Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Endowment Fund
	At August 31, 2005
								Book Value		Market Value
Beginning Investment Assets - 06/01/05								7,909,490.49		9,018,767.49
Receipts/Contributions
Investment Income								55,876.72		55,876.72
Change in Accrued Interest										6,375.12
Distributions
Investment Manager Expenses								(21,116.00)		(21,116.00)
Change in Cost Basis								(1,714.77)
Net Realized Gains (Losses)								100,657.05		100,657.05
Changes in Net Unrealized Appreciation (Depreciation)										161,137.62
Ending Investment Assets - 08/31/05								8,043,193.49		9,321,698.00
Rate of Return										3.60%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period										25,620.12
Prior period accrued interest										19,245.00