Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Operating Fund
	At May 31, 2005
								Book Value		Market Value
Beginning Investment Assets - 03/01/05								23,010,447.13		22,979,916.86
Receipts/Contributions
Investment Income								108,098.47		108,098.47
Change in Accrued Interest										24,110.18
Distributions								(3,662,808.22)		(3,662,808.22)
Net Realized Gains (Losses)								(28,450.47)		(28,450.47)
Change in Cost Basis
Changes in Net Unrealized Appreciation (Depreciation)								7,147.46		61,539.45
Ending Investment Assets - 05/31/05								19,434,434.37		19,482,406.27
Rate of Return										0.78%
Accrued interest for the reporting period										95,352.90
Prior period accrued interest										71,242.72
Prepared in Compliance with Generally Accepted Accounting Priniciples