Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Operating Fund
	At February 28, 2007
								Book Value		Market Value
Beginning Investment Assets - 12/01/06								23,288,820.87		23,478,125.58
Receipts/Contributions								5,999,676.86		5,999,676.86
Investment Income								246,998.50		246,998.50
Change in Accrued Interest										(7,216.52)
Distributions								(4,146,697.84)		(4,146,697.84)
Net Realized Gains (Losses)
Change in Cost Basis								(756.35)
Changes in Net Unrealized Appreciation (Depreciation)										5,364.52
Ending Investment Assets - 02/28/07								25,388,042.04		25,576,251.10
Rate of Return										1.00%
Accrued interest for the reporting period										143,785.37
Prior period accrued interest										151,001.89
Prepared in Compliance with Generally Accepted Accounting Priniciples