Stephen F. Austin State University
								Inventory of Fixed Securities
								Quasi Endowment 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		4/30/2003		5.75%		131,000		131,932		131,941						(71,747)		5.70%
U.S. Treasury Note		8/15/2003		5.75%		254,000		257,209		259,240						(2,458)		5.63%
U.S. Treasury Note		2/15/2004		5.875%		230,000		255,702		261,095		233,877		237,619		(4,097)		5.68%		3,882
Fed. Natl Mortgage		3/15/2004		4.750%		125,000		128,461		129,453		128,461		128,476		(977)		4.62%		1,237
Fed. Natl Mortgage		5/14/2004		5.625%		375,000		393,197		393,866		393,197		390,705		(3,161)		5.39%		879
U.S. Treasury Note		5/31/2004		3.250%		1,000,000		1,007,783		1,024,380		1,006,230		1,020,953		(3,440)		3.18%		16,160
U.S. Treasury Note		8/15/2004		6.000%		200,000		206,193		213,500		205,125		211,562		(1,938)		5.67%		3,448
Fed. Natl Mortgage		3/15/2005		3.875%		564,000		620,736		627,186		583,491		589,554		(37,632)		3.70%		4,553
Fed. Natl Mortgage		3/15/2005		3.875%		360,000		374,849		376,311		374,849		376,311		0		3.70%		2,906
Fed. Natl Mortgage		3/15/2005		3.875%		406,000						424,661		424,385		424,385		3.70%		3,278
U.S. Treasury Note		5/15/2007		4.375%		100,000		104,889		107,783		104,588		109,250		1,469		4.00%		178
						3,745,000		3,480,951		3,524,755		3,454,479		3,488,815		300,404				36,521
Weighted Average Years to Maturity						1.52
Weighted Average Yield						3.69%