Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Operating Fund
	At August 31, 2005
								Book Value		Market Value
Beginning Investment Assets - 06/01/05								19,434,434.37		19,482,406.27
Receipts/Contributions								3,480,641.49		3,480,641.49
Investment Income								120,885.35		120,885.35
Change in Accrued Interest										10,016.93
Distributions								(3,991,608.20)		(3,991,608.20)
Net Realized Gains (Losses)								(580.10)		(580.10)
Change in Cost Basis								(19,474.68)
Changes in Net Unrealized Appreciation (Depreciation)										(27,595.78)
Ending Investment Assets - 08/31/05								19,024,298.23		19,074,165.96
Rate of Return										0.53%
Accrued interest for the reporting period										105,369.83
Prior period accrued interest										95,352.90
Prepared in Compliance with Generally Accepted Accounting Priniciples