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