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Six money managers examine portfolio management strategies in the latest issue of The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info550.htm

TWST: Do you have an overall investment philosophy for the firm?

Mr. White: Our investment approach focuses on the core philosophy. The funds themselves evolved from pooled investment funds that existed at some of the constituent banks prior to the mergers. The Large Cap Core Fund has been in existence as a mutual fund for over four years, while the Value Fund, Growth Fund and Small/Mid Cap Core Fund were created 18 months ago. Each fund is managed in line with the style suggested by its name, but each one takes advantage of our established investment process, which blends both value and growth approaches.

TWST: How has the performance of your funds been over the past year?

Mr. White: The funds actually have done quite well in recent months. Using data from Morningstar, the Large Cap Core Fund has a return of 2.5% year to date, it’s 5.7% over the S&P 500 and in the top 4% of its category. The Small/Mid Cap Core Fund year-to-date performance is 6.4%, it’s 9.6% above the S&P 500 and in the top 3% of its mid-cap growth category. The Large Cap Growth Fund is -2.8%, which is 0.4% ahead of the S&P and in the 18th percentile of its category. The Value Fund has a 2.5% return.

TWST: Which sectors are you avoiding or underweighting at this time in the large cap funds?

Mr. White: At this point we are avoiding the utilities and are definitely underweight in the telecommunications area. At the end of the quarter we were slightly underweight in energy as well.

TWST: Switching over to the Small/Mid Cap Core Fund, what differences would we see in that compared with the Large Cap Core Fund sector allocation?

Mr. White: The first difference would be that it has a smaller number of holdings in it. The Small/Mid Cap Fund holds a total of 32 companies. Sector exposures there favor the consumer, and there is also a large position in financials.

TWST: What’s the definition of your small to mid-cap range?

Mr. White: Our target is 10 billion or less in terms of market cap. Occasionally we’ll have one that is larger, but certainly a vast majority of companies in the Fund could be 10 billion or less.

TWST: What do you see within the small/mid-cap area that is exhibiting growth potential at this time?

Mr. White: We are over 20% in consumer discretionary — specialty retailing, restaurants, that type of exposure. We’re overweight in financials, with a wide range of financial services companies represented — regional banks, insurance companies and investment management firms. One of the newest additions is Silicon Valley Bancshares (Nasdaq:SIVB).

TWST: What are the reasons you favor Silicon Valley Bancshares?

Mr. White: As you can clearly tell by its name, Silicon Valley Bancshares services the technology sector in the Bay area, and it’s also nationwide. With its significant exposure to the whole technology area, it suffered in the marketplace for the past couple of years. But the stock has shown signs of bottoming and starting to recover. Fears over excessive bad loans appear to be overblown as they are well covered by fully adequate reserves. There should be some good leverage on the upside as the economy improves overall and as the tech area in particular improves, lessening fears over bad loan exposure.

This special Investing Strategies Report includes:

1) Peter F. Ganucheau IV, Principal, Portfolio Manager/Analyst with GSB Investment Management, Inc., examines portfolio management strategies in this timely and deeply informative 11,400-word interview from The Wall Street Transcript.

2) William J. DeRosa Jr., Portfolio Manager with Badgley, Phelps and Bell, Inc., examines portfolio management strategies in this timely and deeply informative 4,500-word interview from The Wall Street Transcript.

3)Jonathan W. White, Senior Vice President and Chief Investment Strategist for Banknorth Investment Management Group, examines portfolio management strategies in this timely and deeply informative 3,100-word interview from The Wall Street Transcript.

4) Geoffrey R.B. Carey and Jane W. Korhonen, both Partner and Senior Portfolio Managers at Brown Investment Advisory & Trust Company, examine portfolio management strategies in this timely and deeply informative 3,500-word interview from The Wall Street Transcript.

5) Richard H. Earnest, Director for HighMark Capital Management, examines portfolio management strategies in this timely and deeply informative 4,900-word interview from The Wall Street Transcript.