Stephen F. Austin State University
Statement of Changes in Investment Assets
Operating Fund
At November 30, 2003
Book Value Market Value
Beginning Investment Assets - 09/01/03 19,833,025.47 19,882,083.04
Receipts/Contributions 5,679,790.73 5,679,790.73
Investment Income 125,731.65 125,731.65
Change in Accrued Interest 14,986.20
Distributions (2,588,035.66) (2,588,035.66)
Net Realized Gains (Losses) 1,461.45 1,461.45
Change in Cost Basis (70,123.17)
Changes in Net Unrealized Appreciation (Depreciation)   (69,260.17)
Ending Investment Assets - 11/30/03 22,981,850.47 23,046,757.24
Rate of Return 0.34%
Accrued interest for the reporting period 83,786.77
Prior period accrued interest 68,800.57
Prepared in Compliance with Generally Accepted Accounting Priniciples