StateTrust Capital, LLC FIXED INCOME DISTRIBUTION Sample Account 12/31/03
Summary Information
Totals		Weighted Averages
Par Value	1,003,000	Average	YTM	5.3
Market Value	1,147,873	Average	Maturity	7 yrs
Total Cost	1,068,044	Average	Coupon	6.438%
Net Gain/Loss	79,828.4	Average	Duration	6.4
Annual Income	64,067.75	Average	Moody Rating	A2
Accrued Interest	18,008.1	Average	S&P Rating	A-
Number of Issues	41
Distribution by Maturity
Maturity	Number	Mkt Value	% Bond Holdings	Average Y T M	Average Coupon	Average Duration
1 Yr - 3 Yrs	3	84,026.71	7.3	0	6.231	2.5
3 Yrs - 5 Yrs	11	300,565.7	26.2	4.4	5.612	4.4
5 Yrs - 7 Yrs	9	228,047.5	19.9	6.3	8.106	5.9
7 Yrs - 10 Yrs	13	370,472.5	32.3	5.2	6.108	7.2
Over 10 Yrs	5	164,760.3	14.4	6.4	6.487	11
Distribution by Coupon
Coupon %	Number	Mkt Value	% Bond Holdings	Average Y T M	Average Coupon	Average Duration
3% - 5%	4	119,774.4	10.4	2.5	4.3	3.7
5% - 7%	22	666,999	58.1	4.6	5.94	7.1
7% - 10%	15	361,099.4	31.5	6.6	8.072	6.1
Distribution by Duration
Duration	Number	Mkt Value	% Bond Holdings	Average Y T M	Average Coupon	Average Duration
3-Jan	2	67,394.87	5.9	-1.5	6.001	2.2
5-Mar	10	264,391.8	23	4	5.533	4.1
7-May	15	387,869.7	33.8	6.3	7.573	6.1
10-Jul	11	316,003.8	27.5	5.1	5.828	7.6
Over 10	3	112,212.5	9.8	6.6	6.623	12.2
Distribution by  Moody Rating
Rating	Number	Mkt Value	% Bond Holdings	Average Y T M	Average Coupon	Average Duration
Aaa	5	187,807.2	16.4	5.4	5.758	9.8
Aa2	3	73,032.32	6.4	5	5.81	7.2
Aa3	3	84,768.23	7.4	7	6.863	6.8
A1	2	52,596.08	4.6	5.4	6.345	7.3
A	6	137,162.8	11.9	4.8	6.17	5.5
A3	8	204,685.7	17.8	4.5	5.942	4.3
Baa1	4	135,770.1	11.8	6.8	8.061	7.2
Baa2	3	87,318.04	7.6	6.1	7.88	5.8
Baa3	5	110,468.1	9.6	6	6.982	6.4
Not Rated	2	74,264.18	6.5	-2.4	4.775	2.7
Distribution by  S&P Rating
Rating	Number	Mkt Value	% Bond Holdings	Average Y T M	Average Coupon	Average Duration
AAA	5	187,807.2	16.4	5.4	5.758	9.8
A+	8	212,427.5	18.5	5.7	6.552	6.8
A	7	153,290.1	13.4	5.1	6.223	5.5
A-	5	109,284.2	9.5	5.8	6.718	5.7
BBB+	3	99,806.77	8.7	4.1	5.535	4.2
BBB	9	251,569.6	21.9	6	7.257	6.5
BBB-	2	59,423.11	5.2	6.6	8.389	6.1
Not Rated	2	74,264.18	6.5	-2.4	4.775	2.7