Stephen F. Austin State University
Statement of Changes in Investment Assets
Endowment Fund
At May 31, 2003
Book Value Market Value
Beginning Investment Assets - 03/01/03 7,688,157.00 7,174,941.00
Receipts/Contributions 101,320.00 101,320.00
Investment Income 64,161.55 64,161.55
Change in Accrued Interest 301.00
Distributions (111,457.87) (111,457.87)
Change in Cost Basis (20,558.61)
Net Realized Gains (Losses) (197,319.07) (197,319.16)
Changes in Net Unrealized Appreciation (Depreciation)   803,113.48
Ending Investment Assets - 05/31/03 7,524,303.00 7,835,060.00
Rate of Return 9.35%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period 19,809.00
Prior period accrued interest       19,508.00