Gross Annualized Performance

As of June 30, 2008
Returns are gross of management fees, actual returns would be reduced by the effect of these fees. Past performance does not guarantee future results.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Gross Annual Performance
Year	Edgewood Select	Russell 1000 Growth
2004	11.89%	2.22%
2005	12.39%	5.26%
2006	16.73%	9.07%
2007	35.46%	11.81%
2008	-1.99%	-9.10%

As of June 30, 2008
Past performance does not guarantee future results.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Net Annual Performance
Year	Edgewood Select	Russell 1000 Growth
2004	11.76%	2.22%
2005	11.85%	5.26%
2006	15.93%	9.07%
2007	34.63%	11.81%
2008	-2.32%	-9.10%

As of June 30, 2008
Past performance does not guarantee future results.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Top 5 Holdings

COGNIZANT TECHNOLOGY SOLUTIONS

CORNING INC

HALLIBURTON CO

QUANTA SERVICES

RESEARCH IN MOTION

As of June 30, 2008
There can be no assurance that the Edgewood Select portfolios will continue to own the securities of these companies or that such investments will be profitable.


Gross Annualized Performance | Gross Annual Performance | Net Annual Performance
Top 5 Holdings | Disclosure

Disclosure

Edgewood Management LLC Performance Results: Edgewood Select Equity through December 31, 2007
Year	Total Return	S&P 500	R1000 Growth	Number of Portfolios	Composite Dispersion	Total Assets in Composite	% of Firm Assets
2004	11.89	10.87	6.30	1	0	67.1	3.0
2005	12.39	4.91	5.26	1	0	80.4	3.5
2006	16.73	15.79	9.07	25	N/A	132.8	4.3
2007	35.46	5.49	11.81	31	0.36	275.8	5.1

Past performance is no guarantee of future results. The performance data presented here should not be taken as any guarantee or other assurance as to future results. The value of any investment may increase or decrease over time. Performance results are expressed and calculated in U.S. dollars. Gross performance results are calculated before deduction of management fees. Net performance results are calculated after all trading and management expenses. A complete fee schedule is contained in Edgewood’s Form ADV and is available upon request.

Performance for the composite has been calculated on a time-weighted basis since its inception in February 2004. Composites are valued monthly and portfolio returns have been weighted by using beginning of quarter market values plus weighted cash flows. Performance results reflect the reinvestment of dividends and other earnings. Trade date accounting has always been used. No alteration of composites as presented here has occurred because of changes in personnel. A complete list and description of the Firm’s composites is available upon request.

During 2004, accounts were included in the composite at the end of its second full quarter after opening. As of January 1, 2005 accounts are included in the relevant composite the first full quarter after their opening. Only discretionary accounts are included in the Select composite. Accounts must be larger than $50,000 for inclusion in the composite. The Select composite represents approximately 96% of the firm’s Select assets as of December 31, 2007.

The composite returns are benchmarked to the Russell 1000® Growth Index (“R1000 Growth”). The benchmark is used for comparative purposes only and generally reflect the risk or investment style of the investments reported on the schedules of investment performance. Investments made for the portfolios Edgewood manages according to its Select strategy may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the aforementioned index. Accordingly, investment results and volatility will differ from those of the benchmark. The R1000 Growth measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth rates.