StateTrust Capital, LLC FIXED INCOME PORTFOLIO Sample Account 12/31/03
Quantity	Security	Unit Cost	Total Cost	Price	Market Value	Accrued Interest	Market Value +Accr.Int.	Pct. Assets	Yield To Mat.	Duration
CORPORATE BONDS
Basic Materials
20000	GENL ELEC CO NTS	105.04	21008.8	105.63	21125.2	422.22	21547.42	1.9	4.4	7.8
	5.000% Due 02-01-13
	Basic Materials Total		21008.8		21125.2	422.22	21547.42	1.9	4.4	7.8
Consumer-Cyclical
30000	CARNIVAL CORP CL A NTS	104.86	31458.55	110.32	33096.3	384.37	33480.67	2.9	5.1	4.8
	6.150% Due 04-15-08
30000	SEARS ROEBUCK ACCEP CORP	106.27	31880	112.86	33856.8	418.75	34275.55	3	5.8	6.6
	6.700% Due 04-15-12
30000	FORD MOTOR CO COM	99.44	29831	101.77	30531.3	1223.75	31755.05	2.8	9	10
	8.900% Due 01-15-32
	Consumer-Cyclical Total		93169.55		97484.4	2026.87	99511.27	8.7	6.5	7.1
Consumer Staples
15000	AMER HOME PRODS CORP	108.41	16261.25	109.75	16462.2	444.37	16906.57	1.5	5.2	3
	7.900% Due 02-15-05
50000	KRAFT FOODS INC NTS	106.01	53005	106.21	53104	378.99	53482.99	4.7	2.8	3.2
	4.625% Due 11-01-06
40000	ALBERTSONS INC SR NTS	116.14	46455	125.42	50169.6	547.39	50716.99	4.4	5.7	6.5
	8.350% Due 05-01-10
20000	HEINZ (H.J.) CO MW@+15BP	110.77	22155	113.94	22787.2	350	23137.2	2	4.5	6.9
	6.000% Due 03-15-12
30000	SAFEWAY INC MW + 25BP	109.55	32864	107.23	32169.3	652.5	32821.8	2.9	4.5	7
	5.800% Due 08-15-12
	Consumer Staples Total		170740.3		174692.3	2373.26	177065.6	15.4	4.4	5.3
Energy
20000	TEPPCO PARTNERS L.P. NTS	104.02	20805	111.05	22209.4	510.42	22719.82	2	5.6	7.4
	6.125% Due 02-01-13
	Energy Total		20805		22209.4	510.42	22719.82	2	5.6	7.4
Financials
15000	CITICORP SER C	100.95	15142.5	116.22	17432.55	522.08	17954.63	1.6	6.8	5
	7.000% Due 07-01-07
20000	CATERPILLR FIN SRVC CRP	103.65	20730	103.25	20651	179.17	20830.17	1.8	3.4	3.8
	4.300% Due 07-15-07
20000	GMAC SMARTNOTES	104.52	20905	105.21	21042.2	55.21	21097.41	1.8	5.6	4.2
	6.625% Due 09-15-07
20000	WASH MUTUAL INC NTS	105.08	21016	105.83	21165.2	520.14	21685.34	1.9	3.2	4.2
	4.375% Due 01-15-08
30000	FORTUNE BRANDS INC	109.17	32750	111.13	33340.2	463.54	33803.74	2.9	4.4	4.7
	6.250% Due 04-01-08
20000	TRW INC MED TERM SR NTS	108.27	21654	110.02	22004.4	157.5	22161.9	1.9	4.5	4.4
	6.300% Due 05-15-08
30000	SUNTRUST BANKS INC SR	96.85	29055.3	115.67	34700.1	151.04	34851.14	3	6.8	5.8
	6.250% Due 06-01-08
15000	MORGAN JP & CO INC	95.28	14292	112.19	16829.25	412.5	17241.75	1.5	6.8	6.1
	6.000% Due 01-15-09
20000	DIAGEO CAPITAL PLC	121.27	24255	121.81	24362.8	237.64	24600.44	2.1	3.5	5.3
	7.250% Due 11-01-09
15000	KROGER CO NTS	108.81	16322.25	120.53	18079.5	499.77	18579.27	1.6	6.7	6.3
	8.050% Due 02-01-10
15000	FIRST UNION NATL BANK	105.01	15751.95	122.5	18375.3	442.97	18818.27	1.6	7.1	6.4
	7.875% Due 02-15-10
25000	UNILEVER CAPITAL CORP	107.33	26832.5	121.16	30289.25	291.93	30581.18	2.7	6.1	7
	7.125% Due 11-01-10
25000	GENL ELEC CAP CORP NTS	105.74	26435	119.54	29886.25	214.84	30101.09	2.6	6.1	7.1
	6.875% Due 11-15-10
30000	CITIGROUP INC NTS	109.02	32705	110.17	33052.2	576.56	33628.76	2.9	4.4	7.3
	5.625% Due 08-27-12
20000	J P MORGAN CHASE & CO	104.58	20916	109.33	21865.6	686.81	22552.41	2	5.2	7.5
	5.750% Due 01-02-13
50000	GENL ELEC CAP CORP	105.48	52741	108.31	54157	1544.17	55701.17	4.9	4.7	7.6
	5.450% Due 01-15-13
20000	BANK ONE CORP NTS	107.67	21534.6	107.89	21577.4	437.5	22014.9	1.9	4.3	7.7
	5.250% Due 01-30-13
25000	BANQUE PARIBAS NY	99.09	24772.5	121.34	30336.25	762.57	31098.82	2.7	7.1	8.2
	6.950% Due 07-22-13
20000	BANK OF AMER CORP	106.21	21241.2	106.6	21320.8	128.12	21448.92	1.9	4.4	8.7
	5.125% Due 11-15-14
	Financials Total		459051.8		490467.3	8284.06	498751.3	43.5	5.3	6.3
Capital Goods
20000	LENNAR CORP CALL @ MW	103.02	20605	109.45	21889.4	479.31	22368.71	1.9	5.6	7.5
	5.950% Due 03-01-13
	Capital Goods Total		20605		21889.4	479.31	22368.71	1.9	5.6	7.5
Technology
15000	HEWLETT PACKARD CO NTS	103.86	15579.3	110.58	16587.15	44.69	16631.84	1.4	6.2	3.8
	7.150% Due 06-15-05
	Technology Total		15579.3		16587.15	44.69	16631.84	1.4	6.2	3.8
Communication Services
15000	MOTOROLA INC	104.26	15639	112.5	16875	566.83	17441.83	1.5	6.7	4.7
	7.600% Due 01-01-07
15000	GTE CORP NTS	105.93	15889.2	119.9	17985.15	278.5	18263.65	1.6	6.6	6.1
	7.510% Due 04-01-09
20000	DEUTSCHE TEL FIN DEUT BE	106.44	21288	122.84	24567.6	70.83	24638.43	2.1	7.5	6.4
	8.500% Due 06-15-10
15000	BRITISH TELECOMMUNICTNS	104.78	15716.55	126.47	18970.2	52.34	19022.54	1.7	7.7	6.8
	8.375% Due 12-15-10
	Communication Services Total		68532.75		78397.95	968.51	79366.46	6.9	7.2	6
Utilities
15000	FPL GROUP CAPITAL INC	105.29	15794.25	120.3	18045.15	89.11	18134.26	1.6	6.5	6.3
	7.375% Due 06-01-09
	Utilities Total		15794.25		18045.15	89.11	18134.26	1.6	6.5	6.3
	CORPORATE BONDS Total		885286.7		940898.2	15198.44	956096.6	83.3	5.4	6.2
FHLMC
40000	FHLB CALLABLE	100.51	40205	99.5	39800	537.91	40337.91	3.5	5.5	11
	5.500% Due 01-02-13
40000	FHLB FLOAT CALLABLE	100.51	40205	99.5	39800	319.57	40119.57	3.5	6	15
	6.000% Due 02-12-18
	FHLMC Total		80410		79600	857.48	80457.48	7	5.7	13
FOREIGN BONDS
40000	IBM CORP MED TERM NTS	118.38	47352.6	124.88	49950.8	537.5	50488.3	4.4	-3.8	1.9
	5.375% Due 03-31-05
20000	NESTLE FIN FRANCE	114.47	22895	117.53	23505.6	270.28	23775.88	2.1	0.4	4.4
	3.500% Due 02-11-08
28000	UNITED MEXICAN STATES	114.64	32100	128.25	35910	1144.4	37054.4	3.2	7.3	5.2
	9.875% Due 02-01-10
	FOREIGN BONDS Total		102347.6		109366.4	1952.18	111318.6	9.7	4.2	3.5
TOTAL PORTFOLIO			1068044		1129865	18008.1	1147873	100	5.3	6.5