| 1. |
Who can purchase mutual funds?
Your financial adviser can give you more information about setting up an MTB Funds account.
You may also set up an account in your name as custodian for a minor under a Uniform Transfers
to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). These accounts are a popular way to
give assets to minors. Although the assets belong to the minor as soon as you open an UTMA or
UGMA account, you retain control of the account as custodian until the minor reaches the age of
majority (generally, 18 or 21 depending upon state law). Because an UTMA or UGMA account belongs
to the minor, the minor rather than the custodian is subject to tax on any earnings in the account.
However, if a dependent minor under the age of 14 receives substantial investment income, the minor
will be taxed on this income at his or her parents' highest marginal tax rate. Dependent minors over
the age of 14 are taxed at their own rates. If you have questions about how to open a UTMA or UGMA
account, please contact your financial adviser.
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| 2. |
What is a sales load?
A sales charge, or load, is common on many mutual funds purchased through an investment professional.
It is a way to compensate an investment professional for his or her assistance in helping you
understand and select investments.
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| 3. |
What is the difference between Class A Shares and Class B Shares?
Each share class gives you a different way to purchase shares of a mutual fund, depending on
your personal needs and preferences.
When you purchase A Shares of a mutual fund, you pay a one-time sales charge at the time of
your initial investment. Sometimes you can reduce this charge if you (1) want to make a larger
purchase, (2) already hold other MTB Funds or (3) commit to regularly purchasing fund shares
with a Letter of Intent (see Other Plan Services in the prospectus for explanation).
If you intend to purchase a large amount of shares, Class A Shares may be preferable. The expense
ratio charged on Class A Shares is generally lower than for Class B Shares, and the mutual fund may
offer a large-purchase discount on the Class A front-end sales charge.
When you purchase B Shares of a mutual fund, you do not pay an up-front sales charge. Instead, you
will pay a back-end sales load called a "Contingent Deferred Sales Charge" if you redeem your shares
within a certain time period.
Your financial adviser can help you choose the right share class for you.
Also, please refer to the prospectus for details about fees and expenses that apply to a continued
investment in the funds.
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| 4. |
What is the policy on accounts with low balances?
Due to the high administrative and reporting costs associated with maintaining small accounts,
the MTB Funds retain the right to close any non-retirement account which falls below $250 due
to shareholder redemptions or exchanges. Shareholders will be advised of their account status
30 days prior to the balance being redeemed so the shareholder may take the opportunity to top
up their account balance so it exceeds $250.
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| 5. |
What is a redemption in-kind?
Redemption in-kind is payment of the redemption value, in whole or in part, by distribution of
a fund's portfolio securities.
Although the funds intend to pay share redemption proceeds in cash, each MTB Fund reserves the
right to pay the redemption value, in whole or in part, by a distribution of the Fund's portfolio
securities.
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| 6. |
Who is the MTB Funds' Retirement Account custodian?
Bank of New York Mellon is the custodian for the MTB Funds retirement accounts. BNY also
provides accounting services to the funds. |
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| 7. |
What are the Funds' cut-off times?
The standard cut-off line in order to invest at the current day's net
asset value on that day is 4:00 pm EST for funds with fluctuating share
prices, 3:00 pm EST for money market funds and 11:00 pm EST for tax
free money market funds. See the Funds' prospectus for
exceptions. |
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| 8. |
What is investment risk?
The chance that the value of an investment could decline or that income from the investment
could be different than expected. There are several types of risk that vary according to the
type of investment. For further definitions refer to the Glossary and the funds' prospectuses. |
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| 9. |
How are capital gains different from dividends?
Capital gains are the profits that result when a mutual fund sells a security in its portfolio
at a higher price than the fund paid for the security. In a mutual fund, profits from the sale
of securities in the fund's portfolio are distributed to shareholders annually. Dividends are
payments made to shareholders from the income the fund receives on the investments it holds.
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