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2008 Trusco 4th Quarter Fund Management Report ~',r: t ~ 4; ~`-~ ~ ~ r ~N. r. r ~ x- r ~z ~ ~ i T H ' ~ n~ t e~?e . an~g ?M a ?ta aC ~ -~r~,~c al?nn Beach n . ~ f North P ~ . ement Pla V ~lla~e o ees Rehr eral E?mpl ~ien C~ua~er Fou~.h el T .Hill ~ 1~~; Micha pirector ent Managing ital Managem T rusco C 523 6.15.748- cocapital.com mike.hill@trus ~ D • i a~ tom. ®nte ~,ts e of C Tabl Section I Ve~1ew..~~~~~~~''"~~~~ SeCtionll EeOnom1C ~ ~ . , ~ . 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 Fundlniormafion er ~p08 } 7a52aRa13 es ~ Fourth C1va~ ~('y U ~ l..y _ _ _ Troker s1o.3o '`~I Sta6sticst3Y~s)* Spar a~~ ~ ~ a~ . - -0.29% cuslP r ModemPOrtfatio?h?0~ 0.97 I 1 ~ .etVatue 90.56 Net As` _ * _ Alp a X - racteristics $739,443,309 -p.5 I ~ ~ ~ portfolioCha Beta i Core Funds 19.x1% • d Assets ulti-CaP R_gquarad IndexDeflnltlnn~ market Total Fun inAvnltionalM 35.5Ca1 stocks r Sherpa Ratlo terms & to compare a the hrghsr the er Category nan a InveStmeClt s used ratio, Wtd. ~ 1 ~ i $ k Rotro Pr the any above its upP ev,atwn b echo a Boo Theh~gh~ comp ltauzationl StandardD andsu 8 price-ta" bookvalua' topaYfora Market Cap 8.4 ber31,2oD ~ value to ns , willln$ s ps a . arketi' ratio of to-gook ~ o1D cem remium a 12month r 197% them valuation s The RnGe- onth trailin ~ _ P assets. do C'p(E"} is share earning • Earnings ( ~ hard to pay for :t nnce-to- price-ta.Earnings R0 rice to its par" arkdeust dung u~ty(12m •saurrentsharaPorethem Return onEq company them performance 4 $ e PI n lo, ~ _r~ e os oe a o ~ ei h the ofaanualearrnngs~ r,sk-a J nd's actual -~ , ~ achdeQar a funds ween a elof _ n ~ r e s Q Alpha emasent`stna d~ ected parbtormance,~rven its tev 6alendarYearReturns ~ ~ ~ g ~ o N r o ~ and P Ce and its exp of a security or performan to the oolWitb the market as a nskasmeasuradbydeeasUring vavdith U gala lea [neaps of m n comPar~s aurity will mo of securities that the sa ore volat,le m a portfolio of 1 indicates that it's m less 5 45°k ~ ~ ~ pbeta 1 lndicatesndicates that it's an ° r o e • vim'-'~'r+ i Whole. realer th than 35% ~ N w ~ j,J : : the market: $ ket, and less nt that i e -~ than the m° arket. o{afund'smouema helps t 25% ° ~ ~ N them action c°o~, ~ 2008 volatiuared measures the P m the market index, and 15% 2007 b movemen funds alpha and beta. s aaiaulated e4piametl y that [mine ~ 5ol0 2006 accuraaY o a ed measure data 2005 Sharpe Rotio is a risk-ad'lust excess return to better -5% deviation and harperatio,the 200G using standard 1 herthaS rmance, of -15% 2003 tad (NetReturnl er unit of rlsk. ~ led Paro measurement weigh [swardP stabstiaat how wideiy ~'i -25°!0 2002 *MSCIEAFEInd~GDP thefund'shist°cicalnsk- a icts 2001 Standard Deairttion 1s which dap abo,at an average, rn} and (Net tr: -35°!° 2000 weighted(PriceReturnl ied over a certain period of time. disparslon kited (Price Retu 45h 1999 ElndexgDP raturnsvar weig domestic product-wei$~~CI ° ~MSCIE~P MSCE EAFE Index, gDP toss ~ the el Shares are unmanaged f20 of the [:a oauntnas noutside cf i. ReturrJ rsmg Pd world aratery indloesaomp she davelap~ aqu,ty resenting mdex[scraatedsCpmdices. a,intore@, Il beforeimrestingar universe and r Each MSDI aountN copal M and ~n North America. nUS.doua`s Total futureresults• scarefu Y rasP~tus.to then a?gra$ated,w,thoutahan$ GDP weighted t ggrqntee 1~Og, ~andexp~~ndinthefand's y charg rosp~us corefutl ~O Ep,FEparformanCedataiscalculated sdivrdends. ewo~hFundSOn3~ risks,gnd FundscgnPteasereadthep RT rencY.The phSCl SAFE Index, ~Stp~rmgncedoesn ~teRidg entobjectives, eWgrth eWo~h ~'C local our adustedfarthere~nv?~tan&ndex'naom , - eStm ggttheR~g ndS.Gatn• R~~~ L ~ N T icFundsbecam grtantinformq~onab www.ridgeworthfu Funds,ond }J T M m Returnlis 1 r STICtnss ~ ~63grvisd• eWarth Distrihutorse~o~h E 5 Investors cannotinvestdirectly orshqutdcondotheempa gnT8 - Ridg heRidg 1 N V rid6eWa~hfunds•co InvestmentConcerns ;_k and votatairy~ , pn in mg oneY•Thisan1egsec~ll 1 ~ " o g tl s o R s 2 tus,p ore distributed by o vi art t ~ncreasadr° more ` in0, the FF -lEll-1 0 mvolvas d carry send', rosp~ h Funds M na ement• volatile an i obtmn q p Internationalinvest,n$ more ants eSti Ooh ~undS, Rlr}ge~0~ }-{hCO~lta` stocksl era ,n Investor femv R~dgeWO Equity sacuritres ( of'tnvestments,lnclud g e 2Q00 Ring 2 name fOr ecurit,esThenetassatvalueper r` be#a traCi notherforms aofthaseCUrities Q iStne tar. risktha ;ncomes ants. istribu May~ose~alue h radefrxed aasthevalU inVBStn1 with the d• 'nh~$ $ sFundwiufluatuat is notOffitioted ~nkQ,~ran~e' share of th aesoc,ated ° ortfaUochan$as• aarerisks •NgtFDlClnsured•No ~ o in the P oar that Cher risk of market G ~ It is imp°Rant to remem n th° Potential investing ~ ~ (9 lnclud g with with index investm$,tha rsks associated dealme, as well as specific comPsnies. r ~ ~ ® ~ ~yt ~ r h~ - ....v' 4 - - _c ^E-,,.-- .z _ . - - -.c - _ ~ , ,.e~ - t. l Yi _ a ..--•• - _ y . - ~ ~ - .r - _ - • m ; I ' - -.._ - -- - 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 ~ ra _ _ ~ p e I~~. r ~ ? • i -- ,~:^,x '~i`~~,~ ~~~C~'"-£ S~x'3~l ~S", -M„ _ 'a k+ xti'w"..= P,tik4',7 ;.Y ~r,:i_.. ' , 3` r - -, ~- T a ry 'N.:.a , ~a _ ~.,~...,,.TC,c._.,_,~~-._ r.... . "°-"°-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