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2008 Trusco 4th Quarter Fund Management Report ~',r:
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Managing ital Managem
T rusco C 523
6.15.748- cocapital.com
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fiolioReView Sectionlll
port
p~p~endix .
ement, Inc."
t is a division ofi RidgeW°rth Capital Manag
ital Managemen p
Trusco Cap , • . • '
' ~ .
, ~ oos
rter 2
rth ~ua and a flight tO
t~~ ~ au -ofif in equ?t1es
e~~s • led a steep sell
~h ris?s pr°'mp .Wing in
K y e credit c ion begin
fallout fr°m th cess lunged
Additions) uarter• mounted. A re ricer p
~ the fourth q and fob losses °dity p
quality in ergy and °ther c eak.
timed to deter? fared. En c clica? p e FOMC
007 was °fficia?ly dec direct
~ The eCQnomy con from the summer y e m°re targeted• Th
ecernber 2 own Sharpy and becam 'n ~ and announced
~ in inflation d eas? g the first
send 9 Vention intensi~
n d uantitative was passed and
°netary p°Ilcy inter ~ ,l t4°
f°~ be ua TARP Program
rate to
+ Fiscal and m ht fed funds a TCeas rY wing
°Vernig t age seCUrities• Th the weakest sho
cut the of mor g ore
purchases ented• arter ~tOtsl return
ale the tradit?onalla elative
phase implem fOUrth qu declines wh erformed °n th and
22% in the market outp ,While the Gr°w
t nearly cials 1ed the sectors
Ivan tap d utilit1e and internationally
~ The S&P 5~oash °f 1987• ~ umer s ies an stically
C c°ns
since the care' erformed b°th d4~rle
defensive health
r e-Caps °utp even. risk of all types.
basis. Lag nearly I as investors fled
10
st les were sharpy the °
Value y eclined . n to near zero soared 4.58
. es and real estate d -month T-bill plane ?s
a g°nd ?nde
s credit spreads
? C°mrn°d?t~ 1 sharply with the clays Capital Agh
YIe1d bonds fell a
bond y1eldsnelto 2.25%~ The surge msrg?n' HIg
~ Treasury dropp? g e,~ormed by
year Tre sury bonds °utp
snd Tres ieVels• ~ ~ ~ '
. dened to record
wI ~~- •
. -•.
2008: Stocks React to Deteriorating Environment
The S&P 500 index lost 38.5% in 2008 as the U. S. stock market had its worst year since the Great ®epression.
1,450 -~ Jan.2 Sept.?
1,447.16 July 11 U. S. takes over Fannie Mae and Freddie Mac.
Crude oil hits an all-time i
high of $147.27 a barrel. ~ Oct. 1
Retail gasoline prices
1 350 _ reach a record $4.11 a Senate approves a $700 billion TARP
~ gallon six days later. Financial rescue package initially
aimed at buying banks' distressed assets.
May
The U.S. begins sending Oct. 12
$150 billion worth of stimulus € Wells Fargo, beating out a bid by
1,250 - payments to taxpayers in Citigroup, gets approval to
March 16 an effort to boost spending. buy nearly collapsed Wachovia.
JPMorgan Sept. 14 Nov. 23
Chase uys duly 15 Lehman Brothers The overnment fives Citi rou
Bear Stearns The eur:.o hits g g g p
in a shot un an all-tiFne high files for bankruptcy an extra $20 billion in loans and
1 150 g of $1.6038 protection; Merrill guarantees hundreds of billions
~ deal backed L nch sells itself to worth of mort a es and other
by the U. S. againstthe Bank of America to g g
government. tumbling U. S. assets.
dollar. € avoid a similar fate. Dec. 11
Bernard Madoff, former chairman of
1 X050 Sept. 16 Nasdaq, is arrested on charges of
The U. S. takes over American: running a Ponzi scheme that defrauded
International Group, the world's Investors out of $50 billion.
Largest insurer, and gives it an
€ Initial $85 billion loan. Dec. 19
9rJ, 0 President Bush offers $17.4 billion in
loans to U. S. automakers,
Sept. 25 demanding tough concessions
Washington Mutual becomes i from the companies and workers.
€ the largest bank ever to fail.
850 The FDIC sells its businesses Dec. 31
to JP Morgan Chase. 903.25
G11: -9.9% Q2: -3.2% Q3: -8.9'/° ~ Q4: -22.6%
750
12/31 3/31 6/30 9/30 12/31
Sources: FactSet, Thomson Reuters 1/3/09
® r 0 ~
It's Official: NBER Declares Economy Peaked in December 2007
"The Business Cycle Dating Committee of the National Bureau of Economic Research met Friday, November 28. The committee determined that
a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November
2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months."*
All Employees: Total Nonfarm Personal Income less Transfer Payments
Dlfterence -Period to Period SA, Thous % Change -Year to Year SAAR, Bil.Chn.20005
600 _ 600 10.0 _ - 10.0
400 400
7.5 7.5
200 ~ I ~ ' 200
' ~ 5.0 5.0
0 ~~- ~ 0
2.S 2.S
-200 ~ -200
-400 -400 0.0 0.0
-600 ~ ~ ~ ~ ~ -600 -2.5 ~ ~ -2.5
90 95 00 OS 90 95 00 05
Source: Bureau o} Labor Statistics /Haver Anelytics Source: The Co~derence Board /Hover Analytics
Industrial Production Manufacturing & Trade Sales
% Change -Year to Year SA, 2002=100 % Change -Year to Year SA, Mil.Chn.20005
12 -.. _- 12 8 9
a 9
4 4
4 4
0 0
0 0
-4 -4
-4 1 _4
90 95 00 05 90 95 00 05
Source: The Conference Board/Haver Analytics Source: The Conference Board/Haver Analytlcs
* The charts on this page are key monthly economic indicators cited by the NBER to determine economic peaks and troughs. Data as of 1/8/09.
Hld~~~
~ ~ p t ace t° qtn quaver sell-off
¦ O$ ¦ ~Q ress?ve
t~ ~n the ag9
Macke 'verse asset classes declined '
of historically d' p7 _ DgCember 31, 20p8
p broad array Zp
Oe~~ber g' Care°rate -Nigh Yield (1983) -Price
data From
..---~ (INDEX) Lehman US Aggregate Credit-
FTSE NAREITComposite -Price
(INDEX) US Aggregate -Price Price
Price _ (INDEXI Lehman 1 g Y) -
~- (INDEX S&P 500 - price ~ ({NDEX) pnerrip U.S,Treasu[~?s ( -
._-- ({NDEX) Russell 2 E Oprice
(INDEX? M$GI EAF -- -
110
100
~ ~
1
so
~4
70
60
50
40 1 /09
10!08
so _ 7toa Source: FactSet
4108
20 1108
r r~
~ ~ ~
Data as of 12/31/2008
~ ~ ® m
Fixed Income: Spreads Widen to Depression Era Levels
¦ The fixed income market continues to discount Investment Grade Spreads Still Elevated
Depression level defaults on investment grade Moodys Baa Corporate Bond Yeld minus
corporate bonds. US Intermediate Govt Bond veld
vs. Annual Global Corporate Default Rates (All Rated)
¦ That default rate would be far beyond what 9 --- -_ - - -------------- ------- ---
historical averages would indicate, and despite g Global Corporate Defaults (LH) -Baa Corporate Spreads (RH)
the fact that corporate balance sheets are
m
currently in good shape. ~ 6
¦ Credit analysis has become increasingly ~ 5
important as investors navigate the post-Lehman o 4 a
markets. ~ 3 W
` N
z _
0 'ITT- ~ -~- _--?- O
tD O N ul m .- V r O m O m N N m r V f~ O M N °J N N oD ~ d' r
N N Ch C7 M V V V N ~f1 N ~ O O r t` r m W W O O m m O O O
°I °J W m W m W O O~ 01 W °1 °1 T W °J m T m m W m T W O N N N
Lending Standards at Multi-decade Highs
FEDERAL RESERVE SENIOR LOAN OFFICER SURVEY
100 %of Institutions Reporting Tightening of Standards ' As the credit crisis unfolded, banks tightened
lending standards and investors liquidated risky
$0 776 as.s assets. These two actions drove credit spreads
so dramatically higher.
588 Lending standards continue to be tight as loan
40 officers refuse to put additional risk on bank
20 balance sheets.
V~= -~.
Mortgages ~-~-•Commercial & Industrial Credit Cards
-40
O N M LC') r O O O N C7 ch Lr') CO ~ O
d) ~ 41 4) m d) O m O D) O O O O O O O O O
O O O O O O O O O O N N N N N N N N N
Source: Morqan Stanley, Morningstar, NBER
• .o .•- .•- • ® r
Bull and Bear Markets -August 1929 -December 2008
•- • • •
.- ~
- Cutnulatiued ~ ~ ~ ~ •
• • - Retarn
Aug-29 Jun-32 34 2:8 -83.3 °~b 17.3 % -74.5 % -45.1 19.7 x 45 % 3:9 % 1.2
Jun-32 May-46 167 13.9 810.2 111.9 104.9 111.4 10.8 7.3 3.7 -9.9
May-46 Nov-46 6 °0.5 -21.7 2.2 26.2 -39.4 22.8 3.5 1.1 3.0
Nov-46 Dec-61 181 15.1 934.7 113.1 200.9 62.1 13.8 4.8 1.2 17.7
Dec-61 Jun-62 6 0.5 -22.3 1.5 8.8 ; 29.6 22.4 2.8 4.1 0.7
Jun-62 Nov-68 77 6.4 143.7 23.2 66.1 19.2 15.8 3.7 3.9 1.2
Nov-68 Jun-70 19 1.6 -29'.2 5:3 -42 -30.0 1.8.8 2.9 5.7 4.7"
Jun-70 Dec-72 30 2.5 75.6 8.3 16.3 39.6 13.2 4.2 7.8 6.0
Dec-72 Sep-74 21 1.8 -42.6 6:3 42.0 -62.1 18.4 2,7 6.:4 3.4
Sep-74 Aug-87 155 12.9 843.5 82.7 74.0 198.3 7.0 5.3 8.0 12.0
Aug-87 Nov-87 3 0.3 ~ -29.5 0.8 10.3 -36.7 20.8 26 8:8 4.3
Nov-87 Aug-00 153 12.8 814.2 39.1 206.9 114.7 13.2 3.6 8.9 4.5
Aug-00 Sep-02 25 2.1 -44.7 2.8 -44.1 -4.0 28.3 1.1 5.8 3.4
Sep-02 Oct-07 61 5.1 108.4 9.7 120.4 -13.8 27.1 1.8 3.9 1.5
Oct.-07 Dee-Q8 14 1.2 ;40.1 . , 2.7 -27.4 -19'.7 23.4. 1.8. 4.5 3.5
Dec-08 ? 18.8 3.0 2.4 -0.3
Notes: The shaded areas represent bear markets.
S&P 500 P/E uses as reported earnings per share for the last twelve months on a lag basis provided by S&P.
S&P 500 P/Es reported for 1929 and 1932 are based on year-end earnings provided by UBS from S&P.
Yields reported for fhe S&P 500 yield in 1929 and 1932 are year-end figures and are provided by UBS from S&P.
Prior fo 1953, the U. S. Intermediate Government Bond yield is used in place of the 10-year Treasury yield.
Past performance is not indicative of future results and no investment is guaranteed for return of principal and/or return on investments.
All information is believed to be correct but accuracy cannot be guaranteed. Please consult with a financial professional prior to investing. Source: Haver, Morningstar
m pppp~unities
with Longer T er
went Chalienges II for Equip Returns
point to Gu we
tors gOdes v$.e~$
crease
pmic Indrea Retail Sales In ~~ccessR~~~~ ~o
n a2~1~1:~ar~~~eta~~~s
EC° consumer
erect proxy for Us a general ~
wren t a p Certainly provide ~
ail sales he d ~a ~ ~
. Ret s Chology • woul - ~:T
Confidence ~ buconsu?mer p y er conf idence d thus ~ o
perspective o Consurr' ~
rovement ?n tJmproved retail sales' an ~to
imp fior a ~ ~ ~
¦ An an ~rr'petus _10 ~
ofifer
equity returns • ~ ~ ~ ~Q1
~0 0~ ~ ~
~,0 ~ ~ ~ ,~0`° ~g~ ~ ~tn Retail sates
~g~
~c~g~p 540 uS t'S~''~: Fwd'6Zt~los E~ Ret ~COnOmic
in ~ead~ng outlook
chan9ul in assessing the
Ecanom~c Indicators ,The year ~E
j
ys also help
12
aging ~,o RHO the ~El oVer
Bottom in I.e ,~--•~E~ YoY t ~ ~ Indicators decline in
etum t°~°~ ~LH) _ .
fora 1o for 2008 • &P 5p0 has followed a
~aokin9 a Consi get
~1 S
~S&P 500 YOY Total R
s ~ W e have seen
6o s ast few years, an equity markets
the p
ectory• to imprOVe' the
ao : 4 similarer LEl begins
= ~ _ - _ -~- -r- ~ _--- 2 • should follow
20 Y -
_-~ o
_r". r
_ o 4 future results. Source: Haver Anal ics
2
~ is not indicative of
o o Past Performance r p n
-4O ~ N~ O~ O N N ® G ~
,d. `n ~ ~ ~ ~ ~ N N N N N N ~ ~ ~ ~
_60 - T N ~ ~ ~ ~ 6~ ,r r
~ ~ ~ ~ ~ ~ ` r
~ ~ r
T f
' ' ~
s
0
1
Outlook: Opportunities amid the turmoil
? Tug-of-War between the problems we face today...
• Rising unemployment
• Weak housing market
• Falling corporate profits growth
? ...and the promise of massive future stimulus:
• Lower gasoline/heating oil prices
• Fed ease /purchases of targeted securities to reduce borrowing costs
• Obama stimulus plan
? We believe the worst of the recession is at hand with recovery later in the year.
? We expect significant changes in regulation and market structure in the coming quarters after
the current crisis abates.
? Markets operating in crisis mode; fear dominating reason. These periods have historically
been painful but short in duration. We believe improving credit market function is key to
economic and equity market stability.
? We expect market volatility to subside and investors to gradually seek higher returns and
increase portfolio risk over the course of 2009.
Alan M. Gayle, Senior Investment Strategist
Market Snapshot December 31 ~ 2UUS AIan.Gayle@ RidgeWorth.com ~ (804) 782-5273
,::T
S&P 500 1.06 21:94" -37.00 -3T.00 -8.33:" -2::1'8 Barclay%s Aagr as€e~ 3.73 4.58: 5.24 5:24 5.49
RussellTop'200 0.66 -20:59 -36.07 -36.07 -7.84 -2:5q T~ zsurv 3.39 8.75' 13.74 13.74 8.49 6:34
Russell 1000 ~ 1.60 -22:48 -37.60. -37:60 -8.63 -2.03 ..Government-Related 3.69 5.72 8.51 8.51 6.87`.. 5:.37
Russell MidC~ap 4.27 -27:27- -41.46 -41.46 -10.64 -0:71 Corporate 6.80 3.98; -4.94 -4.94' 1.20 2.13
Ru'sse112000' 5.80 -26.12 -33.79 -33.79 -8.25..=0:92 Securitized 2.74 2.351,. 4.64 4:64 5.45. 4:90
RusselL'3000' 1.91 =22.78 -37.31 -37.31 -8.60 -1.94 Burslays Government Credit 4.53 6.42, 5.70 5.70 5.54 4.62
MSCI EAFE,Net 6.01 -19,:95. -43.13 -43>13 -7.32 1.65 6 ~r~lays Jnt~rmedi~te G'C 2.93 4.84 5.08 5.08'. 5.48 ~ 4:20
MSCI EAFE Small-Cap Net 6.82 -22:15 -46.75 -46.75 -13.71 1:14 Ear I~ysHiph Yield 7.68 -17.88 -26.16 -26.16` -5.57 -0.80
MSCI Emerging'°Markets_Nrt 7.80 -27:601 -53.06 -53:06 -4.89 ' 7.63 E~rcla;~ J~1uni-ip~l GO Index 2.31 2:9T 1.51 1.51 3.35 - 3.46
~ • ' • • ~~1L USGovt Corp:, 1-3 1.55 3.04 4.61 4.61 5.36 3:84
Rus"selLTop-200;Growth 1.15 -20:99' -36.06 - -36:06 -7.98 -3:63 f~1L iw3 U.S. Tr=asurv 0.59 2.69- 6.56 6.56 5.93 4.05
Russell,Top 200 Value 0.18 -20.17: -36.09 -36:09 -7.61 -1.35
Russell T000:Growth 1.81 -22.79' -38.44 -38.44 -9.08. -3.41: ~ M~~ 0.01 0:27 2.24 2:24': 4.05. 3:29
Russell ;]000 Value• 1.39 -22:18 -36.85 -36.85 -8.29: -0.79 r= Pv1o 0.24 1.07 3.70 3.70 4.69 3.67
Russell':MidCap Growth 3.68 27.36 -44.32 -44:32 -11.74 -2.32 C '':r 0.70 3.19 7:62' 7:62, 6.21 4114
Russell INidCap Ualue 4.87 -27a9 -38.44 -38.44 -9.94. 0:33 ` ' r ' 2.43 8.47 13.97 13.97 8.78 5.69
1 C Yc 6.29 14.98 20.06 20.06 10.07 7:38
Russe112000=Growth 5.42 -27.45 -38.54 -38:54 -9.28 -2:34 3n Yr 15.50 33.12. 41.25 41.25 15.38 12:72
Russe112000'Value 6..15 -24:89'. -28.92 -28.92 -7.46 0.27 ~ - ~ ~- ~ ~ ~ ~ ~
Russe113000 Growth 2.07 -23:15' -38.44 -38.44 -9.09 -3.32 ;-lvlonttr 0.11 0:90' 3.30 3.30' 4.08 0:94
RusseIR3000 Value 1.76 -22.41 -36.25 -36.25 -8.23 -0;71 6-Month 0.26 1.60 3.49 3.49; 4.37 f.Ot
2-Y.ear 0.76. 1:98. 3.07 3.07' 4.40 1:.84
Consumer Discretionary" 5.54 -22:85 -33..49 -33;49' -11.81 -6:15 5-Year 1.55 2.98- 3.46 3146 4.36 3.22
Consumer Staples -0.33 -.12.83 -15.43 -15.43 3.35 4.33 10 YE,r 2.25 3.83' 4.03 4.03' 4.40 4.26
Energy ; -3.99 -20:6i -34.87 -34.87 2.82 13.39 3o-Year 2.72 4:31 4.45 4.45'i 4.55 5:08
Financials ~ -0.29 -36:92` -55.32 -55.32 -24.24 -12:50 • ~ : • e ~ • • •
Health-care 6.81 -12:Y0; -22.81 -22.81 -3.82 -0.75 Cittgttxip IVGEI (USD).,= 1 7.11 8:61 10.80 10.80" 9.28 6,OZ
Industrials 1.07 -23:92' -39.92 -39.92 -8.61 -1,63 Citigroup'=WGB1 (USD).Hedged 2.33 6.23 9.14: 9.14 5.96 5:56
Information Technology 1.76 -25.73 -43.14 -43:14 -10.46 -5.76 CitigroupWGBI ex US'(USD) 8.13 8.80 10.03 10.03 9.46 ='5:98
Materials -0.37 -30:78 -45.66 -45.66 -7.53 -1.36 Citigroup;~^?GBI ex US (USD) Hedged 2.03 5.51- 7.95' 7.95 5.29 5.34
Telecommunication Services 0.98 -1.38. -30.49 -30.49. 2.10 -3.77 JP. Morgar Et.1BI Global 7.77 -6.01 -10.91 -10.91: 1.32 5a6
Utilities ' -2.11 -10:92 -28.98 -28.98:: 0.85 8.26 - - • • . . •
• ' ~ ' • Trade-Weighted Dollar (1,973-100) -4.43 :4.31 8.39 8.391 -2.57 '-1:63
HFRI.Fund of Filnds Comp -1.93 -7:88 -19.42 -19.06' 0.01 2.73 DJ-RIG Commodityandex (TR) -4.49 -30.05 -35.43 -35.431 -8.57 0.22
HFRI Multi=Strategy -2.04 -10:25 -20.04 -20.01 -10.71 2.96 DJ-AIG Energy TRi -16.69 -47:26: -47.07 -47.OT -27.96 -
HFRI~EquityMarket-Neutral 0.29 -5:42 -3.21 -2.78 9.97 -3:81 DJ RIG P[~,icus M~tula"(TR) - 8.48 -1.66. -4.03 -4.03 15.32 --
HFRI Equity Hedge -3.18. -7.44 -26.03 -25.64 -6.60 5.28 ~Lehman.TlPS 4.96 -3.48 -2.35 -2.35' 3.05 4:06
FTSE NAREIT Equity Index -5.45 -38.80 -37.73 -36:19 -13.45 -0.1.9 • • • • •
DJW'Globa{ exU.S~ReaL:Estate Sec`. 4.63 -28:97 -51.22 -51:22 -11.00 3.02 Consumer Price ndex'(82=84=T00 -1.68' -2:63 0.65 1'.01' 2.42 2:86
*Hedge Fund & CPI Data Through November 2008. Sources: Lehman Bros, CS/T, BLS, FactSet, MSCI, FRB
This perspective was prepared for institutional clients and prospective institutional clients of RidgeWorth Capital Management, Inc. Neither RidgeWorth Capital Management nor any affiliates make
any representation or warranties as to the accuracy or merit of this analysis for individual use. Comments and general market related projections are based on information available at the time of
writing and believed to be accurate; are for informational purposes only, are not intended as individual or specific advice, may not represent the opinions of the entire firm and may not be relied upon
for future investing. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decisions. Past returns are not
indicative of future results. Trusco Capital Management is a division of RidgeWorth Capital Management Inc.
awes
et V
Dark
real
~,~~to
6,790,379
~g~000,0p0
~7,pp0,000 X5,585,178 4,800,458
$8,000,000
$5,000,000 X4,303,742
$47000'000
$3,000,000
2008
2,000,000 2007
2006
$1 000,000 2005
arket V aloe
¦ Total M
_ ~ Q ~c
- .
~ ~ i
t ~
~ ~
® A
~
Historical Asset AI location
y oo°io
s.o°i°
90%
$0°/u 32.1% :35.8%-- 35.2%
70% 47.9
60%
8.5
50% 8.7%
10.7
40%
30%
20% ~ ~ • .
.
y0%
0%
2005 2006 2007 2008
¦ Large Cap ? Small/Mid Cap ¦ International D Fixed Income ? Cash
Portfolio Composition
as of 12/31/08
Intl
4.7%
- • Small Cap Fixed Income
• 47.9%
~ - 11' 11' 1 11' ~ • •
TOTAL - - _ _ _
PORTf`OLfO $4,800,,458 100.00% 1.00.00% 0.00%
Large Cap
Total Equity $2,069,093 43.10% 50.68% 34.0%
1 1
SunTrust Ret. High Grade Growth $1,016,624 21.18% 22.79% -1.61% cash
SunTrust Ret. High Grade Equity Income $614,080 12.79% 15.43% -2.64% 9.0%
_ - -.
_ _-- -_
- as o
SunTrust Ret. Small Cap Equity $214,231 4.46% 6.15% -1.69% Intl
6.3%
Small Cap
6.2%
RidgeWorth Intl Equity Index $224,157 4.67% 6.31% -1.64%
Fixed Income
44.1%
• - • • 1 1 1
SunTrust Ret. High Grade Bond $2,300,942 47.93% 44.07% 3.86%
Large Cap
_ _ _ _ _ _ _ _ 38.2%
Cash
5.3%
Please refer to appendix for full disclosure. Period Ending December 31, 2008
Performance Comparisons
Trailing Trailing Trailing Inception
4th Quarter 12 Months 36 Months 60 Months 120 Months 164 Months
2008 12/31 /2008 12/31 /2008 12/31 /2008 12/31 /2008 12/31 /2008._
TOTAL PORTFOLIO" -6t8% 17.1% -0.1% 2.8% 3.4% 7.2%
Netiof Fees Approximation -7.0% -17.8% -0.8% 2.1% , 2.7% 6.5%
60% S&P 500/ 40% Barclays Capital Aggregate -11.3% -20.1 % -2.8% 0.5% 1.4% 6.3%
Total Equity -20.2% -35.9% -7.0% -0.8% 1.1% 6.8%
S&P 500 Index -21.9% -37.0% -8.4% -2.2% -1.4% 6.1%
SunTrust Retirement High Grade Growth -20.1% -35.3% -4.5% -1.4% 0.6% 7.9%
Russell 1000 Growth Index -22.8% -38.4% -9.1% -3.4% -4.3% 4.3%
SunTrust Retirement High Grade Equity Income -17.2% -30.3% -2.6% 2.1% 2.4% 7.2%
Russell 1000 Value Index -22.2% -36.9% -8.3% -0.8°ra 1.4% 7.4%
SunTrust Retirement Small Cap -27.5% -39.9% -11.4% -1.5%
N/A N/A
Russell 2000 Growth Index -27.5% -38.5% -9.3% -2.4% -0.8% N/A
RidgeWorth International Equity Index -21.6% -44.1 % -7.4% 1.6% 0.5% 3.8%
MSCI-EAFE Index -20.0% -43.4% -7.4% 1.7% 0.8% 2.9%
SunTrust Retirement High Grade Bond 8.7% • 9.7% 6.8% 5.4% 6.0% 6.9%
Barclays Capital Aggregate Bond Index 4.6% 5.2% 5.5% 4.7% 5.6% 6.5°~b
Barclays Capital Govt/Credit Bond Index 6.4% 5.7% 5.6% 4.6% 5.6% 6.6%
91 DayT-Bill 0.1% 1.5% ° °
3.5 3.0% 3.2/0 3.7 r°
Past Performance is not indicative of future results. Please refer to appendix for full disclosure. Inception is April 1995.
Period ending December 31, 2008. Source: First Rate Performance System.
Account Activity Summary
I~e~a~)ea 3Ilq ~~~a' I1~~ce~1'a~ .3Ilq 2~D~~5
E~e~inn`~sp f~#~rk~et'~~ralue ~ ~.i ~+7
Se~inn~ ,w~~~d Intense ~ :?;44.5'1
6e~inn Por~~s~~'+~''~Itse ~ ~I~,''~,~.~.
!tJcntr~utions ~ 1,~1:i4~,~°~5_~I:IS
'i~J'i:,hde~a?w,ml~s -?;p~5,a;'~'1 ~2
!S.airr i;L+~s:s;l s-1,0'~6,.3~3_~5
fnwrne~s~~rndC+i~u~i~ienWs. ~ 24.~~f.'r5
C~a~tr",~c~ued I;n~an•~ ~ y.?S.J 1
Encing~ tw~arKe#'~+'alu,e ~ ~„r 9!~~, t~'"i'.~
En~in~: accrued In~c~m~ S
Ending. P~rlfoi~o 'k~'.alu~ ~ 4:E~OII~~,~;c.5~9
Tatal RctrtrtB -ila'.~ClP`.~
Please refer to appendix for full disclosure. Source: First Rate investment performance system. Data includes accrued income
~o ~a .•- .•- ~ ®
an ou!
• To ..- ..- . ® ~
p
vernan~~ ~ ~ .
r~t~ GMI ratrng • t?n the
~Qrpo • s internatronal ( ~ I investors ?n evalua g
IS a GovernanCeMe~rrc d the ?mpact that governance
ha m designed to ass?st ? an?tut?ona f ob'eCtive and
~ W s ste overnance 400 metric set o 1
GMI uses a ratin 9n ,s corporate g
quality of a comp ve
an performanCe~ Ghel compan1eS rated.
pract?ces tI as plied criter?a to each °f GMI databaSe? 4 000 compan1eS
consisten y p son more than ,
t1?e5 are ~oVered in th ernance rating
+ what corn pa orate gov
• The database features Corp
globally. s determined' ories:
How are GMI rating
ed on the basis of six core ca eg
s are calculat
Rating
> Board of Disclosure
> Fr"nancsal
> Shareholder Rights d sourcing
> Anti-takeover provisions ensation labor an
hides regulatory, environmental,
> Executive and direc?wtor'nomp to all
> Corporate Behav~o , aced 10 is
roblems and policies of ~ ?s lowest,
ressed on a relative,baat
rig m
p s for Trusco are exp stock or bond
All GMI rating Gl1/?l,s Global Universe. A
compan1 es
highest and 6.5 is average•GMl rating of <=3.0
> }/1/ell Below Average - of 3.50 - 5.50
_ GMI rating
> Below everGMl rating of 6.0 - 7.0
> Averag -GMI rating of 7.5 " 0.5
Well above Average ! GMl rating of 10.0 December 31, Zoos
> Period Ending
> GMl's Highest Rating
o~
endix for full disclosure. ~ ~ . ~ ~ '
Please refer fo App
r , , ~
° Q ~
High Grade Fund's Corporate Governance Ratings
,4.8% 16.7%
27.6%
7.6 % 8.2% 7.7%
n.o%
65.0 % 73.6 %
Average Score 8.1 Average Score 8.4 Average Score 8.3
4.3% 1'29.3%
29.6
61.4%
34.3
GM I's Highest Rating (10.0)
sa.o %
¦WellAboveAverage (7.5-9.5)
Average (6.0-7.0) Average Score 7.0 Average Score 7.6
Below Average (3.5-5.5) . , ~ _ ~ ~ . . , . -
14.6 % 9.2
Well Below Average (~=3.0)
14.6
16.9
73.9
70.8%
Average Score 8.5 Average Score 8.6
Please refer to Appendix for full disclosure. Period Ending December 31, 2008
Fund Attribution Summary -Appreciated more than 15%
-.
`SunTrustRetirement;Hi h Glratle G`rowth'Fund SunTrusfR'etirement H° h Grade Bond'Fuod,
LOW ES COS INC COM $ - $ 156,020.00 20.18 GNMA I POOL #677322 6.00 $ 5,781,673.81 $ - 33.29
GILEAD SCIENCES INC COM $ 383,246.37 $ 762,446.26 16..53 VERIZON GLOBAL FDG 5.85 $ 568,463.11 $ 723,328.65 29.02
US TREAS 4.37 $ 7,855,746.61 $ 5,231,618.28 29.01
SunTrust Retirement Hi h`Grade'R@IatlVe dalUe FUntl WAL MART STORES 6.50 $ 1,767,681.84 $ 2,236,892.04 28.03
VIRGINIA ELEC & POW 8.87 $ - $ 379,668.00 27.92
NO SECURITIES APPRECIATED MORE THAN 15% CITIGROUP INC 6.12 $ - $ 474,215.28 25.95
PEPSICOINC 7.90 $ - $ 382,402.80 24.34
SunTrust Retirement-Smafl-Ca E UI Fund BANK AMER FDG CORP 5.65 $ - $ 920,425.95 24.00
SBC COMMUNICATIONS 6.45 $ 862,330.20 $ 1,051,843.05 23.34
CAPELLA EDUCATION CO COM $ - $ 27,911.00 50.13 JP MORGAN CHASE & CO 6.00 $ - $ 898,247.52 22.70
THERAVANCE INC COM $ - $ 35,931.00 36.92 IBM CORP 7.62 $ - $ 1,034,900.97 21.98
CKE RESTAURANTS INC COM $ - $ 42,532.00 31.57 WELLS FARGO CO 5.62 $ - $ 475,735.68 20.62
ASIAINFO HLDGS INC COM $ 45,211.50 $ 49,432.00 30.90 US TREAS 6.87 $ - $ 6,408,781.05 19.86
AUXILIUM PHARMACEUTICALS $ - $ 22,752.00 28.63 KIMBERLY CLARK 7.50 $ - $ 160,148.16 19.38
COMPASS MINERALS INTL INC $ - $ 30,796.50 28.53 INTL LEASE FIN CORP 5.62 $ 307,300.51 $ 359,224.85 19.36
QUESTCOR PHARMACEUTICALS $ - $ 11,637.50 27.71 NATIONS BANK CORP 7.25 $ 288,948..06 $ 334,886.48 18.43
BEACON ROOFING SUPPLY INC $ - $ 39,558.00 26.70 DUKE ENERGY CAR 7.00 $ - $ 139,644.89 16.60
NORTHWEST PIPE CO COM $ 54,525.00 $ 46,871.00 25.04 APACHE CORP 6.00 $ 420,074.34 $ 481,925.99 16.26
SPXCORP COM $ - $ - 23.79 PACIFIC GAS &ELEC 8.25 $ - $ 104,527.02 15.89
WATSON WYATT WORLDWIDE IN $ - $ 83,685.00 23.41 GOLDMAN SACHS GROUP 6.15 $ - $ 649,608.96 15.70
ICF INTL INC $ - $ 23,341.50 18.68 GENERAL ELECTRIC CO 5.25 $ 286,134.81 $ 326,002.65 15.14
BURGER KING HLDGS INC COM $ - $ 42,984.00 18.60 AMERICAN EXPRESS 6.15 $ 514,824.75 $ 583,256.30 15.00
COMSTOCK RES INC COM NEW $ - $ 35,437.50 17.46
NASH FINCH CO COM $ - $ 53,868.00 17.37
FORRESTER RESEARCH INC CO $ - $ 27,504.75 15.79
SunTrust Retirement High Gratle Equity`.Income Fund
BRISTOL MYERS SQUIBB CO C $ 527,505.00 $ 747,487.50 16.38
Please refer to Appendix for full disclosure. Period Ending December 31, 2008
~o ~o .•- .•- a ®
,~r
Fund Attribution Summary -Appreciated more than 15%
-.
SunTrustRetirement'High Gratle~Intermediate B"ond Fund
CITIGROUP INC 6.12 $ - $ 98,078.64 25.93
PEPSICOINC 7.90 $ - $ 79,667.25 24.34
BANK AMER FDG CORP 5.65 $ - $ 191,126.70 24.00
JP MORGAN CHASE & CO 6.00 $ - $ 186,827.04 22.70
IBM CORP 7.62 $ - $ 214,655.01 21.98
WELLS FARGO CO 5.62 $ - $ 99,111.60 20.62
KIMBERLY CLARK 7.50 $ - $ 32,971.68 19.38
VERIZON COMM INC 8.75 $ - $ 130,227.42 19.38
INTL LEASE FIN CORP 5.62 $ 63,208.42 $ 73,888.70 19.36
DUKE ENERGY CAR 7.00 $ - $ 28,852.25 16.60
PACIFIC GAS & ELEC 8.25 $ - $ 21,626.28 15.89
GOLDMAN SACHS GROUP 6.15 $ - $ 120,120.00 15.72
GENERAL ELECTRIC CO 5.25 $ 119,004.08 $ 135,585.20 15.14
AMERICAN EXPRESS 6.15 $ 98,710.20 $ 111,830.96 15.00
SunTrust Retirement°Mid;Cap Equity Fund
ENDO PHARMACEUTICALS HLDG $ 119,560.00 $ 169,125.80 30.55
PRICE T ROWE GROUP INC CO $ - $ 67,513.20 22.52
NORTHERN TR CORP COM $ - $ 107,929.80 16.87
Please refer to Appendix for full disclosure. Period Ending December 31, 2008
w"4a
Fund Attribution Summary -Depreciated more than 15%
SunTrustRetirement Hi h"Grade~Grow.th Fund SunTrust Retirement:H'i h''Grade-E ui .Income:Fund
CAMERON INTL CORP COM $ 440,897.60 $ 251,125.00 -46.65 ALCOAINC COM $ 211,123.00 $ - -56.47
BAKER HUGHES INC COM $ 277,878.60 $ 158,425.80 -46.59 BJ SVCS CO COM $ 332,862.00 $ - -52.37
HALLIBURTONCOCOM $ 567,991.04 $ 341,711.28 -43.41 BANKAMERCORPCOM $ 931,140.00 $ 1,148,280.32 -47.11
ADOBE SYS INC COM $ 447,787.15 $ - -41.47 PEABODYENERGYCORP COM $ 411,750.00 $ - -45.68
THERMO FISHER SCIENTIFIC $ 561,660.00 $ 356,440.34 -34.61 INTERSIL CORP COM $ 252,845.00 $ 269,267.00 -38.96
OMNICOM GROUP COM $ 283,030.40 $ - -33.98 DARDEN RESTAURANTS INC CO $ 535,151.96 $ - -37.24
PRICEY ROWE GROUP INC CO $ 386,604.58 $ 272,817.12 -33 PENNEYJ C INC COM $ 933,520.00 $ 850,055.00 -35.34
ALLERGAN INC COM $ 471,740.00 $ - -29.74 ALLEGHENYTECHNOLOGIES CO $ 190,597.50 $ - -34.64
GOLDMAN SACHS GROUP INC C $ - $ 163,294.65 -28.56 GENERAL ELEC CO COM $ 1,772,148.00 $ 960,336.00 -33.57
UNION PACIFIC CORP COM $ 308,122.80 $ 358,739.00 -28.51 DU PONY E I DE NEMOURS & $ 499,720.00 $ 465,520.00 -33.17
CISCO SYS INC COM $ 454,403.52 $ 351,949.60 -27.62 HCC INS HLDGS INC COM $ 241,650.00 $ - -31.72
ANALOG DEVICES INC COM $ 242,420.00 $ 187,727.40 -26.87 RAREFY DAVIDSON INC COM $ 432,680.00 $ - -27.31
INTERNATIONAL BUSINESS MA $ 761,994.40 $ 648,368.64 -25.93 JP MORGAN CHASE & CO COM $ 1,140,087.10 $ 1,444,483.89 -27.01
NIKE INC CL B COM $ 392,034.00 $ 321,810.00 -23.07 CARDINAL HEALTH INC COM $ 442,189.44 $ 485,096.31 -26.29
MONSANTO CO NEW COM $ 387,011.80 $ 457,275.00 -22.37 HARTFORD FINE SVCS GROUP $ 375,796.32 $ - -26.28
PEPSICO INC COM $ 643,639.37 $ 554,053.32 -22.34 PG&E CORP COM $ 436,292.50 $ - -24.96
APPLE INC COM $ 472,939.26 $ 373,064.85 -22.06 TEXAS INSTRS INC COM $ 477,300.00 $ 587,432.00 -24.85
EMERSON ELEC CO COM $ 367,436.32 $ - -21.61 MICROSOFT CORP COM $ 516,451.50 $ 565,704.00 -24.76
AFLAC INC COM $ 348,975.00 $ 290,625.60 -21.22 CONOCOPHILLIPS COM $ 987,922.75 $ 843,666.60 -24.69
INTEL CORP COM $ 611,965.29 $ 513,290.58 -20.81 SPX CORP COM $ - $ 448,077.50 -24.12
GOGGLE INC CL ACOM $ 566,335.28 $ 540,848.70 -20.77 PPG INDUSTRIES INC COM $ 1,055,592.00 $ 916,488.00 -23.86
EXPRESS SCRIPTS INC COM $ 527,813.00 $ 534,405.60 -20.6 TIDEWATER INC COM $ 342,567.68 $ 329,730.76 -23.18
COSTCO WHOLESALE CORP COM $ 607,939.59 $ 265,545.00 -18.75 MARATHON OIL CORP COM $ 833,283.00 $ 968,544.00 -21.27
BAXTER INTL INC COM $ 515,654.91 $ 482,149.23 -17.7 ASHLAND INC NEW COM $ 142,340.32 $ - -20.18
PRAXAIR INC COM $ 356,906.50 $ 318,466.40 -16.39 TIME WARNER INC COM $ 633,789.84 $ 700,115.64 -19.90
NEWSCORPCLACOM $ 420,249.50 $ 464,044.50 -19.02
DONNELLEY R R & SONS CO C $ 425,595.50 $ - -18.88
NEWELL RUBBERMAID INC COM $ 779,289.00 $ - -18.29
INTEL CORP COM $ 475,742.00 $ 573,939.00 -18.25
SONOCO PRODS CO COM $ 327,578.16 $ 358,678.92 -17.91
SARA LEECORPCOM $ 887,889.00 $ 1,004,943.50 -17.59
EDISON INTL COM $ 476,805.00 $ 430,408.00 -17.58
CITIGROUP INC COM $ 475,503.84 $ - -15.74
LINCOLN NATL CORP IND COM $ 886,167.00 $ - -15.22
Please refer to Appendix for full disclosure. Period Ending December 31, 2008
~o .•- • ® a
Fund Attribution Summary -Depreciated more than 15%
un, rush:. eUremenY 1 ra e:. a atlve ,:a ue un un .rust: etlrement I a -: u un
PRINCIPAL FINL GROUPING $ 65,539.43 $ - -70.45 JANUS CAP GROUP INC COM $ 259,431.80 $ 70,664.00 -68.93
A LCOA INC COM $ 59,498.30 $ - -50.98 PRINCIPAL FINL GROUP INC $ 199,184.20 $ - -67.45
FREEPORT-MCMORAN COPPER& $ 4x,911.50 $ 17,645.68 -50.79 PATTERSON-UTI EN ERGYINC $ 176,035.86 $ - -54.59
MORGAN STANLEY COM NEW $ 47,265.00 $ - -47.18 NORDSTROM INC COM $ 213,210.36 $ 94,075.08 -53.05
AGILENT TECHNOLOGIES INC $ 85,569.10 $ 33,229.38 -46.03 RAYMOND JAMES FINL INC CO $ 271,161.56 $ 112,287.15 -50.28
A ROBE SYS INC COM $ 70,138.19 $ 31,658.23 -44.29 ARCH COAL INC COM $ - $ 48,055.50 -47.11
HALLIBURTON CO COM $ 92,505.84 $ 44,759.16 -41.94 AGILENT TECHNOLOGIES INC $ 197,239.00 $ 113,864.55 -46.83
AMERIPRISE FlNL INC COM $ 39,728.00 $ - -39.70 WHIRLPOOL CORP COM $ 175,389.48 $ 55,409.00 -46.61
WESTERN UNION CO COM $ 87,208.45 $ 37,212.30 -38.45 CAMERON INTL CORP COM $ 214,128.24 $ 114,718.00 -46.33
CAMERON INTL CORP COM $ 22,969.84 $ 19,024.00 -38.11 ADOBE SYS INC COM $ 217,834.93 $ 133,360.56 -45.36
THERMO FISHER SCIEMIRC $ 102,740.00 $ 46,744.04 -36.54 CIMAREX EN ERGY CO COM $ 201,509.20 $ 120,643.90 -44.28
DR PEPPER SNAFFLE GROUPI $ 76,500.72 $ 34,693,75 -35.30 DIAMOND OFFSHORE DRILLING $ 193,443.62 $ 107,860.20 -41.42
MmIAONIC INC COM $ 134,919.30 $ 61,331.84 -35.20 POLYCOMINC COM $ 191,285.10 $ 113,078.70 -41.10
STATE STREET CORP COM $ 92,703.52 $ 30,756.06 -3x.71 CSX CORP COM $ 155.524.50 $ 102,929.90 -39.54
JOHNSON CTLS INC COM $ 63,450.36 $ 27,875.60 -34.33 PACKAGING CORP AMER COM $ 219,421.88 $ 113,750.46 -37.77
GENEFAL E1.EC CO COM $ 131,682.00 $ 31,978.80 -33.64 WESTERN UNION CO COM $ 197,039.29 $ 97,110.48 -37.62
JP MORGAN CHASE&CO COM $ 1x5,237.00 $ 52,402.86 -32.37 THERMO FISHER SCIENTIFIC $ 233,915.00 $ 140,538.75 -37.61
MARSHALL&ILSLEV CORP NE $ 70,242.90 $ 33,104.28 -31.17 AMERICAN EAGLE OUTFITTERS $ 214,171.00 $ 140,718.24 -36.98
METLIFE INC COM $ 124,040.00 $ 54,555.90 -30.99 JONES LANG LASALLE INC CO $ 188,051.00 $ 85,870.00 -36.53
BAKER HUGHES INC COM $ 47,402.82 $ - -30.74 MOHAWK INDS INC COM $ 231,821.60 $ 154,047.45 -35.98
MARATHON OIL CORP COM $ 114,666.12 $ 58,878.72 -30.26 NCR CORP NEW COM $ 234,898.65 $ 163,076.62 -35.02
SVNI4NTLC CORP COM $ 68,432.10 $ 40,127.36 -27.84 WATERS CORP COM $ 102,105.90 $ - -34.69
EOUIFAX INC COM $ 51,364.95 $ - -27.e3 M & T BANK CORP COM $ 205,542.75 $ 144,845.43 -33.61
MCGRAW HILL COMPANIES INC $ 70,964.45 $ 37,799.70 -27.57 AMERIPRISE FlNL INC COM $ 218,847.80 $ 58,259.84 -33.06
CISCO SYS INC COM $ 110,859.84 $ 60,049.20 -27.20 UNIVERSAL HEALTH SVGS INC $ 196,217.06 $ 133,937.05 -32.63
BERKSHIRE HATHAWAY INC DE $ 149,430.00 $ 86,778,00 -27.07 AMDOCS LTD COM $ 151,685.20 $ 120,622.55 -32.38
DEVON ENERGY CORP NEW COM $ 52,987.20 $ 37,191.86 -25.46 SPECTRA EN ERGY CORP COM $ 187,091.80 $ 134,199.24 -32.14
TARGET CORP COM $ 86,278.95 $ 54,833.64 -24.26 STEEL DYNAMICS INC COM $ 147,332.89 $ 113,532.90 -31.77
GOGGLE INC CLA COM $ 95,323.76 $ 53,223.45 -23.65 BORG WARNER INC COM $ 133,275.59 $ 102,906.79 -31.09
GOLDMAN SACHS GROUP INCC $ - $ 28,101.87 -23.37 SYMANTEC CORD COM $ 193,254.60 $ 151,221.20 -30.54
WALT DISNEY CO COM $ 97,041.78 $ 37,756.16 -22.78 MARSHALL & ILSLEY CORP NE $ 276,881.15 $ 196,961.60 -30.06
KELLOGG CO COM $ 75,117.90 $ 49,594.35 -22.18 DISCOVER FINL SVGS COM $ 221,327.30 $ 157,149.70 -29.85
TIME WARNER INC COM $ 53,279.04 $ 30,662.88 -21.92 EQUIFAX INC COM $ 220,548.90 $ - -28.79
INTEL CORP COM $ 129,855.09 $ 65,603.50 -21.60 COPART INC COM $ 203,148.00 $ 143,563.20 -28.54
A NADARKO PETE CORP COM $ 79,847.46 $ 45,990.15 -21.52 SCRIPPS NETWORKS INTERACT $ - $ 100,100.00 -27.68
PEPSICO INC COM $ 109,969.61 $ 61,068.55 -21.00 OMNICOM GROUP COM $ 188,057.12 $ 103,642.00 -27.52
INTERNATIONAL BUSINESS M4 $ 48,889.28 $ 48,560.32 -20.60 ANALOG DEVICES INC COM $ 175,622.75 $ 99,950.10 -26.31
MICROSOFT CORP COM $ 63,228.61 $ 56,881.x4 -20.27 PEPSI BOTTLING GROUP INC $ 206,727.79 $ 125,650.82 -26.06
EDISON INTL COM $ 98,154,00 $ 60,096.52 -20.01 ALBENIARLE CORP COM $ 184,022.28 $ 149,744.50 -26.03
WELLS FA RGO & CO NtIN COM $ 59,259.87 $ 43,836.76 -19.83 EXPRESS SCRIPTS INC COM $ 244,122.74 $ 162,630.84 -25.81
DANAHER CORP COM $ 69,955.20 $ 50,439.51 -19.x1 CURTISS WRIGHT CORP COM $ 216,342.00 $ 160,272.00 -25.33
KRAFT FOODS INC CLA COM $ 87,311.50 $ 59,070.00 -18.16 MCGRAW HILL COMPANIES INC $ 154,351.63 $ 118,106.67 -25.27
OMJICOM GROUP COM $ 65,821.92 $ - -18.09 AIR PROD & CHEMS INC COM $ 164,512.98 $ 144,375.44 -24.61
PRAXAIR INC COM $ 107,610.00 $ 64,405.60 -16.67 MDU RES GROUP INC COM $ 229,825.00 $ 167,460.80 -24.49
CVS CA REM4RK CORP COM $ 143,627.22 $ 56,272.92 -15.63 L-3 COMMUNICATION HLDGS I $ 203,817.36 $ 167,701.94 -24.23
TERADATA CORP DEL $ 164,346.00 $ 117,423.94 -24.16
PACCAR INC COM $ 116,975.97 $ 91,748.80 -24.15
Un rUS , e 11!emen. I Fa a On un XILINXINC COM $ 200,028.50 $ 120,552.30 -23.30
MURPHY OIL CORP COM $ - $ 91,582.75 -20.23
DAIMLERCH RYSLER 8.50 $ 479,275.29 $ 140,394.24 -21.32 PEPCO HLDGS INC COM $ - $ 121,212.00 -19.34
C ITIFINANCIAL MTG 4.28 $ 264,984,85 $ 206,325.11 -15.38 TORO CO COM $ 149,506.00 $ 116,985.00 -19.32
ANADAR KO PETE CORP COM $ 153,388.62 $ 136,158.60 -18.87
un TUS a Iremen 1 ra e- rl erne la a On Un SYBASE INC COM $ 234,487.96 $ 176,436.71 -18.25
EDISON INTL COM $ 203,490.00 $ 163,169.60 -17.96
DAIMLERCHFTYSLER 6.50 $ 78,070.40 $ - -18.1 DOVER CORP COM $ 190,949.95 $ 176,418.28 -16.83
HARRIS CORP DEL COM $ 243,243.00 $ 194,055.00 -16.27
Please refer to Appendix for full disclosure. Period Ending December 31, 2008
• • • ~
-
Adviser t r ~ t -
RidgeWorthlnvestments-. ~ ;30,000 Gilead Sciences Incorporated 3.4% Fund Benchmark
$UbadYlSer _ - E25A00 ~ ~ - ~ ~ - - - - - - - - - - - ~ International Business Machines Corporation 4.5% Consumer Discretionary 9.03% 9.73%
SilvantCapital.ManagementLLC-agrowthequitymanagerbased E20.000 -------------------~----------------- Colgate-Palmolive Company 4.0% Consumer Staples 13.58% 14.43%
----
inAtlanta,Georgia- -. E10,635 pepsiColncorporated 3.9% Energy 7.14% 8.35%
E1s.ooo-..-__._ _
Amgen Incorporated 3.9% Financial Services 5.15% 3.78%
Portfolio Manager EI0.000 Google Incorporated (CIA) 3.8% Health Care 22.70% 15.64%
•JoeRansom,CFA ESA00
Portfolio manager since 2007. ~ Express Scripts Incorporated 3.7% Industrials 9.70% 13.50%
f0 OmcleCorporetion 3.7% Information Technology 26.99% 28.17%
12/31/98 12/31/03 12/31!08
Objective CVS Caremark Corporation 3.7% Materials 5.49% 3.67%
The Fund seeks capital appreaation by inverting primarily in large, ¦Account value with reinvestmen[ of income and capital gains
well-established domestic corporations.. The Fund is designedto Becton Dickinson & Company 3.6% Telecom Services 0.00% 0.73%
comply with guidelines thatare based principally onFloridaiaws The above graph assumes an initial hyQothetical investment of $10,000 from Utilities 0.00% 1.99%
governing theihvestmentoftnunicipalretirementplans(orfire,` 11/31/98 to12/3f108.
police andgeneralgovernmentecoployees. The performance quoted herein represents past performance.
$UIC'dbIIILy.
This Fund is open to investment only by trusts for which SunTrust
Bank serves as.trvstee or investment manager of qual~ed retire- ~ ,
meat plans which adoptthe terms of a collearvetrust
Average Annual Total Returns
This Fundissunableforinvestorswhowantthevalueoftheir Inception Latest I 3 5 I0 Equities 94.6%
investments to grow,burdo not need to receive income on their.. Date Quarter YTD Year Year Year Year Cash & Equivalents 8.3%
investment Fund 411/90 -20.08% -35.25% -35.25% -4.49% -1.38% 0.62%
Russell 100040 Growth Index (benchmark) -22.74% -38.44% -36.44% -9.1 I % -3.42% -4.27%
S&P 500lndex -21.94% -37.00% -37.00% -8.36% -2.19% -1.38%
°'As of December 31, 2008 and subject to change.
Past per formance does not guarantee future rewlts.The performance data quoted represents past performance and current returns may 6e lower or higher. Total return figures include change
in unit. price, reinvestment o f dividends and capital gains.The investment return and principal value will fluctuate so that an investor's units, when redeemed, may 6e worth more or less than
the original cost.
11~~~F~N/j
SunTrurt Bank Member FDIC.©SunTrust Ban ks, Inc. ~i ~~1'~1r~=T~~
SunTrurt:Is a federally registered service mark of SunTrust Banks. Ina LJl~I 11(U
NOT FOR PUBLIC DISTRIBUTION
,:i^'"
• • ~
InvestmentTerms & Index Definitions
CUSIP 990001273 Alpha 4.09% Price-to-BookRaiioisusedzocnmpareastocksmarketvalue
Unit Value $49.08 Beta 0.91 book value:The hlgher the ratio, the higher the: premium the
Total Fund Assets $14.923,367 R-Squared 94.49 nttrketiswillingtopayforacompanyaboveitshardassets.
Sharpe Ratio -0.54 Prfce-to-Eamings Ratio ("PIE") is a valuation ratio ofa compairy's:
Standard Deviation 15.35% eurrerrcvnic price to is per-unit earnings. The higherthe P/E ratiq
the more the market is willing to pay fcr each dollarrof annual
Market Capital'rzazion (Weighted Average) $45.8(6) a'As of December 31, 2008 and subject tochange. -~ earnings.
Price-to-Book 2.6 Alplia.measures a fund's risk-adjusted performanceand represents
Price-to-Earnings (12 mo trailing) 13.9 the difference betv+een a fund's actual performance arrd~its.expected
Return on Equity (I 2 mo trailing) 28.4% performance, given its level of risk as measured by beta.
8eW is a means of measuring the volatility of a security or portfolio< -
of Securities in comparison with the marketas awhole. A beta of L.
indicates that the security will move with the markeq greater than'
Lindiates that ¢'s more volatile than themarket,and'lessthan d'
indicates that it's less volatile than the market: '
R-Squared measures the portion of a fund's movemeircthatils
° ~ ~ explained by movemenrs in the market index, and helps indicate the
40/ - °
accuraty ofa fund's alpha andbetz
e ~ ~ p
30°/ ~ _ i ~ o Sbarye Ratio is a risk-adjurted measure that rs calculated using
~- s 1 i a e ~ standard deviation and excess return to determine reward perunit .
20% - j ! e ° - - W ofriskThehighertheSharperatio,thebetterthefurrd'shistorical
° - -~'~"
10°b ~ ~ ° o - ~ - - ~ ~ e risk-adjusted performance.
- - _ - ~ Standard Deviation is a statistical measurementof dispersion
0°/ ! about an average, which depicuhowwidelyrewrns~variedovera -
i
° `°G certain period of time.
-10/ ~ 7 ! Russell 1000° Growth Index oNers investors access o the
-20% ""-{' large-cap grovrth segment of the U.5 equity un'nerse.The index
.'u`e4 measures he performance of those Russell 1000 companies with
;0/ ! 1 I ~ higher price-to-book ratios and higherforecastedgrowth values.
-40°/ '""t Siondard & Pooh SOO Index is an unmanaged index of 500
selected common Hocks, most of which are listed on-the New York
¦ CollectiveTrust Units S Russell 1000°' Growth Index ¦ 5&P SOO Index StockFxchange,and is a measure of the U.S.stock macketas
a:whole.lnvescors cannot irnest directly.in an index:
Investment Concerns
Past performance does not guarantee future results. Equity securities (Hocks) are morewolatile and carry more riskthan
other foams of investments, including investments inhigh grade fixed
Collective Funds are sponsored and administered bySunTrurt Bank asTrurtee and managed by RidgeWorth Capital Management, Ina (an investment adviser income securities.The unit valueper unit of this Fundwillfluauate
re stered with the SEC or one o its subsidiaries in accordance with the laws o Geo a and a licabfe bankin re lotions. The are o en to invertment onl asthe value of the securioes in the portfolio changes: ,
g ! f f ~ Pp g~ Y P Y
by trusts for which SunTrurt Bank serves as trustee or investment manager o f qualified retirement plans which adopt the terms of a collective tnrst. These funds
are not subject to direct regulation 6y the United States Securities and Exchange Commission and are exempt from registration as securities. The Plan and
Declaration documents which govern the fund's operations are available upon request.Audited financial statements are also available upon request.
®RidgeWorth Capital Management, Inc. RidgeWorth lnvestmentr a the trade name for RidgeWorth Capital Management,lnc. III j
Information contained herein should not be retied upon for any other purposes including separate account investment adviser or registered fund investment
advice.The in formation is believed to be accurate, but content accuracy cannot be ensured. S U1tl i llU X71
Please contact your designated company representative for further in formation.
NOT FOR PUBLIC DISTRIBUTION CTR-HGG-1208.
• 0 ~ • • ®kff~ ~ mow.
•
-
• - - - ' - - • • ~ i i
Adviser , t t t t -
RidgeWotth Investmenss 530,000 E~ocon Mobil Corporation 43% Fund Benchmark
$Ui)adYlSel• 525,000 - ~ - - ~ ~ - - - - - - - - - - -. Franklin Resources Incorporated 3.7% Consumer Discretionary 10.20% 6.14%
CeredexValueAdvisors LLC.- a value equity manager based in. ;20,000 - - - -- - - - - - - _ 512.670_ JP MorganChase & Company 3.3% Consumer Staples 12.14% 9.57%
'Orlando; Florida ~ Verizon Communications Incorporated 3.2% Energy 13.18% 17.20%
515.000- ---... -.. - _
AT&T Incorporated 3.0% Financial Services 15.48% 23.75%
Portfolio Mana r 310,000
~ Travelers Companies Incorporated 2.9% Health Care 12.22% 13.30%
•MiIlsAiddickCFA 55,000
Portfolio manager since 1995 Johnson &Johnson 2.8% Industrials 12.65% 6.95%
' E0 Home Depot Incorporated 2.8% Information Technology 6.48% 2.67%
12/31/98 IL31l03 12/31/08
Objective.. Wells Fargo & Company 2.7% Materials 6.27% 3.01
The Evndseeks~to provide capital appreciation. and az a secondary ¦tccuunt value with reinvestmem of income and c~piCl gains
goal, current income,by-inverting primarily in dividend-paying Merck & Company Incorporated 2.6% Telecom Services 6.28% 6.53%
securities.The Fund is designed to comply with guidelines that The above graph oswmes an initial hypothetical investmern of $10,000 from Utilities 5.1 I % 6.87%
arebased principally on Floridalawsgoveming the Investment of 12/31/9A to 12!31/08.
municipal7etirementplansforfre;.policeandgeneralgovernment Theperformancequotedhereinrepresentspastperformance.
employees.. -
SUltablhty..
This Fund isopento-investment only by trusss for whichSunTrust t
Bankserves az trustee or investment manager of qualfied retire- Average AnnualTotal Returns •
memplans whichadopt the terms of a collective trust Equities 93.1
Inception Latest I 3 5 10
This Fund is suitable for. investors who are looking for capital Date Quarter YTD Year Year Year Year Cash & Equivalents 6.9%
appreciation poterrtial and some income w¢h less volatility than the Fund 3131/93 -17.15% -30.32% I -30.32% -2.64% 2.09% 2.39%
equity market az awhole: Russell 1000®Value Index -22.18% -36.85% -36.85% -8.32% -0,79% 1.36%
*As of December 3 I, 2008 and subject to change.
Past Performance does not guarantee future rewlts.The performance data quoted represents past Performance and current returns may 6e lower or higher. Total return figures include change
in unit price, reinvestment o f dividends and capital gains.The investment return and principal value will fluctuate so that an investor's units, when redeemed, may 6e worth more or less than
the original cost.
SunTrustBankMemberFDIC.©SunTrustBariks,lnc. ~=T~T
SunTrust isa federallyregistered service mark of SunTrust Banla, Inc U
NOT FOR PUBLIC DISTRIBUTION
~>N'
• ~ • ~ ~
- - Investment Terms & Index Definitions
CUSIP• 990001281 Alpha, 5.13% Price-to-Bookltatio is used to compare a stock's market value
UnitValue $32.77 Beta 0.90 toirsbookvalue.Thehighertheratio,thehigherlhe,premiumthe-
Total Fund Assets $46,801,791 R-Squared 97 39 market iswilling to pay for a company above its hazdassets.
Sharpe Ratio -0.46 Price-to-Eamings Ratio ("P/E' j is a valuation ratioof a
company's Curren[ unit price [o iu per-uniteaznings. The higher
- Standard Deviation 14.01 % the P/E ratio, the more the market is willing to payfor each dollar
Market Capital¢ation (Weighted Average) $70.2(b) '°As of December 31, 2008 and subject to change. of annual earnings.
Priceao-Book 1.6 Alpha measures afund's risk-adjusted performance and
Price-to-Earnings (12 mo trailing) 10.3 ~ represents thedifference betvreen a fund's actua!`performance
Return on Equity (12 mo trailing) 20.8% audits expected per(ormance.given its level of,[iskas measured.
by'beta.
Beio is a means of measuring the volazil¢y of a security;or
portfolio of securitiesin comparison with the markeras a whole. -
A beta of I indicates that the security will move with the market; -.
greaterthan I indicates that it's more volatile than the marke4and.
lessthan I indicatesthatit's lessvolatilethanthe market
45°0 ~ RSquored measures the pottion of a fund's movementthac is
36°/ ~ o i r e explained by movemenu idthe market index and helps indicate. ;
m the accuracy of afund's alpha and beta
25% a; Sharpe Ratio is arisk-adjusted measure chat is calculated using
r
~ e ~ ~ N r ~ ~ a srandzrd deviation and excess return to determmeireward per
r: ,y
'
a
IS% ~ ~ - ° M ~ ~ o ~ unrcofrisk The higherthe Sharpe ratiathe bettecthefund's
M
M a
5°/ ~S 1 - = M, _ ~ historical risk-adjusted, performance.
y..i
5°A ti ~r ~ Standard'Deviation is a statistical measurement of:d'apersion
ti5"' about anaver~gerwhichdepictshowwidelyreturnsvariedovera
-IS°/a certain period of time.
a
-25°/, ~ r~~'~ Russe1f1000xVafuclndexiscomposedofthesecuritiesmthe
A, Russell I000Index with a less than averagegrowth orientation...
-35°A i # Companies in this index generally~haveaow price•to.-book
-45% ~ and price-to-earnings ratios, higher diJidend yields, and lower
' forecasted'grov+thvaIues. Investors cannot investdirectly in an
¦ CollectiveTrust Units Russell IOOOt'Value Index index.
Investment Concerns
Past performance does not guarantee future results. Stocks are more volatile and carry more nsk and return potential
' -than other forms of inyestmenuThe unR value. per;unit oFtha
Fund,wilffluctuateas the value of the securftiei ihthe portfolio
changes.
Collective Funds are sponsored and adminirtered by SunTivrt Bank asTrurtee and managed by RidgeWorth Capital Management, Ina (an investment adviser Value-based investments are subject to the nskthat the broad
registered with the SEC) or one o f its subsidiaries in accordance with the laws o f Georgia and applicable bankingregulations. They are open to invertment only market may not redogn¢e their irrcrinsic value.
by trans for which SunTrurt Bank serves as tmrtee or investment manager o f quali
fled retirement plans which adopt the terms o f a collective trust. These funds
are not subject to direct regulation by the United States Securities and Exchange Commission and are exempt from registration as securities. The Plan and
Declaration documents which govern the fund's operations ere available upon request Audited financial statements are also available upon request.
'°RidgeWorth Capital Management, Inc. RidgeWorth Investments. is the trade name for RidgeWorth Caphal Management, Inc. idi//
Information contained herein should not be relied upon for any other purposes including separate account investment adviser or registered fund invertment 11
advice.The information is believed to be accurcte, but content accuracy cannot be ensured. SUNTRUST
Please contact your designated company representative for further in formation.
NOT FOR PUBLIC DISTRIBUTION CTR-HGEI-t208'
- _ '
Adviser t t t t
RidgeWorth Investments 570,000 Alexion Pharmaceuticals Incorporated , 1.6% Fund Benchmark
SUbadvl5er 59,176 niormaticaCorporation .3% Consumer Discretionary 13.10% 12.65%
Silvans CapicaCManagement LLC - agrowch equity manager based Sls,oOO ~ - - - Sybase Incorporated 1.3% Consumer Staples 5.23iS 3.01
in Atlanta Georgia Watson Wyatt Worldwidelncorporated(CIA) 1.2% Energy 6.04% 6.53%
- 810.000
Portfolio Managers Silgan Holdings Incorporated 1.2% Financial Services 4.14% 5.49%
•Chrirtopher:Guinther 55,000 --------------------- Orbital5ciencesCorporation 1.2% Health Care 27.78% 26.41%
Port(oliomanagersince 2007 Psychiatric Solutions Incorporated LI % Industrials 18.34% 19.30%
Siin1l9a 17/31/03 Iv311o6 Chattemincorporated LI% InformationTechnology 21.69% 21.47%
•MichaelA.Sansoterra.: 10!70103 West Pharmaceutical Serviceslnrorporated LI% Materials 3.68% 2.83%
Portfolio manager since 2007 ¦A<count value with reinvestment at income and capiml gains
ManTech International Corporation (CIA) LI % Telecom Services 0.00% 1.43%
ObJettiVO The above graph assumes an infiinl hypothetiml investment of $ f D,OOD from the Utilities 0.00% 0.89%
- The Fund'seekstoprovidd long-term capitalappreciation by Ftuxl's inception date to (2/31/08.
.investing in.U.S. companleswichmarketcapitalizations of up to $3 The performance quoted herein reyresenis vast yer(ormance.
billionthat demonstrate above average growth potential.
$UttabllttY
ThlsFund is suitable for investors who vrant the value of their
investmenutogrnw, bsado na need currnnt income s'
Average Annual Total Returns
Inception Latest I 3 Since Equities 96.6%
Date Quarter YTD Year Year Inception Cash 8 Equivalents 3.3%
Fund IORO/03 -27.48% -39.86% -39.86% I -11.35% -1.54%
Russe112000'DGrowthlndex -27.45% -38.54% -38.54% -9.32% -1.28%*~'
- 'l`As of December 31, 2008 and subject to change,
Past performance does not guarantee future rewlts.The performance data quoted represents part performance and current returns maybe lower or higher. Total return figures include change
in unitprice, reinvestment o f dividends and capital gains.The investment return and principal value will fluctuate so that an investor's units, when redeemed, maybe worth more or less than
the original cost
'"DReturn from I ORO/03.
~,Illl%/
SunTrust Bank Member FDIC.©SunTrust Banks, lnc. S ~~7 G"T
SunTrUSt is afederally registered service mark of SunTrust Banks;lna IJ ~,JjV ,1. ,)f~,1J X71
NOTFOR PUBLIC DISTRIBUTION
~ ~
• - • • -
Investment Terms & Index Definitions
CUSIP' 990009086 Alpha• -8.24% Price-to-Book Ratio is used to compare a stock'smarket value-
UnitValue $9.77 Beta 0.56 to its bookvalue.Thehighertheratio,thehigherthepremiumthe
Total Fund Assets $6,712,829 R-Squared 37.81 market a willing to pay for a company above its hand assets.
Sharpe Ratio -0.90 ~ Price-to-Earnings Ratio ("P/E"j is avaluation ratia~of a
- Standard Deviation 19.41% company's current unkprice to irs per-unit earnings: The higher
Market Capitalization (Weighted Average) $1.2(b) *As of December 31, 2008 and subject to change. the``-P!E ratio; the more the marketis willing to payfor each dollar
Price-to-Book 2,p of annual earnings. -
Price-to-Earnings (12 month trailing) 14.3 Alpha measures afund's risk-adjusted performance and
Return on Equity (12 month trailing) 15.1% represenrs the difference between afund's actual performance
and its expected performance given iL5 leve~of"riskas'measured
by beet
Beta is a means of measuring thevolatility of asecurity or
portfolio of securities in comparison with the marketasawhole..
Abeta of I indicatesthat thesecurity will move with the markeq -.
greater than l indicates that it's more volanle thanthe market,and
55°/a o I ~ less than I indicates that it's less_volatile than the market
45% ~s~''S* i I I RSquared measures the portion of a fund's movement that is
35% ~ j Is: j explained by movements in the markeYindex,and helps indicate
I I ~ ~ e I ' theaccuracy of afund's alpha and beta
25°,6 i
m ~ i~ ~ ~ ~ N ~ ~ ~ e Sharye Ratio Is arisk-adjusted measure that is calculated using
IS% i e
i o ~~a t, _ 'standard deviazion and excess return to determine reward per
5% ~ I ,.r_'~.,x ucar ~ ~ dad,?;t, ~ unk'ofriskThehighertheSharperati0.thebetterthefund's
a,
-5% ~i~ ~ i histoncal;risk-adjusted performance.,
-IS% I Standard Deviation is a stansocal measurement ofdispersion
I , about an average, which depicts how widely returnsvaried over a'
-ZS%.
-35% -_--- I certain,periodoftime.
-45 % ~ Russe11100d' Growth Index is composed of the securities found
in the RtisseH 2000 Index wkh agreater-than-averagegrowth
¦ Common Trust Fund Russell 2000"' Growth Index - orienrationrCgmpanies in this index tend to exhibitfiigher
price-to-book and price-to-earnings raaios.lnvestors cannot invest'-
Part performance does not guarantee future results. directly inan index.
Investment Concerns
Small capitalizavori funds typically carryadditional risks since
Collective Funds are sponsored and administered by SunTrurt Bank as Trustee end managed by RidgeWorth Capital Management, Inc (an invertment adviser smaller companiesgeneral ly have a higher risk of failure.
registered with the SEC) or one o f its subsidiaries in accordance with the laws o f Georgia and applicable bankingregulations. They are open to investment only
bytrurts for which SunTrurt Bank serves as trurtee or investment manager o f
quali
fled retirement plans which adopt the terms o f a collective trust. These funds Equity securities (stocks) are more volatile and carry more risk
are not subject to direct regulation by the United States Securities and Exchange Commission and are exempt from registration as securities. The Plan and than othec'forms of in4estmenrs, including investments in high.
Declaration documents which govern the fund's operations are available upon requestAudited financial statements are also available upon request gradefixed income securities.The unit value per unk of this Fund
9 , will fluctuate as the value of the secur¢ies in the.portfolio changes.
' RidgeWorth Capital Management, Inc. RidgeWonh Investments is the trade name for RidgeWorth Capital Management, Inc. u~>~/
Information corrtained herein should not be relied upon for any other purposes including separate account investment adviser or registered fund investment 1h ~
,r~~'~.~
advice.The information is believed to be accurate, but content accurecy cannot be ensured. S lJ1V 1 !'GUST
Please contact your designated company representative for further in formation.
NOT FOR PUBLIC DISTRIBUTION GTR-SCE-1208
I Shares I Fourth Quarter 2008
International Equity RIDGEV~ORTH
Index Fund INVESTMENTS
ridgeworthfunds.com
STYLE _ _ , _ -
Growth a
Value Blend growth f$100,000Investment Country WeigFitings(%ofportfolio)* Compgsition(°.6ofnetassets)*
l-
i accountvaluewitnreinv°strn°rrfofmcortiaandcapifmg°insG~, Fund Benchmark Equities 100.0%
W ¦ Large T?6o,ono Australia 3.7D% 3.85% ,
w _ ____-_ _ Cash & Equivalents 0.0%
Mid tzoo,ooo $105,410 Austria 0.84% 0.84%
Cf) _ - -- -- diso.ouo ' Belgwm 1.34°0 1.35%
l- Small Bermuda UA4% 0.05%
91OOpUU ~ Cyprus O.OOiS 0.00%
Uso,ooo ~ ' Denmark 1.19% 1.20%
-~~ ..,1, k „ Finland 0.89% 0.95%
Adviser Jn~ ~ ~ France 10.89°5 r1.2745
RidgeWorth Investments - - Germany 15.61% 14.70%
- Greece 0.9i% 0.93%
- $Ul)a(iVlSer Thecbove8mphassumesoninitielhypotheticeUnvestmentof Hong Kong 0.83% 0.88%
Certium Assat Management LLC - an international/ $100,000frornl2/31/98to12/31/08. Ireland 0.54% 0.57°
quantitativeequit~~managerbased~nAtlanta,Georgia. TheperformancequotedBereinrepresentspastperformance. Italy 9.43% 9.97%
Portfolio Managers Japan 24.05% 24.22%
• Chad Deakins, CFA Top Ten Holdings (%of portfolio)* Luxembourg 0.53% 0.55%
Portfolio manager since 1999 Netherlands 3.17% 3.26%
•MatthewlNelden EniSPA 1.7% NawZealand 0.51°r5 0.52%
Portfohomanagersince2009 Telefonica 1.G% Norway 0.91°r5 G.93%
Objective TotalSANew 1.4% Portugal 1.06% 1,12%
The Fundseekstoprovideinvestmentresultsthaicorrespond E.OnAG(FormerlyVebaAG) 1.4% Singapore U.60% 0.67°
Spain 7.44% Z16%
to the aggregate price performance of the securities 's Banco Santander CentralHispano 1.3% Sweden 1.7D% 1.75%
included in the Morgan StanleyCapltallnternationa!Europe, SiemensNPV(REGD) 1.2% g. o°
Australasia, Far East (EAFE), GDP Weighted Index (Price Switzerland 2.23 ° 2.38/
Return). BPPLC 0.9% United Kingdom 11.55% 11.89%
Suitability Toyoia Motor Corporation D.9%
This Fund is suitable far aggressive investors who want Allianz SE 0.9%
exposure to foreign markets and are willing to accept the 's Bayer 0.8°/, *As of December 31, 2D08 and subjecttochange.
increased risks of foreign Investing for the possibility of Past performance does not guarantee future
higher returns. results. The performance data quoted represents
_ _ _ past performance and current returns may be
Share Class Description ~ Total Returns asof 1 x/31/08 lower or higher. Total return figures include change
I Shares are offered primarily to financial institutions and in share price, reinvestment of dividends and
intermediaries for their own accounts or for the accounts AverageAnnualTotal Returns capital gains. The investment return and principal
of customers for whom they may act as fiduciary agent, Inception Latest 1 3 5 10 value will fluctuate So that an investor's Shares,
investment adviser, or custodian. These accounts primarily Shares** Date Quarter YTD Year Year Year Year when redeemed, may be worth more or less than
consist of: assets of a bona fide trust, business entity G/Gl94 € -21.58% -44.11% i -44.11% -7.41°/ 1.61% D.53°/ the original cost. For performance data current
possessing a tax identification number, or employee benefit to themost recent month end, visit our website at
lan and assets held within select fee-based ro rams and MSCI SAFE IndexGDPWeighted (Net Return) -20.54% -44.82% € -44.92% -7.42% 2.03% 1.36%
p p g www.ridgeworthfunds.com.
certain non-discretionary intermediary no-load platforms. MSCIEAFEIndexGDPWeighted(PriceReturn) -20.88% -4G.48% -4G.48°/ -9.72°/ -0.35% -0.57°/ **TheexpenseratioforlSharesis0.60%.
1ShareS'
SIEIYX
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with index investm$,tha rsks associated
dealme, as well as
specific comPsnies.
r ~ ~
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- -.._ -
--
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U
r
'1 ` ~t n t 104%
_
iz, - United States Treasury Notes
/adviser RidgeWtxth Investmenzs $10.000 $17 891 United States Treasury Notes 7.6%
$?badvBSeCSeixlnvestmentAdvisorsLLC-afaedincome .r.-~i United States Treasury Notes 5.5%
manager based In Upper Saddle River, New Jersey. $11,000. r ' ~ ~ United States Treasury Bonds S•~
' Portfolio Managers -" FGCII6YRS.SJANTBA 4.4m
•PerryTroisi,Portfoliomanagersince2004 _ United States Treasury Bonds
• John Basco, Portfolio manager since 2007 - .-~. GE Company 3.6%
$SOOO pn . - 3.3%
Objective n FGPL#G12977
The Fund seela to provide total returm by investing in a diversified r^^~~~ r• 3.2%
12(31/03 Ill31 /08 United States Treasury Notes
portfolio of faced income securities issued by U.S. companies. The $12l~ 98 ~ y ~ TSY INFL IX NIB
F refightlers Pen
ions and Mun klpal Pole Pens ons{ Florida for „-, pttount value with reinvestment al income and capita gains
The above graph assumes art initial hypotheucd investment of $10,00D from
SuitabiCsty
The a rmante quoted herein represents past per formanca ~ J I iu 4 ----^^^^"-' "
This Fund is open to investmenR only by trusts for which SunTrust 12131198 to 12/3 ~ ~
Bank serves as trustee or investment manager of qualified ? rf° ` .•aes is 6.5%
retirement plans which adopttheterms of a collective trust r _ , n ~ , , 0 I _ '--" - "
• rc~u..w"~ ~ -- - 56.2%
--_,~f~,~,. _ Avers eAnnualTotal Returns 15 _
This Fund is suitable for investors whowant co receive Income from a^.rg c ~ 5 1 p __"-~-~ ~- _ 21 9%
_
their investmeM,as well as an increase in the value of the investment 1 3 Year 6 10 f_
Year _ -
Inception Latest Year 15.4%
Year
Portfolio Composrtton" Quarter YTD - -- - - 1120
Date -_ -_ 5.44% _- - - - --
- - 6.81% 5.99%
--- ' 9.69% 9.b9% --
- - - 7124!89 8.67%
,o of Net Assets) '"-
Sector Fund ~ - -- "
___..--- 5.01% 5.76%
7.43% 6.25% -` _-,.8,~'.•,- - -
cashaFgoNddlts1.10`X us.rmsury Murill Lynch GovernmendCredit 7.27% - 7.43% ~- - _ • " °ti' -•~~ •'°-'-~ -'°-
Md2~e 43.30% A-Rated+ Index - -- -- 4.90%
---° ~ Average Coupon
--- 378%
gaa[ed 13.x% -
Yleldto-Matunty -- -~
S 28 ears
^A -_. _
BAs of December 31, 2008 and subject to change. Duration - --- -"
8.81 ears
w . . ~ Wel hted Average Matuna
past pet formance does not guarantee future rasults.The performance data quoted represents past performance an curve g -
Asset Y , .°- AAA
230% tires include change in unit price, reinvestment o f dividends and ctrpital gains. g
Backed -~f --
- a returns may be lower or higher. Total return fig
The investment return and principal value wit! fluctuate so that an irrvertor's units, when redeemed, may be worth more or less Avers a Credrc sung
eorporote2a40% - - - -
than the original cost.
Credit Quality (°o of Portfolio)
Gsh& AA° I1,1Uk
Equlvatrms 2lCIX pA 9A0'~Y
,a~
e1" A 1440%
TSY 43.3 11~~f
II/1~~
V Agenry 19.60% 5 ((WW ~
SunTrust Bank Member FDIC.©SunTrust Banksanc. ~~j'i2UST
SunTrust is a federally registered service mark of SunTrust Banks, Inc.
NOT FOR PUBLIC DISTRIBUTION
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. "°-"°-l.. ; _ _ -r_ Investment Concerns
CUSIP y 990001265 Bonds offer a relatively stable level of income, akhough bond prices
Unit Value $40.29 will fluctuate providing the potential for principal gain or loss.
Total Fund Asseu $ 118,463,310 Imermediate•term,higher-quality bonds generally offer less risk
than longer-term bonds and a lower rate of return.
The Fund is subject to the risk that principal value reacts in
opposition to the movement of interest razes and thax a rising
_ __.,,-._ _ _ _ interest rate environment increases the rrsk of loss
pnnci a
:a _ --'-~!trtTt. _- .F„r ty` ,`~e~,y.F • _ „x.;.f<~ ,.s ~u ~:-.: r r , _- ~.J.-__M~-s... P
s r Index Definitions
IS % o x e i = M i Mercill Lynch GovernmentlCreditA-Rated+ Index is a
- = i ~ widely recognized composke made up of the Merrill Lynch U.S.
1 _ ~ P- N x -M~ i I 1 ~ ~ a e Government Index and the Merrill Lynch U.S. Credk Index, which
10 % = ~ b ~ Q include US. government,Treasury and agency securkies, as well
- d \ e ~ e e i cs&I as high grade corporate bonds. Investors cannot invest directly
6% a e a ~ ~ ~ s , i in an index.
0% ,-,.\r ~~ag I ~I~, ~ 1~~„r~'i, f ~r~?~~ ~~5 Ii 'ems a~ w~~.~ ~M 1
a,
•5
i
J Collective Investment Trust Merrill Lynch GovernmendCreditA-Rated+ Index
Past performance does not guarantee future results.
Collective Funds are sponsored artd adminirtered by SunTrurt Bank asTivrtee and managed 6y Ridge Worth Capitol Management, Inc. (an invertment adviser
registered with the SEC) or one o f its subsidiaries in accordance with the laws o f Georgia and applicable bankingregulations. They are open to fnvertment only
by trusts for which SunTrurt Bank serves as trurtee or investment manager o f qualified retirement plans which adopt the terms o f a colfedive trust These funds
are not subject to direct regulation by the United States Securities and Exchange Commission and are exempt from regirtrotion as securities. The Plan and
Declaration documents which govern the fund's operations are available upon requestAudited financial rtatements are also available upon request
®RidgeWorth Capital Management Inc. RidgeWorth Investrnents u the trade name for RidgeWorth Capital Management Inc.
Information contained herein should not be relied upon for any other purposes including separate account investment adviser or registered fund invertment
advice.The fn formation is 6efieved to be accurcte, but content accuracy cannot be ensured. III
Please contact your designated company representative for further in formation. ~1
SUNTRUST
NOT FOR PUBLIC DISTRIBUTION CTR-HGB-i2o8
m~t~~~'
e ~nfor
cl~~~r
nt pts
~r~~ risks, and
's investment obj~t'ves, Funds can
bout the Ridge
pease read the
onsider the fua
on a eworth•com•
d by a p ecton y
Tti
Seand of er!
mP°~ant inform~w.rid9
rosR or by visiting rincipal.
anre 1.888 784-3863, ossible loss of p b Citi
receded or accomp or sending ease call including p and are distributed Y
ust be p before investing ospectus, p involves risk, ices,
This material m eases carefiully To obtain a p investing ' fee for its sere
es and expund's prospectus. Mutual fund receives a
charg rn the eat, Inc., which
be found ' before investing. ital Managem ement, Inc.
prospectus carefully Ridge~O~h Cap Ca ital Manag Inc.
are advised by ith RidgeWarth p eWorth Capital Management,
RidgeWO~h Funds of affil""rated w
which is n Inc. became Rrdg
Fund Services, anagement, eWorth Funds' the expected return oft e
Ca ital M s became Rrdg rivate information and
Effective 3(31(U8, Trusco p er with p
STI Classic Fund of a portfolio manag
Effiective 3131(08, the ENTS erfect fit. r~
EpgUREM the average realized return 1 0 (100°/0) indicates a p
ual systematic risk. an r-squared of ortfolio. The higher the
difference between with eq ropriate asset class. Dints; investment or p
MpT STATISTICS(OTHER excess return.
Al ha - is defined as the ublic information relative to an app roximates reaedao~ance of an ver a
based upon p valatility> cession line app varied o
p~ e strateg
sure of an investments Well a re9 Model predicts the actual p er unit of risk associated with t ewidely the returns
B~ - is a mea easure of hOw excess return p de iots how
RR
S~ a statisticalvmll the Capital Asset Pric?~atio indicates the for a mutual fund, p
Volatility- verage, which,
easures how eward-to- rice
squared m also known as erformanee• ersion about an a
Shar e Ratio - the offering p
the bettarsh tistical measurement of lisp the date of calculation by
Sharp aviation - da s ended on
Standard D e er share for the 30 Y
certain period of time. EFINITIONS ant incom p in percent per Year. a ing too much for what
CTERISTICS D the net investor company ou rep Y
ppRTFO1_ID CHpRA dividing nd annualized. rowth rate for each a idea of whether y
Yield -- is calculated by ounded a s er share g This ratio gives som
30 Da SEC The figure is comp value. it by the shareholder's equity.
on that date•is the five-year reported earning p dividing
per share stock's market value to its bO°k in s per share. e and bank, and
g Growth' compare a ediately. a company
5 Year EP is used to t imrn its historical eam taking 's net inco uaranteed by any
Price-to-Book - any went bankrupstock divided by calculated by
~if the comp rice of a rofitabddY, ency nor are they g
would be _ is the p oration's p other Federal ag
PtE 12 months trails a measure of a core or any
E ui of insured by the FDIC
Return on eWorth Funds are n
ants In the Rrdg
Investor
may lose value.
~ p 1
i
~ ~
~ ~ ~ ~
~ ~ ~
e
~p.~
moo:..
losure Information
Im ortant Disc
p
INVESTMENT PERFORMANCE
Past performance is not indicative of future result
Jesse
therwise at d as net
of feesU See R"dgeW orths1 Fo m ADV, Part 111
for a descr ption ofepresen s
returns gross of investment management fees, u
investment advisory fees. The performance info m aticomb
n t odn of theseaTh s information show d not be elvaluated~ndependent of or°wthout reference
performance data, i.e. net of fees, gross of fees,
to the investment advisory agreement that more specifically addresses applicable investment advisory fees.
Fees have a compounding effect on cumulative reeuof OS% of assets underr manageme t were charged each ofthe ten yea~s,tthehresuldt nglannual es
each year for a period of ten years. If an annual fe
average return net of fees would be reduced to 9.48°!°.
YIELD INFORMATION
Yield information more closely reflects the current earnings of the Fund than the total return.
In the absence of current fee waivers the yield would be reduced.
A SEC Yield relates aggregate net earnings of a fund to its aggregate net assets. In any given period a fund may distribute more or less than its actua
income.
SECTOR WEIGHTINGS AND PORTFOLIO CHARACTERISTICS
The sector weightings and portfolio ctor weerht nss and ind vidual
recur
ty pos t ons for any specif c period are ava~ table upontlreques
, may c ange
without notice. A complete list of sec g g
ECONOMIC AND MARKET REVIEW
This perspective was prepared for clients a cd uracp ortmer t~of this analys s forhnd vpdual
used Comments and ~proj
ct on s a e based on nfo mation a e
any representation or warranties as to the a Y
available at the time of writing and believed to ofesslonaltabout t eir specifi
oc ac ums ances before making anyenvestme t decis onse investing. Inver ors
are advised to consult with their investment p
COMMON AND COLLECTIVE FUNDS
Are operated by SunTrust Bank as Trustee andonla b gtrusts fotlwhich SunTaust Bank senresnas trusteeroaqual fiedtretirement plan swh ch adoplt thee
banking regulations. They open to investmen Y Y
terms of a collective trust. They are n d Dec arat on~docu enlts1whbh govemitth Stoperat ons ~a~resava~la le upon requestssion and are exempt rom
registration as securities. The Plan an
• ® r