Stephen F. Austin State University
Statement of Changes in Investment Assets
Operating Fund
At February 29, 2004
Book Value Market Value
Beginning Investment Assets - 12/01/03 22,981,850.47 23,046,757.24
Receipts/Contributions 5,000,000.00 5,000,000.00
Investment Income 157,934.23 157,934.23
Change in Accrued Interest (12,692.83)
Distributions (3,425,897.11) (3,425,897.11)
Net Realized Gains (Losses) 14,702.88 14,702.88
Change in Cost Basis (101,077.04)
Changes in Net Unrealized Appreciation (Depreciation)   (71,810.04)
Ending Investment Assets - 02/29/04 24,627,513.43 24,708,994.37
Rate of Return 0.37%
Accrued interest for the reporting period 71,093.94
Prior period accrued interest 83,786.77
Prepared in Compliance with Generally Accepted Accounting Priniciples