Stephen F. Austin State University
									Inventory of Fixed Securities
									Operating Fund
									May 31, 2003
									Beginning Period				Ending Period
			Maturity				Face		3/1/2003		3/1/2003		5/31/2003		5/31/2003		Market Value		Current		Accrued
	Security		Date		Coupon		Amount		Book Value		Market Value		Book Value		Market Value		Change		Yield		Interest
	U.S. Treasury Note		8/15/2003		5.75%		648,000		643,537		661,368						(661,368)		5.63%
	U.S. Treasury Note		1/15/2004		3.000%		220,000		649,761		660,562		220,048		222,750		(437,812)		2.96%		2,170
	U.S. Treasury Note		2/15/2004		5.875%		1,220,000		1,258,569		1,274,143		1,248,493		1,260,418		(13,725)		5.68%		20,591
	Fed. Natl Mortgage		3/15/2004		4.750%		1,000,000		1,028,242		1,035,630		1,028,242		1,027,810		(7,820)		4.62%		9,896
	Fed. Natl Mortgage		5/14/2004		5.625%		1,200,000		1,252,587		1,260,372		1,252,587		1,250,256		(10,116)		5.39%		2,813
	U.S. Treasury Note		5/31/2004		3.250%		650,000		654,622		665,847		653,700		663,611		(2,236)		3.18%		10,504
	U.S. Treasury Note		6/30/2004		2.875%		980,000		989,384		1,000,217		987,621		998,071		(2,146)		2.82%		11,675
	U.S. Treasury Note		8/15/2004		6.000%		300,000		309,289		320,250		307,688		317,343		(2,907)		5.67%		5,171
	Fed. Natl Mortgage		3/15/2005		3.875%		3,115,000		3,230,112		3,256,140		3,230,115		3,256,142		2		3.70%		25,147
	Fed. Natl Mortgage		3/15/2005		3.875%		1,103,000						1,153,697		1,152,976		1,152,976		3.70%		8,904
	U.S. Treasury Note		5/15/2007		4.375%		300,000		314,659		323,345		313,766		327,750		4,405		4.00%		535
							10,736,000		10,330,762		10,457,874		10,395,957		10,477,127		19,253				97,406
	Weighted Average Years to Maturity						1.3
	Weighted Average Yield						4.25%
													WATM		WAY
			37,848		9.00%		37,772		0		0		0		0
			38,001		9.03%		37,772		0		1		0		0
			38,032		9.04%		37,772		0		1		0		0
			38,061		9.05%		37,772		0		1		0		0
			38,121		9.06%		37,772		0		1		0		0
			38,138		9.07%		37,772		0		1		0		0
			38,168		9.07%		37,772		0		1		0		0
			38,214		9.08%		37,772		0		1		0		0
			38,426		9.13%		37,772		0		2		1		0
			38,426		9.13%		37,772		0		2		0		0
			39,217		9.32%		37,772		0		4		0		0
			420,652		100.00%		415,492		1		14		1		0