2008 Trusco 2nd Quarter Fund Management Report .
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Section I
verview°°°°°•°°'"~'•~ • Sectionll
Economic ~
folio Review ° ' ' " ° ' ' " " ° ° ' • • • . , Section II1
port
Appendix . ~ • • ° ° ' ' ~ heets
,Fund Fact S
,Disclosures
id eWarth Capital Management' Inc'„
Ca ital Management is a division of R g ~ ' ~ n y
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Key Themes
ort.
¦ C economy soft, though tax rebate checks and exports provided some to ed.
U.S. ~7
and credit conditions tig
Jobs fell, the housing market continued its correction, y e dollar
¦ Weakness in the U.S. economy spilled over to trading partners. Th
showed signs of stabilizing.
¦ es rose to record real and nominal levels, cutting consumer disposable
Energy pric
income and generating concerns of an inflation feedback loop.
¦ Liquidity issues eased but cyclical credit risks increased. to to 2°I°
¦ e Federal Reserve shifted to a neutral stance after cutting the fed funds r n short-
Th
citin risin inflation risks. Central banks in developed countries discussed ray ntral
g g
term rates in response to the global inflation threat, while emerging market ce
banks tightened to cool overheated economies. rter but retreated amid
¦ Equity markets improved in the first half of the second qu ~ clical credit strains.
signs of economic sluggishness, commodity inflation and y d in the uarter.
Small-Caps, Emerging Markets and the Growth Style outperforme q
Domestic and International fared in line. cries la ed and Corporate
¦ Bond yields rose and the yield curve flattened. Treas gg
and High Yield bonds outperformed.
~A
. • fD G r rw _ r
l~ ~ r ® e r r
Challenging Consumer Headwinds
Jobs & Real Wages Declining Weak Housing Sales & Values
3 - 8250
2 7500 ~ ti:~';-
- ~ ~~I
1 ~~I~w ~ iUi1 yr
- ~ ~ a ! ~ , 6750 i iu ~i s'~^ ~q' i n r ti ~ ~ ~I
' G
i , . _ ,F~"~.m9~._~.. _ dig' ~ti~ :,gyp - --.:~~ ~u,.,n ~ ~ 1~~ ~ ~,~~~~~~~~~h~~~~ ~y~ ~ p~,1 ~m
0 - - - ~~'G.~tVi!~+d~i ~.c~ iwr.,J9~! ~hy~sis~:; .I,nh.. r~~n.~.~_
6000
-1 Avg. Hourly _ -_
Earnings -CPI -` ' "
2 (YOY%) 525o New +Existing SF
Home Sales (OOOs)
-3 ' . 4500 ~ -=
98 99 00 01 02 03 04 05 06 07 08 98 99 00 01 02 03 04 OS O6 07 OB
Source: Haver Malytics Source: Haver Analytics
Lending Standards Raised
GVet Per~entag~ etif ®~Orn~estic R~s~ernei~nts Tig1~#ening 5tandlards fear C~ansumer ~aans
Percexzt
~D
~:,r~dit card I~ans Jean
----------- +~ther c~ons~viner I!oar4s
s~rr~e~,~~ ;
~d
h
Y ~i
~~p
199E 1992 1'&£~= 1970 1990 2t7' C37 200: 2C+74 2.170$1L1C+8
Updated with data as through 6/13/08
Inflation Pressures: Worst for Consumers
Core Inflation Only Slightly Above Target But Commodity Prices Soaring
5.25 _- 5.25 "
aso Corn ($/Bushel) -
4.50
3.75 -
3.75
3.00 _ ; , ,
3.00 `-- ;.-'"
2.25 _.-
r
~z ,i
~
v
1.50 " - 2.25 ~ -ti.,,,. _ --:
~ i Core PCE (YOY~/°} -J
0.75 1.50 -
98 99 00 01 02 03 04 OS 06 07 08 98 99 00 01 02 03 04 OS O6 07 08
Sources: BEA, BLS /Haver Sources: USDA, WSJ /Haver
Weak $ Lifting Import Prices Bad Mix of "Living Expenses"
15 --__ 40 , -
Food (FiS)
30
8 '
- 20 r~~~, ~t~~ , - _
f'
Energy (LS)
0 a= T - 10
0
-8
Trade Weighted -10 Home Price
Dollar (YOY%) (Case-Shiller
LS)
-15 ~ -20
98 99 00 01 02 03 04 05 06 07 OB O6 07 08
Sources: FRB, BLS /Haver Sources: SNP, BLS, BLS, BLS /Haver
Past Performance is not indicative of future results.
Economic and Credit Strains Could Slow Fed Decision to Tighten
Credit Spreads More Stable but Yield Curve Flatter Decision to Tighten Tends to be Slow
,_:-
3.5 _-.. 16 16
3.0 ~ 12 12
2.5 ~ 8 Fed Funds Rate e
+ nq
~f~
~- ~ pl tl~ Sr P
Credit Spread
(Baa-10 Yr. Treas)
1.5 = - 0 0
98 99 00 01 02 03 04 OS 06 07 OB 70 75 80 85 90 95 00 05
Source: Haver Malytics Source: Federal Reserve Board /Haver Malytlcs
Past Performance is not indicative of future results.
Domestic Equity Markets in the 2nd Quarter, 2008
25% Russell 1000 Value Index .Drivers of Return
? Mid-Caps outperformed
¦ Russell 1000 Core Index .Energy, Utilities, Materials
both Large and Small- 15°~° ¦ Russell 1000 Growth Index .Detractors from Return
Caps in the second
5% 1.3% .Financials, Consumer Discretionary,
quarter and the past Industrials
twelve months. -5°i° - -1.9°i°
-5.3% -6.0%
-15% -12.4%
-25% -18.8%
2nd Quarter 2008 1 Year Ending 6/30/08
? Commodity-linked sectors 25% '":a Russell Mid-Cap Value Index .Drivers of Return
like Ener and Materials ¦ Russell Mid-Cap Core Index
gy 15% ¦ Russell Mid-Cap Growth Index .Energy, Telecommunications, Materials
tended to outperform, 4.7% .Detractors from Return
while Financials and 5°% 0.1% 2.7%
.Financials, Consumer Discretionary,
Consumer Discretionary _5% Consumer Staples
trailed. -6.4°~°
-15% -11.2%
-17.1%
-25%
2nd Quarter 2008 1 Year Ending 6/30/08
25%
? There was a wide dis arit -~ Russell 2000 Value Index .Drivers of Return
p y ¦ Russell 2000 Core Index
in performance between 15% ¦ Russell 2000 Growth Index .Energy, Materials, Industrials
Growth and Value across ° 4.5% .Detractors from Return
5 /0 0.6%
market capitalization in . Financials, Consumer Discretionary,
Consumer Staples
the second quarter and -5% -3.6°i°
over the last twelve _15% -1o.s°i°
months. -16.2%
-25% -21.6%
2nd Quarter 2008 1 Year Ending 6/30/08
Sources: FactSet, Russell
-Past Performance is not indicative of future results-
International Equity Markets in the 2nd Quarter, 2008
25% Mscl EAFE Index (Net> ? International Large Cap Core
15% ? Drivers of Return
? Norway, Austria, Australia, Japan, U.K.
5% ? Detractors from Return
° ~- ~-~° ? Belgium, Ireland, New Zealand, Portugal,
-5 -2.3% Finland
? The MSCI EAFE and
-15% -10.6%
MSCI EAFE Small
Cap underperformed -z5%
the MSCI Emerging 2nd Quarter 2008 1 Year Ending 6/30/08
_
Market Index in the
second quarter. 25% ¦MSCI EAFE Index Small Cap Index (Net) ? International Small Cap
15% ? Drivers of Return
? Norway, Austria, Singapore, Japan,
5% Germany
_5% ? Detractors from Return
-4.5% ? Spain, Portugal, Finland, Ireland, Sweden
-15%
-18.6%
-25%
2nd Quarter 2008 1 Year Ending 6/30/08
? Strength in Brazil and
Russia hel ed the MSCI 25% ? International Emerging Market
p ¦MSCI EAFE Em. Mkts. Index (Net)
EM Index outperform in 15°i° ? Drivers of Return
the second quarter. 4.6% ~ Argentina, Brazil, Jordan, Israel, Czech
5% - Republic
? Detractors from Return
5% 0 9% ? Pakistan, Philippines, India, Chile,
-15% Thailand
Sources: FactSet, MSCI -25%
2nd Quarter 2008 1 Year Ending 6/30/08
Past Performance is not indicative of future results.
Bond Markets i n Q2, 2008
Treasury Yields Rise, Curve Flattens Spreads Narrow, Then New Concerns Surface
s
900 Lehman High Yield Spreads
- -- -
3/17
5 ---- - - --- --------
800 - - -- -- - - _ _ -- __------- - -
-- -
~-~ --- _
4 _ --
-- 700 - --- ----- ---_- --- -- - - - - --- - - - -
3 -- -- ~- --- ------ - -- ----- --- - ----
600 - -- _ - - - -- _
2 -
500 -- - -- - ----_--------- -- _ - - --- _- - - - - - --- --- --
1 -- -- ----------- _ _ - --- ------ 400
6/30/2008 - 3/31 /2008 ----- 12/31 /2007 - 6/30/2007
0 ~ ~ ~ ~ ~ ~ ~ .`300 --- - r- --~ r r r ~ ~- -~ _- r
0 5 10 15 20 25 30 10/07 10/07 11 /07 12/07 1 /08 2/08 3/08 4/08 5/08 6/08
Higher Quality Bonds Pulled Back This Quarter
y2 ¦ The Federal Reserve cut rates to 2% in April and went to a
i0 _ ______-____-__ _____-__ neutral stance. Late in the quarter, rhetoric from the Fed turned
s _ _ ._-_--- -__-_______ from concern about economic growth to inflation and the
s _ - strength of the U.S. dollar.
4 --- -- - - - ---- --- ---- ---- - ¦ Investors focused on oil spiking to over $143 a barrel and
2 --- - -- -- -- ---- - ----- - higher reported inflation globally. Short-term yields moved up
---
0 --~ -- --~~- A considerably from the lows in March.
-2 --- --- - - ----- _ - - -- - --- -
-4 ¦ Credit spreads narrowed significantly at first and then started
Agg Tr Govt Corp sec HY Muni widening again with signs of additional troubles hitting the
¦ 3-Mos. -1.02 -2.10 -1.65 -0.69 -0.42 1.76 0.72 financials. High Yield and Corporate bonds outperformed
®YTD 1.13 2 23 1.64 -0.84 1 .30 -1.31 0.99 Treasuries for the quarter.
1-Y r. 7.12 1 10 33 8.38 2 95 6.97 -2.26 4.94
Sources: FactSet, Lehman Brothers, Merrill Lynch, NDR
® .o .•- .~-• ®
er Ong
Em ~
tun?t~+~s
O per
ent p
~~stm
In
O p°rtun~t~~s ad
p ,markets alre y
_look?ng
Chi?~enges ? ,forward to weakness
discount g
? Economy weak ~ nificant
winds s?g ? Fed rate cuts er
Consumer head steep
? ? Yield curve , uidity ~acitities
. Housing ? Innovative t?q
• Energy ditions tight ? Tax rebate like1Y
arket con s?stent ;station
? Credit m res per Mortgage relief leg
w CeSSU ? bons reasonable)
? tnflat?on p ? Market valua
cheap ads above historic
? Credit sere
aVerageS
p ° c
~ D
~ y s
i ~ a i
r' ~
e
fl ~ ~
Asset Allocation: Current Strategy
~ June 30, 2008
® March 31, 2008
? NEUTRAL
? U.S. StOCk Market ~ BOndS - -- Neutral: Equity valuations reasonable/attractive,
but financial market risks remain.
Large: Relative valuation still favors LC but wider
? Large/Small • - ~ credit spreads could offer near-term SC pportunities.
Growth: Valuations are still attractive for Growth
~ ~ stocks vs. Value. Growth stocks have more
? GrowthNalue ~ economic momentum due to better earnings
growth. Exports still benefiting large
multinationals due to U.S. dollar weakness.
? Domestic/Intl a _ ~ Neutral: Returns likely to be more comparable.
•(developed) r~;,"` 't; w~ y ' ~ . --- U.S. dollar should stabilize, and economic
environment overseas is weakening.
? Int'I Dev/Int'I Emerging Mkts ® - , • - • ~ Developed: International economies are less
; n, •rt, . m;., .'^~.,,:..r-:~.a dependent on US demand and valuation
compression supports favoring developed.
Continued credit quality concerns still a risk, but wide
? BOnd QUallty ~ HI~'1 YI@~d ~ credit spreads make higher quality non-investment
• . ® grade vehicles, such as bank loans, attractive.
~ ~Ptt'~ _ Firm overseas monetary policy vulnerable while
? Domestic/Intl US policy "neutral" following significant ease.
Favor hedged international bond exposure.
? Hedge Funds . • _ ~ High volatility and rising risk premiums should
benefit absolute return strategies.
? REITS Despite more attractive valuations, credit
~ ~ • ~ • - • ~ tightening and slowing property demand could
impact fundamentals near-term.
? CommOdltleS • - - • Secular growth story intact but recent run and
slowing world growth keep us underweight.
° o 0 o m
k
4
m ~ ° a x
~ ~ ~ ~
Past Performance is not indicative of future results.
Market Snapshot June 30, 2008
99,4 9 ~ -0.08' -1:02" 1.13 7.12 4.08
S&P"'500 -8.43 -2:73{ -11.91 -13:12' 4.39 7:5'5 L`eh'rnan A re ate °~~"~"r.~
~.az
Russell-:Top 200 -8.44 -3.70 -12.64 -12:81 3.99 6.42 TrEa~ury 0.79 -2.10. 2.23. 10.33' 4.58 3.80
Russell 1000 -8.31 -t:89 -11.20 -12.36` 4.80 8.19 Government-Relatzd 0.12 -1:65 1.64 8.38;, 4.61 3.86
Russell-MidCap' -7.99 2.67 -7.57 -t1ct9 6.82 13.02 Corporate -0.64 -0.69 -0.84 2.95' 2.41 3:09
Russe112000 -7.70 0.58 -9.37 -16.19 3.78 :1.0.25 Sccuritized -0.31 -0.42 1.30 6.97: 4.46 .4.29
Russell`3000 -8.25 -1:69 -11.05 -12.69 4.71 8.34 LehmanG~wcrnmentCredit 0.10. -1.51 0.98 7.24'; 3.83. 3.56
MSCI'`EAFE"Nef -8.18 _ -2.25 -10.96 -10.57 12.80 18.60 Lehman-Intermediate G-C 0.01 -7.53; 1.43 7:37 4.26 3.48
MSCI EAFE Small Cap Net -8.23 -4:52 -10.48 -18:58 9.33 78:81 Lehman High Yield -2.80 1:76' -1.31 -2:26 4.53. 6.89
MSCI=Emerging Markets"Net -9.97 -0.86- -11.76 4:6t 27.06 '29.62 Lehman Municipal GO Index. -0.92 0.72 0.99 4.94 3.31 3.6Y
r r ~ r r ML',U.SGo~~t;Corp..1-5 0.20 -1,02 1.79 7.08 4.55 3.37
R"ussell"Top=200 Growth -7.15 -0.28" -10.08 - -5.6T 5.05 5:77 ML'.1-~ U.S. Treasury° 0.30', -0.86' 2.10 7.29 4.70 3.27
RussellT.op 200 Value -9.79 -7.13 -15.25 -19:35 2.97 7.16 r ~ r
Russell<4'004Growth" -7.20 1:25: -9.06 -5.96. 5.89 7:29 3"Nl.~ - 0.17 0:33' 1.30. 3.81 4.34 3.21
Russell<1000 Value -9.57 - -5.31 -13.57 -18:78 3.52 8.88 6 Mo 0.12 025 1.64 4.60 4.60 3.38
RusselPMidCap Growth -7.31 4.65 -6.81 -6:42' 8.17 12:27 2 Yr 0.31 ' -1.15 2.17 7.55. 4.62 3.17
RussellsMidCap,Value -8.91 0.07 -8.58 -17.09 4.96 12:95 5 Yr 0.58 -3.11 2.28 11.47 4.55 3.20
Russe112000 Growth -5.96 4.47 -8.93 -1D:83 6.06 10.32 10 Yr 0.83 -3.52 2.03 12.47 3.60 3.31
Russe112000 Value?. -9.60 -3.55: -9..84 -21.63 1.39. g.g8 3~.Yr 3.11 -2.46: 1.10 74.53 2.39 4.41
Russel 1=3000 Growth -7.10 1:5:1 -9.04 -6:38 5.92 7.53 ' ' ' ` ' ~ ' ' ' ' '
Russe113000 Value -9.57. -5.17 -13.28 -19.02, 3.33 8.95 3'IVlt~nth ~ 1.86 1:35" 3.30 ' 4:82' 3.08 0.91
~ ~ • . r ~ r r 6=Montii 2.17 1.57 3.49 4.86 3.28 -0.98
ConsumerDiscretionary -12.11 -7:80 -13.22 `-26:80 -3.58'. 2:08 21`ear 2.62 1..63, 3.07 4.88 3.66 "1.32
Consumer Staples -6.45 -5:34 -7.43 0:74 7.75 8:13 ~-Yaar 3.34 2.47 3.46 4.94. 3.72 2:43
7O .Year 3.98 3.43' 4,03. 5.03 3.94 3.53
"Energy;; 2.28 17.31 8.88 24.84 25.73 29:50 .
Financials -18.37 -18.32. -29.73 -42.36 -9.40 -1:27 $0-Year 4.53 4.28 4.45 5.73 4.22 4L57
Health Care -4.65 -1.24 -12.61 -11.72 1.17' 2:40
CrtPgroup wG6l IUSDi 0.45' 4:23` 5.02 17:00 6.26' 6:47
Industrials . 12.23 10.11 ~ - r ~ r ~ r r
- - -13.65 -12.87 5.62 9.68 w
Information Technology,. ~ -9.24 2:50' -13.08 -7.53 5.47 7.24 Gitigroup W,GBI (USD, Hedged. -0.07 2:32 0.20 5.72 3.27 3.58
Materials" -5.52 4.42 1.26 .6:30" 18.54 17.82 Cdigr~up YN.GEI ex:US iUSDi 0.36'. -4.72 5.70 18.72" 6.66 7.07
Telecommunication'Serviccs -11.51 -4.13 -17.30 -19.83 7.74 -8.03 Citigroup.WGBI ex US iUSD) Hedged -0.28. -2:37 -0.28 4.60 2.95 3.52
Utilities.-' -0.77 7.97; -2.76 6.63'; 12.47 16:91 JP"'Morgan~EN181.G1o6al -1.93 -0:81 -0.18 5.09'.. 7.06 9:04
• r ~ r r
r r e r r
Trade W_eighted,?Dollar i 1973=100) ` 0.37 0:92"~ -3.16 ' -9:79a -5.91 -4:87
HFRI':Fund of Funds'Cornp" % 1.92 2.95 -1.44. 1:46:' 8.99 8:03
CS/T Nlulti-Strategy " 1.20 1,87 -2.13 -0.18 10.22 9.15 DJ AIG Commodity Index (TR) 9.10 16108' 27.23 ..41:37 19.78 18.53
CS/T Equity Ma~ket.Neutral 1.10 1.41 3.22 7,84: 9.53 8.12 DJ=AIG Ene~,yy iTRi 10.66 35.04 55.56 75.49' 9.52
CS/T Long Short Equity _ 2.91 5.17 0.87 4.94' 13.26 12.09 DJ-AI4G Precious Me'fals iTR) 4.03 0.59 11.61 40.12` 28.91 --
Cehrnan TIP„S 1.53. -0:28 4.88 15.09 5.57 5.95
FTSE NAREIT Equity Index -10.88 -4.93 -2.89 -13.01 5.23 14.41
• r ~ r r
DJW ,Global exUS ReaI:Estate.Sec. -11.32 -9.70 -15.36 -24.12v 10.25 .20.13
Consumer+.P'nce~indec~(82;:84'="1,OG~, za:, 0.65' , 0:86: 1.63 :- 4:08" 3.60 > :3:30
Source: FactSet
*Hedge Fund & CPI Data Through May 2008. Sources: Lehman Bros, CS/T, BLS, FactSet, MSCI, FRB
This perspective was prepared for clients and prospective clients of RidgeWorth Capital Management. Neither RidgeWorth Capital Management or any affiliations make any representation
or warranties as to the accuracy or merit of this analysis for individual use. Past returns are not indicative of future results. Comments and projections were based on information available at
the time of writing, are for informational purposes only, are not intended as individual or specific advice, 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.
~ue~
tVa
r ~.r~~
~ '
torr?ca
His
$57g0yg79 $5053,539 $9,049,703
$g,p00'p00 $573~,6~
$5,g63'29~ $5,5$5,1?$
~7~o04'pp0
$5~$~0'625
$6~p00'p00 $~,3p3,742
$8~p00,p00
$4,0p0'p00
000 182008 2g2p08
$3?p00'
200?
~2~pOp,p00 20p6
2005
2004
3
2~
7p00'p00 2p02 Market V ague
¦ Total
A .a
• D
r ~ •
i a
~ i
~ e
Account Activity Summary
Beginng Market Value as of 12/31/2007 $ 6,790,723.52 Beginning Market Value as of 06/30/2007 $ 6,220,452.99
Portfolio Additions~thdrawals Portfolio Additions,~thdrawals
Additions $ 473,224.92 Contributions $ 1,038,519.35
Withdrawals $ (821,963.96) Withdrawals $ (1,020,887.27)
Total Additions~thdrawals (348,739.04) Total Portfolio AdditionsAMthdrawals 17,632.08
Portfolio Earnings Portfolio Earnings
Gain (Loss) $ (398,982.09) Gain (Loss) $ (221,001.21)
Interest and Dividends $ 4,713.38 Interest and Dividends $ 30,287.40
Net Accrued Income $ 986.82 Net Accrued Income $ 466.46
Total Portfolio Earnings (393,2s~.s9) Total Portfolio Earnings (190,247.35)
Ending Portfolio Value on 06/30/2008 $ 6,048,702.59 Ending Market Value on 06/30/2008 $ 6,048,702.59
Net Change (742,020.93) Net Change $ (171,750.40)
Total Return -5.79 % Total Return -2.86
Please refer to appendix for full disclosure. Source: First Rate investment performance system. Data includes accrued income
~o ..o .•- • o o°
Performance Comparisons
Inception*
2nd Quarter Year-To-Date 12 Months 36 Months 60 Months 120 Months 158 Months
2008 6/30/2008 6/30/2008 6/30/2008 6/30/2008 6/30/2008 6/30/2008
• ~~- • •
- ~
Total Egmty ' _ -086% 10.79% -9.70% 6.15%; 8.89% 5:06% 9.83% -
SunTrust Retirement High Grade Growth 0.76% -10.38% 0.09% 7.87% 7.79% 4.97% 10.87%
Russelli000Growthlndex 1.25% -9.07% -5.95% 5.91% 7.32% 0.96% 7.55%b
S&P5001ndex -2.73% -11.914b -13.12% 4.40°6 7.58% 2.88% 9.03°~
SunTrust Retirement High Grade Equity Income -4.47% -12.62% -16.13% 6.42% 10.07% 5.05% 9.37%
Russell 1000 Value Index -5.32%0 -13.57% -18.78% 3.53°io 8.92% 4.91°i 10.33%
SunTrust Retirement Mid Cap Equity 0.61% -9.05% -12.53% 4.78% 11.46% 9.03% N/A
Russel! Mid Cap Index 2.67% -7.57% -11.19% 6.84% 13.07% 8.10% 11.87°0
S& P Mid Cap 400 Index 5.43% -3.90 % -7.33% 7.45 12.61 % 9.84 % 13.33%°
SunTrust Retirement Small Cap 7.72% -8.21% -7.34% 5.38% N/A N/A N/A
Russel/2000 Growth Index 4.47% -8.93% -10.83% 6.08% 10.37% 2.80% N/A
Ridgeworth International Equity Index -2.58% -11.25% -10.60% 13.46% 17.00% 5.86% 7.61%
MSCI-EAFElndex -2.25% -10.96% -10.61°% 12.84% 16.67% 5.81'% 6.58%
Total; Flxed InCOme 1.43% ~ ` 1.01 °/q 7:76% , 3.97% 3.52% 5.03% 5.95%
SunTrust Retirement High Grade Bond -1.47% 1.08% 7.81% 3.89% 3.63% 5.68% 6.51%
Lehman Aggregate Bond Index -1.02% 1.13°b 7.12% 4.09°r° 3.85% 5.68ib 6.47°ro
Lehman GovtCredit8ond Index -i.51% 0.98% 7.24°ro 3.84% 3.58'x° 5.68% 6.50°ro
Past Performance is not indicative of future results. Period Ending June 30, 2008
Please refer to appendix for full disclosure. *Inception: April 1995
Source: First Rate investment pertormance system
~ tL'® d ® • f ~ o'
z-
Portfolio Composition
Equity
54.9%
Cas h
10.0%
Fixed Income
35.1
•
Total Portfolio $,6,048,702 1'.00.0%
_ _ -
Total Equity $3,321,786 5.4.9%°
SunTrust Retirement High Grade Growth $1,211,115 20.0% ~
SunTrust Retirement High Grade Equity Income $770,099 12.7%
SunTrust Retirement Mid Cap Equity $279,252 4.6%
SunTrust Retirement Small Cap Growth $326,963 5.4%
RidgeWorth International Equity Index $734,358 12.1
Total.Fixed Income ~ _ - $2,120,364 ~ _ 35.1
SunTrust Retirement High Grade Bond $2,120,364 35.1
Total Cash $606,552 10.0%
Please refer to appendix for full disclosure. Period Ending June 30, 2008
Historical Asset Allocation
o.o°i o.o% 1.1°i
1 oo°i° °
2.1% 1.s%` 0.7% 10.0°~o Fixed Income
90% and Cash
35.9%, '34.1% 32.1% (45.1
80% 40.1% 35.8%:.. 35.2% 37.2%
35.1%
70%
° 8.0%
b'0% 9.1% 12.3%. 12.5%
Equities
50% 12.'I°~o ' (54.9%)
40%
30%
20%
10%
0%
2002 2003 2004 2005 2006 2007 1g2008 2g2008
¦ Large Cap ®Small/Mid Cap ? International ? Fixed Income ? Cash
"k
Adviser
RddgeVYfordtMrresmencs s3o;ooe --- Halliburton Comyany 4.9X Fund Benchmark
StkaSa Intel Corporation 3.7X Conwnu:r Dnceetiois:ry #0.4+~ 8.719;
Subatlris~ sis,ooo .
yMyu lipid Thnaganen~ LLC - a groxth egoiry manger based _ SlU.oto Qualcomm 0.ncorpaaoed 3.79; Conwmer Staples 1204X I I.~ISX
in Atlanta:Georgo. Apple Incorporated 3.7X Energy 1~.10X 13.30%
~SiS.oeo Gilead Saences Incorporated 3.796 Fiawncial Services 6.80X i.25X
> Portfd'w: Matager sr;a;ota
~ Cosxco Wholesale Corporaeion 35X Health Care 17.72X 1228X.
Pbrdo6omasngersina2007 ss•~' IncernationelBusinesxMachmetCorpord~tion 3.3X Mdusuials 7.ISX. 13.34X
Say Cameron Incemadonal Corporateon 33X InfortnarionTi~cbnology 26.1IX 2BJ3X
anus arlaral e~sama
CVS Carerrerlt Corparaaan 3.0X Materials 5.159; 4,77X
The Fiytdseekt UP1171>pprl~Na<+6Y'.LrI~O1~Prima^I~in laf~C, ¦1[eeum raW~wi~M1 mimess~en~eP nean~aM ~apa~l grim
wellesc61is9N~ domestic oapar~fons.The Fund is designed m PepsiCo Incorporated 3.0X Telecom Servicex 0.00X. 0.79X
ccmp¢P+~+drguidd-x~es dncare based prindpaly on Aorida hvs 7k above gmph assumes on inipol fYporheried imresrmex a(S PO,A80 (ran Udli6ex O.OOX 23BX
governing die irnesanent of municpol recremmt ptam for fire, bf30M8 to bl30PL~,
P°~ ~g~r+lgvrtrmmatt empkryees. The perfornance quoted herein rcPK'+~ P~ perfonnonce.
Tt~[s Find is open to irvesaisan only 30+;wm for wNd~ S~mTnrtt
EpnkservesastnuteeorinvestmaiEnurgger dquaU&d rerwe-
manphttswhkisadopttbetemaofacoleairetrusc ~
AvcrageAnntralTotal Retvms
This fwd 3s suitable for imeston+vfio want the value of thdr Inception Latest I 3 5 10 Equities I OO.OX
inwsanerus m gttnv.bw do not need ro receire inccsne on thei Date Quarter YTD Year Year Year Year CasFi ~ Equindents 0.0%
irn~msmc Fund 4f9N10 0.76X -10.38X OA4X 7.B7X 7.79X R:47X
Russell 1000° Growth Indac ~ 1,25X -9.06X -5.46X i.91X 7.32X 0,46X
S&P5001ndex f -273X -11.91X -13.IZX i.ilX 7.58X 2.88X
*As of fux 30,2008 and' wbjett to change.
Past performance does not gvaroMee future results.The performance data quoted represerres past performance and current retumx may 6e lower or higher. Total return ~igum include ehangre
in unit price, reinvestment o
f dividends and capitol gains.The investment return and prhscipal slue wiYl fluctuate so that an Imrestols units, when redeemed, mar be worth more or htss than
the original cost
SunTnut Bank Member R~]C.&t SunTnrst Banks, Inc.: ~z T, ~'~'1~.~' T~~
SunTnat. a x federally registered. ser»re muk otSurTnac Banta: Inca . (Jj'il j j~U
.NOT FOR PUBLIC DISTR~UiION
4 4 ~ R 4 4 ~ ~ ~ u'p
~ -'., ~ ~ ~ ~ ~ ~ ~ Q 34.69Y` ~ fie. ~ ~ f
o~ g ~ a s~'~ ^n 38.11% ~ .a
2 ~ 5r -•
~ w n ~ 11.55/~ ~
a ~ ~ ~ ~ ~ $ ~ ~ 33.16'/
`8' ~ $ ~ 3, ~ 21.04'/ ~ ~-
a ~
e ~ 'g, -'+ SF •9.11
~ no o ~ ~ ~ n ~ •221'h
~ ~ ~ ~ -~ _ •20.41'/° ~
~1
~ a, ~ S ~ •19.26%
~ e~ a 3~ o e .21.88'/° ~
w -_
a'~ 2 I0.94 ~ ~ ~ w .
~ s , , ~ 19,15% ~ ~ o ~
~ ~ 0 5 IB.10'/~
~ -- -_
3 ~ 4g d.62/~
• o•E 10.81'/.
e ~ C ~
043'/
®5.16%
~ 49Th
ono __-._.._..----------...
Q ~ II.1S'h
- 9A1'h
r^ ~ IS.16%
V J ` 20.42'h
11.81'!°
5.44"/°
•
~ . ~
.
/ldviser
ttidgeWbr~hlmesanents 53o:oto - Exxon Mobil Corporation , 4.Oko Fund Benchnurk
c~~j~ 515;D0p : 5+9Sto ' Gmenl El~trit Canpany 3.7'~ Cwrwmer Distreaomary 11.65X 8.54X
CensdexYalueAdrisorsLLC-avalueequrtym~nagerbuedin 32p;opp' Conocophillipz ZS~ ConsramarStaples II.iS~ 8:06'
Or6rdo.Aorida. ~ Grerran Corporation 2.8X Energy 12.28X 18.32X
S15;aC0
Merck& Co, Irxorporned 2bX Financial Berates 20.39X 2:86%
PoreWiio Matweger 51o:ow ' ATaT Incorporated 7.5X Heatda care 9,28X ia.e7X.
• I~ RiddkkcFA s5:oeo
Pbrslo6o nunzger saxe 1995 Unfixed i'arcel Scrvrce Incorporated JG 6} 2.6X Industrials 19.46X 9.48X
Mararlion Od Corponation 2SX inionnadanTechnology 8.69°6 3.36X
$1301% df3n7p3 d!'S0.ri@
~6;eCbYE 1Hrixon Commurr~dons Incorporated 2.4X Materials 5.28X. ~.26X
' The Fandseefts mpnoridenpinl appredaeion,ard as a secardary. ¦ kcoum nLa .ia mmn:mmt of neanr an0 rapaal gain
gpat,eurraneirrearK.bY+'~SP^~y~~ Johnwn&Johnson 2.3X TelpcomBervites 5.13X. B.75X
sedsldrs.TheFrd'adesigredmcompijwithgudelinesfiu 11Kabove8raphaswmesonvdadF+yppthedcdurvarmertof$dO.Ek~7from Udliaies 5.35X 6.54X
are hued printer on Honda hvagurerningthe irnrsonentof 613019$ m d130i'd78.
nwriojpd retirement plans For fire pdice and general govemmerix The per(ormante quoted hentin repreurets pass per(ormana.
This Fwd js open xo itxestmmt oniy by wsu for whicix SunTnac
Bxnkservesastnuteearirnemnaurtunageraigvali6edn'dre- rr:
~ tkretamzofamecctireouu AveragepnnualTotalRetums
P~ ~ Equities 100.6X
Inception Latest I 3 S 10
Tha fwid is suioMetor imres<ors wha are boldr~ for apimt Dace Quuoer YTD Year Year Year Year Crib & Equiralencs 0.0%
appreciadonpoourtialabdYomeincomerrixhkssvdadl'irytMnxbe Fund 3r3if93 ~ A.97X ~ -1263X. -16.13X. B.~F2X 10.07X B.65X
~~`marf~tasaMdx>te' RusseI11000°Yaluelndex -5.31X i -13S7X -18.78'6 3.B3X 8.92X 4:91X
*ks oFJux 36.2068 and wbjeet to deaage.
Pbst per(ormonce doez rrot guorcntee (afore rauhs.The perfornwna data quoted rcprtsents pant performance and current «ttmts may be Power or higher. Total nettrm figures include change
in unit pritt, reimestmeM of dividends and eopital gains.The imesement return and principal value will ~lucWaate w that an imestols units„ when redeemed, mar be worth more or lest than
the orlgina) cost
SunTnnt~rdc.MemErFDIG~SunTnarBamks,inc S~~~
BunTrua is a kdera0y:regucered;smdce mach of SunTruu Banks, hit.
NOT FOR'PUBLIC OIBTR<BIJ~ION
~ fk ~ 0 t 1 • 69 q • ~
a~';,; m
~ ~ 9
~ ~ "'~Q _ ^ 11.169 - ~ ~ ~ a m , i
_ ~ 3g B g r`s 5• o ti ti
o ~ o ~
a~ r
~a~ ~ ~ _
~ ~ M ~ F ~ ~ ~ ~ t4na
~ R' g
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b
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e -"$~
~ 3.81Y~
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4.94'6
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• - - - - '- - - - • ~ ~ - ffS
Adviser+ `
A3dgeVWroh 6reesunerits SSaa6a M®U Resources Grout' Incorporated 1.9% Fund Benchmark
$YbdMISEt' Smed ES}x~znrics Incorporated 1.9% Conwnter 17:screaonary 13.71% 14.b6%
sto;cea Sja.raa I ~ t C a I.8% Conwmer 5 5.5'2% 5.32%
hanOakAdr"uors LLC - a rare eguiq rtaruger based'n Ridanord. I ~NOBh anP ryY taPks
SSO.aeo ' Un'rrersal Health $erdces hcorparated {CI 6J I.6% Energy I I.10'd 11.47%
Po?t~10 Matwgers naata Equifax Incorporated I.7% Fnancial Senrices 10.25% 17:02%
Chesapeake Energy Corporatoa 1.7„ Hnhh Care I I.i6% 7,87%
PartloGosturagerskrce2007 Sta:ota' Cameron International Corporator I.7% industrials 14.73% 13.14%
Sa Edson Intemadonal I.5% informationTec[~nology 14.93% 13.90%
613414a d1FNll~3 NSDNB
Pordo6o sirice 1106 R4C Corporation I.b% Materials 7.57% $.7b%
matogn' ¦ kccum .aria Mm rnrneemear d crane ans apW grim PGri:E Corporation 1.595 Teloeom Serxiees 1.22% 217%
~2Ct1Y!e The obese graph assumes an inrod Frylwthedcrd imesonerrt ojSP0.0lk1(corn Utilities 9.61 % 8.b7%
The Wfdseeks lagg-tam capital ganudt by orvadng n domestic b130f96 m dP30f06.
torporadas Wirth a ituriret tapitillateon 6etweea3f and The per
fornrmce quoted isercirt rcpreseots you per
fonnonce.
520 b6lian.The Furl is designed mo adsipiy widr gttidei'r~es that
one based priocipaUy an Aarida trxsgorcrsmiiogthe invesrmmc
of mustidpal Yedtemesie pFansfor fite.pdix and gen~l
gm~' r r
~j~j~y ArrerageAnnualTotal Returns ,
ThaFundisapentoirmsunentonlybl+aratsforwNchSemTr>rsc Inception Latest I 3 S 10 Equices 99.b%
8anknmsastneaoorirr~aneamana~rofgrt4l~icd Date tZstarter YTD Year Year Year Year Cash&Equialena d.3%
retttanattphnswlrkhadoptttietvrnscFaa6ecdretrust, Fnmd 12JIf96 0.61% -9.05% .1'3.53% 4.76% 11.45% 9.03%
TI~isFwdisauabletorittresoonw~howmttheglueoftheir ~~IMidap6lndex ~ 257X -757%. -11.1496 6.84% 13.07°„'. 6.1096
imtsoneix m grtrw acrd who are wiPerg w accept more tolaWiq "qs of June 34,2008 and wbjett to change.
for the poas>bity of higher nouns.
Rost performanee does not guarantee future rcsuks. The performance data quoted aepreserrcs pan performance and wrrent rewms mot' be lower or higher. Total return ~igurcs include change
in unit price, reirrrestment o
f dnidertds and copita! gains.The investment retain and principol value wiVl }iucwate w that an investor's units, when redeemed may be worth more or k~s titan
the originol con.
SunTnat6anklYembcFD1C.®SunTnncBatJa.lnc. 51J1V ilSlJa71
SunTnnt is a federally regbtered ses+ice mark ol$vnTrust Barrio, hK..
PIOtf:FlJR;PUBUC DISTR~UiION
~0 0 • ® G m o
~g ~ _ on~'~+, s m3.~ ~ ~ i
9 6 3 0 ~'n c R
e ~
~ g ~ ~ ~ ~
ro ~ $
'4° ~ R ~ ~ ~ 18.23% ~ ~
o ~ ~ ~ o ~ g ~ u.n%
S ; ~ ;
a o~ ~ ~
a ~ ~ ~ 8.25%
a ~
~ ~ ~ ~ g y _ 1.14% '
o
~ ~ 5.62°/, ~ ~
°a ~ ~ e
~
~ ~ •30.42%
~ g~~ a3~
s~o ~ 4~ ~ 'a ~ a
b c' n o .I6.1 ~/i v. ~ w
si R' 2=
~ ry °A T
~ ~ ~
_ ~ _
3
18.04%
g o~ ~ o
8 o n I8.22%
~ 7 4 K
~ ~ ~ n
C 90
. n q
5 5 IS94'h
O
. ~y ~ 12.aS°h
~i geg3.. _
o ~ a 8
'4 ~ 11.44'h
IS.Ia'/.
_ - -
S.tS'/~
~ ~ s.aai~
H
•
py', ~ ~ as ~ s,~ ~•~.S
~ ~ ~ -
. . . ~ i
.
• - - - - - • • • ~~S
RidgeYVortEi'Inresaneats s%oso Alexion FharmaceuzBCals Mcorpaaoed • 1.3% Fund Benchmark.
-SllbddYlSL`l _ si-0,pp., Graf Tech Irnernatianal Urnicod l3% Coinumer O+acretlomry 12.74% 1239%
SirauF.CaptdMa~ane4tLLC-agromhequiryrm~erbased sis.wo WoodwardGarernorComparrf 1.2% ConwmarSnples 3.52% 25'3%
inAdann,Georgia. sieodo bornbeckt]HshoreServiceslncorporated 13% Energy 12.12% 12.89%
PottfoCo Matq~ers Wabtec 13% Financial5ervioes 5.42% 4.48%
,~P.~~ ss.oun . Grey Wo8lncorporated 13% Health Care 33.56% 21.87%
PbrtFoYamatsagersfnae2006 Wllbros Gip Incorporated I.I% Fndusvials 19.63% 1873%.
3o NuVasivetncorparaced f.l% InformatianTednnolagy 18.65% 21J3%
d77a798 6r3a~~7 dr7aNt
Pordoiomarngersinoe2007 ~kravr,da.i~hmmaaemal~xmievtaupmtnrn Aribalixorporated I.I% Materials 4,31% 3.24%
PeaoQuest Energy Incoryorated I.I % Telecom Services 0.00% 1:44%
. Mdu~ A sansoterra '~IT~e oba+e gmph aswrmes an lniad fypotheucm~ im~esbnent or$ tl0.0A7 bran rtie Ualices 0.00% 0.81 A
F+ortfoio maiuger since 2007 fund's iMeFOOn date to 6F3~0l0$.
The per
farmmrce quoted herein represents pose perjormonce.
~IQGlaYE
The Findseeks brtg-term npitil appreciaaonby erreung in
dornesoccorporadpns w6dra mule[ capitalmtiat between
S50 micn and S2 h'giai.Tire Fund is.rfesigned to comply with
guide6nesdsttarebasedprincipaOyanFkridahwsgwernirg r':
a6x 6evesanerieof mum retlremem puns for fire, prcce Average Annual Total Returns
Equities 100.0%
andgeneralgonxnmattempkr7rees. Inception Latest I 3 Since Cash&Equi•.alentss 0.0%
Date Quarter YTD Year Year Inception
Fund [Ol20d03 7.72% -8.21% ~ -7.34% 5.38% 8.66%
This Fund is.apen to inrnoment only by t+um krwhiih SunTrtesc ~ R
Bank wvesastnuteeor:knesonentafgr¢liBed Rusx112000eGrvwthlndex a 4.47% ~ -8.93% i -10.83% 6.08% 7.30%"
rettrementplanswlikltadopcdreumisofaooneddreavst kpuoFJux36.2U08and'wbjeettoohange.
Thh fiord is suaable 6or snvettors whonwnt the value d dseir Rost per(orrnance does not guomntee future rcsultaThe perfarnrance data quoted rcprcserrts port performance and current rearms mar 6e lower or higher. Total return figures include change
mve:an~rs rogmw b,rc do not nred surrenc income in unit price, reirrrestmeM o
f dnidends and capita! gains.The investment return orsd principal vofue will flatware so that an investors units, when redeemed, mar be worth more or kss than
the original cost.
"Reaum Fran IOf20f03.
IY/
SunTntttBankMemberFDIC~SunTnncBonla.fnc. SlJ1V 11'CUST
3uaTnat h a 65dera8y rego[ered service mark d SrrtTrusc Banks: hrc.
h10T FOR PUBLIC DISiRIBIlI101~1
l~® ~ 0 • ® q w
~ ~ _ ~ 2f
' ry ~ C ~ ~ ~ ~ ~ ~ ~
p° g. 3°a•~D ~ $ ~3 ' ~
~a ~~yn~ ~ 1.23% ~ .
~ 3i ~ - _- - -- _
4
o ~ rr'g $ 43A9°G ~
• ~j b ~ ~ ~ ~
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~ ~ ~ ~ g 4'~ ~ ~ •9.23'b
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a'~.~ ~ 1.92X
rr^^ 13.35`/.
V,
i3.dd%.
\ 7.OS'/.
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~
i Shares I Second Quarter 2aQ8 ,~G~
1 nternatian~l Equity RIDGEORTH
Index Fund I N V E S T M E N T S
ri d!g2wo rthfu rtds.com
STYLE -.~.-r^m _ -.-_. -- _ _ _
+~°atu,z ~ienc Grcrr,th a;GrowthofSt00,000lmestnoent fourttryweightings(96otpoctfoUo)• > CompositTon,(96ofnatassets)'
~- _ Fund ?~nchmark c w
Z Ler ~ t~cca~~[val~evitargn~c5trtv_ntoi~ncan=a~~caG~a:ga~sA1 - Egwties .,B.S~c
Wr; o . ~ S7o7 ~ lkvstralia 4.23?'° 4.8590
svsesa ;ash & Eocar:alznts i.0°k
W~~ Q
_ - hflid SeC'7 r0ustria 1.64?5 1.69%
J
'x Belgium 1.1795 1.52%
U)' - - - - srv~._cc
,V _ SmaNl Denmark ".46'15 1.4595
"-.`-rJ9:?Cq Fin~~!and LG19`o 1.G690
~Q F*anx 1D.1895 iC.5190
s ~ :c
Germany 14 ?435 15.G9°r5
Adviser 50 G:eere 1..51°r5 1,2790
Rldgz'PPorth;nvzstments Honglfc+ng C.864G D,9a^?r,
Ireland 1.05°,b 1.D69:
SubadViser i,heoL~vegroahossumeson nrpo!f~ypothencnt+m2stmentc` Italy 9.240 5,29%
W ;,?rcium r'sszt fJlanagemznt .LC - an internaticnal $tOf),C.7CFrom6~aof98tc6'3C,rfl79. 7, o,
;apan C 5435 20.19 u
quantitaWveecu+iy^r+ana~rL,ased.n~4tP:arvta.Georgia. Theperf+ormoncequotedhereinrepresentspostperformorrce, Netherlands 3.26°.0 3.3145
PartfoliaManagers Netv2zaland C.569`o G,53°5
•C:hadDeakens,CFA .Top TenHotd6rge(%ofportfoUo~- - ~onti~ay 1.6235 1.66°!0
Pcyrfolcomanagers+nce1999 Portugal 0.9235 D.9~',°~ ^"xsofJunz3C.2~DC8ardsuhpecttochange.
EF;I SPA 1.$9$
~I,?atthzr.';~elden Sir~gapprz C.69~5 0.73°.: park performance does nor guararnee future
PortfolaomanagerstnCe200a~ E.ONAG.ilarmerly4"ahzAG; 1.6°'c Spain 6.?2%c 6.36°5 ~,ltS. The pelfafmaflCe data gUOted IepreSentS
ObJeCtiYe 'oral SA Na.~ 1.4°,6 Swveden 1.779"0 1.859( park performa!rrce and current returns may he
Banco Santander Central hSispano 1.3% Sn~irerland '.4995 1.98°h lower or higher. Tota! return figures include change
TheFurrJseekstoaravidei~strte*en¢restaltstha¢currzsporsd Unitedltirugdocm '2.38'.5 12.8a°h in 511are p?ice, reinvestment Ot diridends and
to the aggregate prnx perfprman,e of the securtt~ea Te9eFonica 1 `pa° United States '.9535 C.G390 CA ita! ales. The investmern return and nnci !
included in the NSaroan S,anPeyCapitaf loyternationaG EucapP I;nicredito laaliano 1 ~'m ~y;• ~ o. p g p ~
wrstralasEa. Far East (EAF~, GDP Weighted I^dex fPrica Cther 2.. 0 G.~6., value wi!! Huctuate so that an irwestor$ shares,
Rztuml. 5iemensNF4'iREGDM1 i.2h when redeemed, may be worth more or Tess than
AlBianz SE 1,095 the origins! cost. For performance data current
Suitability to the most recent month end, visit our website at
° " www.rld rthfunds.cem.
This wnd is swtahlz fer aggress+ve investors ~,vho vaanC s 6, PLC 1,G,o +~a
zxpasrare to foreign markets and a,re nvigling to accept the Topv~tahflotarCornpany C.9°I° **TheexpenseratioforlSharesisl1.6196.
increased risks of Foreiges investing For the possibilicg o6
higher ret~vrns,
Share Class Description ;TotaFReturnsaaof613f1Jf18
_
I Shares are offered prirnan y tc fmanciat instiNtrons acrd "
intzrmediaries far 'heir ov+n ac~vnis or far the axoun,s AverageAnnuatTotalRetarns
of ~:astomers Eor ,wham rhey may act as fiduciary agent. Inception Latest 1 3 5 t0
+nwstment adviser, cr custodian. Thzse ac~x°,~nis pr+marily Shares" Date f}uarter YTD Year Year Year Year
Bens+st of: assen ofi a bona. fide trust, Business entity I 6/6184 -2.5890 -11.2595 -10.&C°,0 13.4695 1,7.~3C9`0 5.8595
poss:ss+c°g a tax rdenUf+cat+pn rumL+er, cr emplrnree ¢+eneFit
pin and assets re!d vaithin select Eee-Bald programs and MSCI EAFJIndexGDPWeighted (Net Return)2.9490 -11:BC+'xi ~ 10.9'590 13.779t, 17..9595 6.54°
certarnnpn-d~s.^retionaryi.7termediar+rno-4oadplatforms, MSCIEAFJ_indexGDPWeighted(PriceRetumJ~ -4.329x° -13.6u9U -13259'o t1.C89G 15.2tSU 4.6596
I Shares 1 Second Quarter 2+308
International Equity
Index Fund
IrnestmeMTerms&IndexDefinitions `,PortfoUoCharaeteristica* - tr~otlen,porttol(aTheays*atleNcs~3years~: :r~~omu~o~ Imo:
Prue-to-8ook Rats is used tc compare a sCOCk's market - ws ..L_.1~ay,~,_rh. ~
W value to its bank aalue. The higher tha rats, the hrgher ahe Total Fund Assets S°29,273,499 Alpha '3 2B°r° Ticker S;EIX
W premium themarkeCisa~illimgfop3y+cracamparryabov>sits ~ipperGatagory Intern:atiprualf,4ulti-Cap Care Funds Beta O.aS CUScp 7$323Fa?3
hard assets.
Price-to-Eamings Ratio i'P.~'E'1 is a valuat*an rasip of a MarketCapital2ataon;'uV'ttl.~uWg;l 552.7!54 R•Squara7 9es,53 hfetAsseC'tirafue S1, 36
~ xmpany'sc~.rrrenr,sharepncetaitspec•Shareearnong;s.The pricz-to-Book -. SftarpeRat~o 9.7n
~- higher tine p~ +atio, the mere the market is willing to p`aYfor
C.~ each collar at' annul zarn~ngs. pace-tp-Earnings 2 month trai6ingt 1 f.7 Standard Dev+anon 1'?.35°•'0
`Q Alpho measures a fund's risk-adjusted perfarr~nce Return onEgvity(12mcr~thtradinSl 20.1%, 'hsofJune30.200Sandsubj,ecttoohange.
and represents the dofference trzt<veen a fund's actual
perfarmanceanditszxaected'perfarmanae,gi~mndstavelof
n sx as ^*.easurad try Leta.
~ Seto is a meatus of measuring the volatoliry of a security or a~knderYe9rfaeWtuB _ _T _ - _ _ ~ _ _ _ - -- --
partfclia cf securities im cc^rrpanso wath the marke as a +,.z~_ ~ A..w"_ _ : _ _ _ . m _ _ -.:.
I.IJ :whale A be a of 1 indiretes that th securrywill move with ~
the marke graaC.^ than 1 indicates that its me a vo4strlo ~ o m
than the market, and less Chian 1 ir"dc~Ces that itS W~ 45~ i o a
vataCae than the markeC. ~ ~ ~ ae ~ ~
R-Squared measures tote portion of a rood's mrn~ement that g5g~ r ~ I j ~ `.g, a
is explained by mcvzmercts rn the market index, and helps. ~ - ~ ~ o N m
~ndieatetheaccuracyofafurd'salpltaandbzta. ?5~ ' r o ~ ~ ae ~ ~ ~ ae
Shorpe Rotio,s arisk-adjusted measure that ~s calculated I
usirg stanaard dzrratian and a%xss return to dztermme 15'.5 ~ ~ ~ ~ ~ ~ ~ ~
revaardp2runitG+frisk.Tnelti~gnzrtlteShaxperafia,thetretter o ~ ° ~
thefurd'shistorica:risk-adjusted performance. 5'~ I. ~ ~ I
Standard Derriotion ~s a statisCrcal measurement pf i j
dispersion about an average, which depicts h:nv widely -596
returns+2ria„d aM+~ a certain perrod of tome. ~I ~ `
A}SCl EAFE index, GDP weighted (Prke Retain) turd (Net i I
Return} are unmarcgzd gross dar? ;tic product-weighted
eauaty ind:czs comprising 2ti of the 48 aauntnzs in the MSCI -25~ 1555 1959 2000 2001 2002' 2003 2004 2005 2006 2007
universe and represeming thz d~~zlopzd v+arld outside of ¦IShares ¦MSCREAFEIndexG'DPMfedghtedfPriceRetuml ¦MS0IEAFEIndexGDPlVeighted{PPetReturn4
North Ameaica. Each hJ~SCI x.+naryr ~indr% is cr?ated separately
then aggregatee, wsth„~rut change. inCO regronal f~Q'~'t sndicas-
EAFE performance data is calculaCec rn U.S. dollars and in
iacal currency. The A1SCI EuFE Index. GDP w+zighted Fatal
Retuenl is adwsted far the rerrnestment cf iri~3me drvidendS-
Inve5i4t5 Canr~al II^.VBS[ doreatlym an sods%.
Imestmertt Concerns Pastperformancedoes notguamntee fature results.
Intennationat~nvest~ngir+volvesincreasedrstsancvolatrlaor. ~(~~(cFuttdsbeaametheRidgeWcrthFurtdsan3/3V08.
Equoty seaurities {stacks) are mere volatile and cam' more AnirrvestorshouldconsiderihefundsinvestmeMobjectives,rlsks,andchargesvndexpensescarefirltybeforeinvestingar
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in+tigngrade axedincpmesecurities.Thenetassetvaluerr^_r Obtarnapraspectus,pleasecallf-888-T86-3863 or Visit tuww,ridgewarthfands.corn.pleasereadtheprospectuscarefully
before investing
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Adviser RidgeWorch hrratmmcs -
Subadviser Sent hlvesmlemAdvisors LLC-a toted income s7o,oo0 id?.al-~ Ur~ted SacesTreawry Notes _ I7SK
manager ~ in Upper Saddle River. New Jersey. United StacesTrruury Noes I S.b~
Portfolio Managers SR,ooo United5tacesTreasuryNotes _ _ _ _ _ _ 9.B;t
• PerryTroisi, PordoBo nurager since 2009 - United StacesTreawry Notes 5.8%
sla,ooo
•follnBasco,Pordoliomamgersincet007 FNMA30YrJulyT&ASA 9,4%
Objective u,ooo ~ - United 5tacesTreasury Bonds _ - _ _ _ 9.BY
The Flzal seeks to provide total reams hY imesdng in a dmersfied GE Company 3.7%
portfaGo oQ foxed income securioes issued bf US. companies. Ti he SU ~ United StacesTreawry Bonds_ 1.6~
Fond only dnresa in assets audwrixed by dle laws of fiorida for _- - --------- ----------- ----- _--- _ __-
Firetighcers Pensions and Muricipal Poike Pensions. 6F39d4t tJ3ofe3 Q+3W6b GNR 2003.78 C 1.6%
~ kcoaea slur .dh niovenment of eoome and espial Bairn Wad • Mart Scores L.SX
Suitahility 7fre abore graph osswmes on initial frypotheucd iovexmmt of SifY,000 from --- - -- - - -_- - -_-
Tha Fund is opm to invesanenc only IrY oissa for whicfl SunTrusc 6d30N8 ro 6J301'08,
Bank serves as trustee or imestmenc manager of qua9ified The per(ormana quoted herein rcprcreatx past performance.
retremetlc plain >•tlidt adopt the terms of a collective cruse
This Ford as suiable for inrestors wtlo warn co recerce ilcorne from
their irrRSatKnt. as well u. an intrrue in. the ra'lue ai she'mlvestrnem. ~
Portfolio Composition" _ ArerageAnrwalTotal Returns 0-1 22X
Inception Latest I 3 S 10 1.5 69.9X
Sector of Nec Assets) crate Quarter YTD Year Year Year Year 6-d0 2d 2~
_- _-.
~unaeq..~a,aex Fund 7f29f89 -IA7'K - I.QB% 7.81 3,89k. 3.63 5.68% II-20 122
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Merrill Lyrtclt GorernmendCredit
~~a ~ A-Rated* Index -1.68 119% 7.448 4.fl5% 357 9.67%
wee
Bared 3bCK
"As of June 30.2008 and subjett to change. Arerage Coupon 9.69
};~j Yield-to-Mawrity _ 9.19
Past per fomtance does not guarantee future rcsuks. The performance data quoted repsntserHS past perfamrance and ctsraetrt Duration 5.09Years
returns may be lower or higher. Tots! return (figures Include change in unit price, rcirrercatrrreert of dividends and capitol gaitn. vveighted Aveaage Maturity B.IOYears
eaponee Batas uS.roavry sd,+BZ The itwestmeM return and pdncipo! value well fluctuate so that M irmstors units, when redeemed may he worth more or less Arengc Credit R'adng - AAA.
Credit Quality [`u of Portfoiio) than the origirtai tort
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