Stephen F. Austin State University
Statement of Changes in Investment Assets
Endowment Fund
At February 28, 2005
Book Value Market Value
Beginning Investment Assets - 12/01/04 7,863,688.52 8,997,642.78
Receipts/Contributions 4,591.01 4,591.01
Investment Income 81,680.26 81,680.26
Change in Accrued Interest (7,470.00)
Distributions (117,187.14) (117,187.14)
Investment Manager Expenses (19,620.96) (19,620.96)
Change in Cost Basis (61,304.80)
Net Realized Gains (Losses) 54,352.47 54,352.47
Changes in Net Unrealized Appreciation (Depreciation)   105,987.45
Ending Investment Assets - 02/28/05 7,806,199.36 9,099,975.87
Rate of Return 2.63%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period       21,903.00
Prior period accrued interest       29,373.00