Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At May 31, 2008
Bancorpsouth
Bond Series 2008
Book Value Market Value Yield
Beginning Balance - 03/01/2008  $                  -    $                    -  
Receipts/Contributions 20,275,875.00 20,275,875.00
Investment Income 16,100.30 16,100.30
Change in Accrued Interest 14,845.10
Distributions (4,434,643.06) (4,439,084.25)
Net Realized Gains (Losses) (4,441.19) (4,441.19)
Changes in Net Unrealized Appreciation (Depreciation)   30,800.09
Ending Balance - 05/31/2008  $ 15,852,891.05  $  15,894,095.05        0.72
Accrued interest for the reporting period  $         14,845.10
Prior period accrued interest  $                    -  
Prepared in Compliance with Generally Accepted Accounting Principles