Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Endowment Fund
	At February 28, 2006
								Book Value		Market Value
Beginning Investment Assets - 12/01/05								8,182,404.49		9,366,583.55
Receipts/Contributions
Investment Income								64,036.78		64,036.78
Change in Accrued Interest										(15,634.23)
Distributions								(318,207.03)		(318,207.03)
Investment Manager Expenses								(19,404.51)		(19,404.51)
Change in Cost Basis								91,993.11
Net Realized Gains (Losses)								217,551.65		217,551.65
Changes in Net Unrealized Appreciation (Depreciation)										45,806.28
Ending Investment Assets - 02/28/06								8,218,374.49		9,340,732.49
Rate of Return										3.39%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period										23,851.44
Prior period accrued interest										39,485.67