Stephen F. Austin State University
	Statement of Changes in Investment Assets
	Endowment Fund
	At May 31, 2007
								Book Value		Market Value
Beginning Investment Assets - 03/01/07								9,348,574.49		10,197,883.43
Receipts/Contributions								83,505.88		83,505.88
Investment Income
Change in Accrued Interest										(10,488.20)
Distributions								(508,620.84)		(508,620.84)
Change in Cost Basis								15,560.56
Net Realized Gains (Losses)								194,579.40		194,579.40
Changes in Net Unrealized Appreciation (Depreciation)										247,878.26
Ending Investment Assets - 05/31/07								9,133,599.49		10,204,737.93
Rate of Return										4.33%
Prepared in Compliance with Generally Accepted Accounting Priniciples
Accrued interest for the reporting period										33,201.05
Prior period accrued interest										43,689.25