Scott B. Schluederberg

Provides commercial banking services

Provides brokerage services

Calvert Investment Counsel's investment process begins with the allocation of assets across three major classes: equities, fixed-income and alternative investments. Their primary objective is to achieve a customized balance between potential risk and return. Calvert believes that no single style of stock selection or equity category is a consistent winner. They believe that successful investing requires a global perspective. Their multi-dimensional equity strategy mandates broad diversification by style, market-cap, sector and international exposure. Portfolios may consist of a combination of individual stocks, active mutual funds or funds employing index or enhanced passive strategies. Fixed-income securities also play an important role in Calvert's diversified investment program. The high level of income provided by these assets meets client cash flow requirements, while the combination of high yield and relatively moderate price fluctuations help stabilize overall portfolio returns. The firm's active, value-oriented management style seeks to shift the average maturity or duration of the bond holdings to capitalize on expected changes in both the level of interest rates and the yield curve. Calvert's approach is risk-averse, however, as they emphasize quality and carefully restrict the average maturity of the portfolio holdings to protect against inflation surges. Calvert believes that qualified investors can benefit from the allocation of a portion of their portfolio assets into alternative investments that have return patterns and risk profiles that do not correlate strongly with traditional stocks and bonds. The firm seek to reduce the overall volatility of returns by blending in a well-diversified mixture of commodity funds, real estate and other alternative assets. Calvert carefully selects a limited number of experienced third party advisors to manage asset pools dedicated to each of the major alternative investment strategies.

TCM conducts proprietary fundamental research to identify potential investments. They employ a value-oriented investment style utilizing a combination of growth and value stocks. Investments are made in companies with strong underlying fundamentals such as recognized trademarks, strong balance sheets, and profitability, but whose share price is temporarily depressed due to some solvable company problem, external factor or other misunderstanding. The firm primarily invests in large, domestic companies. However, they also take positions in small and mid-size companies as well as companies headquartered abroad.

BB&T Asset Management offers a variety of investment strategies including domestic and international equity and fixed-income. Portfolios are actively managed based on measured decisions in the selection of investments in each asset class. Though not limited by sector, BB&T tends to invest in the stocks of large-cap companies in the finance, health technology and electronic technology sectors. Although most of their investments are in US companies, the firm offers access to investments around the world. BB&T Asset Management maintains a low turnover rate. BB&T's Select Equity Portfolio is primarily a large-cap portfolio that seeks to generate returns above its benchmark, the S&P 500 Index, with a similar level of risk. The portfolio typically consists of 45 to 60 holdings with a typical weighting for each position of 1% to 4%. The investment horizon is 3 to 5 years. Investments are selected based on expected total return without preference for growth or value style. BB&T looks for companies that offer attractive relative valuations compared to historical measures. They use fundamental data to develop a 4-year price target for stock including revenue and earnings growth and stability, historical p/e levels, cash flow, margins, book value, PEG ratio and others. BB&T also uses technical analysis to review actual stock price movement and make sector evaluations. The firm's Select Equity Income Portfolio seeks to produce above-average dividend income with returns above its benchmark, the Russell 1000 Value Index. The portfolio is suitable for those seeking a well-diversified portfolio of equities which trade at attractive valuations. The portfolio typically consists of 45 to 60 holdings with a typical weighting for each position of 1% to 4%. The investment horizon is 3 to 5 years. BB&T targets companies that offer attractive relative valuations compared to historical measures. They use fundamental data to develop a 4-year price target for stock including revenue and earnings growth and stability, historical p/e levels, cash flow, margins, book value, PEG ratio and others. BB&T also uses technical analysis to review actual stock price movement and make sector evaluations. BB&T's fixed-income strategies focus on building a stable portfolio that produces steady, predictable returns. The firm offers both taxable and non-taxable fixed-income strategies. Both strategies include concentrated investments in bonds of high credit quality. Their taxable fixed-income strategy focuses on highly rated, intermediate-term bonds with an emphasis on US Government issues. BB&T's non-taxable fixed-income strategy focuses on investments in municipal bonds, with an emphasis on general obligation issues. The firm's Balanced Strategy offers the growth potential of stocks and the stability of bonds. Investments are selected through the use of a proprietary asset allocation method. The equity portion is diversified across all economic sectors. Fixed-income investments focus on intermediate-term fixed-income securities. Portfolio balance is achieved by blending multiple investment strategies and asset classes. This combination may include equity value, equity growth, fixed-income and international equity. The firm's International Equity Strategy provides foreign investment opportunities in established, growing companies in developed and emerging markets. Portfolios are diversified by company, industry and country to reduce portfolio risk. BB&T uses quantitative analysis and qualitative assessment to identify undervalued markets with an emphasis on developed markets with limited emerging market exposure. The BB&T International Equity Fund is sub-advised by Artio Global Management LLC. BB&T's Special Opportunities Equity Strategy focuses on a concentrated portfolio of well-managed companies that are trading at attractive valuations. They concentrate on emerging growth stocks blended with under-appreciated value stocks. Investments are made in growth and/or value companies across all market-caps. The portfolio will hold no more than 30 positions. The BB&T Special Opportunities Equity Fund is sub-advised by Scott and Stringfellow LLC, a wholly-owned, non-bank subsidiary of BB&T Corporation. The firm's Equity Income Strategy seeks above average income production through a portfolio of companies that offer stable, robust and growing dividends with the added benefit of long-term growth of principal. The portfolio focuses on companies with above average yield and historic growth in dividends. BB&T employs a diversification strategy that emphasizes income potential over growth. They use proprietary qualitative analysis to rank companies based on current yield, future yield adjusted for historical dividend growth and financial ability to increase dividends. The firm considers a company's historical operating cash flow after capital spending, forward-looking expense estimates and payment of preferred dividends. They also consider other criteria such as potential liabilities, management strength, business quality, anticipated competitive advantages and the potential to benefit from secular trends.

HCM is a value equity boutique investment manager that employs a proprietary portfolio management style through which they endeavor to outperform the capital markets over various economic cycles and generate positive returns for their clients. The firm will sell all shares if a company no longer possesses a sustainable competitive advantage, if the price exceeds fair value by a range of 1% to 20%, or will trim position if risk and diversification parameters are exceeded.

Functions as a College/University