Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Operating Fund
	At May 31, 2003
								Book Value		Market Value
Beginning Investment Assets - 03/01/03								30,813,995.43		31,063,910.23
Receipts/Contributions
Investment Income								250,049.36		250,049.36
Change in Accrued Interest										(17,373.49)
Distributions								(4,718,330.64)		(4,718,330.64)
Net Realized Gains (Losses)								25,130.91		25,130.91
Change in Cost Basis								(32,844.90)
Changes in Net Unrealized Appreciation (Depreciation)										(78,790.89)
Ending Investment Assets - 05/31/03								26,338,000.16		26,524,595.48
Rate of Return										0.62%
Accrued interest for the reporting period										105,425.32
Prior period accrued interest										122,798.81
Prepared in Compliance with Generally Accepted Accounting Priniciples