Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At May 31, 2007
								Regions Bank Stone Fort Bank						Regions Bank
								Bond Series 2002						Bond Series 2004
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 03/01/07								487,882.49		487,882.49				10,006,699.43		10,006,699.43
Receipts/Contributions
Investment Income								5,912.91		5,912.91				115,038.00		115,038.00
Distributions								(34,181.70)		(34,181.70)				(4,289,620.36)		(4,289,620.36)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 05/31/07								459,613.70		459,613.70		1.26		5,832,117.07		5,832,117.07		1.46
								Regions Bank						Regions Bank
								Bond Series 2005					Bond Series 2005 Cost of Issuance
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 03/01/07								1,178,033.94		1,178,033.94
Receipts/Contributions
Investment Income								14,697.21		14,697.21
Distributions								(1,192,901.34)		(1,192,901.34)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 05/31/07								(170.19)		(170.19)		0.00		0.00		0.00		#DIV/0!
								Bancorpsouth						Bancorpsouth
								Bond Series 2005A Debt Service					Bond Series 2005A Cost of Issuance
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 03/01/07								8,175,866.72		8,275,798.80				127,786.23		127,786.23
Receipts/Contributions														248.77		248.77
Investment Income										77,536.40
Distributions								(1,895,931.39)		(1,895,931.39)				(128,035.00)		(128,035.00)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 05/31/07
								6,279,935.33		6,457,403.81		1.06		0.00		0.00		(200.00)
								Bancorpsouth							Bancorpsouth
							Bond Series 2005A Housing Phase II						Bond Series 2005A Recreation Center
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 03/01/07
								787,094.25		787,094.25				504,912.36		504,912.36
Receipts/Contributions														475,718.16		475,718.16
Investment Income								6,945.15		6,945.15				9,257.33		9,257.33
Distributions								(790,405.07)		(790,405.07)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 05/31/07
								3,634.33		3,634.33		1.77		989,887.85		989,887.85		1.25
Prepared in Compliance with Generally Accepted Accounting Principles