Portfolio Manager Kevin E. McNair, CFA Portfolio Manager BB&T Asset Management, Inc. 12 years investment experience Mr. McNair earned an MBA from North Carolina State University and a BA from the University of North Carolina-Chapel Hill Investment Style Short-term High-quality

Buy Strategy When purchasing bonds, we: Invest in high-quality debt instruments that help us maintain a duration between 1.0 and 3.5 years Rotate among sectors in the government market, seeking the best relative values Invest at least 80% of the portfolio in U.S. government securities Sell Strategy We will consider selling a security we own to: Manage the portfolio's interest-rate sensitivity Purchase securities that we believe offer greater total return potential than existing holdings Realize gains in securities we believe are overpriced