Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At November 30, 2003
							Regions Bank Stone Fort Bank
							TUITION REVENUE 98
								Book Value		Market Value		Yield
Beginning Balance - 09/01/03								63,544.61		63,544.61
Receipts/Contributions
Investment Income								47.33		47.33
Distributions								(63,591.94)		(63,591.94)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 11/30/03								0.00		0.00		0.15
Prepared in Compliance with Generally Accepted Accounting Principles
Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At November 30, 2003
								Citizens' First Bank						Citizens' First Bank
								Revenue Series 2000						Revenue Series 2002A
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 09/01/03								510,425.15		510,425.15				891,486.42		891,486.42
Receipts/Contributions
Investment Income								1,232.20		1,232.20				908.99		908.99
Distributions								(39,156.66)		(39,156.66)				(770,640.10)		(770,640.10)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 11/30/03								472,500.69		472,500.69		0.25		121,755.31		121,755.31		0.18
Prepared in Compliance with Generally Accepted Accounting Principles
Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At November 30, 2003
							Regions Bank Stone Fort Bank							Regions Bank Stone Fort Bank
								Bond Series 2002						Series 2002 Issuance Account
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 09/01/03								8,770,639.04		8,700,564.00				15,944.48		15,944.48
Receipts/Contributions
Investment Income								101,288.49		101,288.49				36.34		36.34
Distributions								(2,682,488.16)		(2,682,488.16)				(3.97)		(3.97)
Net Realized Gains (Losses)								(79,369.59)		(79,369.59)
Changes in Net Unrealized Appreciation (Depreciation)										60,957.34
Ending Balance - 11/30/03								6,110,069.78		6,100,952.08		1.13		15,976.85		15,976.85		0.23
Prepared in Compliance with Generally Accepted Accounting Principles