Stephen F. Austin State University
Statement of Changes in Investment Assets
Operating Fund
As of  February 28, 2003
Book Value Market Value
Beginning Investment Assets - 12/01/02 28,623,267.92 28,830,696.01
Receipts/Contributions 5,660,121.88 5,660,121.88
Investment Income 204,046.57 204,046.57
Change in Accrued Interest 3,163.72
Distributions (3,663,929.44) (3,663,929.44)
Net Realized Gains (Losses) 1,092.52 1,092.52
Change in Cost Basis (10,604.02)
Changes in Net Unrealized Appreciation (Depreciation)   28,718.97
Ending Investment Assets - 02/28/03 30,813,995.43 31,063,910.23
Rate of Return 0.79%
Accrued interest for the reporting period 122,798.81
Prior period accrued interest 119,635.09
Prepared in Compliance with Generally Accepted Accounting Priniciples