Growth Strategy Equity Fund

Purpose

The Synterein volume and stale price successful account report presents distribution of fund cash flow by amount and period, and identifies accounts successfully following a stale price strategy.

A stale price strategy involves buying shares at the end of days on which a signal is up and switching to cash at the end of days on which a signal is down. All amounts in this report are shown in thousands of dollars.

Data

Daily transaction and pricing data for every account from the start of 2003 through the present are used in this report. Balance data is as of the end of 2002.

Analysis

Volume is computed as the number or dollar value of transactions that fall in a bin for which the average time between transactions and the average transaction amount falls between given limits. Volume is computed using cash inflows, cash outflows or net cash flows (the default).

Synterein measures stale price strategy following success as the rate a shareholder purchases (or exchanges in) shares before or during days on which the NAV increases and redeems (or exchanges out) shares before or during days on which the NAV decreases.

Parameters

Cash Flow Type:

In Out Net

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Fund

Class

Category

CUSIP

Symbol

Date

NAV

201

A

Mid-Cap Growth

42536S118

SGSEX

1-Oct-04

12.81

Fund Number and Dollar Volume

Fund Stale Price Following Successful Accounts

Account

Buys

Sells

Net CFs

Suc Rate

Num Vol

Dol Vol

Balance

100231

14

16

32

93.8

32

56093.971

18901.747

100229

13

13

26

100

26

21155.068

8344.85

100260

8

8

16

100

16

12208.092

8212.723

100263

7

7

14

100

14

10296.147

7098.467

100293

3

3

6

100

6

12263.153

19759.572

100295

3

3

6

100

6

11596.354

17655.982

100210

27

46

80

91.3

80

874.189

86.12

100259

5

4

9

100

9

6829.975

7260.981

100232

9

11

32

62.5

32

54650.703

16344.3

100258

11

9

21

95.2

21

7700.36

3580.433

100208

31

29

67

89.6

67

353.707

51.116

100275

3

3

6

100

6

2210.121

4003.379

100272

3

6

9

100

9

1179.874

882.687

100274

3

6

9

100

9

903.524

726.038

100242

5

5

10

100

10

46.155

57.963

100256

7

7

15

93.3

15

5047.452

3683.464

100216

21

21

47

89.4

47

256.717

55.722

100217

14

12

28

92.9

28

142.761

52.695

100201

41

73

220

51.8

220

814.776

25.589

100219

15

13

32

87.5

32

195.07

67.257

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