MTB INVESTMENT ADVISORS: EARLY RECOGNITION, SUSTAINED OWNERSHIP

MTB Investment Advisors (MTBIA) provides knowledgeable investment guidance enabling investors to pursue their financial goals with confidence. MTBIA distinguishes itself by seeking early recognition of superior companies that will enable sustained ownership over time.

The MTBIA team of highly-credentialed professionals uses its proprietary, multidimensional analytical process to:

		Discover investment opportunities
		Determine asset allocation direction, and
		Structure portfolios.

These portfolios then serve as templates for separately managed accounts, used by those clients seeking customized investment programs, or for advisory work using mutual funds.

MTBIA actively manages over $11 billion in assets (as of 6/30/05) in separately managed accounts for some 300 relationships, and mutual funds for individual and institutional investors. Clients range from corporations, endowments, foundations and government entities, to families, small business owners and individuals.

MTBIA’s Distinctive Analytical Process

MTBIA’s rigorous analytical process sets it apart in the marketplace. “Our clients gain a unique opportunity to benefit from thematic, top-down vision and rigorous, bottom-up analytics,” said William F. Dwyer, President and Chief Investment Officer of MTBIA.

The MTBIA team of equity analysts covers a wide variety of industries, sectors and individual securities; and our team of credit analysts cover fixed income securities issued by corporations, the U.S. Government, agencies, municipalities and other issuing authorities. They develop portfolios through a proprietary security selection process – thematic, quantitative and qualitative, plus a final risk assessment.

		Thematic The thematic screen is designed to anticipate which sectors or securities may outperform by identifying trends that affect security prices. By conducting an in-depth inquiry, the team develops original insights into economic, monetary, demographic, political or social developments.
		Quantitative The quantitative screen helps to identify potential growth at reasonable prices. It uses traditional equity analytic tools, custom mathematical models, and in-house credit and spread analysis.
		Qualitative The qualitative screen examines the management structure of a company or issuer and how it compares to others in the marketplace. It assesses an organization, its management team and employees, its business model and competitive advantages.

In fixed income, the team first examines the economic environment to establish its overall outlook and strategy. It then determines sector selection, based upon business cycle fundamentals and historical yield spreads. Next, duration targets are set, and finally credit analysis and issue selection are conducted based upon credit appraisal, relative value and the diversification needs of the portfolio.

Embedded in this process is a sell discipline, ensuring that securities will be liquidated based upon a set of factors including their price, relative value and risk to the portfolio, tax implications, and whether the style, duration or credit quality still meet the portfolio’s requirements.

Asset Allocation a Cornerstone Strategy

A cornerstone strategy for financial plans is strict adherence to asset allocation. “Asset allocation protects our clients in several ways,” says Dwyer. “For one, they avoid the ‘buy high, sell low’ trap of many investors chasing the market. More importantly, it follows a long-term investment strategy created to meet the financial needs and risk tolerance of the client, not reacting to daily market news,” he adds.

MTBIA is a subsidiary of M&T Bank, whose network of relationship managers and M&T Securities’ financial consultants reaches across the entire organization to offer a rich choice of products and services from separately managed accounts to mutual funds.

		Institutional and corporate clients gain top-tier asset management advice and solutions through MTBIA directly.
		Through M&T Trust Services, families and business owners are provided with comprehensive financial planning and products targeted at achieving critical objectives such as building investment portfolios, saving for college retirement, protecting wealth or crafting business succession plans.
		Individual investors can construct financial plans through M&T’s impressive network of dedicated planners and highly-trained M&T Securities’ financial consultants – many with Certified Financial Planner credentials – located in M&T’s key institutional office centers in Buffalo and Baltimore, as well as 650 branches from Upstate New York to Northern Virginia.

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MTB Investment Advisors, Inc. (formerly known as Allied Investment Advisors, Inc.) is a registered investment advisory firm that was formed on June 30, 1995. Headquartered in Baltimore, MTB Investment Advisors services institutions across the United States, including corporations, not-for-profit, foundations and endowments, unions and municipalities. The firm is the principal investment advisory subsidiary of Manufacturers and Traders Trust Company ("M&T Bank"), which traces its origins to 1856.

M&T Bank Corporation is a diversified financial services company, offering a full range of financial services including banking, trust, investment and insurance services to retail, small business, commercial and institutional customers. Its banking subsidiary, M&T Bank, operates over 650 branches and over 1,600 ATMs throughout Maryland, Northern Virginia, Washington D.C., West Virginia, Delaware, Pennsylvania and New York. M&T Bank Corporation had over $52 billion in assets as of December 31, 2004 and is one of the 20 largest bank holding companies in the nation. Additional information about M&T Bank Corporation is available at www.mandtbank.com.

	Not FDIC Insured . No Bank Guarantee . May Lose Value

MTB Investment Advisors, Inc. a subsidiary of Manufacturers and Traders Trust Company (“M&T Bank”) is the investment advisor to the MTB Group of Funds. The MTB Group of Funds is available from M&T Securities, Inc. (member FINRA/SIPC), a broker-dealer subsidiary of M&T Bank and other authorized broker-dealers. ALPS, Inc., which is not affiliated with M&T Bank, is the distributor of the MTB Group of Funds 7/05.

For more complete information on the MTB Group of Funds, including charges and expenses, call 1-800-836-2211 for a prospectus. Please read it carefully before investing. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus.

Mutual funds are subject to risks and fluctuate in value.