Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Endowment Fund
	At August 31, 2004
								Book Value		Market Value
Beginning Investment Assets - 06/01/04								7,674,573.49		8,553,701.39
Receipts/Contributions								6,025.00		6,025.00
Investment Income								85,743.24		85,743.24
Change in Accrued Interest										(21,272.00)
Distributions								(111,381.51)		(111,381.51)
Change in Cost Basis								(36,966.76)
Net Realized Gains (Losses)								56,583.54		56,583.54
Changes in Net Unrealized Appreciation (Depreciation)										(59,556.01)
Ending Investment Assets - 08/31/04								7,674,577.00		8,509,843.65
Rate of Return										0.72%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period										17,077.00
Prior period accrued interest										38,349.00