Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Operating Fund
	At May 31, 2006
								Book Value		Market Value
Beginning Investment Assets - 03/01/06								24,828,771.56		24,839,997.47
Receipts/Contributions								1,011,098.55		1,011,098.55
Investment Income								226,424.34		226,424.34
Change in Accrued Interest										(47,569.19)
Distributions								(4,149,180.76)		(4,149,180.76)
Net Realized Gains (Losses)								6,902.08		6,902.08
Change in Cost Basis								13,679.85
Changes in Net Unrealized Appreciation (Depreciation)										7,785.21
Ending Investment Assets - 05/31/06								21,937,695.62		21,895,457.70
Rate of Return										0.83%
Accrued interest for the reporting period										63,983.84
Prior period accrued interest										111,553.03
Prepared in Compliance with Generally Accepted Accounting Priniciples