Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At November 30, 2004
									Citizens' First Bank					Regions Bank
								Revenue Series 2000						Bond Series 2004
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 09/01/04								448,095.85		448,095.85				25,992,587.40		26,021,666.57
Receipts/Contributions														159.40		159.40
Investment Income								1,120.66		1,120.66				112,265.70		112,265.70
Distributions								(6,493.00)		(6,493.00)				(6,353.44)		(6,353.44)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)																(109,748.84)
Ending Balance - 11/30/04								442,723.51		442,723.51		0.25		26,098,659.06		26,017,989.39		0.01
Prepared in Compliance with Generally Accepted Accounting Principles
Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At November 30, 2004
							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 - 09/01/04								2,221,850.54		2,221,850.54				16,072.49		16,072.49
Receipts/Contributions														51.34		51.34
Investment Income								7,116.71		7,116.71
Distributions								(139,449.57)		(139,449.57)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 11/30/04								2,089,517.68		2,089,517.68		0.33		16,123.83		16,123.83		0.00
Prepared in Compliance with Generally Accepted Accounting Principles
Stephen F. Austin State University
Statement of Changes in Bond Proceeds
At November 30, 2004
							Regions Bank Stone Fort Bank							Regions Bank Stone Fort Bank
								Debt Service Account						Debt Service Account 2004A
								Book Value		Market Value		Yield		Book Value		Market Value		Yield
Beginning Balance - 09/01/04								68,205.64		68,205.64
Receipts/Contributions								14,667.53		14,667.53				14,692.83		14,692.83
Investment Income								250.79		250.79				6.24		6.24
Distributions								(83,123.96)		(83,123.96)
Net Realized Gains (Losses)
Changes in Net Unrealized Appreciation (Depreciation)
Ending Balance - 11/30/04								(0.00)		(0.00)		0.74		14,699.07		14,699.07		0.08
Prepared in Compliance with Generally Accepted Accounting Principles