Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Operating Fund
	At February 28, 2006
								Book Value		Market Value
Beginning Investment Assets - 12/01/05								23,500,878.57		23,486,137.61
Receipts/Contributions								5,000,788.11		5,000,788.11
Investment Income								164,040.38		164,040.38
Change in Accrued Interest										21,267.64
Distributions								(3,834,343.97)		(3,834,343.97)
Net Realized Gains (Losses)
Change in Cost Basis								(2,591.53)
Changes in Net Unrealized Appreciation (Depreciation)										2,107.70
Ending Investment Assets - 02/28/06								24,828,771.56		24,839,997.47
Rate of Return										0.78%
Accrued interest for the reporting period										111,553.03
Prior period accrued interest										90,285.39
Prepared in Compliance with Generally Accepted Accounting Priniciples