Stephen F. Austin State University
Statement of Changes in Investment Assets
Operating Fund
At May 31, 2004
Book Value Market Value
Beginning Investment Assets - 03/01/04 24,627,513.43 24,708,994.37
Receipts/Contributions 295,864.40 295,864.40
Investment Income 138,997.14 138,997.14
Change in Accrued Interest (6,778.94)
Distributions (4,166,302.10) (4,166,302.10)
Net Realized Gains (Losses)
Change in Cost Basis (61,424.70)
Changes in Net Unrealized Appreciation (Depreciation)   (127,289.11)
Ending Investment Assets - 05/31/04 20,834,648.17 20,843,485.76
Rate of Return 0.02%
Accrued interest for the reporting period 64,315.00
Prior period accrued interest 71,093.94
Prepared in Compliance with Generally Accepted Accounting Priniciples