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