Stephen F. Austin State University
Statement of Changes in Investment Assets
Operating Fund
As of  November 30, 2002
Book Value Market Value
Beginning Investment Assets - 09/01/01 26,047,350.93 26,255,380.21
Receipts/Contributions 5,702,226.43 5,702,226.43
Investment Income 164,287.95 164,287.95
Change in Accrued Interest 26,043.30
Distributions (3,288,701.63) (3,288,701.63)
Net Realized Gains (Losses) (5,672.78) (5,672.78)
Change in Cost Basis 3,777.02
Changes in Net Unrealized Appreciation (Depreciation)   (22,867.47)
Ending Investment Assets - 11/30/02 28,623,267.92 28,830,696.01
Rate of Return 0.59%
Accrued interest for the reporting period 119,635.09
Prior period accrued interest 93,591.79
Prepared in Compliance with Generally Accepted Accounting Priniciples