Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than their original cost.

Mutual fund performance changes over time and current performance may be lower or higher than what is stated.

Total returns reflect the maximum sales charges of 5.5% for the equity/stock funds and Balanced Fund, 5% for the Managed Allocation - Aggressive Growth Fund, 4.5% for the bond funds and Managed Allocation - Moderate Growth Fund, and 4% for the Managed Allocation - Conservative Growth Fund.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than their original cost.

Mutual fund performance changes over time and current performance may be lower or higher than what is stated.

For more complete information, view the prospectus on this Web site or contact your investment professional for a prospectus or call 1-800-836-2211 for copies. 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, which you should read carefully before investing.

An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

Performance quoted is net of fees and expenses.

¹The 30-day current net ('SEC') yield is calculated by dividing the net investment income per share for the 30 days ended on the date of calculation by the maximum offering price per share on that date. The figure is compounded and annualized.

²The 7-day yield is based on the average net income per share for the 7 days ended on the date of calculation, and the offering price on that date.

³The unsubsidized yield represents what the yield would have been in the absence of temporary expense waivers or reimbursements. Total return also would have been lower if expenses had not been waived.

⁴Total return since inception is provided for funds with less than ten years of performance.

⁵This Fund is not accepting purchase requests for Class A shares from new accounts on a temporary basis.

⁶On July 1, 2006, the Institutional Shares Class of the MTB Money Market Fund was re-designated as Class A2 Shares.

Total return for periods of less than one year is cumulative. All other returns are average annual total returns.

Yields quoted for the money market funds most closely reflect the current earnings of the funds.

See the prospectus for other fees and expenses that apply to a continued investment in the funds. All information provided is for the Class A Shares. Other classes of shares are available. Performance for these classes will vary due to differences in expenses.

Each of the following MTB Funds is the successor to a corresponding ARK Fund pursuant to a reorganization that took place on August 15, 2003. Prior to that date, these MTB Funds had no investment operations. Accordingly, the performance information provided for periods prior to August 15, 2003 is historical information for the corresponding ARK Funds.

MTB Large Cap Stock

MTB Pennsylvania Municipal Bond

MTB U.S. Government Money Market

MTB Tax-Free Money Market

Each of the following MTB Funds is the successor to a corresponding ARK Fund pursuant to a reorganization that took place on August 22, 2003. Prior to that date, these MTB Funds had no investment operations. Accordingly, the performance information provided for periods prior to August 22, 2003 is historical information for the corresponding ARK Funds.

MTB Equity Index

MTB Equity Income

MTB Mid Cap Growth

MTB Small Cap Growth

MTB Multi Cap Growth

MTB Balanced

MTB Income

MTB Maryland Municipal Bond

MTB Pennsylvania Tax Free Money Market

The MTB Virginia Municipal Bond Fund is the successor to the FBR Virginia Tax-Free Portfolio pursuant to a reorganization, which took place on February 24, 2006. Prior to that date, MTB Virginia Municipal Bond Fund had no investment operations. Accordingly, the portfolio and performance information provided for periods prior to that date is historical information for the FBR Virginia Tax-Free Portfolio. The performance has been adjusted for the maximum sales charge that applies to the Class A Shares of the Fund effective on February 27, 2006. The MTB Virginia Municipal Bond Fund has a different fee and expense arrangement than the FBR Virginia Tax-Free Portfolio.

International investing involves special risks including currency risk, increased volatility of foreign securities and differences in auditing, political risks and other financial standards

Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

Due to their strategy of investing in other mutual funds, the Managed Allocation funds may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

Income generated by the municipal and tax-free funds may be subject to the federal alternative minimum tax and, for the tax-free money market fund, state and local taxes.

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

MTB Investment Advisors, Inc., a subsidiary of Manufacturers and Traders Trust Company ("M&T Bank") is the investment adviser to the MTB Group of Funds.

The MTB Group of Funds is available from M&T Securities, Inc. (member of FINRA), a broker-dealer subsidiary of M&T Bank, and other authorized broker-dealers. ALPS Distributors, Inc., which is not affiliated with M&T Bank, is the distributor of the MTB Group of Funds.

These performance numbers are pre-tax. Regulations do not require us to provide after tax returns. For after tax returns, call 1-800-836-2211.