Decyclomedia Foundation:DeStories/Her Panties
He wanted to steal 100 pairs of panties in a year. He had 99, and now he was going to steal his 100th. His victim was a 19-year-old blonde girl. He opened the door. "Hi! Come in!" she said. He pulled down and pocketed her panties, which were soaked with cum. "I knew you were coming, so I left a little surprise for you."
He put the panties on, beginning his transformation. He developed breasts, his penis shrank until it became a vagina, and his voice got higher and more feminine. Overall, he developed a feminine look. His transformation was complete, and he became she. She wasn't wearing any pants, but she did have her panties on. So she reached into her panties and rubbed her pussy until she came. She put on a schoolgirl uniform, complete with a short skirt. "This is gonna be my look from now on," she thought.