30%		75
FNMA P535315		1/1/2015		7.00%		64,000		20,144		20,583						(20,583)
FNMA P535631		1/1/2015		7.00%		48,000		14,161		14,517						(14,517)
FNMA P625941		1/1/2017		6.000%		80,000		60,879		63,279		49,018		50,550		(12,729)		5.75%		234
FNMA P643837		1/1/2017		6.000%		55,000		40,356		42,469		33,246		34,558		(7,911)		5.75%		160
FNMA P254403		1/1/2017		6.000%		9,000		7,560		7,829		6,544		6,724		(1,105)		5.75%		31
FNMA P555013		1/1/2017		5.500%		142,000		133,944		135,883		114,412		115,002		(20,881)		5.29%		490
FNMA P555286		1/1/2018		6.000%		15,000		15,679		15,675		12,867		12,825		(2,850)		5.75%		60
FNMA P685665		1/1/2018		5.000%		228,000		240,166		244,339		225,828		231,244		(13,095)		4.81%		898
FNMA P681119		1/1/2018		5.500%		5,000		5,171		5,216		5,031		5,051		(165)		5.29%		22
FNMA P545582		1/1/2017		7.00%		213,000		125,062		128,244						(128,244)
FNMA P545725		1/1/2017		7.00%		145,000		96,643		99,371						(99,371)
U.S. Treasury Strips		8/15/2020		0.000%		214,000		75,542		94,174		71,504		96,884		2,710
U.S. Treasury Strips		8/15/2020		0.000%		13,000		5,157		5,417		5,157		5,885		468
U.S. Treasury Bond		02/15/29		5.250%		250,000		255,371		281,572		242,077		280,000		(1,572)		4.68%		3,771
U.S. Treasury Bond		02/15/29		5.250%		23,000		23,282		24,530		23,279		25,760		1,230		4.68%		347
U.S. Treasury Bond		02/15/29		5.250%		29,000						30,843		32,480		32,480		4.68%		437
FHLMC C55740		1/1/2030		7.000%		201,398		92,629		95,008		75,852		77,472		(17,536)		6.66%		417
Federal Nat'l Mtg Assoc		11/15/30		6.625%		108,000		120,940		135,706		115,663		137,126		1,420		5.21%		298
Federal Nat'l Mtg Assoc		11/15/30		6.625%		6,000		6,950		7,205		6,950		7,618		413		5.21%		17
FHLMC GO 1217		01/01/31		7.000%		214,470		58,188		58,183		42,444		42,238		(15,945)		6.67%		227
FHLMC GO 1228		01/01/31		7.000%		193,365		48,899		50,358		35,295		36,175		(14,183)		6.67%		195
FNMA P254262		1/1/2032		6.000%		190,000		161,420		170,210		136,107		143,227		(26,983)		5.77%		667
FNMA P634481		1/1/2032		6.500%		285,000		225,158		233,381		174,511		180,184		(53,197)		6.23%		906
FNMA P640058		1/1/2032		6.500%		47,000		35,665		37,285		27,566		28,707		(8,578)		6.23%		144
FHLMC GO 1381		1/1/2032		7.000%		9,000		5,043		5,145		3,866		3,926		(1,219)		6.67%		21
FHLMC C67305		1/1/2032		7.000%		18,000		12,655		12,931		10,481		10,662		(2,269)		6.67%		57
FNMA P652398		1/1/2032		6.500%		22,000		17,432		18,007		13,332		13,718		(4,289)		6.23%		69
FNMA P254346		1/1/2032		6.500%		9,000		6,870		7,094		5,408		5,563		(1,531)		6.23%		28
FNMA P254345		1/1/2032		6.000%		45,000		39,092		41,669		33,715		35,864		(5,805)		5.77%		167
FNMA P545819		1/1/2032		6.500%		275,000						151,707		151,961		151,961		6.23%		765
FNMA P254676		1/1/2033		6.000%		22,000		34,155		34,361		21,797		21,885		(12,476)		5.77%		102
FNMA P545691		1/1/2032		6.50%		40,000		31,570		31,645						(31,645)
						4,283,233		2,767,504		2,882,136		2,527,823		2,663,465		71,836				19,164
Weighted Average Years to Maturity						17.41
Weighted Average Yield						4.08%