Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Endowment Fund
	At November 30, 2004
								Book Value		Market Value
Beginning Investment Assets - 09/01/04								7,674,577.00		8,509,843.65
Receipts/Contributions								7,500.00		7,500.00
Investment Income								43,607.76		43,607.76
Change in Accrued Interest										12,296.00
Distributions								(69,173.14)		(69,173.14)
Change in Cost Basis								112,976.63
Net Realized Gains (Losses)								94,200.27		94,200.27
Changes in Net Unrealized Appreciation (Depreciation)										399,368.24
Ending Investment Assets - 11/30/04								7,863,688.52		8,997,642.78
Rate of Return										6.48%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period										29,373.00
Prior period accrued interest										17,077.00