Loading...
2012 SunTrust 1st Quarter Investment Review Investment Review Village of North Palm Beach General Employees' Pension Plan First Quarter 2012 Blake Myton Vice President& Investment Advisor SunTrust Bank, Inc. Institutional Investment Solutions 407-237-5816 blake.myton@suntrust.com �111 SuNTRusT Lisa Allen Trust Advisor SunTrust Bank, Inc. Employee Benefit Solutions 404-827-6724 Lisa.allen @suntrust.com Table of Contents Market and Economic Update 11. Sun Trust Portfolio Composition and Performance 111. Fund Fact Sheets IV. Appendix ',�t S"UST �Jll SUNTRUST 1. Market and Economic Update Performance Summary March 2012 U.S.Style%Total Returns(Russell indexes) ■ s ■ 2.90 14.69 11,12 12.90 14.69 11.12 1 11.41 12.94 14.52 11.41 12.94 14.52 11.59 12.44 13.28 11.59 12.44 13.28 • 0.71 12.02 12.02 -0.19 21.38 20.90 0.34 -0.13 MSG ACWI` MSC&Wodd 1.34 11.72 11.72 10,34 114 -3.65 12.61 -4.94 MSG EAFE LCL 0.51 10.34 10.88 10.96 {i.31 17.68 .3.04 MSG EAFE USD -0.4n -140 3.09 3.09 -3.73 20.10 5.03 4.97 MSCI Emerging Markets LCL -0.32 14.14 14.14 43.52 25.42 0.30 MSCI Emerging Markets U5D 0.30 0.47 884 884 10.18 23.55 4.18 Dow Jones Industd al Average 2.15 3.29 12.59 12 59 854 23,42 2.01 S&P 500 5.07 21.24 21.24 18.99 31.65 10.00 2.19 Nasdaq 100 3.13 12.90 12.90 7.86 24.03 5.10 Russell 1000 329 . 14.69 14.69 11.02 25.28 2.66 Russell 1000 Growth 2.96 11.12 11.12 4.79 22.82 3,03 Russell 1000 Value 2.24 12.94 12.94 3.31 29.13 4.44 Russell MidCap .2 22 14.52 14,52 4.43 29.16 1.26 Russell Mid Cap Growth 2'26 11.41 11,41 2.28 29-18 Russell Mid Cap Value 2.56 12.44 12.44 -0.18 26.90 2.13 Russell 2000 2.03 13.28 13.28 0.68 28.36 4.15 0.01 Russell 2000 Growth 310 11,59 11-59 _1.07 25.36 0.12 Russell 2000 Value 464 10.49 1049 11.28 42.21 FTSE NAREIT Equity Index x,14 0.89 0.89 -16.28 9.05 •2.78 pJ-UBS commodity Index 7671.90 0.30 0.30 7.71 6,83 6,25 Barclays Aggregate -0.55 36 0.61 0.61 6.09 5.88 5.67 Barclays Intermediate Gaut S Credit .0 1 29 -1 29 8.52 3.88 6.25 BofAML U.S.Treasury Master -1.03 0.77 0.77 0.77 12.58 8.87 7.70 SofAML U.S.Treasuries Rotation-inked _1.17 3.14 -0.08 1:47 1.Sfi 3.68 Barclays U.S.Treasury Bellwethers(2 Yr) -0.02 394 3.36 -2.25 14.97 468 7.70 Barclays U.S.Treasury Bellwethers(10 -1'95 -2.25 1.75 1.75 12.07 7.70 5.42 Barclays Municipal Bond -0.65 2.44 2`44 8.07 13.59 6.76 BofAML U.S.Corporate Master -0.59 5 15 5.15 564 23.78 7.84 BofAML High Yield Master -0.09 1 01 -0.51 -0.51 5.12 6.24 6.78 Citlgmup W GBI(USD) 0.59 0.59 6.86 3.56 4.83 citigroup WGBI(USD)Hedged -0.09 4.86 4.86 12.60 16.47 8.60 JP Morgan EMBI Global 0.09 U.S.Style%Total Returns(Russell indexes) ■ s ■ 2.90 14.69 11,12 12.90 14.69 11.12 1 11.41 12.94 14.52 11.41 12.94 14.52 11.59 12.44 13.28 11.59 12.44 13.28 16.0 1. 5.5 3.9 -N =- 22.0 21.5 ■YTD 11'.3 11.2 9.1 2.1 - - - - -1.6 Cons Disc Cons Energy Financials Health Industrials lnfo Tech Materials Telecom Utilities Staples Care SUNTRUST •o n r 0.25 Y 0,25 0.25 0.25 0.25 0.25 0.25 U.S.Fed Funds Rate 0.25 0 25 0 25 0.75 0.50 European Central Bank Rate 0.50 0.50 0.50 0.50 0.50 Bank of England Rate 0.50 0.30 0.30 0.34 0.30 0.30 Bank of Japan Rate 0.30 0.47 0.47 0.58 0.37 4.25 0.30 USA LIBOR-3 Month 0.39 4 57 0.35 0.23 0.21 TED Spread(bps)-3 Month 0.39 0.33 0.24 0.25 0.46 0.79 2 Yr U.S.Treasury 0.33 2 21 1 8i1 1.91 3.16 3.45 10 Yr U.S.Treasury 2'21 1.69 1.89 1.64 1.67 2.70 2.66 10-2 yr sfoPe 2.62 2.62 2.82 3.02 3.49 3.86 Barclays Municipal Bond 7,15 7 15 8.35 9.51 7.34 7.02 BofAML High Yield Master 7.15 3.47 3.87 3.95 3.87 4.10 BofAML Corporate Master 3.47 1.33 1.33 1.30 1.34 1.45 80.76 1.42 82.8B Eurc(WE) 62.30 $2.30 76.94 77.08 1.60 Yen(W$} 1,fi0 1.60 1.55 1.56 1.61 GBP($!£) " 'Eil Light Crude Oil($lbarrel) 103.02 103.02 98.83 1566.80 79.20 1622.30 95.42 1.502.80 106.72 1439.90 7671.90 1671.90 Gold($lort} ■ 15.50 15.50 23.40 42.96 15.52 17.74 OBOE VIX '- - HFRX Gtobai Hedge Fund Index -0.02 3.14 3.14 394 -6.38 -13.23 3.65 0.95 -2.46 x,74 HFRX Equity Hedge Index 0.40 394 3.36 3.36 -3.41 4.59 -0.71 HFRI Fund of Funds 0.06 -1.60 1 29 _i� _7.47 15.39 -0.85 HFRXMacho U. 5.80 5.80 x.57 1.61 7.03 HFRX Distressed Securities Index 0.58 0.58 $.64 -2.13 x•29 HFRX Absolute Return Index 0.4 5 16.0 1. 5.5 3.9 -N =- 22.0 21.5 ■YTD 11'.3 11.2 9.1 2.1 - - - - -1.6 Cons Disc Cons Energy Financials Health Industrials lnfo Tech Materials Telecom Utilities Staples Care SUNTRUST Strategy Summary outlook for growth assets remains attractive Tactical positions for Major Asset Classes Stocks vs. Bonds Equities Neutral ■ Relative values between stocks and bonds eon the horizon. l A discounting a stacks contraction which does not app offer income yields above the average corporate bond. • Growth in the US is expected to exceed that of much of the developed world as the euro zone debt crisis weighs on much of Europe. • t a compelling long term opportunity; monetary Emerging market equities presen policies are beginning to ease and China's recent slowdown appears to be bottoming. ■ r dividend paying stocks has rewarded investors as Our bias toward larger-cap, highe the market cycle matures. The growth style presents opportunity relative to value due to more attractive d the impact of a flatter yield curve on Financials. valuations,better fundamentals an ■ Allocations to global bonds are expected to enhance returns through incremental yield and provide diversification in currency and market risk. • The low absolute level of interest rates and our expectations for growth warrants a Fixed Income slight short duration bias. ■ Though spreads have tightened, corporate fundamentals and default rates below the long term average justify an overweight to investment grade and high yield credit. • We believe allocations to commodities and diversifying strategies in balanced Alternative Overweight Underweight portfolios can help to reduce risk and provide a hedge against rising inflation. Strategies Current Tactical Positioning 0 Prior Month Tactical Positioning SuNT RUST 2 Investment Overview Economic and market momentum continued in March — With concerns over tail risks from a disorderly default by Greece on it th debt or be and landing in China dissipating, investors continued to embrace equities and other risk ass ets across — The S&P 500 had its best start since 1998, while the Dow Jones Industrials Average reached 13,000 for the first time since May 2008; credit and emerging market bonds also continued to outperform — The em Voyment picture has strengthened; unemployment claims continue to decline and average monthly job P gains are ahead of last year's pace volatility in early 2012 is markedly lower than in the past several years We have seen a noteworthy decline in overall volatility this year, and especially on the downside, with the first two months void of declines of more than one percent. A correction would not be surprising given the strong start to the new year, but our outlook remains positive with — Markets are off to a strong start and the data is generally supportive;tha d ever, ris year pout cs a I pot tntiald Middle East tensions , unresolved issues surrounding sovereign debt, catalysts ins positive, bolstered by US economic momentum, easing stock correlations and Our overall outlook rema reduced credit strains — We maintain a bias for the US stocks, large caps, and the growth style Our fixed theme of overweighting credit while underweighting duration remains in place; the strong rally in municipal bonds has made us more cautious near-term The outlook for hedge funds remains generally positive, but investors d be mindful that in rising equity markets, hedge fund strategies are likely to lag their long only counterparts SUN TRUST First Quarter 2012 Market Returns Non-Traditional 10.88% 10.88% 13.17% REITs (DJ US Select RESI Index) 0.89% 0.89% -16.28% Commodities (Dow Jones UBS) Ali rettrns in US dollars Data source:Factset 4 ■ Investors embraced risk assets in the new year as fears of a global downturn faded and low interest rates drove demand for assets with higher return potential. The S&P 500 posted the best first quarter since 1998. Developed country stocks generally tagged emerging markets as slowing growth in the euro zone weighed on those markets. interest rates rose modestly, giving up some of the ■ stellar gains of 2011. The benchmark 10 year US Treasury note yield closed the quarter at 2.21°x.• ■ The credit sector of the fixed income e h ar et which with other risk assets, led by g yield returned over 5% for the quarter. Emerging markets were the best performing sector of the global bond market. ■ Strong demand for tax exempt bonds met with limited new issuance and pushed municipal bond yields lower. ■ The US dollar declined modestly relative to its major trading partners as the euro gained, bolstered by signs the European sovereign debt crisis was being contained. ■ Commodities were mixed; Brent crude oil rose on turmoil in the middle east as gold and industrial metal prices declined. % SU1fNUST QTD t 1 u .. ..._.. - Global Markets(in US$) 12.02% 12.02% MSCI AC World Equity Index 0.88% 0.88% 5.26% Citi World BIG USD un-hedged US Equities US Stocks (S&P 500) 12.59% 12.59% 8.54% Large-Cap US Stocks (Russell 2000) 12.44% 12.44% -0.18% Small-Cap international Equities Countries (MSCI EAFE) 10.98% 10.98% -5.31% Developed Emerging Markets (MSCI EM) 14.14% 14.14% -8.52% US Fixed income (Benchmark 10 Yr.) -2.25% -2.26% 14.97% US Treasury Bonds 0.30% 0.30% 7,71% Barclays Aggregate Bond Index 5.15% 5.15% 5.64% BofAML High Yield Master 1.75% 1.75% 12.07% Barclays Municipal Bond Index international Bonds 1.36% 1.36% 3.58% Citi World BIG non-USD un-hedged 4.86% 12.60% JPM Emerging Mkts Bond Index 4.86% Non-Traditional 10.88% 10.88% 13.17% REITs (DJ US Select RESI Index) 0.89% 0.89% -16.28% Commodities (Dow Jones UBS) Ali rettrns in US dollars Data source:Factset 4 ■ Investors embraced risk assets in the new year as fears of a global downturn faded and low interest rates drove demand for assets with higher return potential. The S&P 500 posted the best first quarter since 1998. Developed country stocks generally tagged emerging markets as slowing growth in the euro zone weighed on those markets. interest rates rose modestly, giving up some of the ■ stellar gains of 2011. The benchmark 10 year US Treasury note yield closed the quarter at 2.21°x.• ■ The credit sector of the fixed income e h ar et which with other risk assets, led by g yield returned over 5% for the quarter. Emerging markets were the best performing sector of the global bond market. ■ Strong demand for tax exempt bonds met with limited new issuance and pushed municipal bond yields lower. ■ The US dollar declined modestly relative to its major trading partners as the euro gained, bolstered by signs the European sovereign debt crisis was being contained. ■ Commodities were mixed; Brent crude oil rose on turmoil in the middle east as gold and industrial metal prices declined. % SU1fNUST Economic Overview ■ March economic data was mixed, but the net impact leaves our US GDP forecast unchanged inventory — positive adjustments to our GDP forecast came in March from a higher cons asol+�e prices, absorbed but consumption investment. We were expecting a hit to Consumer Spending (P{E) from higher imports dropped, as we expected absorbed the hit and retail sales actually accelerated,prices of goods shipped overseas to stimulate demand. with so many Eura-Zone countries dropping the Dint and should be a growth contributor _ We believe the inventory cycle is just now reaching its norm�ldhoa�fd-�syfor durable goods and the capital gaols well into 2013. On the negative side, weaker than expected component reduced our forecast of no fixed investment. The trade deficit was higher Dthan and 3.6%. expected as imports increased. This leaves our first quarter 2012 real GDP forecast in a range between 2.8 Warm winter weather distorted the March payroll report to the downside ■ 20 000 jobs in March, the slowest growth seen since October, and less than half of the — Employers added just 1 1 246,000 averaged over the last three months. r market health such as initial unemployment claims, ISM indexes, and job opening sg data Other ind'+cators of labor roll numbers imply all indicate that the overall health of the labor market b a r eve than of w athe related factors. our assessment that the March data was suppressed by a re ■ Inflation moderated in March but it remains on our worry list — The CPI now stand at 2.7% above year-ago levels, driven higher by increases in both goods and s +se herlevel b ut down from the peak several months ago. While we welcome the recent d deceleration ctrproduction chain. is still elevated and we remain concerned about building price pressures early SuNfTRUST Economic Overview Warm winter weather distorted the March payroll report to the downside Employers added just 120,000 jobs in March, the slowest growth seen since October. There was, however, a weather related seasonal adjustment overstatement during the warm winter that is reversing to generate understated data in the spring. Despite the slower job gains, the unemployment rate edged lower to 8.2%3 down from 8.3% in February. Change in Nonfarm Payrolls Through March 2012 ME 500 m�Change in Nonfarm Payrolls 400 — 3 Mon Moving Average 300 ` a 200 p `, � f O o -100 -200 Mar-10 Data source:Factset 6 Sep-10 Mar-11 Sep-11 Mar-12 SUNTRUST Economic overview Inflation moderated in March but it remains on our worry list. The CPI now stands at 2.7% above year-ago levels, driven higher by increases in both goods and services prices. Producer prices gains have, however, slowed in recent months. While we welcome the recent deceleration in price gains, the level is still elevated and we remain concerned about building price pressures early in the production chain. 6.0% 5.0% 4.0% 0 r �o 3.0% N A corn 2.0% } 1.0% 0 0.0% 2002 2( 0 -1.0% A Consumer Price Index Through March 2012 -2.0% CP1 ex Food And Energy(Core) Fed Comfort Zone (2%) -3.0% Data source:Factset 7 )12 SUNf PRUST Economic Overview, cunt. Incoming data lead to an unchanged GDP forecast. We reevaluated our estimate for first quarter real GDP as the data through March Sequenced in. The net impact was roughly one positive for each negative. This leaves our first quarter 2012 real GDP forecast in a range between 2.8% and 3.6%, with a high side bias to a 3.4% point estimate. US Real Gross Domestic Product Actual through December 2011 10.0% 8.0% 6.0% CD 2.0% t Qd ` to 0.0% a` ) -2.0% a 2, a 3 ' -4.0% %Change Qtr/Qtr -6.0% ———-%Change Yr/Yr -8.0% Q1 2012 STI Forecast -10.0% Nov-09 Nov-11 Dec-01 Nov-03 Nov-05 Nov-07 Data source:Factset SuusT Equity Markets Overview good news went a long way Stocks posted best first quarter since 1998, as a little g After a challenging 2011, many investors appeared braced for more of the same headed into the New Year. Equity mutual fund flows remained negative late last year, while institutional equity allocations were well below their long-term average. These metrics suggest investor expectations for 2012 were muted, which set the stage for a little good news going a long way in the first quarter. uS & International March Market Returns Through US(S&P 500) Emrg lnt'I Local (MSCI EM) Dev Intl Local (EAFE) Dev Intl USD (EAFE) Ernrg lnt'l USD (MSCI EM) Data source:Factset 12.6% 3.3% 10.8, -1.4% 10.3% 0.5% 11.0% -0.4% 14.1% -3.3% ICI -12% 0% z YTi D ■March 12% 24% SUN TRUST RUST Equity Markets Overview Risks remain, but intermediate market uptrend remains in place Equity valuations are naturally less compelling after the sharp rise in prices, but they still appear reasonable on absolute basis and attractive relative to many other asset classes, such as bonds and cash. Notably, corporate profits have surpassed pre-recession levels, but stock prices have lagged and would require a climb of over 10%to reach their old highs. S&P 500 operating March 2012 d Price Level Data source:Factset Earnings Price Level Dec-03 Dec-06 Dec-09 10 1600 $110 1450 $100 1300 $90 C fn $80 E Ln C 'L M $70 i CD Cz I� to $60 CL 06 N $50 $40 $30 Dec-00 Data source:Factset Earnings Price Level Dec-03 Dec-06 Dec-09 10 1600 1450 1300 a Ln 1150 'L 1000 850 -- 700 Dec-12E SuNTRusT Equity Markets Overview suggests a strong first quarter is a good omen for additional gains in stocks later in the year H isto ry Stocks tend to see further gains after a strong start to the year. Since WWII, there have been eight other instances when the S&P 500 posted a first quarter return of 10% or more. By year end, stocks added to those returns 7 out of 8 times, with additional gains averaging 4.8% (7.6% median). past performance does not guarantee future results 11 SUNTRUST 1 Q 2Q-4Q Full Year Year 12.0% 10.0% 23.1% 1961 1967 12.3% ° 7.0% 20.1 1975 21 .6% 0 8.2% 31 .6% 1976 14.0% 4.6% 19.2% 1 986 13.1% ° 1 .4 /0 14.6% 198? 20 5% -15.3% 2.0% 1991 13.6% 11 .2% 26.3% 1998 13.5% 0 11 .6% 26.7% 2012 12.0% ? 4.8% 20,4% Average Cain 7.6% 21..6% Median Gain 88% 100% %Tirnes Positive past performance does not guarantee future results 11 SUNTRUST Commodity Overview Commodities sold off in March, showing only a slight gain for first quarter For most of the quarter, commodities struggled to keep up with the equity markets. While the DJ.UBS Commodity Index lagged equities during the first two months of the year, its performance was still positively correlated with equities. But, by March, broad headwinds caused commodities to retreat, leaving them up only marginally for the year and diverging widely from double-digit equity performance 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% Commodity Index and Sector Returns Through March 2012 ■Month ®YTD Ind. Metals Energy Prec. Metals DJ-UBS Hgricuwiuru Commodity Index 12 SU11 )RUST Commodity Investment Overview Energy was the worst performing sector despite heightened tensions over Iran Prices for unleaded gas rose every month this year, making it the best performing commodity in the DJ-UBS Commodity Index. On the other hand, a milder-than- normal winter hurt demand for natural gas, leaving record gas volumes in storage, pressuring natural gas prices, which had the worst performance in the benchmark. DJ-UBS Energy: Two Diverging Components Indexed December 31, 2011 = 100 130 120 110 X 100 CD C 90 80 DJ-UBS Energy Sub-Index 70 DJ-UB5 Unleaded Gas Sub-Index DJ-UB5 Natural Gas Sub-Index 60 Dec-2011 Jan-2012 Feb-2012 Mar-2012 Crude oil also showed a mixed picture. Brent crude oil was up strongly over supply concerns related to Iran since it is more correlated to world oil demand while West Texas Intermediate crude oil (predominately consumed in the US) was up only modestly. 13 SuusT Taxable Fixed Income Market overview .,...te BLnd Indey g%rclays UJ k.orporarc—Y-- . � ..yy�s.yt...._...._.___ Bellwether[ndexes,Barclays Financials Index,Citi WBIG Index. Fixed Income Market Sector Returns 4.0% 3.0% As of March 2012 12/30!2011 2.0% ■month ZYro 1.0% 8% 0.0% 0.50% 6% 5.3% 5.1% 4%u 2.1% 1.81 2% 123 5 7 M 30 aturity(years! 0.3% 0.1% 0% 0.1% - �� —,-� — -2%u •0.1% -0 -0.7% -0.6% -0.6% -40ro -6% _$o✓a -7.7% 2 Cl) -0 U M 03 © M L cc cc d 7+ U ¢ r r r LL 0 U) in Returns are represented by the foVlow indices: Barclays Municipal Bond Indec,Bamlays .,...te BLnd Indey g%rclays UJ k.orporarc—Y-- . � ..yy�s.yt...._...._.___ Bellwether[ndexes,Barclays Financials Index,Citi WBIG Index. US Treasury Band Yield Curve 4.0% 3.0% 3/3 012 01 2 12/30!2011 2.0% 1.0% 0.0% 0.50% C 0.25% A t3 0.00% 123 5 7 M 30 aturity(years! Data source: Morningstar Direct,Barclays Live ■ Treasuries underperform all sectors Last year's top performer, US treasuries, lagged all sectors as investors embraced higher yielding investments. The 30 year US treasury note was down 7.7% while high yield was up 5.3% for the quarter This underscoring that bonds interest rate risk is sometimes more than credit risk. Developed European yields fell as the ECB launched a second tranche of financing. While the World bond index was relatively flat, emerging debt was up strongly for the year. ■ Strategy and Outlook — We favor credit over interest rate risk for our fixed income portfolios. We expect rates to remain range bound in the near term as better than expected US growth is balanced by European contagion fears. We caution investors to avoid focusing on daily interpretations of Fed policy, potentially more quantitative easing, and instead focus on valuations. 14 With a strong rally in the first quarter, both high yield and investment grade credit are not as compelling as they were when 2012 began. However, we believe that investor demand for yield still warrants an overweight to these sectors as the yield pick up is still substantial in this low interest rate environment. SLD11 TRUST Credit Sectors of the Fined Income Markets Outperformed Treasuries in Q1 2012 Credit no longer "cheap" but still offers value relative to US treasuries Credit markets have rallied on stronger than expected domestic economic news and improved liquidity in Europe. While we believe further spread compression is limited, the yield spread over US treasuries is still attractive, especially in tan environment where the Fed remains in accommodative mode and the economy grows at a 3% pace. Barclays Investment Grade and High Yield Corporate Bond Index Credit Spread Through March 2012 2000 High Yield 1800 1600 Inv.Grade 1400 -----Inv.Grade Long Term 1200 Avg. -----HY Long Term Avg. 1000 800 600 -- --- -------------- - ---- -------- ------ 400 200 ------------ ----= 0 - Mar-08 Mar-09 Mar-10 Data source: Factset 15 Mar-11 Mar-12 SL]N`I RusT European Contagion Fears Resurfaced in March soverei n debt With the Greek r p estructuring completed, Italy and Spain are now the focus on investor 9 concerns. Data source:Factset 16 SUNTRUST Benchmark 10 Yr. Sovereign Bond Yields Greece completed an Through April 11, 2012 orderly restructuring of 8% its debt in March, but the market had already 7% moved on to focus on 6% Spain heavily indebted Italy and Spain. 5% Italy Backpedalling by Spain on its commitments to France 4% reduce spending to meet Germany mandated debt/GDP 3% levels roiled global 2% markets in recent weeks. 1% 0% Apr-12 Jan-12 Feb-12 Mar-12 Data source:Factset 16 SUNTRUST „lily 0/0�a 0 SUNTRUST 11. Sun Trust Portfolio Composition and Performance Calendar Year-to-Dame Beginning Portfolio Market value 12/31/11 $ 7,479,549.86 Fiscal Year-to-Date Beginning Portfolio Market Value 9/30/11 $ 6,879,799.75 Ending Portfolio Market value 3/31/12 $ 8,259,126.51 Please refer to appendix for full disclosure. Ending Portfolio Market value 3/31/12 $ 8,259,12651 Period ending March 31, 2012 Source: First Rate investment performance system. Data includes accrued income 17 SU11TRusT Portfolio Additions/Withdrawals Portfolio Additions/Withdrawals $ 205,729.70 Additions $ 383,351.27 Additions $ (32,114.11) Withdrawals $ (60,405.78) Withdrawals Total Additions/Withdrawals $ 173,615.59 Total Additions/Withdrawals $ 322,945.49 Portfolio Earnings Portfolio Earnings $ 2.21 Net Accrued Income $ 2.21 Net Accrued Income Interest and Dividends $ 33,256.08 Interest and Dividends $ 151,501.38 Gains/Losses $ 572,702.77 Gains/Losses $ 904.877.68 Total Portfolio Earnings $ 605,961.06 Total Portfolio Earnings $ 1,056,381.27 Ending Portfolio Market value 3/31/12 $ 8,259,126.51 Please refer to appendix for full disclosure. Ending Portfolio Market value 3/31/12 $ 8,259,12651 Period ending March 31, 2012 Source: First Rate investment performance system. Data includes accrued income 17 SU11TRusT Calendar Fiscal inception to-Date Market Yr-to-Dote Yr-to-Date n nthsl Value 3 Months (6 Months] I Yea L 3 Years 5 Years 10 Years (20M a Past performance is not indicative of future results. Please refer to appendix for full disclosure. 18 19.85 $ 5,191.577 13.09 24.09 .51 Total Equity 1,924,976 14.70 27.18 7.72 Large Cap Growth Funds 4.28 - 14.61 26.69 30.82 ishares Russell 1000 Growth ETF -0.91 14.69 26.85 11.02 Russell 1000 Growth Index 22.82 -.81 4.58 - 28.39 7.68 $ 1,566,101 9.06 23.16 2.40 Large Cap Value Funds 1.14 11.04 25.49 4.59 ishares Russell 1000 Value ETF 27.21 5.00 18.01 11.23 ishares Dow Jones Select Dividend ETF 6.52 -- 28.36 25.68 4.79 Russell 1000 Value Index 5.69 11.12 25.36 .01 6.59 - $ 336,051 17.07 34.24 18.73 Mid Cap Growth Funds 7.07 -- 17.07 34.05 6.41 Goldman Sachs Growth opportunities 1 -3.48 14.52 2Z39 4.43 Russell Midcap Growth Index 25.06 4.66 14.13 6.38 6.69 $ 160,850 9.25 23.23 -- -- Mid Cap Value Funds - 11.35 26.19 2.10 ishares Russell Midcap Value Index Fund 19.85 -- - `- 2.28 Russell Midcap Value Index 9.24 7-69 11-41 26.30 2.30 1.00 .10 $ 205,622 15.20 29.34 1.18 Small Cap Growth Funds Returns for time periods 12 15.20 29.30 2.53 Invesco Small Cap Growth 1 13.28 30.26 •68 RusselIWOOGrOwth SUNTRUST $ 122,038 14.18 36.88 small Cap Value Funds 14.18 36.93 2.35 Cambiar Small Cap Value 1 11.59 29.41 -1.07 Russe112000 Va!fndx IntlEquity-Developed $ 547,002 12.76 16.86 -9.83 11.07 15.65 -4.49 MFS Research International 1 15.69 19.08 -7.50 Manning&Napier World Opp ortuinities 1 10-86 14.56 °5.77 MSCI EAFE Index(Net) $ 328,935 16.42 21.12 - Intl Equity-Emerging 14.91 19.52 -4.97 Oppenheimer Developing Markets Y 14.08 19.13 -8.80 MSCI EM(Net) $ 21825,096 .47 2•S4 9.75 Fixed Income Vanguard Total Band Market ETF 0.20 1.26 7.66 0.43 0.87 3.35 Vanguard Short Term Bond ETF 1.43 771 Barclays Aggregate Bond .30 ishares iBoxx High-Yield Bond 4.49 13.55 6.48 Barclays High Yield Bond 5.34 12.14 6.45 $ 242,454 .00 .01 .01 Short Term .01 .01 .03 91 Day Treasury Sill Past performance is not indicative of future results. Please refer to appendix for full disclosure. 18 19.85 1.93 3.94 B.39 21.28 6.02 4.43 25.01 4.92 4.10 -- 25.28 5.10 4.28 - 20.74 -- -- -- 22.58 -0.91 4.42 -- 25.74 -0.87 -- " 22.82 -.81 4.58 - 28.39 7.68 6.96 -° 29.16 4.44 6.92 - 28.88 1.14 7.86 -- 29.18 1.26 B-02 -- 27.21 4.54 _ - 27.70 5.19 6.52 -- 28.36 4.15 6.00 - 33.78 5.69 -- -- 25.36 .01 6.59 - 14.62 -5.22 -- ' 18.73 -1.58 7.07 -- 17.82 -0.76 7.72 -- 17.19 -3.48 5.71 - 30.02 8.54 17.86 25.06 4.66 14.13 6.38 6.69 5.74 6.22 6.69 -- -- -- 3.77 - _ - 6.83 6.25 5.80 6.50 19.85 -- - `- 23.86 8.10 9.24 7-69 .16 1.71 2.30 1.00 .10 .99 1.76 3.02 Period ending March 31,2012. Returns for time periods 12 months and greater are annualized Source: First Rate investment performance system SUNTRUST Total Cash Equivalents 2 Toto Fixed M unm 34.2°,6 Large Caps 42.3°6 International 10.6°6 Total Cash Equivalents $ 242,452 2.90,4 $ 207,681 Period ending March 31,2012. r Please refer to appendix for full disclosure. 20 SUl1>'I RusT Total Equity $ 5,191,577 62.9°,6 $ 4,484,054 iShares Russell 1000 Growth Index ETF $ 1,924,976 23.346 $ 1,281,378 7.79 0b iShares Russell 1000 Value Index ETF $ 1,162,742 14.1% $ 776,614 4.68 0,6 iShares Dow]ones Select Dividend ETF $ 403,360 4.944 $ 387,574 0.19% Goldman Sachs Growth Opportunities 1 $ 336,051 4.1°.6 $ 289,248 0.574% iShares TR Russell Midcap Value Index Fund $ 160,850 1.9 0b $ - 1.95% $ - 0.0°b $ 226,603 -2.74°b RS Value Y Invesco Small Cap Growth 1 $ 205,622 2.5 0,6 $ 73,685 1.60°.6 Mid Caps Cambiar Small Cap Value l $ 122,038 1.5°% $ 74,556 0.57% 6.046 MFS Research International 1 $ 295,983 3.6 0b $ 627,485 -4.0146 a!I Caps U06 Manning&Napier World Opportuinities 1 $ 251,019 3.046 $ 382,753 -1.6 , °� Oppenheimer Developing Markets Y $ 328,935 4.0°.6 $ - 3.98 °� Legg Mason BatteryMarch Emerging MarketE $ - 0.0 016 $ 364,158 -4.41 Total Fixed Income $ 2,825,096 34.2 11,6 $ 2,787,815 Vanguard Total Bond Market ETF $ 2,185,434 265% $ 2,125,675 0.720A Vanguard Short Term Bond ETF $ 321,325 3.9 0.6 $ 354,322 -0.40Q iShares iboxx$High Yield Bond ETF $ 318,337 3.9°.6 $ 307,818 0.13° Total Cash Equivalents $ 242,452 2.90,4 $ 207,681 Period ending March 31,2012. r Please refer to appendix for full disclosure. 20 SUl1>'I RusT �111; SuNTRusT lll. Fund Fact Sheets Exchange Traded Fund US Equity Large Cap Growth Returns through 31392092 Trailing Performance Calendar Performance 30 25 20 40 20 ■� V .� 15 10 0 - 20 5 M. T. _. 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 W ETF NAV _._.__.J ETF Mkt Val ' Benchmark ETF NAV ETF Mkt Val = Benchmark Performance Since 012012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 14.61 10.82 25.01 4.92 6.31 4.10 (0.50) ETF(Mkt Val) 14.68 10.77 25.27 4.89 6.32 4,08 (0.79) Benchmark 14.69 11.02 25.28 5.10 6.49 4.28 2012 YTD 20111 2010 2009 2008 2007 2006 ETF(NAV) 14.61 2.46 16.44 36.96 (38.48) 11.62 8.86 ETF(Mkt Val) 14.68 2.32 16.48 36.73 (38.22) 11.55 8.75 Benchmark 14.69 2.64 16.71 37.21 (38.44) 11.81 9.07 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end,you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 613 0 12 01 1 Equity-Top Portfolio Holdings 313 012 01 2 Portfolio Materials -8 Apple.Inc. 7.55% Information Technology 27 Exxon Mobil Corporation 4.29% Healthcare 1os International Business Machines Corp 3.44% Microsoft Corporation 3.26% Telecommunications 01.2 Google,Inc.Class A 2.20% Consumer Discretionary R4 Coca-Cola Co 1.99% Consumer Staples 11.8 Philip Morris International,Inc. 1.94% Qualcomm, Inc. 1.55% Industrials 135 Oracle Corporation 1.52% Financials -4 PepsiCo Inc 1.43% Energy 110 Utilities 101 fl% 5% 10% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- S NT UST ONE PRESENTATIONS ONLY. Copyright @ 2012,Prima Portfolio Services, Inc.All Rights Reserved. �1�11��f V iV 11` Exchange Traded Fund US Equity Large Cap Value Returns through 3/312012 Trailing Performance Calendar Performance 25 40 20 15 20 ,_ 5 U IIIL� 20 0 _5 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 ETF NAV ETF Mkt Val 1, 0 Benchmark ETF NAV __ ETF Mkt Val = Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 11.04 4.59 22.58 (0.91) 3,36 4.42 4.19 ETF(Mkt Val) 10.95 4.45 22.68 (0.94) 3.36 4.38 4.11 Benchmark 11.12 4.79 22.82 (0.81) 3.49 4.57 2012 YTD 2011 2010 2009 2008 2007 2006 ETF(NAV) 11.04 0.19 15.25 19.70 (36.82) (0.30) 21.99 ETF(Mkt Val) 10.95 0.10 15.44 19.23 (36.45) (0.62) 22.11 Benchmark 11.12 0.39 15.51 19.69 (36.85) (0.17) 22.25 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 6/30/2011 Equity -Top Portfolio Holdings 3/3012012 Portfolio% Materials -2.9 General Electric Co 2.99% Information Technology 87 Chevron Corp 2.85% Healthcare 12-2 AT&T Inc 2.60% - Telecommunications 4.7 JPMorgan Chase&Co 2.57% Pfizer Inc 2.51% Consumer Discretionary 9 Procter&Gamble Co 2.46% Consumer Staples -z2 Wells Fargo&Co 2.19% Industrials 9.4 Intel Corp 2.09% Johnson&Johnson 2.02% Financials 267 Berkshire Hathaway Inc Class B 1.99% Energy 12.4 Utifities -6.8 0% 5% 10% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ; {� T T , ONE PRESENTATIONS ONLY. Copyright O 2012,Prima Portfolio Services,Inc.All Rights Reserved. UN 1 lJ Exchange Traded Fund LIS Equity Mid Cap Value Returns through 31312012 Trailing Performance Calendar Performance 30 20 25 20 0 ..___ 15 10 20 o �■ ILA ® Is, .5 -40 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2011 2010 2009 2008 2007 2006 ETF NAV ETF Mkt Val Ww" Benchmark ETF NAV ETF Mkt Val 'M Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 5.00 11.23 25.74 (0.87) 2.84 5.03 ETF(Mkt Val) 5.01 11.23 25.83 (0.84) 2.83 4,88 Benchmark 5.06 11.75 26.39 (0.13) 3.60 5.29 2012 YTD 2011 2010 2009 2008 2007 2006 ETF(NAV) 5.00 11.82 17.69 10.99 (32.91) (5.38) 19.41 ETF(Mkt Val) 5.01 11.73 17.79 10.77 (32.55) (5.77) 19.56 Benchmark 5.06 12.42 18.32 11.13 (30.97) (5.16) 19.54 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 613012011 Equity-Top Portfolio Holdings 3/30/2012 Portfolio% Materials -6.8 Lorillard,Inc. 3.80% Information Technology Lockheed Martin Corporation 2.91% Heaithcare _3.8 Chevron Corp 2.09% 2.9 Entergy Corp 1.94% Telecommunications = CenturyLink Inc 1.93% Consumer Discretionary 10-6 Kimberly-Clark Corporation 1.84% Consumer Stap6es 15.1 Integrys Energy Group Inc 1.78% InrlustrWs 147 McDonald's Corporation 1.76% Financials -g 5 PPG Industries,Inc. 1.63% Watsco, Inc. 1.63% Energy `2.2 Utilities 0% 54 1096 15% 20% 25% 30% 35% Percentage of Equity All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE- ON-ONE PRESENTATIONS ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. U1V 11� Returns through 313112012 Mutual Fund US Equity Mid Cap Growth Trailing Performance 30 25 20 15 Up 10 5 0 SM 1 Qtr YTD 1 Year M MF Performance MF Benchmark N ` W 60 40 3 Year 5 Year 7 Year 10 Year Benchmark Benchmark Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current 0 -20 Q1 2012 1 Year 3 Year 5 Year 17.07 6.41 28.39 7.68 14.52 4.43 29.16 4.44 Calendar Performance 2008 2007 2006 2045 2004 2003 2002 60 40 (39.97) 19.87 6.51 4.84 16.42 33.01 (26.96) MF 14.52 (1.65) 26.38 46.29 20 42.72 (27.41) Benchmark Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current 0 -20 ..�- located under Key Facts on page one of this document. -40 Equity-Top Portfolio Holdings 12/31/2011 -60 2011 2010 2009 2008 SBA Communications Corp III MF W Benchmark PV9-1 Corp 2.69% Since Cameron International Corporation 7 Year 10 Year Inception 2.34% 8.59 6.96 11.33 Consumer Discretionary 18.9 7.23 6.92 Consumer Staples 1.6 Amphenol Corp 2007 2006 2012 YTD 2011 2010 2009 2008 2007 2006 2045 2004 2003 2002 17.07 (3.70) 19.10 58.21 (39.97) 19.87 6.51 4.84 16.42 33.01 (26.96) MF 14.52 (1.65) 26.38 46.29 (44.32) 11.43 10.66 12.09 15.48 42.72 (27.41) Benchmark Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current Past performance is no guarantee of future results. performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the B00 number located under Key Facts on page one of this document. Equity-Top Portfolio Holdings 12/31/2011 Equity Sectors 12!3112011 Portfolio Materials _31 SBA Communications Corp 2.97% PV9-1 Corp 2.69% Information Technology Cameron International Corporation 2.41% Healthcare 12.3 G.R.Bard,Inc. 2.34% Telecommunications -5.9 PetSmart Inc. 2.34% Consumer Discretionary 18.9 Global.Payments,Inc. 2.19% Consumer Staples 1.6 Amphenol Corp 2.16% Whiting Petroleum Corporation 2.13% Industrials s.e 2.12% Equinix, Inc. Financials 125 Pioneer Natural Resources Company 2.11% Energy 11.3 Utilities 0°,6 50.0 10% 15% 20% 25% Percentage of Equity All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS U1V 11`UST ONLY.Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Exchange Traded Fund US Equity Mid Cap Value Trailing Performance 30 25 20 15 10 5 I I t 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year = ETF NAV ETF Mkt Val Benchmark Retums through 31312012 Calendar Performance Since Inception 20 1 Year 3 Year 5 Year 7 Year 5.83 10 Year 7.86 8.01 WAR 0 28.88 1.14 1.10 5.87 7.86 8.09 ETF(Mkt Val) 11. 29.16 2.28 -20 8.01 11.441 1 Benchmark 2008 -44fl 2011 2010 2009 2008 2007 2006 11.35 ETF(NAV) 1138 . =ETF NAV .-! ETF Mkt Val M Benchmark 19.97 (1'59) 20.22 (1.42) Performance Since Inception Q1 2012 1 Year 3 Year 5 Year 7 Year 5.83 10 Year 7.86 8.01 ETF(NAV) 11.35 2.04 28.88 1.14 1.10 5.87 7.86 8.09 ETF(Mkt Val) 11. 29.16 2.28 29.18 1.26 5.96 8.01 11.441 1 Benchmark 2008 2007 2006 20 A 2 YTD 2011 2410 209 24.40 34.07 (38.34) (1.59) 19.94 11.35 ETF(NAV) 1138 . (1.57) (1.57) 24.43 33.31 (37.98) 19.97 (1'59) 20.22 (1.42) ETF(Mkt Val) 11.41 Benchmark (1.38) 24.75 34.21 (38.44) rfmay Past performance is no guarantee oft future suits. harta for illustrative obtain performance current totthepmost recrentomonthfend, you reference the fund'sawebsitelor call the 800 number performance may be higher performance located under Key Facts on page one of this document Equity -Top Portfolio Holdings slsorzolz Equity Sectors sraorzott Portfolio 0.98% Materials M 4.5 Spectra Energy Corp 0.86°/a Information Technology �8.2 Marsh&McLennan Companies,Inc. Inc. 0.83% Lorillard, 0.81% Healthcare r6-7 Equity Residential 0.81% Telecommunications ,� Consolidated Edison,Inc. 0.79% Consumer Discretionary 11.5 Prologis Inc Discover Financial Services 0.78% Consumer Staples �6.1 PPL Corp 0.78% Industrials 11 Aon Corp. 0.77°r'° Financials 31.4 HCP Inc 0.76% Energy �6.9 Utilities 12.5 0% 5°c 10°h 15% 20°'0 25% 30% 35% Percentage of Equity Please see disclosure at the end of this report for additional important information. FOR ONE-ON- (/ S .,�7nR ST 11V 1 l�lJ All performance presented is net of fees(NAV unless otherwise indicated). Prima Portfolio Services, Inc.All Rights Reserved. ONE PRESENTATIONS ONLY. Copyright©2012, Mutual Fund US Equity Small Cap Grow#h Returns through 313112012 Trailing Performance Calendar Performance 34 25 20 40 20 10 5 - -20 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 MF Benchmark MF qW Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF 15.20 2.53 27.70 5.19 8.11 6.52 6.62 Benchmark 13.28 0.68 28.36 4.15 6.86 6.00 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 15.20 (0.81) 26.82 35.16 (38.53) 11.85 14.76 8.93 7.41 39.83 Benchmark 13.28 (2.91) 29.09 34.47 (38.54) 7.05 13.34 4.15 14.31 48.53 (30.27) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 1213112011 Equity -Top Portfolio Holdings 12/31/2011 Portfolio% Materials �4.8 Transdigm Group Inc 1.98% Information Technology 254 Zoll Medical Corporation 1.27% Westinghouse Air Braise Technologies Corp 1.21% Healthcare 177 CoStar Group,Inc. 1.15% Telecommunications 10.9 Nu Skin Enterprises,Inc.A 1.15% Consumer Discretionary 17.2 Biomarin Pharmaceutical,Inc. 1.10% Consumer Staples _4.4 RightNow Technologies,Inc. 1.09% Sall Pharmaceuticals,Ltd. 1.07% Industrials 14 9 Proassurance Corporation 1.06% Financials _5.9 CommVault Systems,Inc. 1.01%a Energy 7.9 Utilities 10.9 0% 5% 10% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees (NA V). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS ylj'1J4- SUNTRUST ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. U 1V 11( Mutual Fund US Fquity Small Cap Value Trailing Performance 35 30 25 20 15 15 -5 1 Qtr YTD 1 Year 3 Year 5 Year MF 1.4" Benchmark Performance MF Benchmark Returns through 313112012 Calendar Performance 60 40 20 0 -20 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 = MF ??! Benchmark Q1 2012 1 Year 3 Year 14.18 2.35 33.78 11,59 (1.07) 25.36 Since 5 Year 7 Year 10 Year Inception 23.78 0.01 4.57 6.60 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 14.18 (1.16) 35,93 45.40 Benchmark 11.59 (5.50) 24.50 20.58 (28.92) (9.78) 23.48 4.71 22.25 46.02 (11.42)representative Past erformance may be lower or higher f than performance hdata quoted. To obtain performance current totthe most recent of the f ent month endeyou rfmmay reference he fund's awebsitelor call the 0 number R located under Key Facts on page one of this document. Equity Sectors 212912012 Equity -Top Portfolio Holdings 2/29/2012 Portfolio Materials 72 Information Technology 15.8 Healthcare 16'6 Telecommunications Consumer Discretionary 10.9 Consumer Staples -2.1 Industrials 22.9 Financials 16.7 Energy 8.9 Utilities 0°ro 5% 10% 15°;0 20°h 25 b Percentage of Equity HighMark Diversified Money Market Fid HighMark US Government MMkt Fid Solutia,Inc. Berry Petroleum Co NCR Corporation Guess,Inc. AerCap Holdings N.V. Harman International Industries,Inc. Lufkin Industries,Inc. Reinsurance Group of America Inc All performance presented is net of fees ('NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS ONLY. Copyright 0 2012,Prima Portfolio Services,Inc.All Rights Reserved. 3.98% 3.98% 2.61% 2.16% 2.10% 2.09% 2,06616 2.05% 2.04% 2.03% „�'1 SuNTRusT Mutual Fund International Equity Large Cap Core Returns through 3/34/2012 Trailing Performance 20 15 2008 2007 2006 2005 2004 2003 2002 MF 11.07 (10.61) 11.22 31.43 10 5 ■ ■ (44.02) 11.64 27.09 13.41 20.09 0 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current -5 located under Key Facts on page one of this document. -10 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year Portfolio% = MF �_ Benchmark Performance MF Benchmark Calendar Performance 40 -40 _ -60 2011 2010 2009 2008 2007 2006 = MF Benchmark Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year 11.07 (4.49) 18.73 (1,58) 5.15 7.07 11.11 (6.13) 17.72 (3.29) 3.49 5.97 Since Inception 7,15 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 11.07 (10.61) 11.22 31.43 (42.46) 13.24 27.70 16.62 20.85 33.03 (11.79) Benchmark 11.11 (12.40) 8.39 33.72 (44.02) 11.64 27.09 13.41 20.09 39.42 (15.82) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end,you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 2/2912012 Equity -Top Portfolio Holdings 2/29/2012 Portfolio% Materials 9? Nestle SA 2.95% Information Technology -8 5 Royal Dutch Shell PLC 2.85% Healthcare 93 Roche Holding AG 2.29% Telecommunications -s.e Standard Chartered PLC 2.18% Bayer AG 2.15% Consumer Discretionary 105 Sumitomo Mitsui Financial Group Inc 2.04% Consumer Staples 10.3 Barclays PLC 1.84% Industrials 12,6 Rio Tinto PLC 1.84% Westpac Banking Corp 1.83% Financials 23 Vodafone Group PLC 1.78% Energy 9 Utilities �3 7 0% 5 10;!0 15% 20°.5 25-A Percentage of Equity All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS �4/`* SUN TRUST UST ONLY Copyright©2012,Prima Portfolio Services,Inc.All Rights Reserved. Mutual Fund Global Equity Large Cap Core Trailing Performance 2007 2006 2005 2004 25 20 2012 YTD 2011 2010 2009 39.12 2008 25.42 40.07 15.12 33.88 11.33 (40.07) 30.80 (10.078) 33.77 (19.96) 15 10 5 P1 9 No sm 0 Past performance no guarantee performance cuaent lower or higher than performance data quoted. -5 -10 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year Equity -Top Portfolio Holdings 1zi31I2u11 M MF W, Benchmark Performance MF GN 2012 1 Year 3 Year 5 Year 15.69 (7.50) 17.82 (0.76) 028 20.83 ((1.50) Calendar Performance 40 20 x.r ; 0 20 - -40 -60 2011 2010 2009 2008 MF Benchmark Since 7 Year 10 Year Inception 6.01 7.72 8.72 4.17 4.95 Returns through 313112012 2007 2006 Benchmark 11'75 2007 2006 2005 2004 2003 2012 YTD 2011 2010 2009 39.12 2008 25.42 40.07 15.12 33.88 11.33 (40.07) 30.80 (10.078) 33.77 (19.96) 15.68 (16.14) 9.23 MF 5.69) 12.43 31.51 11.75 (41.19) 9.23 20.12 9.60 15.07 Benchmark is of future results. Chart is fToative purposes to the most reaentomnnthfendeyourtmay reference the fund'sawebsritelor call the 800 number ance of any Past performance no guarantee performance cuaent lower or higher than performance data quoted. performance may be Facts on page one of this document. located under Key Equity -Top Portfolio Holdings 1zi31I2u11 Portfolio'/° Equity Sectors 1213112011 4.13% Lonza Group AG 3.83% Materials 83 Amdocs Ltd. 3.28% 124 Information Technology Ryanair Holdings PLC ADR 2.91 . t 52 Healthcare Schlumberger Ltd.(United States) In Shares 0.05%(Id 2.85% Telecommunications W2 Dreyfus Cash Management,Inc.- , 2.81% 134 sonic Healthcare Limited 2.75% Consumer Discretionary 22 a Tesco PLC 2.6$% Consumer Staples Danone 2.21°h . t2s 4ndustrials Mindray Medical International Limited ADR 2.19% Financials �s.5 Johnson Matthey PLC Energy 6 Utilities 2!)k 25% 0°ro 5W, 70a�o t5% Percentage of Equity SL n, performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS l' I LTST ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Mutual Fund Emerging Markets Equity All Cap Growth Returns through 3131/2012 Trailing Performance 2009 2008 2007 2006 2005 2004 40 MF 14.91 (17.85) 27.39 82.10 (47.84) 34.30 25.70 33.63 33.53 24.21 54.36 (12.01} 30 81.23 (54.54) 39.99 the future of any particular portfolio or security. Current Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of performance end, may reference the fund's website or call the 800 number 20 current to the most recent month you located under Key Facts on page one of this document 10 ir Equity -Top Portfolio Holdings 212912012 0 Equity Sectors 212912012 Portfolio -10 1 Qtr YT❑ 1 Year 3 Year 5 Year -60 2011 2010 2009 2008 = MF = Benchmark Performance MF Benchmark Q1 2012 1 Year 14.91 (4.97) 14.17 (8.68) Calendar Performance �;, 2007 2006 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 100 MF 14.91 (17.85) 27.39 82.10 (47.84) 34.30 25.70 33.63 33.53 24.21 54.36 (12.01} 80 60 81.23 (54.54) 39.99 the future of any particular portfolio or security. Current Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of performance end, may reference the fund's website or call the 800 number 40 current to the most recent month you located under Key Facts on page one of this document 20 «:: Equity -Top Portfolio Holdings 212912012 0 Equity Sectors 212912012 Portfolio -4C Oppenheimer Institutional Money Market E 7 Year 10 Year -60 2011 2010 2009 2008 1 8 Information Technology Infosys Ltd America Movil,S.A.B.de G.V.ADR 3.49% MF ' Benchmark Nhn Corp 3.17% Telecommunications Since 3 Year 5 Year 7 Year 10 Year Inception 30.02 8.54 1'96% 13.38 26.22 5.16 12.51 13.48 8aidu,Inc.ADR. �;, 2007 2006 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 14.91 (17.85) 27.39 82.10 (47.84) 34.30 25.70 33.63 33.53 24.21 54.36 (12.01} Benchmark 14.17 (18.26) 20.45 81.23 (54.54) 39.99 the future of any particular portfolio or security. Current Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of performance end, may reference the fund's website or call the 800 number performance may be lower or higher than performance data quoted.To obtain performance current to the most recent month you located under Key Facts on page one of this document Equity -Top Portfolio Holdings 212912012 Equity Sectors 212912012 Portfolio Oppenheimer Institutional Money Market E 4,08% Materials r54 3.84% 1 8 Information Technology Infosys Ltd America Movil,S.A.B.de G.V.ADR 3.49% Healthcare 0 a Nhn Corp 3.17% Telecommunications Mexican Economic Development,Inc.ADR 2.22% 11.8 BMF Bovespa SA Bolsa Valores Merc Fut 2.12% Consumer Discretionary 1'96% Consumer Staples z5 5 Carlsberg AS 1.88% 8aidu,Inc.ADR. Industrials �4'3 Novatek OAO GDR 1.84% Financials 18.3 Sm Prime Holdings Inc 1.80% Energy 9.9 Utilities 4% 5% 16% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS JIld`/l� S >�{ R TST ONLY. Copyright O 2012,Prima Portfolio Services, Inc.All Rights Reserved. Ul�l 1��1� Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade Returns through 3/3112012 Calendar Performance Trailing Performance B 8 6 6 4 4 2 0 - ` _2M 0 2011 2010 2009 2008 2007 2006 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year M ETF NAV ETF Mkt Val IM Benchmark ETF NAV ETF Mkt Val M Benchmark Since Performance Inception 3 Year 5 Year 7 Year 10 Year Q1 2012 1 Year 6.22 0.20 7.66 6.69 6.24 ETF(NAV) 0.17 7.84 6.53 5.46 5.42 0.66 ETF(Mkt Val) 6A 6 6.10 5.90 Benchmark 2008 2006 2009 20D7 2012 YTD 2011 2010 6.03 5.17 ETF(NAV) 0.20 7 71 0.17 7.92 6.50 6.19 65 7. 3,34 7.02 4.58 ETF(Mkt Val) 0.66 5.97 6.15 8.46 4.86 Benchmark only Chart rfmay reference he fund'sawebsritelor call the 8 0 number omonth fend, Past performance is no guarantee of future resullt ta quoted, obtain performance current totthe most recent you performance may be tower or higher than performance located under Key Facts on page one of this document 11 Fixed Sectors 1 213112 01 1 Treasury AgencylQuasiAgcy _4.7% Supranational 014% 26.89m Agency MBS Non-Agcy MBS 10 7% CMBS '.1.590 Asset Backed(ABS) 10.3% Corporate Bond 20.6% Preferred Stock 10.1% Cash&Equivalents �58% Municipals ,0.8% 40 0% 10°a 20% 30% Percentage of Fixed Fixed -Top Portfolio Holdings 12131120 US Treasury Note 0.625% US Treasury Bond 6.25% US Treasury Note 1.375% US Treasury Note 1.875% US Treasury Note US Treasury Note 1% Gnma li 30yr Tba Jan US Treasury Note 1.875% US Treasury Bond 4.5% US Treasury Note 2.75% All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ONE PRESENTATIONS ONLY. Copyright O 2012, Prima Portfolio Services,Inc.All Rights Reserved. Portfolio% 125%a 0.93% 0.79% 0.75% 0.71% 0.70% 0.63% 0.63% 0.57% 0.54% SUNTRUST Exchange Traded Fund US Flxed Income Short Term Investment Grade Returns through 3/31/2012 Trailing Performance Portfolio% US Treasury Note 0.375% Calendar Performance US Treasury Note 2.5% 1.79% 5 1.78% US Treasury Note 0.875% 10 US Treasury Note 1.75% 1.65% US Treasury Note 0.625% 4 US Treasury Note 2.375% 1.59% 8 1.56% US Treasury Note 0.25% 1.40% 3 1.22% 6 2 4 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2011 2010 2009 2008 2007 2006 li ETF NAV _._._ ETF Mkt Val - Benchmark _ ETF NAV ETF Mkt Val = Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 0.43 3.35 3.77 4.62 ETF(Mkt Val) 0.40 3.32 3.50 4.59 Benchmark 0.54 3.41 3.95 4.63 4.43 4.36 2012 YTD 2011 2010 2009 2008 2007 2006 ETF(NAV) 0.43 3.04 4.00 4.44 5.47 ETF(Mkt Val) 0.40 2.95 3.89 1.54 8.45 Benchmark 0.54 3.14 4.08 4.62 5.12 7.27 4.22 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 1 2131/2 01 1 Fixed -Top Portfolio Holdings 1 213 112 01 1 Treasury 60.8% Agency/Quasi Agcy 11.4% Supranational .3.5% Securitized 10.3% Corporate Bond 216% Preferred Stock Cash 8 Equivalents 12.3% Municipals ;0.1% 0% 20% 40% 60% Percentage of Fixed 80% All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ��r����, ONE PRESENTATIONS ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Portfolio% US Treasury Note 0.375% 2.00% US Treasury Note 2.5% 1.79% US Treasury Note 2.6250A 1.78% US Treasury Note 0.875% 1.71% US Treasury Note 1.75% 1.65% US Treasury Note 0.625% 1.59% US Treasury Note 2.375% 1.59% US Treasury Note 0.875% 1.56% US Treasury Note 0.25% 1.40% US Treasury Note 1.875% 1.22% All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ��r����, ONE PRESENTATIONS ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Exchange Traded Fund US Fixed Income Intermediate Term High Yield Trailing Performance Calendar Performance 4.49 60 25 40 534 20 20 D �.. -20 15 -40 2011 2010 10 Year 10 ETF NAV 0 1Qtr YTD 1 Year 3 Year 5 Year 7 Year ETF NAV ..__ ETF Mkt Val Benchmark Performance ETF(NAV) ETF(Mkt Val) Q1 2012 Calendar Performance 4.49 60 2.61 40 534 20 D �.. -20 1 -40 2011 2010 10 Year ETF NAV Q1 2012 1 Year 4.49 6.48 2.61 6.21 534 6.45 3 Year 19.85 20.01 23.87 5 Year BAD Retums through 313112012 ti 0 0 - 2009 2008 2007 , ETF Mkt Val M Benchmark 7 Year 8.49 10 Year 9.24 I 2006 Since inception 6.03 5.62 Benchmark 2007 2006 2011 2010 2009 2008 2012 YTD 40.74 (23.86) 5.88 12.08 ETF(NAV) 4.49 2.61 6.75 11.87 213.46 (17.31) 1.87 11.85 ETF(Mkt Val) 5.34 q.gg 15.12 58.21 (26.16) Benchmark Past performance is no guarantee of future results. Chart as uoteduTo obtain performance current totthe most recent month f end, you rfmay reference he fund's awebsitelor call the 800 number performance may be lower or higher than performance 4 located under Key Facts on page one of this document. Fixed -Tap Portfolio Holdings 313012072 Portfolio% Fixed Sectors 3/30/2012 0.82% First Data 12.625% 0.76% Sprint Nextel 144A 9% 0.75% Hca 6.5% 0.72% Corporate Bond Cit Grp 7% 0.72% Intelsat Bermuda 11.25% 0.67% Harrahs Oper 10% 0.63% Cit Grp 144A 5.5% 0.61% Calpine 7.5% 0.59% Clear Channel Ww Hldgs 9.25% 0.56% Cash&Equivalents 112% Springleaf Fin 6.9% 0% 20% 40% 60% 80% 100% Percentage of Fixed All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additio ns!important information. FOR ONE-ON- / U1I`1tUST ONE PRESENTATIONS ONLY. Copyright 2012,Prima Portfolio Services, Inc.All Rights Reserved. �Jll SUNTRUST IV. Appendix Important Disclosures SunTrust Private Wealth Management is a marketing name used by SunTrust Banks, Inc. and the following affiliates: Banking and trust products and services are provided by SunTrust Bank. Securities, insurance (including annuities and certain life insurance products) and other investment products and services are offered by SunTrust Investment Services, Inc., a SEC registered broker/dealer and a member of the FINRA and SIPC. Other insurance products and services are offered by SunTrust Insurance Services, Inc., a licensed insurance agency. Investment advisory products and services are offered by SunTrust Investment Services, Inc. and GenSpring Family Offices, L'LC (flkla Asset Management Advisors, L.L.C.), investment advisers registered with the SEC. SunTrust Investment Services, Inc., SunTrust Bank, their affiliates, and the directors, officers, employees and agents of SunTrust Investment Services, Inc., SunTrust Bank and their affiliates (collectively, "SunTrust") are not permitted to give legal or tax advice. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents and provide legal services and advice. Clients of SunTrust investment Services, Inc., SunTrust Bank and their affiliates should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. If included as a part of the presentation, any Baseline Financial Services, Inc. (Baseline), or Crandall, Pierce & Company (Crandall Pierce), or First Rate (First Rate) statistical data is provided as a service of SunTrust Banks, Inc. and its affiliates (including SunTrust Investment Services, Inc.) by Baseline, Crandall Pierce or First Rate, all of which are unaffiliated third party vendors. While this information is believed to be accurate, SunTrust Banks, Inc., including its affiliates, does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse these analyses or market data. Securities and Insurance Products and Services: • Are not FDIC or any other Government Agency Insured • Are not Bank Guaranteed • May Lose Value SuNTRuST Important Disclosures Asset Allocation does not assure a profit or protect against loss in declining financial markets. Emerging Markets: Investing in the securities of such companies and countries involves certain considerations not usually associated with investing in developed countries, including unstable political and economic conditions, adverse geopolitical developments, price volatility, lack of liquidity, and fluctuations in currency exchange rates. Fixed Income Securities are subject to interest rate risk, credit risk, prepayment risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may provide a fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and when redeemed, may be worth more or less than their original cost. Hedge funds may involve a high degree of risk, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds often charge high fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. High Yield Fixed Income Investments, also known as junk bonds, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in emerging market countries, since these countries may have relatively unstable governments and less established markets and economies. Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations, and illiquidity. Managed Futures and commodity investing involve a high degree of risk and are not suitable for all investors. Investors could lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because trading security futures is highly leveraged, with a relatively small amount of money controlling assets having a much greater value. Investors who are uncomfortable with this level of risk should not trade managed futures or commodities. Real Estate Investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general economic conditions. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. SUN tRUST Important disclosures The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but SunTrust Investment Services, Inc. (STIS) makes no representation or guarantee as to their timeliness, accuracy or completeness or for their fitness for any particular purpose. The information contained herein does not purport to be a complete analysis of any security, company, or industry involved. This material is not to be construed as an offer to sell or a solicitation of an offer to buy any security. Opinions and information expressed herein are subject to change without notice. STIS and/or its affiliates may have issued materials that are inconsistent with or may reach different conclusions than those represented in this commentary, and all opinions and information are believed to be reflective of judgments and opinions as of the date that material was originally published. STIS is under no obligation to ensure that other materials are brought to the attention of any recipient of this commentary. The information and material presented in this commentary are for general information only and do not specifically address individual investment objectives, financial situations or the particular needs of any specific person who may receive this commentary. Investing in any security or investment strategies discussed herein may not be suitable for you, and you may want to consult a financial advisor. Nothing in this material constitutes individual investment, legal or tax advice. Investments involve risk and an investor may incur either profits or losses. Past performance should not be taken as an indication or guarantee of future performance. STIS shall accept no liability for any loss arising from the use of this material, nor shall STIS treat any recipient of this material as a customer or client simply by virtue of the receipt of this material. The information herein is for persons residing in the United States of America only and is not intended for any person in any other jurisdiction Investors may be prohibited in certain states from purchasing some over-the-counter securities mentioned herein. The information contained in this material is produced and copyrighted by SunTrust Banks, Inc. and any unauthorized use, duplication, redistribution or disclosure is prohibited by law. STIS's officers, employees, agents and/or affiliates may have positions in securities, options, rights, or warrants mentioned or discussed in this material. SUNI)RUST important Disclosures ■ BarCap Aggregate Bond Index: The broadest measure of the taxable U.S. bond market, including most Treasury, agency, corporate, mortgage-backed, asset-backed, and international dollar-denominated issues, all with investment-grade ratings (rated Baa3 or above by Moody's) and maturities of one year or more. BarCap US Corporate High Yield: The U.S. Corporate High-Yield Index the covers the USD-denominated, non-investment grade, fixed- rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody's, Fitch, and S&P is Bat/BB+/BB+ or below. The index excludes Emerging Markets debt. BarCap US Treasury Long Index: includes public obligations of the US Treasury with maturities of 10 years or more. CBOE VIX: The CBOE Volatility Index is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility. VIX is often referred to as the"investor fear gauge". Dow Jones Wilshire RESI Index: designed to provide measures of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. To be included, a company must be both an equity owner and operator of commercial and/or residential real estate. A company must have a minimum total market capitalization of at least $200 million at the time of its inclusion, and at least 75% of the company's total revenue must be derived from the ownership and operation of real estate assets. ® MSCI All-Country World ex-US Index: is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, ex-US equities. MSCI All Country World Index: is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index: The MSCI EAFE Index® comprises 21 MSCI country indices, representing the developed markets outside of North America: Europe, Australasia and the Far East. MSCI Emerging Markets Index: is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010 the index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Note.Indexes are unmanaged.An investor cannot invest directly in an index. They are shown for Oustrative purposes only and do not represent the performance of any specific investment. ,,/ Important Disclosures • The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. As of June 2007, the Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. • Russell 2000 Index: is comprised of 2000 smaller company stocks and is generally used as a measure of small-cap stock performance. S&P 500 Index: The S&P 500 Index is comprised of 500widely-held securities considered to be representative of the stock market in general. • S&P Equal Weight Index (S&P EWI). The index is the equal-weight version of the widely regarded S&P 500. The index has the same constituents as the capitalization weighted S&P 500, but each company in the index is allocated a fixed weight of 0.20% at each quarterly rebalancing. • Barclays U.S. Municipal Index: covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. • DJ-UBS Commodity Index is composed of futures contracts on physical commodities. It currently includes 19 commodity futures in seven sectors. The weightings of the commodities are calculated in accordance with rules that ensure that the relative proportion of each of the underlying individual commodities reflects its global economic significance and market liquidity. • MSCI BRIC Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following four emerging market country indices: Brazil, Russia, India and China. • The MSCI AC (All Country) Asia ex Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. As of March2009 the Index consisted of the following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand • MSCI Germany: every listed security in the market is identified. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GIGS®), and screened by size, liquidity and minimum free float. Note;Indexes are unmanaged An investor cannot invest directly in an index.They are shown for iuustrative purposes only and do not represent the,performance of any specific investment. SUNfRUST �111; SuNTRusT lll. Fund Fact Sheets Exchange Traded Fund US Equity Large Cap Growth Returns through 31392092 Trailing Performance Calendar Performance 30 25 20 40 20 ■� V .� 15 10 0 - 20 5 M. T. _. 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 W ETF NAV _._.__.J ETF Mkt Val ' Benchmark ETF NAV ETF Mkt Val = Benchmark Performance Since 012012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 14.61 10.82 25.01 4.92 6.31 4.10 (0.50) ETF(Mkt Val) 14.68 10.77 25.27 4.89 6.32 4,08 (0.79) Benchmark 14.69 11.02 25.28 5.10 6.49 4.28 2012 YTD 20111 2010 2009 2008 2007 2006 ETF(NAV) 14.61 2.46 16.44 36.96 (38.48) 11.62 8.86 ETF(Mkt Val) 14.68 2.32 16.48 36.73 (38.22) 11.55 8.75 Benchmark 14.69 2.64 16.71 37.21 (38.44) 11.81 9.07 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end,you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 613 0 12 01 1 Equity-Top Portfolio Holdings 313 012 01 2 Portfolio Materials -8 Apple.Inc. 7.55% Information Technology 27 Exxon Mobil Corporation 4.29% Healthcare 1os International Business Machines Corp 3.44% Microsoft Corporation 3.26% Telecommunications 01.2 Google,Inc.Class A 2.20% Consumer Discretionary R4 Coca-Cola Co 1.99% Consumer Staples 11.8 Philip Morris International,Inc. 1.94% Qualcomm, Inc. 1.55% Industrials 135 Oracle Corporation 1.52% Financials -4 PepsiCo Inc 1.43% Energy 110 Utilities 101 fl% 5% 10% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- S NT UST ONE PRESENTATIONS ONLY. Copyright @ 2012,Prima Portfolio Services, Inc.All Rights Reserved. �1�11��f V iV 11` Exchange Traded Fund US Equity Large Cap Value Returns through 3/312012 Trailing Performance Calendar Performance 25 40 20 15 20 ,_ 5 U IIIL� 20 0 _5 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 ETF NAV ETF Mkt Val 1, 0 Benchmark ETF NAV __ ETF Mkt Val = Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 11.04 4.59 22.58 (0.91) 3,36 4.42 4.19 ETF(Mkt Val) 10.95 4.45 22.68 (0.94) 3.36 4.38 4.11 Benchmark 11.12 4.79 22.82 (0.81) 3.49 4.57 2012 YTD 2011 2010 2009 2008 2007 2006 ETF(NAV) 11.04 0.19 15.25 19.70 (36.82) (0.30) 21.99 ETF(Mkt Val) 10.95 0.10 15.44 19.23 (36.45) (0.62) 22.11 Benchmark 11.12 0.39 15.51 19.69 (36.85) (0.17) 22.25 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 6/30/2011 Equity -Top Portfolio Holdings 3/3012012 Portfolio% Materials -2.9 General Electric Co 2.99% Information Technology 87 Chevron Corp 2.85% Healthcare 12-2 AT&T Inc 2.60% - Telecommunications 4.7 JPMorgan Chase&Co 2.57% Pfizer Inc 2.51% Consumer Discretionary 9 Procter&Gamble Co 2.46% Consumer Staples -z2 Wells Fargo&Co 2.19% Industrials 9.4 Intel Corp 2.09% Johnson&Johnson 2.02% Financials 267 Berkshire Hathaway Inc Class B 1.99% Energy 12.4 Utifities -6.8 0% 5% 10% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ; {� T T , ONE PRESENTATIONS ONLY. Copyright O 2012,Prima Portfolio Services,Inc.All Rights Reserved. UN 1 lJ Exchange Traded Fund LIS Equity Mid Cap Value Returns through 31312012 Trailing Performance Calendar Performance 30 20 25 20 0 ..___ 15 10 20 o �■ ILA ® Is, .5 -40 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2011 2010 2009 2008 2007 2006 ETF NAV ETF Mkt Val Ww" Benchmark ETF NAV ETF Mkt Val 'M Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 5.00 11.23 25.74 (0.87) 2.84 5.03 ETF(Mkt Val) 5.01 11.23 25.83 (0.84) 2.83 4,88 Benchmark 5.06 11.75 26.39 (0.13) 3.60 5.29 2012 YTD 2011 2010 2009 2008 2007 2006 ETF(NAV) 5.00 11.82 17.69 10.99 (32.91) (5.38) 19.41 ETF(Mkt Val) 5.01 11.73 17.79 10.77 (32.55) (5.77) 19.56 Benchmark 5.06 12.42 18.32 11.13 (30.97) (5.16) 19.54 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 613012011 Equity-Top Portfolio Holdings 3/30/2012 Portfolio% Materials -6.8 Lorillard,Inc. 3.80% Information Technology Lockheed Martin Corporation 2.91% Heaithcare _3.8 Chevron Corp 2.09% 2.9 Entergy Corp 1.94% Telecommunications = CenturyLink Inc 1.93% Consumer Discretionary 10-6 Kimberly-Clark Corporation 1.84% Consumer Stap6es 15.1 Integrys Energy Group Inc 1.78% InrlustrWs 147 McDonald's Corporation 1.76% Financials -g 5 PPG Industries,Inc. 1.63% Watsco, Inc. 1.63% Energy `2.2 Utilities 0% 54 1096 15% 20% 25% 30% 35% Percentage of Equity All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE- ON-ONE PRESENTATIONS ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. U1V 11� Returns through 313112012 Mutual Fund US Equity Mid Cap Growth Trailing Performance 30 25 20 15 Up 10 5 0 SM 1 Qtr YTD 1 Year M MF Performance MF Benchmark N ` W 60 40 3 Year 5 Year 7 Year 10 Year Benchmark Benchmark Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current 0 -20 Q1 2012 1 Year 3 Year 5 Year 17.07 6.41 28.39 7.68 14.52 4.43 29.16 4.44 Calendar Performance 2008 2007 2006 2045 2004 2003 2002 60 40 (39.97) 19.87 6.51 4.84 16.42 33.01 (26.96) MF 14.52 (1.65) 26.38 46.29 20 42.72 (27.41) Benchmark Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current 0 -20 ..�- located under Key Facts on page one of this document. -40 Equity-Top Portfolio Holdings 12/31/2011 -60 2011 2010 2009 2008 SBA Communications Corp III MF W Benchmark PV9-1 Corp 2.69% Since Cameron International Corporation 7 Year 10 Year Inception 2.34% 8.59 6.96 11.33 Consumer Discretionary 18.9 7.23 6.92 Consumer Staples 1.6 Amphenol Corp 2007 2006 2012 YTD 2011 2010 2009 2008 2007 2006 2045 2004 2003 2002 17.07 (3.70) 19.10 58.21 (39.97) 19.87 6.51 4.84 16.42 33.01 (26.96) MF 14.52 (1.65) 26.38 46.29 (44.32) 11.43 10.66 12.09 15.48 42.72 (27.41) Benchmark Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current Past performance is no guarantee of future results. performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the B00 number located under Key Facts on page one of this document. Equity-Top Portfolio Holdings 12/31/2011 Equity Sectors 12!3112011 Portfolio Materials _31 SBA Communications Corp 2.97% PV9-1 Corp 2.69% Information Technology Cameron International Corporation 2.41% Healthcare 12.3 G.R.Bard,Inc. 2.34% Telecommunications -5.9 PetSmart Inc. 2.34% Consumer Discretionary 18.9 Global.Payments,Inc. 2.19% Consumer Staples 1.6 Amphenol Corp 2.16% Whiting Petroleum Corporation 2.13% Industrials s.e 2.12% Equinix, Inc. Financials 125 Pioneer Natural Resources Company 2.11% Energy 11.3 Utilities 0°,6 50.0 10% 15% 20% 25% Percentage of Equity All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS U1V 11`UST ONLY.Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Exchange Traded Fund US Equity Mid Cap Value Trailing Performance 30 25 20 15 10 5 I I t 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year = ETF NAV ETF Mkt Val Benchmark Retums through 31312012 Calendar Performance Since Inception 20 1 Year 3 Year 5 Year 7 Year 5.83 10 Year 7.86 8.01 WAR 0 28.88 1.14 1.10 5.87 7.86 8.09 ETF(Mkt Val) 11. 29.16 2.28 -20 8.01 11.441 1 Benchmark 2008 -44fl 2011 2010 2009 2008 2007 2006 11.35 ETF(NAV) 1138 . =ETF NAV .-! ETF Mkt Val M Benchmark 19.97 (1'59) 20.22 (1.42) Performance Since Inception Q1 2012 1 Year 3 Year 5 Year 7 Year 5.83 10 Year 7.86 8.01 ETF(NAV) 11.35 2.04 28.88 1.14 1.10 5.87 7.86 8.09 ETF(Mkt Val) 11. 29.16 2.28 29.18 1.26 5.96 8.01 11.441 1 Benchmark 2008 2007 2006 20 A 2 YTD 2011 2410 209 24.40 34.07 (38.34) (1.59) 19.94 11.35 ETF(NAV) 1138 . (1.57) (1.57) 24.43 33.31 (37.98) 19.97 (1'59) 20.22 (1.42) ETF(Mkt Val) 11.41 Benchmark (1.38) 24.75 34.21 (38.44) rfmay Past performance is no guarantee oft future suits. harta for illustrative obtain performance current totthepmost recrentomonthfend, you reference the fund'sawebsitelor call the 800 number performance may be higher performance located under Key Facts on page one of this document Equity -Top Portfolio Holdings slsorzolz Equity Sectors sraorzott Portfolio 0.98% Materials M 4.5 Spectra Energy Corp 0.86°/a Information Technology �8.2 Marsh&McLennan Companies,Inc. Inc. 0.83% Lorillard, 0.81% Healthcare r6-7 Equity Residential 0.81% Telecommunications ,� Consolidated Edison,Inc. 0.79% Consumer Discretionary 11.5 Prologis Inc Discover Financial Services 0.78% Consumer Staples �6.1 PPL Corp 0.78% Industrials 11 Aon Corp. 0.77°r'° Financials 31.4 HCP Inc 0.76% Energy �6.9 Utilities 12.5 0% 5°c 10°h 15% 20°'0 25% 30% 35% Percentage of Equity Please see disclosure at the end of this report for additional important information. FOR ONE-ON- (/ S .,�7nR ST 11V 1 l�lJ All performance presented is net of fees(NAV unless otherwise indicated). Prima Portfolio Services, Inc.All Rights Reserved. ONE PRESENTATIONS ONLY. Copyright©2012, Mutual Fund US Equity Small Cap Grow#h Returns through 313112012 Trailing Performance Calendar Performance 34 25 20 40 20 10 5 - -20 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 MF Benchmark MF qW Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF 15.20 2.53 27.70 5.19 8.11 6.52 6.62 Benchmark 13.28 0.68 28.36 4.15 6.86 6.00 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 15.20 (0.81) 26.82 35.16 (38.53) 11.85 14.76 8.93 7.41 39.83 Benchmark 13.28 (2.91) 29.09 34.47 (38.54) 7.05 13.34 4.15 14.31 48.53 (30.27) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 1213112011 Equity -Top Portfolio Holdings 12/31/2011 Portfolio% Materials �4.8 Transdigm Group Inc 1.98% Information Technology 254 Zoll Medical Corporation 1.27% Westinghouse Air Braise Technologies Corp 1.21% Healthcare 177 CoStar Group,Inc. 1.15% Telecommunications 10.9 Nu Skin Enterprises,Inc.A 1.15% Consumer Discretionary 17.2 Biomarin Pharmaceutical,Inc. 1.10% Consumer Staples _4.4 RightNow Technologies,Inc. 1.09% Sall Pharmaceuticals,Ltd. 1.07% Industrials 14 9 Proassurance Corporation 1.06% Financials _5.9 CommVault Systems,Inc. 1.01%a Energy 7.9 Utilities 10.9 0% 5% 10% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees (NA V). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS ylj'1J4- SUNTRUST ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. U 1V 11( Mutual Fund US Fquity Small Cap Value Trailing Performance 35 30 25 20 15 15 -5 1 Qtr YTD 1 Year 3 Year 5 Year MF 1.4" Benchmark Performance MF Benchmark Returns through 313112012 Calendar Performance 60 40 20 0 -20 7 Year 10 Year -40 2011 2010 2009 2008 2007 2006 = MF ??! Benchmark Q1 2012 1 Year 3 Year 14.18 2.35 33.78 11,59 (1.07) 25.36 Since 5 Year 7 Year 10 Year Inception 23.78 0.01 4.57 6.60 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 14.18 (1.16) 35,93 45.40 Benchmark 11.59 (5.50) 24.50 20.58 (28.92) (9.78) 23.48 4.71 22.25 46.02 (11.42)representative Past erformance may be lower or higher f than performance hdata quoted. To obtain performance current totthe most recent of the f ent month endeyou rfmmay reference he fund's awebsitelor call the 0 number R located under Key Facts on page one of this document. Equity Sectors 212912012 Equity -Top Portfolio Holdings 2/29/2012 Portfolio Materials 72 Information Technology 15.8 Healthcare 16'6 Telecommunications Consumer Discretionary 10.9 Consumer Staples -2.1 Industrials 22.9 Financials 16.7 Energy 8.9 Utilities 0°ro 5% 10% 15°;0 20°h 25 b Percentage of Equity HighMark Diversified Money Market Fid HighMark US Government MMkt Fid Solutia,Inc. Berry Petroleum Co NCR Corporation Guess,Inc. AerCap Holdings N.V. Harman International Industries,Inc. Lufkin Industries,Inc. Reinsurance Group of America Inc All performance presented is net of fees ('NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS ONLY. Copyright 0 2012,Prima Portfolio Services,Inc.All Rights Reserved. 3.98% 3.98% 2.61% 2.16% 2.10% 2.09% 2,06616 2.05% 2.04% 2.03% „�'1 SuNTRusT Mutual Fund International Equity Large Cap Core Returns through 3/34/2012 Trailing Performance 20 15 2008 2007 2006 2005 2004 2003 2002 MF 11.07 (10.61) 11.22 31.43 10 5 ■ ■ (44.02) 11.64 27.09 13.41 20.09 0 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current -5 located under Key Facts on page one of this document. -10 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year Portfolio% = MF �_ Benchmark Performance MF Benchmark Calendar Performance 40 -40 _ -60 2011 2010 2009 2008 2007 2006 = MF Benchmark Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year 11.07 (4.49) 18.73 (1,58) 5.15 7.07 11.11 (6.13) 17.72 (3.29) 3.49 5.97 Since Inception 7,15 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 11.07 (10.61) 11.22 31.43 (42.46) 13.24 27.70 16.62 20.85 33.03 (11.79) Benchmark 11.11 (12.40) 8.39 33.72 (44.02) 11.64 27.09 13.41 20.09 39.42 (15.82) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end,you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 2/2912012 Equity -Top Portfolio Holdings 2/29/2012 Portfolio% Materials 9? Nestle SA 2.95% Information Technology -8 5 Royal Dutch Shell PLC 2.85% Healthcare 93 Roche Holding AG 2.29% Telecommunications -s.e Standard Chartered PLC 2.18% Bayer AG 2.15% Consumer Discretionary 105 Sumitomo Mitsui Financial Group Inc 2.04% Consumer Staples 10.3 Barclays PLC 1.84% Industrials 12,6 Rio Tinto PLC 1.84% Westpac Banking Corp 1.83% Financials 23 Vodafone Group PLC 1.78% Energy 9 Utilities �3 7 0% 5 10;!0 15% 20°.5 25-A Percentage of Equity All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS �4/`* SUN TRUST UST ONLY Copyright©2012,Prima Portfolio Services,Inc.All Rights Reserved. Mutual Fund Global Equity Large Cap Core Trailing Performance 2007 2006 2005 2004 25 20 2012 YTD 2011 2010 2009 39.12 2008 25.42 40.07 15.12 33.88 11.33 (40.07) 30.80 (10.078) 33.77 (19.96) 15 10 5 P1 9 No sm 0 Past performance no guarantee performance cuaent lower or higher than performance data quoted. -5 -10 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year Equity -Top Portfolio Holdings 1zi31I2u11 M MF W, Benchmark Performance MF GN 2012 1 Year 3 Year 5 Year 15.69 (7.50) 17.82 (0.76) 028 20.83 ((1.50) Calendar Performance 40 20 x.r ; 0 20 - -40 -60 2011 2010 2009 2008 MF Benchmark Since 7 Year 10 Year Inception 6.01 7.72 8.72 4.17 4.95 Returns through 313112012 2007 2006 Benchmark 11'75 2007 2006 2005 2004 2003 2012 YTD 2011 2010 2009 39.12 2008 25.42 40.07 15.12 33.88 11.33 (40.07) 30.80 (10.078) 33.77 (19.96) 15.68 (16.14) 9.23 MF 5.69) 12.43 31.51 11.75 (41.19) 9.23 20.12 9.60 15.07 Benchmark is of future results. Chart is fToative purposes to the most reaentomnnthfendeyourtmay reference the fund'sawebsritelor call the 800 number ance of any Past performance no guarantee performance cuaent lower or higher than performance data quoted. performance may be Facts on page one of this document. located under Key Equity -Top Portfolio Holdings 1zi31I2u11 Portfolio'/° Equity Sectors 1213112011 4.13% Lonza Group AG 3.83% Materials 83 Amdocs Ltd. 3.28% 124 Information Technology Ryanair Holdings PLC ADR 2.91 . t 52 Healthcare Schlumberger Ltd.(United States) In Shares 0.05%(Id 2.85% Telecommunications W2 Dreyfus Cash Management,Inc.- , 2.81% 134 sonic Healthcare Limited 2.75% Consumer Discretionary 22 a Tesco PLC 2.6$% Consumer Staples Danone 2.21°h . t2s 4ndustrials Mindray Medical International Limited ADR 2.19% Financials �s.5 Johnson Matthey PLC Energy 6 Utilities 2!)k 25% 0°ro 5W, 70a�o t5% Percentage of Equity SL n, performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS l' I LTST ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Mutual Fund Emerging Markets Equity All Cap Growth Returns through 3131/2012 Trailing Performance 2009 2008 2007 2006 2005 2004 40 MF 14.91 (17.85) 27.39 82.10 (47.84) 34.30 25.70 33.63 33.53 24.21 54.36 (12.01} 30 81.23 (54.54) 39.99 the future of any particular portfolio or security. Current Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of performance end, may reference the fund's website or call the 800 number 20 current to the most recent month you located under Key Facts on page one of this document 10 ir Equity -Top Portfolio Holdings 212912012 0 Equity Sectors 212912012 Portfolio -10 1 Qtr YT❑ 1 Year 3 Year 5 Year -60 2011 2010 2009 2008 = MF = Benchmark Performance MF Benchmark Q1 2012 1 Year 14.91 (4.97) 14.17 (8.68) Calendar Performance �;, 2007 2006 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 100 MF 14.91 (17.85) 27.39 82.10 (47.84) 34.30 25.70 33.63 33.53 24.21 54.36 (12.01} 80 60 81.23 (54.54) 39.99 the future of any particular portfolio or security. Current Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of performance end, may reference the fund's website or call the 800 number 40 current to the most recent month you located under Key Facts on page one of this document 20 «:: Equity -Top Portfolio Holdings 212912012 0 Equity Sectors 212912012 Portfolio -4C Oppenheimer Institutional Money Market E 7 Year 10 Year -60 2011 2010 2009 2008 1 8 Information Technology Infosys Ltd America Movil,S.A.B.de G.V.ADR 3.49% MF ' Benchmark Nhn Corp 3.17% Telecommunications Since 3 Year 5 Year 7 Year 10 Year Inception 30.02 8.54 1'96% 13.38 26.22 5.16 12.51 13.48 8aidu,Inc.ADR. �;, 2007 2006 2012 YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 MF 14.91 (17.85) 27.39 82.10 (47.84) 34.30 25.70 33.63 33.53 24.21 54.36 (12.01} Benchmark 14.17 (18.26) 20.45 81.23 (54.54) 39.99 the future of any particular portfolio or security. Current Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of performance end, may reference the fund's website or call the 800 number performance may be lower or higher than performance data quoted.To obtain performance current to the most recent month you located under Key Facts on page one of this document Equity -Top Portfolio Holdings 212912012 Equity Sectors 212912012 Portfolio Oppenheimer Institutional Money Market E 4,08% Materials r54 3.84% 1 8 Information Technology Infosys Ltd America Movil,S.A.B.de G.V.ADR 3.49% Healthcare 0 a Nhn Corp 3.17% Telecommunications Mexican Economic Development,Inc.ADR 2.22% 11.8 BMF Bovespa SA Bolsa Valores Merc Fut 2.12% Consumer Discretionary 1'96% Consumer Staples z5 5 Carlsberg AS 1.88% 8aidu,Inc.ADR. Industrials �4'3 Novatek OAO GDR 1.84% Financials 18.3 Sm Prime Holdings Inc 1.80% Energy 9.9 Utilities 4% 5% 16% 15% 20% 25% 30% Percentage of Equity All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE-ON-ONE PRESENTATIONS JIld`/l� S >�{ R TST ONLY. Copyright O 2012,Prima Portfolio Services, Inc.All Rights Reserved. Ul�l 1��1� Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade Returns through 3/3112012 Calendar Performance Trailing Performance B 8 6 6 4 4 2 0 - ` _2M 0 2011 2010 2009 2008 2007 2006 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year M ETF NAV ETF Mkt Val IM Benchmark ETF NAV ETF Mkt Val M Benchmark Since Performance Inception 3 Year 5 Year 7 Year 10 Year Q1 2012 1 Year 6.22 0.20 7.66 6.69 6.24 ETF(NAV) 0.17 7.84 6.53 5.46 5.42 0.66 ETF(Mkt Val) 6A 6 6.10 5.90 Benchmark 2008 2006 2009 20D7 2012 YTD 2011 2010 6.03 5.17 ETF(NAV) 0.20 7 71 0.17 7.92 6.50 6.19 65 7. 3,34 7.02 4.58 ETF(Mkt Val) 0.66 5.97 6.15 8.46 4.86 Benchmark only Chart rfmay reference he fund'sawebsritelor call the 8 0 number omonth fend, Past performance is no guarantee of future resullt ta quoted, obtain performance current totthe most recent you performance may be tower or higher than performance located under Key Facts on page one of this document 11 Fixed Sectors 1 213112 01 1 Treasury AgencylQuasiAgcy _4.7% Supranational 014% 26.89m Agency MBS Non-Agcy MBS 10 7% CMBS '.1.590 Asset Backed(ABS) 10.3% Corporate Bond 20.6% Preferred Stock 10.1% Cash&Equivalents �58% Municipals ,0.8% 40 0% 10°a 20% 30% Percentage of Fixed Fixed -Top Portfolio Holdings 12131120 US Treasury Note 0.625% US Treasury Bond 6.25% US Treasury Note 1.375% US Treasury Note 1.875% US Treasury Note US Treasury Note 1% Gnma li 30yr Tba Jan US Treasury Note 1.875% US Treasury Bond 4.5% US Treasury Note 2.75% All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ONE PRESENTATIONS ONLY. Copyright O 2012, Prima Portfolio Services,Inc.All Rights Reserved. Portfolio% 125%a 0.93% 0.79% 0.75% 0.71% 0.70% 0.63% 0.63% 0.57% 0.54% SUNTRUST Exchange Traded Fund US Flxed Income Short Term Investment Grade Returns through 3/31/2012 Trailing Performance Portfolio% US Treasury Note 0.375% Calendar Performance US Treasury Note 2.5% 1.79% 5 1.78% US Treasury Note 0.875% 10 US Treasury Note 1.75% 1.65% US Treasury Note 0.625% 4 US Treasury Note 2.375% 1.59% 8 1.56% US Treasury Note 0.25% 1.40% 3 1.22% 6 2 4 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2011 2010 2009 2008 2007 2006 li ETF NAV _._._ ETF Mkt Val - Benchmark _ ETF NAV ETF Mkt Val = Benchmark Performance Since Q1 2012 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF(NAV) 0.43 3.35 3.77 4.62 ETF(Mkt Val) 0.40 3.32 3.50 4.59 Benchmark 0.54 3.41 3.95 4.63 4.43 4.36 2012 YTD 2011 2010 2009 2008 2007 2006 ETF(NAV) 0.43 3.04 4.00 4.44 5.47 ETF(Mkt Val) 0.40 2.95 3.89 1.54 8.45 Benchmark 0.54 3.14 4.08 4.62 5.12 7.27 4.22 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 1 2131/2 01 1 Fixed -Top Portfolio Holdings 1 213 112 01 1 Treasury 60.8% Agency/Quasi Agcy 11.4% Supranational .3.5% Securitized 10.3% Corporate Bond 216% Preferred Stock Cash 8 Equivalents 12.3% Municipals ;0.1% 0% 20% 40% 60% Percentage of Fixed 80% All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ��r����, ONE PRESENTATIONS ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Portfolio% US Treasury Note 0.375% 2.00% US Treasury Note 2.5% 1.79% US Treasury Note 2.6250A 1.78% US Treasury Note 0.875% 1.71% US Treasury Note 1.75% 1.65% US Treasury Note 0.625% 1.59% US Treasury Note 2.375% 1.59% US Treasury Note 0.875% 1.56% US Treasury Note 0.25% 1.40% US Treasury Note 1.875% 1.22% All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE-ON- ��r����, ONE PRESENTATIONS ONLY. Copyright©2012,Prima Portfolio Services, Inc.All Rights Reserved. Exchange Traded Fund US Fixed Income Intermediate Term High Yield Trailing Performance Calendar Performance 4.49 60 25 40 534 20 20 D �.. -20 15 -40 2011 2010 10 Year 10 ETF NAV 0 1Qtr YTD 1 Year 3 Year 5 Year 7 Year ETF NAV ..__ ETF Mkt Val Benchmark Performance ETF(NAV) ETF(Mkt Val) Q1 2012 Calendar Performance 4.49 60 2.61 40 534 20 D �.. -20 1 -40 2011 2010 10 Year ETF NAV Q1 2012 1 Year 4.49 6.48 2.61 6.21 534 6.45 3 Year 19.85 20.01 23.87 5 Year BAD Retums through 313112012 ti 0 0 - 2009 2008 2007 , ETF Mkt Val M Benchmark 7 Year 8.49 10 Year 9.24 I 2006 Since inception 6.03 5.62 Benchmark 2007 2006 2011 2010 2009 2008 2012 YTD 40.74 (23.86) 5.88 12.08 ETF(NAV) 4.49 2.61 6.75 11.87 213.46 (17.31) 1.87 11.85 ETF(Mkt Val) 5.34 q.gg 15.12 58.21 (26.16) Benchmark Past performance is no guarantee of future results. Chart as uoteduTo obtain performance current totthe most recent month f end, you rfmay reference he fund's awebsitelor call the 800 number performance may be lower or higher than performance 4 located under Key Facts on page one of this document. Fixed -Tap Portfolio Holdings 313012072 Portfolio% Fixed Sectors 3/30/2012 0.82% First Data 12.625% 0.76% Sprint Nextel 144A 9% 0.75% Hca 6.5% 0.72% Corporate Bond Cit Grp 7% 0.72% Intelsat Bermuda 11.25% 0.67% Harrahs Oper 10% 0.63% Cit Grp 144A 5.5% 0.61% Calpine 7.5% 0.59% Clear Channel Ww Hldgs 9.25% 0.56% Cash&Equivalents 112% Springleaf Fin 6.9% 0% 20% 40% 60% 80% 100% Percentage of Fixed All performance presented is net of fees(NAV unless otherwise indicated). Please see disclosure at the end of this report for additio ns!important information. FOR ONE-ON- / U1I`1tUST ONE PRESENTATIONS ONLY. Copyright 2012,Prima Portfolio Services, Inc.All Rights Reserved. �Jll SUNTRUST IV. Appendix Important Disclosures SunTrust Private Wealth Management is a marketing name used by SunTrust Banks, Inc. and the following affiliates: Banking and trust products and services are provided by SunTrust Bank. Securities, insurance (including annuities and certain life insurance products) and other investment products and services are offered by SunTrust Investment Services, Inc., a SEC registered broker/dealer and a member of the FINRA and SIPC. Other insurance products and services are offered by SunTrust Insurance Services, Inc., a licensed insurance agency. Investment advisory products and services are offered by SunTrust Investment Services, Inc. and GenSpring Family Offices, L'LC (flkla Asset Management Advisors, L.L.C.), investment advisers registered with the SEC. SunTrust Investment Services, Inc., SunTrust Bank, their affiliates, and the directors, officers, employees and agents of SunTrust Investment Services, Inc., SunTrust Bank and their affiliates (collectively, "SunTrust") are not permitted to give legal or tax advice. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents and provide legal services and advice. Clients of SunTrust investment Services, Inc., SunTrust Bank and their affiliates should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. If included as a part of the presentation, any Baseline Financial Services, Inc. (Baseline), or Crandall, Pierce & Company (Crandall Pierce), or First Rate (First Rate) statistical data is provided as a service of SunTrust Banks, Inc. and its affiliates (including SunTrust Investment Services, Inc.) by Baseline, Crandall Pierce or First Rate, all of which are unaffiliated third party vendors. While this information is believed to be accurate, SunTrust Banks, Inc., including its affiliates, does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse these analyses or market data. Securities and Insurance Products and Services: • Are not FDIC or any other Government Agency Insured • Are not Bank Guaranteed • May Lose Value SuNTRuST Important Disclosures Asset Allocation does not assure a profit or protect against loss in declining financial markets. Emerging Markets: Investing in the securities of such companies and countries involves certain considerations not usually associated with investing in developed countries, including unstable political and economic conditions, adverse geopolitical developments, price volatility, lack of liquidity, and fluctuations in currency exchange rates. Fixed Income Securities are subject to interest rate risk, credit risk, prepayment risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may provide a fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and when redeemed, may be worth more or less than their original cost. Hedge funds may involve a high degree of risk, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds often charge high fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. High Yield Fixed Income Investments, also known as junk bonds, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in emerging market countries, since these countries may have relatively unstable governments and less established markets and economies. Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations, and illiquidity. Managed Futures and commodity investing involve a high degree of risk and are not suitable for all investors. Investors could lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because trading security futures is highly leveraged, with a relatively small amount of money controlling assets having a much greater value. Investors who are uncomfortable with this level of risk should not trade managed futures or commodities. Real Estate Investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general economic conditions. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. SUN tRUST Important disclosures The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but SunTrust Investment Services, Inc. (STIS) makes no representation or guarantee as to their timeliness, accuracy or completeness or for their fitness for any particular purpose. The information contained herein does not purport to be a complete analysis of any security, company, or industry involved. This material is not to be construed as an offer to sell or a solicitation of an offer to buy any security. Opinions and information expressed herein are subject to change without notice. STIS and/or its affiliates may have issued materials that are inconsistent with or may reach different conclusions than those represented in this commentary, and all opinions and information are believed to be reflective of judgments and opinions as of the date that material was originally published. STIS is under no obligation to ensure that other materials are brought to the attention of any recipient of this commentary. The information and material presented in this commentary are for general information only and do not specifically address individual investment objectives, financial situations or the particular needs of any specific person who may receive this commentary. Investing in any security or investment strategies discussed herein may not be suitable for you, and you may want to consult a financial advisor. Nothing in this material constitutes individual investment, legal or tax advice. Investments involve risk and an investor may incur either profits or losses. Past performance should not be taken as an indication or guarantee of future performance. STIS shall accept no liability for any loss arising from the use of this material, nor shall STIS treat any recipient of this material as a customer or client simply by virtue of the receipt of this material. The information herein is for persons residing in the United States of America only and is not intended for any person in any other jurisdiction Investors may be prohibited in certain states from purchasing some over-the-counter securities mentioned herein. The information contained in this material is produced and copyrighted by SunTrust Banks, Inc. and any unauthorized use, duplication, redistribution or disclosure is prohibited by law. STIS's officers, employees, agents and/or affiliates may have positions in securities, options, rights, or warrants mentioned or discussed in this material. SUNI)RUST important Disclosures ■ BarCap Aggregate Bond Index: The broadest measure of the taxable U.S. bond market, including most Treasury, agency, corporate, mortgage-backed, asset-backed, and international dollar-denominated issues, all with investment-grade ratings (rated Baa3 or above by Moody's) and maturities of one year or more. BarCap US Corporate High Yield: The U.S. Corporate High-Yield Index the covers the USD-denominated, non-investment grade, fixed- rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody's, Fitch, and S&P is Bat/BB+/BB+ or below. The index excludes Emerging Markets debt. BarCap US Treasury Long Index: includes public obligations of the US Treasury with maturities of 10 years or more. CBOE VIX: The CBOE Volatility Index is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility. VIX is often referred to as the"investor fear gauge". Dow Jones Wilshire RESI Index: designed to provide measures of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. To be included, a company must be both an equity owner and operator of commercial and/or residential real estate. A company must have a minimum total market capitalization of at least $200 million at the time of its inclusion, and at least 75% of the company's total revenue must be derived from the ownership and operation of real estate assets. ® MSCI All-Country World ex-US Index: is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, ex-US equities. MSCI All Country World Index: is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index: The MSCI EAFE Index® comprises 21 MSCI country indices, representing the developed markets outside of North America: Europe, Australasia and the Far East. MSCI Emerging Markets Index: is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010 the index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Note.Indexes are unmanaged.An investor cannot invest directly in an index. They are shown for Oustrative purposes only and do not represent the performance of any specific investment. ,,/ Important Disclosures • The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. As of June 2007, the Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. • Russell 2000 Index: is comprised of 2000 smaller company stocks and is generally used as a measure of small-cap stock performance. S&P 500 Index: The S&P 500 Index is comprised of 500widely-held securities considered to be representative of the stock market in general. • S&P Equal Weight Index (S&P EWI). The index is the equal-weight version of the widely regarded S&P 500. The index has the same constituents as the capitalization weighted S&P 500, but each company in the index is allocated a fixed weight of 0.20% at each quarterly rebalancing. • Barclays U.S. Municipal Index: covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. • DJ-UBS Commodity Index is composed of futures contracts on physical commodities. It currently includes 19 commodity futures in seven sectors. The weightings of the commodities are calculated in accordance with rules that ensure that the relative proportion of each of the underlying individual commodities reflects its global economic significance and market liquidity. • MSCI BRIC Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following four emerging market country indices: Brazil, Russia, India and China. • The MSCI AC (All Country) Asia ex Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. As of March2009 the Index consisted of the following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand • MSCI Germany: every listed security in the market is identified. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GIGS®), and screened by size, liquidity and minimum free float. Note;Indexes are unmanaged An investor cannot invest directly in an index.They are shown for iuustrative purposes only and do not represent the,performance of any specific investment. SUNfRUST