StateTrust Capital, LLC PERFORMANCE HISTORY - GROSS OF FEES Mid Cap-Managed Account From 9/30/03 to 12/31/03
			Percent Return Per Period				Cumulative TWR Basis = 100
Time Period			Account	S&P Mid Cap 400 Growth	S&P Mid Value	S&P Mid 400	Account	S&P Mid Growth	S&P Mid Value	S&P Mid 400
1/29/2001 to 12/31/2002			6.16	-10.35	-26.83	-18.74	100	100	100	100
12/31/2002 to 1/31/2003			-3.04	-3.58	-2.39	-3	96.96	96.42	97.61	97
1/31/2003 to 2/28/2003			-3.93	-2.31	-2.74	-2.51	93.16	94.2	94.93	94.56
2/28/2003 to 3/31/2003			0.31	-0.46	2.01	0.75	93.44	93.77	96.84	95.27
3/31/2003 to 4/30/2003			6.81	7.96	6.34	7.16	99.8	101.23	102.98	102.09
4/30/2003 to 5/31/2003			8.51	9.57	6.67	8.15	108.3	110.92	109.85	110.41
5/31/2003 to 6/30/2003			-0.21	0.29	2.12	1.2	108.06	111.25	112.18	111.73
6/30/2003 to 7/31/2003			2.92	2.88	4.04	3.46	111.22	114.45	116.71	115.6
7/31/2003 to 8/31/2003			2.45	4.94	3.9	4.41	113.94	120.1	121.27	120.7
8/31/2003 to 9/31/3003			-0.05	-1.1	-2.11	-1.61	113.89	118.78	118.71	118.76
Date to Date
12/31/2002 to 9/30/2003			13.89	18.78	18.71	18.76
Inception to Date
1/29/2001 to 9/30/2003			20.91	6.48	-13.14	-3.49