We base our Complete Asset Management^SM approach to investing on the practice of managing risk across the spectrum of asset classes, while uncovering market opportunities at the same time. We can take advantage of market cycles, rather than simply reacting to them, because of our forward-looking focus.

While many firms adhere to particular styles within narrow market categories, we take a broader view of the markets across investment vehicles and over time. With this expanded perspective, we shift assets, styles, and managers to capitalize on cyclical market trends.

Our research and allocation process is based on three fundamental principles:

• Intelligent diversification
  The cornerstone to increasing returns and lowering risk.
  
  
• Reallocate tactically among asset classes
  Because misvaluations and accurate forecasting can present profit opportunities.
  
  
• Find and combine effective solutions
  Because investors' preferences and tax considerations matter.

By adhering to these principles, we believe we can enhance returns and reduce risk.

Investment products are not insured by the FDIC or any other governmental agency, are not deposits of or other obligations of or guaranteed by M&T Bank, Wilmington Trust, or any other bank or entity, and are subject to risks, including a possible loss of the principal amount invested.